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Other: Receiver was later involved in litigation over securities (see 1931 article).
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BANK IS CLOSED BY HEAVY DEMANDS Connellsville, Aug. Embarrassed by heavy in the past two days, the First National Bank Vanderbilt, here, closed to day. The runs believed the result the closing of three of the four banks in Connellsville within the past month. BIGGEST COMIC SECTION! Record through your
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PENNSYLVANIA BANK IS CLOSED BY HEAVY RUNS Connellsville, Aug. Embarrassed by heavy runs the days, the First National Bank Vanderbilt, near closed today. The runs believed the result of the closing three the four banks within the past month. The bank capitalized at $25.recent statement reported surplus $5,000, demand deposits 38,453, and time deposits $89,764.
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Heavy Runs Cause Closing of Bank CONNELLSVILLE Aug. runs past two were blamed for closing day of the First National bank near here. The runs believed of the closing three the four banks in Connellsville within the past month.
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RESTRAIN AND BANK FROM SELLING SHARES Judge Grants Injunction to Receiver for Connellsville Institution CLAIMS AGREEMENT ILLEGAL AND VOID Alleges Sale of Securities Would Favor Road Over Depositors The and Ohio Railroad and the Bank Pittsburgh, today restrained from selling 54,000 securities held the bank as Trustee, by temporary presented by George Smith, of Citizens and signed Judge Schoonmaker in Federal The bill claims the agreement between and the National Bank Connellsville, made February 23. 1928, and the delivery of securities were illegal and void. This agreement was that the First National would turn over Bank Pittsburgh, Trustee, securities which be sold, three days notice, to by the B. for payment. Sold Asset in 1928 On March 28, 1928, the First National Bank sassets tional Bank its assets Citizens Bank, the stocks in and purchaser pay the liabilities of the First The railroad deposited check in Citizens Bank July and bank mailed draft in that amount the Bank of Pittsburgh credited the railroad's account, which did not reach the bank before the Citizens Bank was closed July Pittsburgh, N. fused honor the draft Bank closed its The railroad. 1930, checks and $2,915.83. the their deposit time the bank closed, but these were returned marked "Bank closed." Gives Notice to Sell On January 13, 1931, the railroad gave notice to the Bank Pittsburgh to sell any part the shares to cover the amount of the deposit in the Citizens Bank. The Receiver First National Bank had no power to into such an agreement; that against public policy; that agreement will create unlawful in favor of the railroad depositors the Bank, and that the and pledge fraud on the creditors. for the hearing on the indate junction has not been set.