First National Bank - Charleroi, PA

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 4534
Charter Number: 4534
Start Date: May 22, 1934
Location: Charleroi, Pennsylvania (40.138, -79.898)

Metadata

Model: gpt-5-mini
Short Digest: 24e93376

Response Measures

None

Receivership Details

Depositor recovery rate: 80.0%
Date receivership started: 1934-05-22
Share of assets assessed as good: 43.2%
Share of assets assessed as doubtful: 38.2%
Share of assets assessed as worthless: 18.7%

Description

Articles state the old First National Bank of Charleroi was under conservatorship and then a receiver (Walter L. Campbell) was appointed in May 1934; by July 1934 the bank is described as defunct and a successor recently formed. No explicit run is mentioned. Cause of suspension appears to be government action (conservatorship/receivership by Comptroller).

Events (5)

1. March 18, 1891 Chartered

Source: historical_nic

2. May 22, 1934 Receivership

Source: historical_nic

3. May 22, 1934 Suspension

Cause: Government Action
Cause Details: Bank placed in conservatorship by federal authorities and then moved toward receivership under direction of the Acting Comptroller of Currency.
Newspaper Excerpt: Walter L. Campbell... received notification his appointment receiver for the old First National Bank of Charleroi, effective immediately upon the termination of the conservatorship.
Source: newspapers

4. May 24, 1934 Receivership

Newspaper Excerpt: Walter L. Campbell, of Charleroi, yesterday received notification his appointment receiver for the old First National Bank of Charleroi, effective immediately upon the termination of the conservatorship. telegram from Acting Comptroller of Currency Await directed Campbell to take over ceivership of the bank immediate-
Source: newspapers

5. July 19, 1934 Other

Newspaper Excerpt: Walter Campbell, receiver of the defunct First National Bank of Charleroi, today had the federal court's permission to accept Home Owners Loan bonds and cash... the closed institution and a recently formed successor. lease half of the banking room formerly occupied by the closed institution to the First National Bank in Charleroi, recently formed successor.
Source: newspapers

Newspaper Articles (2)

1. May 24, 1934 The Daily Herald Monongahela, PA

Article from The Daily Herald, May 24, 1934

Click image to open full size in new tab

Article Text

RECEIVER Walter L. Campbell, of Charleroi, yesterday received notification his appointment receiver for the old First National Bank of Charleroi, effective immediately upon the termination of the conservatorship. telegram from Acting Comptroller of Currency Await directed Campbell to take over ceivership of the bank immediate-

2. July 19, 1934 The Daily Herald Monongahela, PA

Article from The Daily Herald, July 19, 1934

Click image to open full size in new tab

Article Text

BANK RECEIVER AUTHORIZED TO ACCEPT BONDS Pittsburgh, July 19-(INS) Walter Campbell, receiver of the defunct First National Bank of Charleroi, today had the federal court's permission to accept Home Owners Loan bonds and cash in exchange for judgments and mortgages totalling more than $18,000 held against seven parties. Campbell, who was named receiver on May 22, was granted the authority in decree handed down by Federal Judge R. M. Gibson. David M. McCloskey, conservator of the old bank, was authorized by Judge F. P. Schoonmaker in another order to lease half of the banking room formerly occupied by the closed institution to the First National Bank in Charleroi, recently formed successor. Under the terms of the lease the new bank will occupy the eastern half of the bank quarters at a monthly rental of $200.