First National Bank - Ambridge, PA

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 8459
Charter Number: 8459
Start Date: June 5, 1912
Location: Ambridge, Pennsylvania (40.589, -80.225)

Metadata

Model: gpt-5-mini
Short Digest: f3bfe925

Response Measures

None

Receivership Details

Depositor recovery rate: 95.5%
Date receivership started: 1912-06-05
Date receivership terminated: 1916-09-30
OCC cause of failure: Excessive lending
Share of assets assessed as good: 30.2%
Share of assets assessed as doubtful: 40.5%
Share of assets assessed as worthless: 29.3%

Description

Multiple contemporaneous newspaper reports (dated June 5, 1912) state the First National Bank of Ambridge closed and a national bank examiner was appointed receiver. Articles identify the failure's cause as loans to a brewery company (bank-specific bad loans). No mention of a depositor run prior to suspension.

Events (4)

1. December 8, 1906 Chartered

Source: historical_nic

2. June 5, 1912 Receivership

Source: historical_nic

3. June 5, 1912 Receivership

Newspaper Excerpt: Robert D. Garrett, a national bank examiner, was appointed today receiver for the First National Bank of Ambridge, Pa., which has closed its doors with a loss of at least $55,000, according to reports to the Controller of the Currency.
Source: newspapers

4. June 5, 1912 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Loss attributed to the bank's loans to a brewery company which wiped out capital and surplus
Newspaper Excerpt: First National of Ambridge, Penn., Forced to Close Its Doors. ... was appointed today receiver for the First National Bank of Ambridge, Penn., which has closed its doors with a loss of at least $55,000
Source: newspapers

Newspaper Articles (4)

1. June 6, 1912 New-York Tribune New York, NY

Article from New-York Tribune, June 6, 1912

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Article Text

BANK IN RECEIVER'S HANDS First National of Ambridge, Penn., Forced to Close Its Doors. Washington, June 5.-Robert D. Garrett, a national bank examiner. was appointed today receiver for the First National Bank of Ambridge, Penn., which has closed its doors with a loss of at least $55,000, according to reports to the Controller of the Currency. The Controller was advised that the institution's capital of $50,000 and surplus of $5,000 had been wiped out. According to the bank's report on April 18, its total assets and liabilities were $271,867, including $166,487 individual deposits. The failure was caused, it is declared, by the bank's loans to a brewery company. Pittsburgh. June 5.-Following the failure of the First National Bank of Ambridge, a receiver was appointed to-day for the Ambridge-Economy Brewing Company. Justus Mulert was named receiver by the United States District Court and furnished a bond of $10,000.

2. June 6, 1912 The Brunswick News Brunswick, GA

Article from The Brunswick News, June 6, 1912

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Article Text

NATIONAL BANK RECEIVER. Washington, June 5.-National Bank Examiner Robert D. Garrett today was appointed receiver for the First National Bank of Ambridge, Pa., which has closed its doors with a loss of at least $55,000, according to reports to Comptroller of the Currency Murray.

3. June 6, 1912 The Pensacola Journal Pensacola, FL

Article from The Pensacola Journal, June 6, 1912

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Article Text

EXAMINER IS APPOINTED RECEIVER OF NATIONAL BANK By Associated Press. Washington, June 5.-National Bank Examiner Robt. D. Garrett today was appointed receiver for the First Nation Bank of Ambridge, Pa., which has closed its doors with a loss of at least $55,000, according to reports to Comptroller of the Currency Hurray.

4. June 8, 1912 Democratic Messenger Snow Hill, MD

Article from Democratic Messenger, June 8, 1912

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Article Text

Bank at Ambridge, Pa., Closes. Robert D. Garrett, national bank examiner, was appointed receiver for the First National bank at Ambridge, Beaver county. Pa., which closed its doors with a loss of at least $55,000, according to reports to Comptroller of the Currency Murray.