Miners National Bank - Blossburg, PA

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 5007
Charter Number: 5007
Start Date: October 9, 1929
Location: Blossburg, Pennsylvania (41.680, -77.064)

Metadata

Model: gpt-5-mini
Short Digest: 8dad0e14

Response Measures

None

Receivership Details

Depositor recovery rate: 61.7%
Date receivership started: 1929-07-30
Date receivership terminated: 1935-06-19
OCC cause of failure: Governance
Share of assets assessed as good: 52.0%
Share of assets assessed as doubtful: 28.3%
Share of assets assessed as worthless: 19.7%

Description

The Miners National Bank of Blossburg suspended business and was taken into receivership; its assets/building were acquired by the newly chartered Citizens' National Bank & Trust. Later articles (1930) show the receiver disposing of assets and suing former officers for mishandling of funds. No report of a depositor run is given, so this is a suspension leading to closure/receivership.

Events (5)

1. June 21, 1895 Chartered

Source: historical_nic

2. July 30, 1929 Receivership

Source: historical_nic

3. October 9, 1929 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Reports and later lawsuits allege mishandling of funds and problems with officers and bonds; bank had suspended business and was taken over by a new institution/receiver.
Newspaper Excerpt: The Citizens' National Bank Company of Blossburg opened its doors for business SatOct. ... The bank takes the building and all sound Miners National Bank which suspended business
Source: newspapers

4. April 9, 1930 Other

Newspaper Excerpt: Blossburg- Miners' National Bank, by receiver, to The Citizens' National Bank and Trust Co.; lot, $30,500.
Source: newspapers

5. July 21, 1930 Receivership

Newspaper Excerpt: Jonas J. Hulse, receiver of the Miner's National Bank of Blossburg, Pa., has filed two assumpsit actions today ... suits are brought against the American Surety Co. ... Recently the receivers brought suit against several former officers in connection with the indorsement of note.
Source: newspapers

Newspaper Articles (3)

1. October 9, 1929 The Wellsboro Agitator Wellsboro, PA

Article from The Wellsboro Agitator, October 9, 1929

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Article Text

AT BLOSSBURG Citizens' National Bank and Trust Company Has Capital Stock of $125,000. The Citizens' National Bank Company of Blossburg opened its doors for business SatOct. following authorization from Currency charter for the institution requested several weeks ago. The bank takes the building and all sound Miners National Bank which suspended business The of Currency will. short amount first dividend be of This, will through the new bank. The with and number large chentele promised when the bank Several made the bank Officers Morgan and chairman board: Birmingham. the board: George Martin Katherine die teller: M. directors Attorney Ward Morgan Leonard Hughes day Dr Kiley individual to the the the Gentleman briefly pleased to again have Dunham during the period. She for under the closed by the for This in charge Mr. Phillips Crichton against water the of drinking fountains in Boiled water be provided for those students bring their the poor high school remain

2. April 9, 1930 The Wellsboro Agitator Wellsboro, PA

Article from The Wellsboro Agitator, April 9, 1930

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Article Text

REAL ESTATE TRANSFERS. Recent Changes in Ownership of Tioga County Property. Elkland -Eva K. Smith in Nick Elk Clarence D. Haner.. by Sheriff, to Hannah J. Focht; 160 Sheriff, $2,350. to R. Louise Rolason; 101 Wellsboro - Elmer G. Carson to Roy M. Ford: lot. $1. R. Butler, by Sheriff, $30.05. to Frank H. Rockwell; lot, Farmington Myron Randall, 91 Sheriff, to Rhodes H. Butler; Wellsboro Almiron R. Halstead to Tioga County Savings & Trust Co.; lot, $1. Mansfield- D. Nares to Nina M. Bishop; lot, $1. Farmington- Charles A. Mc$150. Callum to C. J. McCallum; lot, Farmington Annette McCallum to Claud McCallum: lot. $1. Elkland- Mary Fond to Ehen H. Ellison: lot, $400. $1,500. Ex. of. to Hugh L. Boyden; lot, Charleston- Charles D, Ather000. ton to Elwin C. Ely; 73 acres, $4,- Moore; Gaines-Elmer Kern to W. S. $1. Alfred W. Quimby to Fay H. Rumsey; acre, $1. Middlebury R. H. Keeney to Clark Gee; acres, $1,000. Lovina Dartt, Ex. 300. of, to Minnie M. Bailey; lot, $1,Liberty- Henry A. Black to Edword C. Black; 100 acres, $1. Liberty Mary A. Antes to Bert H. Lockwood; lot, $10. Blossburg- Miners' National Bank, by receiver, to The Citizens' National Bank and Trust Co.; lot, $30,500.

3. July 21, 1930 Berwick Enterprise Berwick, PA

Article from Berwick Enterprise, July 21, 1930

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Article Text

BLOSSBURG BANK RECEIVER TO SUE SURETY COMPANY Scranton, Pa., July 21 (LP)-Jonas J. Hulse, receiver of the Miner's National Bank of Blossburg, Pa., has filed two assumpsit actions today in the office of Samuel W. Hofford, clerk of the United States court, against the American Surety Co., of New York, While no statments were filed with the papers, indications are that suits are brought against the Surety Company because it is reported to have provided bonds that would safeguard the institution in the event of mishandling of funds. The Blossburg bank went into hands of receivers about two years ago. Recently the receivers brought suit against several former officers. in connection with the indorsement of note. Attorneys representing the receiver in suits filed today are John C. Youngman and Mortimer C. Rhone, both of Williamsport.