Second National Bank - Connellsville, PA

Bank Information

Episode Type: Run Only
Bank Type: national
Bank ID: 4481
Charter Number: 4481
Start Date: July 31, 1930
Location: Connellsville, Pennsylvania (40.018, -79.589)

Metadata

Model: gpt-5-mini
Short Digest: 18b86bf3

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Books examined

Description

Articles (dated 1930-07-31 / 1930-08-01) report the Citizens' National Bank closed and was placed in the hands of the Comptroller; a heavy run was then made on the city's remaining bank, the Second National. The Second National received aid from Pittsburgh banks and officials stated they were able to meet every demand, so it did not suspend.

Events (2)

1. December 8, 1890 Chartered

Source: historical_nic

2. July 31, 1930 Run

Cause: Local Banks
Cause Details: Runs triggered by recent closings/failures of two other Connellsville banks (Citizens' National and Title & Trust), prompting heavy withdrawals from the Second National.
Measures: Received money from Pittsburgh banks to meet heavy withdrawals; officials said they were able to pay every demand.
Newspaper Excerpt: Heavy runs being made today on remaining bank - the Second National Bank; money was received from Pittsburgh banks to aid it.
Source: newspapers

Newspaper Articles (4)

1. July 31, 1930 Wilkes-Barre Times Leader, the Evening News Wilkes-Barre, PA

Article from Wilkes-Barre Times Leader, the Evening News, July 31, 1930

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Article Text

Connellsville Bank Closes Doors Today; Third Within Month Pa., July Citizens Bank Connellsville failed open its doors, making the third bank closing here within 30 on the doors of notice posted the bank depositors that the had been closed by institution tion of the The notice further stated that the bank had been placed the hands of the comptroller of the currency who has D. Beakley, National Bank examiner, take charge eparations were immediately Second National Bank, by the banking instithe remaining for following the feared inevitable result of three banks Officials of the Secwithdrawals. ond National Bank that all demands be met, dolfor dollar. official statement as Although no to the condition of the Citizens National Bank was forthcoming it was believed the institution had experlenced heavy demand for funds on July and July following the closing Title Trust Company and Union National The Title and Trust Company and the Union National Bank discontinued business July and 2 respectively. The Citizens National Bank was established years age and several years ago absorbed the First National Bank. It resources of surplus 000. Demand deposits $805.275 and savings of $1,958,620. stateJune Markell is president of the institution which was capitalized at $100,000.

2. July 31, 1930 Republican and Herald Pottsville, PA

Article from Republican and Herald, July 31, 1930

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Article Text

CONNELLSVILLE CLOSED DOORS Heavy Runs Being Made Today on Remaining Bank. THIRD CLOSED IN MONTH Directors Placed Institution in Hands of Comptroller of Currency. Connellsville. Pa., July 31. (U.P.) The Citizens' National Bank failed to open its doors for business today and "run" being made on the city's remaining bank-the Second The Citizens" National, after meeting of the board of directors last night, posted a notice on it today the effect that assets of the bank were in the hands of the Comptroller of It was reported the Second National Bank was ready meet heavy withdrawals and that money was received from Pittsburgh banks to aid it. It was believed that closing of two other banks here earlier this month was responsible for today's On July 1. the Title and Trust Company of Western Pennsylvania closed here and the next day onother national bank failed to open its doors. Heavy withdrawals were then said to have been made on the Citizens National and the Second National At meeting of the board of dlrectors of Citizens National Bank last night the following resolution was passed "Whereas. During the past month there have been made by the depositors of this bank unusually heavy withdrawals. whereas, in the best judgment of the board of directors of the best Interests of the loyal remaining depositors will be best subserved by suspending business and conserving asset. "Therefore. Be it resolved. that the doors he closed and the assets placed In the hands of the comptroller of the currency for liquidation as provided under the laws of the United States. The following notice was on the door of the Citizens bank today: "This bank under the direction of the of currency. is in charge of B. J. Bleakley national bank exam ner. Closed by resolution of the board of directors." Signed. B. J. Bleakley. Anthracite ccal is an economical fuel. Buy and burn anthracite. President Takes Three. Holiday. Washington, July 31. (U.P)-Prestdent Hoover will leave tomorrow for a. three-day stay at his Virginia mountain camp. was announced at the White House today. Mrs. Hoover went to the camp today to prepare the lodge the Prestdential party. The President is ex pected to discuss the New York Republican situation over the week end with William H. Hill, Binghamton, N. Y., publisher, one of the State party leaders, who, with Mrs. Hill, will be among the guests, Other guests invited Rickard, mining engineeri York, and Mrs. the Hoovers, secretary of the Treasury not the same da customs to that date Anthracite fuel, Buy

3. July 31, 1930 Berwick Enterprise Berwick, PA

Article from Berwick Enterprise, July 31, 1930

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Article Text

CONNELLSVILLE 'Run' Made on Remaining Bank After Notice Is Posted That Assets Were In Hands of Cur- rency Comptroller. Connellsville Pa., July 31 (LP) Citizens' National Bank failed its doors for business here today and the city's remaining Second for increasdepositors. The Citizens' National, after meetthe board of directors night, posted notice its doors today to the effect that assets of the bank in the hands of the comptroller currency. was reported the Second NationBank heavy ceived from Pittsburgh banks was believed that closing of two other banks here earlier this month responsible for today's action. July the Title and Trust Co of Western Pennsylvania closed here and the next day another National Bank falled to open its doors, Heavy withdrawals were then said to have been made on the Citizens' National and the Second National.

4. August 1, 1930 Pittsburgh Sun-Telegraph Pittsburgh, PA

Article from Pittsburgh Sun-Telegraph, August 1, 1930

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Article Text

Connellsville Bank Receiver in Charge The Citizens National which failed to open yesterday morning placed in the hands B. national bank aminer. who closed the There was heavy run on the Second National Bank. the city's remaining through the forenoon. but officials said they were able to pay every If necessary.