First National Bank - Canonsburg, PA

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 4570
Charter Number: 4570
Start Date: January 1, 1933*
Location: Canonsburg, Pennsylvania (40.263, -80.187)

Metadata

Model: gpt-5-mini
Short Digest: f116e995

Response Measures

None

Receivership Details

Depositor recovery rate: 100.0%
Date receivership started: 1933-12-19
Share of assets assessed as good: 41.6%
Share of assets assessed as doubtful: 57.6%
Share of assets assessed as worthless: 0.8%

Description

Article (Dec 21, 1933) describes an old First National Bank that did not reopen after the March 1933 banking holiday; a conservator was liquidating remaining assets and a trust officer (David R. Barnum) was appointed by the Comptroller to take charge of the old bank's trust and liquidate affairs. A new bank had been organized and took over most assets. No run is described; closure follows the March banking holiday and Comptroller action.

Events (5)

1. May 12, 1891 Chartered

Source: historical_nic

2. January 1, 1933* Other

Newspaper Excerpt: when the bank organized few months ago took over percent the assets of the old institution ... the new bank took over 60 percent the assets of the old institution. ... Mr. McNutt named conservator liquidate the remaining 40 per[cent].
Source: newspapers

3. March 1, 1933* Suspension

Cause: Government Action
Cause Details: Bank did not reopen following the March 1933 banking holiday; action overseen by the Comptroller's department
Newspaper Excerpt: the banking institutions which did not open after the March banking holiday
Source: newspapers

4. December 19, 1933 Receivership

Source: historical_nic

5. December 21, 1933 Receivership

Newspaper Excerpt: David R. Barnum is to take charge of the trust of the old First National Bank of Canonsburg and been appointed by the comptroller's department. Mr. Barnum arrived in Canonsburg this and has been installed the local bank and will assume the duties heretofore handled by George McNutt conservator ... named conservator liquidate the remaining 40 per[cent].
Source: newspapers

Newspaper Articles (1)

1. December 21, 1933 The Daily Notes Canonsburg, PA

Article from The Daily Notes, December 21, 1933

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Article Text

CHANGESMADE OPERATION Receiver of Named to tution BANK And is Succeeded by Trust Agent Following the policy the partment of the comptroller of the President Washington, in the the banking institutions which did not open after the March banking holiday of year. David R. Barnum is to take charge of the trust of the old First National Bank of Canonsburg and been appointed by the comptroller's department. Mr. Barnum arrived in Canonsburg this and has been installed the local bank and will assume the duties heretofore handled by George McNutt conservator This will relieve Mr. McNutt these duties and will permit him devote his time and energy to the First National Bank onsburg. In making this announcement officers of the local bank stated that hoped that none will confuse this action with the of the new bank. explained that when the bank organized few months ago took over percent the assets of the old institution. all which had been approved by the comptroller's department. Mr. McNutt named conservator liquidate the remaining 40 perand addition to his work president of the new bank been handling the old. Follows General Plan With general desire to clean affairs closed institutions, trust officers have been appointed for many the closed banks and the action in the case of that at Canonsburg similar to that for scores others scattered throughthe country. This has no effect whatever the new bank except divorce the entirely from the new In assuming the work Mr. Barstated that both he and the department desirous of workout what best for those terested in the old institution. stated that he will proceed liquidate its affairs rapidly possible and with consideration the value the assets and the poslosses that might experienced were drastic steps to taken. While the department anxious to close up the affairs of the old bank soon possible reason and fairness applied all times