Valley Deposit & Trust Company

Bank Information

Episode Type: Suspension → Closure
Bank Type: trust company
Start Date: October 23, 1931
Location: Belle Vernon, Pennsylvania (40.125, -79.866)

Metadata

Model: gpt-5-mini
Short Digest: 641c75b6

Response Measures

None

Description

State banking department closed the Valley Deposit & Trust Co. on Oct 23, 1931; receiver appointed and bank remained closed with receivers' account and dividend proceedings in 1932, indicating permanent closure/receivership rather than reopening.

Events (2)

1. October 23, 1931 Suspension

Cause: Government Action
Cause Details: Placed in hands of the State banking department; closed by state banking authorities.
Newspaper Excerpt: The State Department of Banking today announced the closing of the Valley Deposit and Trust Company, Belle Vernon
Source: newspapers

2. October 24, 1932 Receivership

Newspaper Excerpt: First dividend payment by the Valley Deposit and Trust company bank of Belle Vernon was indicated Friday with the filing of the first and partial accounting of the bank by Receiver Arthur McCune. It was indicated ... The bank was closed October 1931.
Source: newspapers

Newspaper Articles (4)

1. October 23, 1931 The Times Trenton, NJ

Article from The Times, October 23, 1931

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Article Text

BANKS ARE CLOSED HARRISBURG, Pa., Oct. 23 The State Department of Banking today announced the closing of the Valley Deposit and Trust Company, Belle Vernon, and the McKean County Trust Company, Bradford. No figures as to the amounts involved were made public by the department WILLIAMSVILLE, Y., Oct 23 open for business today Buffalo banks sent $500,000 to the Bank of Williamaville. the other financial institution here. to safeguard It after the Amherst Bank closed. There was no run on the no excitement among depositors here.

2. October 23, 1931 Evening Star Washington, DC

Article from Evening Star, October 23, 1931

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Article Text

TWO BANKS CLOSED Bradford and Belle Vernon Institutions in Pennsylvania Suspend. BRADFORD. Pa., October 23 (P).The McKean County Trust Co., one of the oldest banks in Bradford, was in the hands of the State banking department today. In a statement, September 29. the bank reported resources of $3.984,525.75 and deposits of $3,172,533.30. BELLE VERNON, Pa., October 23 (AP). -The Valley Deposit & Trust Co. here was placed in the hands of the State banking department today. J. D. Swigart, chief examiner. said the bank had deposits of approximately $1,000,000.

3. October 24, 1932 The Daily Herald Monongahela, PA

Article from The Daily Herald, October 24, 1932

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Article Text

Belle Vernon Closed Bank To Pay Dividend First dividend payment by the Valley Deposit and Trust company bank of Belle Vernon was indicated Friday with the filing of the first and partial accounting of the bank by Receiver Arthur McCune. It was indicated that about per cent would be available to 6,000 depositors. The bank was closed October 1931.

4. October 28, 1932 The Morning Herald Uniontown, PA

Article from The Morning Herald, October 28, 1932

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Article Text

DISTRICT BASES PLEA ON Belle Vernon Directors Raise Question With Respect to Board as Preferred Depositor DECISION FAR REACHING Exceptions to the first and partial account of the Valley Deposit and Trust Company of Belle Vernon have been filed by the school district of Belle Vernon, raising one of the most unusual questions yet presented before the Fayette County courts and one which concerns practically every school district the county. The exceptions, as presented by Matthews Lewellyn, counfor the river school district assert that the receiver and the state secretary banking failed to make the district which had on deposit in the bank at the time of Its closure, preferred creditor and that now seeks to distribute the assets of the bank the school district at same pro rata the remainder of the creditors. common This cannot be done under the old Common as established by the King's Crown, back in the days of England, and under which the Commonwealth of Pennsylvania now operates together with the statutory laws of the state. school district is a part of an branch of the sovereignty the of Pennsylvania, vested with all of its rights and prerogatives," the exceptants point out. Under the old common law the funds_ of the state and all of its various branches "are preferred Henors and its funds must be protected R8 against all other funds, asserted. The school fund must be paid in full before any can be made to the depositors, 18 specifled. In addition to that It set forth that school district had borrowed note at the time of the closure the sum of $13,109 which the bank authorities hypothecated along with other valuable stocks and bonds and placed with the First National Bank of Pittsburgh to secure loan which Pittsburgh institution made. Al the best this can only regarded to the bank deposit, since such certificates not negotiable could not be transferred to the Pittsburgh bank without legal authorclaimed. The exceptants also claim that the (Continued on Page Thirteen)