Clearfield bank - Clearfield, PA

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: *
Location: Clearfield, Pennsylvania (41.021, -78.439)

Metadata

Model: gpt-5-mini
Short Digest: db38dc99

Response Measures

None

Description

Article (1895) refers to a past failure of the Clearfield bank that was placed in receivership ('receiver of the looted Clearfield bank') and later the receiver (Haywood) paid the creditors in full. No mention of a depositor run; failure described as 'looted' (implies embezzlement/theft or bank-specific malfeasance). Dates of failure/receivership are not provided in the excerpt.

Events (2)

1. * Receivership

Newspaper Excerpt: as the receiver of the looted Clearfield bank ... he one day surprised the disconsolate creditors by paying them every dollar.
Source: newspapers

2. * Suspension

Cause: Bank Specific Adverse Info
Cause Details: Described as 'looted' — implies internal malfeasance/theft leading to failure and suspension of payments
Newspaper Excerpt: the receiver of the looted Clearfield bank, the failure of which was at the time thought to be complete
Source: newspapers

Newspaper Articles (1)

1. October 30, 1895 The Scranton Tribune Scranton, PA

Article from The Scranton Tribune, October 30, 1895

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Article Text

# Mr. Haywood for State Treasurer. No candidate in recent years presents a better record or gives the promise of a more brilliant performance of official duty than Benjamin F. Haywood, the Republican candidate for state treasurer. The esteem in which he is held where best known is shown by the commanding pluralities given to him by his fellow-citizens of Mercer county when he came before them as a candidate for prothonotary. His business ability and personal integrity were illustrated at a later period when, as the receiver of the looted Clearfield bank, the failure of which was at the time thought to be complete, he one day surprised the disconsolate creditors by paying them every dollar. Later still, as cashier of the state treasury department, Colonel Haywood thoroughly familiarized himself with the duties of the office for which he is now a candidate; and his election next Tuesday will come to him as a well-deserved promotion. There has of late been considerable discussion of the subject of interest on the large balances which the commonwealth is accustomed to keep deposited among a number of designated banks. The custom for years has been to put this money out without reference to the question of interest. If any interest has ever been paid, the state has never received it; and the natural suspicion is that the recipients of that interest were either the state treasurers, individually, the dominant party ruler, or various campaign committees, which used it in the payment of political expenses. This subject will no doubt be taken up by the next legislature, in obedience to the reform plank of the last Republican state convention. It properly belongs to the province of legislation; and the commonwealth should, by specific statute, prescribe the disposition and rate of interest on reserve funds belonging to it. But, whatever shall be done in this direction, it will reassure the people of the state to know that when they elect Colonel Haywood treasurer, they will put in office a thoroughly honest and trustworthy man, who would be the first to co-operate with the state legislature in the formulation of measures for the correction of long-standing abuses in his department. A vote cast for Dr. Samuel P. Longstreet, Republican candidate for coroner, next Tuesday, will be a vote cast for competency and conscientiousness in public office.