Peoples National Bank - Wellsville, OH

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 6345
Charter Number: 6345
Start Date: January 1, 1932*
Location: Wellsville, Ohio (40.603, -80.649)

Metadata

Model: gpt-5-mini
Short Digest: 55a1ca25

Response Measures

None

Receivership Details

Depositor recovery rate: 69.3%
Date receivership started: 1932-02-06
Date receivership terminated: 1941-01-18
Share of assets assessed as good: 11.3%
Share of assets assessed as doubtful: 83.1%
Share of assets assessed as worthless: 5.6%

Description

Article describes embezzlement by the cashier and assistant cashier, the bank having been closed in January and a receiver reporting depositors would recover about 60 cents on the dollar. No run is mentioned; closure appears tied to bank-specific fraud and insolvency. OCR corrected People's to provided Peoples; closure month given as January (year inferred as 1932 from article date).

Events (4)

1. July 19, 1902 Chartered

Source: historical_nic

2. January 1, 1932* Receivership

Newspaper Excerpt: Assistant United States Attorney ... told the court the bank receiver reported that depositors would recover about 60 cents the dollar.
Source: newspapers

3. January 1, 1932* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Embezzlement by cashier Thomas A. Sheets and assistant cashier R. C. Merriam leading to heavy losses (Merriam loss ~$17,000); bank collapsed and closed in January.
Newspaper Excerpt: The bank was closed Jan
Source: newspapers

4. February 6, 1932 Receivership

Source: historical_nic

Newspaper Articles (1)

1. November 30, 1932 The Plain Dealer Cleveland, OH

Article from The Plain Dealer, November 30, 1932

Click image to open full size in new tab

Article Text

SENDS EX-BANKERS THE TREASURE TO ATLANTA PEN Judge Holds Violating Trust Is Worse Than Outright Stealing. Violation of a position of trust is reprehensible than outright stealing Federal Judge Paul Jones said from the bench yesterday in sentencing Thomas A Sheets cashter the People's National Bank of Wellsville O., to five years. and Ralph C. Merriam. assistant cashier to two and one-half years imprison ment in Atlanta Penitentiary do not share the popular philosophy that society is responsible for the criminal said Judge Jones "That is A philosophy of negation The individual is responsible for his We must down If hasn't the courage to enforce rules If punishment is sure and inevitable. the ex ample of your sentence will be deterrent to others Attorney R. C. Wheeler said that committed all his illegal acts hope of saving the bank and the collapse of the Instituthe depression Judge Jones said that could not believe all failures due to the depres that the depression precipitat ed many failures by showing up bank methods The total loss attributed to Sheets was former States attorney. admitted that Mer riam, his client, used bank funds to the stock but play everyone else in the bank did mosphere that those things The loss attributed to Merriam was $17,000, most of which has been be paid back Assistant United States Attorney William J. McDermott told the court the bank receiver reported dethat positors would recover about 60 cents the dollar. The bank was closed Jan