Bank of Coal Center - Coal Center, PA

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: January 15, 1909
Location: Coal Center, Pennsylvania (40.068, -79.902)

Metadata

Model: gpt-5-mini
Short Digest: 841517c3

Response Measures

None

Description

The bank was closed by the State Bank Examiner on 1909-01-15 due to bad loans (suspension for insolvency). A receiver (Senator William E. Crow) is later referenced (May 1909), indicating permanent closure/receivership rather than a temporary suspension or run.

Events (2)

1. January 15, 1909 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Closed by state bank examiner because of bad loans (insolvency/poor loan portfolio).
Newspaper Excerpt: The Bank of Coal Center was closed today by State Bank Examiner James Cover. It is said the suspension is due to bad loans.
Source: newspapers

2. May 6, 1909 Receivership

Newspaper Excerpt: Senator William E. Crow, of Uniontown, receiver for the bank, and directors of the bank and business men of Coal Center.
Source: newspapers

Newspaper Articles (4)

1. January 15, 1909 Evening Star Washington, DC

Article from Evening Star, January 15, 1909

Click image to open full size in new tab

Article Text

Bad Loans Close Up Bank. COAL CENTER, Pa., January 15.-The Bank of Coal Center was closed today by State Bank Examiner James Cover. It is said the suspension is due to bad loans. The bank is a small institution and all depositors, it is said, will be paid.

2. January 16, 1909 The Birmingham Age-Herald Birmingham, AL

Article from The Birmingham Age-Herald, January 16, 1909

Click image to open full size in new tab

Article Text

Small Bank Closed. Coal Center, Pa., January 15. - -The Bank of Coal Center was closed today by State Bank Examiner James Cover. It is said the suspension is due to bad loans. The bank is a small institution and all depositors, it is said, will be paid in full.

3. January 16, 1909 The Montgomery Advertiser Montgomery, AL

Article from The Montgomery Advertiser, January 16, 1909

Click image to open full size in new tab

Article Text

Coal Center Bank Closed. Coal Center, Pa., Jan. 15.-The Bank of Coal Center was closed today by State Bank Examiner James Cover. It is said the suspension is due to had loans. The bank is a small institution and all depositors, it is said, will be paid in full.

4. May 6, 1909 The Fairmont West Virginian Fairmont, WV

Article from The Fairmont West Virginian, May 6, 1909

Click image to open full size in new tab

Article Text

INDICTMENTS ARE FOUND Grand Jury Finds True Bills Against Banker and Broker. WASHINGTON, Pa., May 6.-The Washington county grand jury returned true bills against C. H. Drum, former cashier of the Bank of Coal Center, and Frederick Ward, broker and promoter, of Pittsburg, under four counts. Two charge Drum and Ward with conspiracp to defraud the Bank of Coal Center and the other two charge Ward with having conspired tc induce Drum to violate the act Oi 1850, which forbids bank cashiers to engage in other business. The prosecutor of record is J. W. Steyart, of Coal Center, representing the stockholders of the institution. Because of the time needed by both sides to prepare for trial, the case is not expected to be tried at the present term of court. Among, the witnesses called before the grand jury in the case were Commissioner of Banking John A. Berkey. of Somerset: Bank Examiners J. M. Cover, of Somerset, and G. H. Gettp of New Wilmington; Senator William E. Crow, of Uniontown, receiver for the bank. and directors of the bank and business men of Coal Center.