18529. Brownsville Trust Company (Brownsville, PA)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
trust company
Start Date
August 19, 1930
Location
Brownsville, Pennsylvania (40.020, -79.890)

Metadata

Model
gpt-5-mini
Short Digest
30a80ea5

Response Measures

Full suspension, Books examined

Description

Articles (Aug 19–20, 1930) report a steady two-week run on Brownsville Trust Co.; directors asked the State Banking Department which took possession and closed the bank and appointed a special deputy. Closure occurred during the 1930 coal-field depression; later (June 1931) dividend payments in liquidation are reported. I classify the suspension as resulting in permanent closure/receivership. OCR errors in articles corrected (e.g., fragmented phrases).

Events (4)
1. August 19, 1930 Receivership
Newspaper Excerpt
Frank Jackson was appointed special deputy to investigate the affairs of the bank and determine whether it is to be liquidated
Source
newspapers
2. August 19, 1930 Run
Cause
Local Shock
Cause Details
Heavy withdrawals during a period of business depression and unemployment in the local soft-coal fields; 'frozen' assets noted
Measures
Directors decided to close to protect depositors and requested state banking department intervention
Newspaper Excerpt
there was a steady run on the bank for the last two weeks
Source
newspapers
3. August 19, 1930 Suspension
Cause
Government Action
Cause Details
At the request of the board, the State Banking Department took possession and closed the bank because it had 'frozen' assets and could not meet obligations during a heavy run
Newspaper Excerpt
the state banking department today took possession of the Brownsville Trust company at Brownsville and closed the doors. Frank Jackson was appointed special deputy to investigate the affairs of the bank
Source
newspapers
4. June 1, 1931 Other
Newspaper Excerpt
The Brownsville Trust Company will pay 40 per cent dividend to each of 500 depositors ... A second dividend is assured, Jackson said
Source
newspapers

Newspaper Articles (6)
1. August 20, 1930 Latrobe Bulletin Latrobe, PA
Article from Latrobe Bulletin, August 20, 1930

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Article Text

Fifth Fayette County to Brownsville, Pa., Aug. 20, The Brownsville Trust Company, the fifth bank in Fayette county to close its doors during the last three months, was in the hands of State Bank Examiner E. H. Kettham today after directors of the institution decided on the move to "protect depositors." Three banks in Connellaville and an institution in Vanderbilt, near Connellaville, had previously closed their doors in rapid succession. Only one bank remains operation at Connellsville, the Second National Bank. Directors of the Brownsville institution said there was a steady run on the bank for the last two weeks. The decision the officials was reached voluntarily, it was said. The Trust Company founded in 1921, was capitalized at $125,000. Deposits totaled $516,639.01 and state ments showed surplus and undivided profits of $74,585. D. K. Orr is president and W. Conwell, cashier. Confidence that the bank would reopen and pay off its depositors in full was expressed in business cir. cles. It was said the reason for clos bank had "considerable ing frozen assets.

2. August 20, 1930 Reading Times Reading, PA
Article from Reading Times, August 20, 1930

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Article Text

BROWNSVILLE BANK CLOSED BY STATE HARRISBURG, Aug. 19 (AP) At the request of the board directors of the institution the state banking department today took possession the Brownsville Trust company at Brownsville and closed the doors. Frank special deputy to investigate the affairs the bank and determine whether it is to be liquidated In the abof report from Jackson, officials at department denied knowledge the reason for the closing except that the bank. having a "frozen" assets no longer able to meet its obligations during heavy run. TO SET UP PATENT BUREAU tralized bureau of radio patent information is be established by the Radio Manufacturers' association in

3. August 20, 1930 The Tribune Scranton, PA
Article from The Tribune, August 20, 1930

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Article Text

Brownsville Trust Company Is Closed HARRISBURG Pa. Aug. 19 (P).At the request of the board of directors of the institution. the state banking department today took possession of the Brownsville Trust company at Brownsville and closed the doors. Frank Jackson was appointed special deputy to investigate the affairs of the bank and determine whether it is to be liquidated In the absence of report from Jackson, officials at the department denied knowledge of the reason for the closing except that the bank, number of "frozen" was no longer able to meet its during heavy run. The Brownsville bank was the fourth institution in Fayette county to close its doors, three others in Connellsville being closed for similar reasons result of business depresion and unemployment in the soft coal fields.

4. August 20, 1930 Standard-Speaker Hazleton, PA
Article from Standard-Speaker, August 20, 1930

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Article Text

IN All Hazleton Girls Named to Fill Vacancies In the Local Teaching Corps. The city school board last night considered the election of teachers fill vacancies in the grade schools for the 1930-31 term. Ten new teachers were elected and the successful applicants Hazleton girls. They are: Miss Grace Mumaw, Miss Jane Lubrecht, Miss Irene O'Donnell, Miss Ruth Yeager, Miss Eleanor Rauzi, Miss Frances Eidam, Miss Katherine Miller, Miss Eleanor Allen, Miss Marion Schwartz and Miss Margaret Ward. They will be placed in the schools Superintendent Thomas. Several be needed to fill vacancies the regular grade while the corps, others will act substitutes until placed in regular positions. Bank Ordered Closed. HARRISBURG, Aug. 19. At the request the board of directhe institution, the State Banking Department today took possession the Brownsville Trust Company Brownsville and closed the doors. Frank Jackson was appointed deputy to investigate the affairs the bank and determine whether be liquidated. In the absence report from Jackson, officials the department denied the reason for the closing except that the bank, having number assets, was no longer able meet its obligations during heavy run. The Brownsville bank was the fourth institution Fayette county close its doors, three others Connellsville being closed for similar reasons result of business pression the soft coal fields.

5. August 20, 1930 The Daily Notes Canonsburg, PA
Article from The Daily Notes, August 20, 1930

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Article Text

OVER BROWNSVILLE BANK Trust Company Forced to Appeal for Aid Because Of Frozen Assets quest of the board of directors of the institution the state banking department today took possession of the Brownsville Trust company at Brownsville. Frank Jackson was appointed cial deputy to investigate the affa of the bank and determine whether is to be liquidated. In the absence a report from Jackson, officials at department denied knowleage OI reason for the closing, except that bank, having a number of "frozen" sets, was no longer able to meet obligations during heavy run. The Brownsville bank was fourth institution in Fayette county close its doors, three others in nellsville being closed for similar sons as result of business depress and unemployment in the soft fields.

6. June 1, 1931 Pittsburgh Sun-Telegraph Pittsburgh, PA
Article from Pittsburgh Sun-Telegraph, June 1, 1931

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Article Text

Brownsville Bank Will Pay $280,000 BROWNSVILLE Pa. June The Brownsville Trust Company will pay 40 per cent dividend to each of 500 depositors. according to the first accounting of the closed bank. presented in court today by Deputy Secretary of Banking S. W Dividends will total $280.000 A second dividend is assured, Jackson said