18480. Archbald Bank (Archbald, PA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
February 16, 1932
Location
Archbald, Pennsylvania (41.495, -75.537)

Metadata

Model
gpt-5-mini
Short Digest
6654d8c4

Response Measures

None

Description

Articles report the Archbald Bank was closed (suspended) in mid-February 1932, tying up relief funds, and later (Aug 31, 1932) state payments to depositors were announced for the closed bank. There is no article text describing a depositor run prior to suspension; the bank appears to have remained closed and depositors received payments through the state banking process. Cause of suspension is not explicitly stated; article mentions liquidation pending.

Events (2)
1. February 16, 1932 Suspension
Cause
Voluntary Liquidation
Cause Details
Bank was closed and liquidation was pending, which tied up welfare relief funds and prevented disbursements.
Newspaper Excerpt
closing the Archbald state the only the tied $1,919 comprising welfare relief fund borough and prevented the feeding and care approximately 300 sons.
Source
newspapers
2. August 31, 1932 Other
Newspaper Excerpt
ARCHBALD BANK DEPOSITORS TO RECEIVE PAYMENT AUG. 31 ... amount $84,228, to 2800 depositors. / payments to be made to depositors of fifteen closed [banks] ... The Archbald Bank, at Archbald, amount $84,228, to 2800 depositors.
Source
newspapers

Newspaper Articles (4)
1. February 16, 1932 The Gazette and Daily York, PA
Article from The Gazette and Daily, February 16, 1932

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Article Text

Bank Suspension Ties Up Archbald Relief Monies Feb. 25, Four residents of Archbald, Lackn. wanna county, today asked state officials to assist them money to feed unemployed persons their community. They Governor Pinchot and officials that closing the Archbald state the only the tied $1,919 comprising welfare relief fund borough and prevented the feeding and care approximately 300 sons. They whether there was any release the welfare fund from bank that Unemployment conditions acute community, they said Hudson Coal mine Archbald last months and the only source employment Officials the banking ment said that the only legal which the welfare fund could released from the closed bank would be for individual individuals an assignment part of the fund pending liquidation the bank. The delegation said had been paying from week port, the amount varying proportion number each family and their needs. Additional credit obtained other families to permit them obtain they has discontinued cause the closing of the bank forced the merchants to conduct state official said he believed delegation could find some would take assignment fund and release that the relief work resumed.

2. August 26, 1932 Wilkes-Barre Times Leader Wilkes-Barre, PA
Article from Wilkes-Barre Times Leader, August 26, 1932

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Article Text

LOCAL BANK DEPOSITORS WILL BE PAID $391,677 Philadelphia, Aug. liam D. Gordon, State Secretary of Banking today announced payments be made of closed banks, including nine in the Philadelphia area: The payments will and Trust Barre, secpayment, August 31, amounting 10,800 depositors. This makes total cent. The Archbald Bank, at Archbald, per cent, 31, amounting

3. August 26, 1932 The Times-Tribune Scranton, PA
Article from The Times-Tribune, August 26, 1932

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Article Text

ARCHBALD BANK DEPOSITORS TO RECEIVE PAYMENT AUG. 31 Philadelphia, Aug. 26 William D. Gordon, state of banktoday announced payments to made to depositors of fifteen closed including nine in the Philadelphia The payments will inArchbald bank. at Archbald. amount$84,228, to 2800 depositors. U. S. TREASURY BALANCE for August 24 were $65,expenditures. balance $366,063,298.61 Customs duties for 24 days of August

4. August 27, 1932 The Patriot-News Harrisburg, PA
Article from The Patriot-News, August 27, 1932

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Article Text

Closed Institution Here Will Per Cent. Next Pay Wednesday to 2900 Banks to Pay Philadelphia, Aug. Gordon, State of today announced payments fifteen banks, including area. The payments will include: Conewango Trust Company, Warto 2100 and Trust payment August amounting to depositors. Deposit Bank, Mcfirst payment August depositors. American Bank and Company, Pittsburgh, August to $198,342 to Washington Trust payment, August 20,000 Liberty Bank and payment, cent., August This makes total Commercial Bank Pay Archbald Bank, August depositors. Commercial Trust Company, Harrisburg, amounting Trust Company 7½ This payment. made in the Philcent., depositors Trust Company The first per cent. made October. Lee and Bochkon Unheard From Since Harbor Leaving Grace for ditions Bad Over Atlantic Patriot Oslo, Norway, Aug. 27 (Saturagainst hope, hundred persons the Oslo this morning watching for Clyde Lee and John Bochkon, airmen took from Grace, Thursday morning and have not been heard from since. Airdrome officials calculated that fliers had remained aloft their gasoline supply must this time have been exhausted. But lights were kept burning for them and great projectors swept the sky. Their plane, the Green Mountain Boy, had not seen once since the and weather conditions over the Eastern Atlantic were bad. Planned Flight It estimated the fliers had with them gasoline enough stay aloft until Eastern standard time. They planned on making the nonstop flight thirty hours, o'clock this morning, Eaststandard time, the thirty hours elapsed. There were clouds and some fog over the water to Great Britain noon and these conditions that and Bochkon had flown England without being Weather conditions mediate vicinity of the were good, with westerly wind