First National Bank - Beaver, PA

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 3850
Charter Number: 3850
Start Date: March 14, 1921
Location: Beaver, Pennsylvania (40.695, -80.305)

Metadata

Model: gpt-5-mini
Short Digest: 6e4e79c4

Response Measures

None

Receivership Details

Depositor recovery rate: 72.6%
Date receivership started: 1921-03-26
Date receivership terminated: 1928-09-30
OCC cause of failure: Fraud
Share of assets assessed as good: 59.1%
Share of assets assessed as doubtful: 30.6%
Share of assets assessed as worthless: 10.4%

Description

Articles (Mar 14–15, 1921) report the First National Bank of Beaver closed by order of directors and payments suspended after discovery of irregularities. No run is mentioned and no reopening is reported; receivership not specified in these pieces.

Events (3)

1. February 29, 1888 Chartered

Source: historical_nic

2. March 14, 1921 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Directors and examiner discovered accounting irregularities; bank closed for investigation to protect stockholders; payments suspended by order of directors and examiner signatory noted on posted notice.
Newspaper Excerpt: By order of the Board of Directors the First National Bank of Beaver is closed and payments suspended
Source: newspapers

3. March 26, 1921 Receivership

Source: historical_nic

Newspaper Articles (3)

1. March 14, 1921 Evening Public Ledger Philadelphia, PA

Article from Evening Public Ledger, March 14, 1921

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Article Text

Bank at Beaver, Pa., Closed Pittsburgh, Pa., March 14 1 The First National Bank of Beaver. Pa.. has been closed by order of the directors, and payments suspended Frederick Wilson, vice president. said an examination of the bank's books shows irregularities and that the bank was closed for an investigation to protect the stockholders. The bank has paid up capital of $50,000 and surplus of $50,000. Deposits amounted to $463,490.

2. March 14, 1921 Indiana Daily Times Indianapolis, IN

Article from Indiana Daily Times, March 14, 1921

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Article Text

Payments Suspended by Beaver (Pa.) Bank BEAVER, Pa., March 14.-Though its doors were open today, all payments of the First National Bank of Beaver were suspended. A national bank examiner and the directors and officers were consulting depositors and checking up individual accounts. A notice said certain irregularities bad been discovered which made it advisable to close the bank for the time being. The bank is one of the oldest and largest in western Pennsylvania.

3. March 15, 1921 The New York Herald New York, NY

Article from The New York Herald, March 15, 1921

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Article Text

BANK IN BEAVER, PA CLOSED, BEAVER Pa., March 14.-The First Na. tional Bank of Beayer did not open day its doors for business. In a meeting of its directors held yesterday, at which Federal Bank Examiner Frank Miller was present. a notice which read "By order of the Board of Directors the First National Bank of Beaver is closed and payments suspended" was posted on the bank's door. The notice was signed by Mr. Miller, as examiner. in charge, and was dated today.