Union National Bank - Connellsville, PA

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: national
Bank ID: 6408
Charter Number: 6408
Start Date: July 2, 1930
Location: Connellsville, Pennsylvania (40.018, -79.589)

Metadata

Model: gpt-5-mini
Short Digest: f9dc7343

Response Measures

Full suspension, Books examined

Other: Receivership followed suspension; furniture sale indicates liquidation.

Receivership Details

Depositor recovery rate: 62.1%
Date receivership started: 1930-07-03
Date receivership terminated: 1941-02-28
OCC cause of failure: Economic conditions
Share of assets assessed as good: 46.7%
Share of assets assessed as doubtful: 47.4%
Share of assets assessed as worthless: 5.9%

Description

Union National Bank (Connellsville, PA) experienced heavy withdrawals coincident with the July 1930 failure/closing of the Title & Trust Company. Directors placed affairs in hands of a national bank examiner (July 2) and the bank discontinued business July 2; receivers were later appointed (change in receivers effective Aug 12) and the receiver disposed of assets later in November. Cause of the run/suspension is linked to distress/closing of local banks. OCR errors in articles corrected (e.g., 'Connellaville' -> Connellsville; Bleakley spelled variously).

Events (6)

1. September 4, 1902 Chartered

Source: historical_nic

2. July 2, 1930 Run

Cause: Local Banks
Cause Details: Heavy withdrawals and depositor nervousness at Union National following the closing of the Title and Trust Company of Western Pennsylvania (other local bank failures).
Measures: Directors placed affairs in hands of national bank examiner (B. J. Bleakley) to preserve assets and prevent a run; Federal Reserve shipped funds to aid open institutions in the city.
Newspaper Excerpt: To preserve its assets, and prevent any run on their bank ... the directors of the Union National bank ... placed its affairs in the hands of National Bank examiner this morning.
Source: newspapers

3. July 2, 1930 Suspension

Cause: Local Banks
Cause Details: Bank discontinued business amid withdrawals and contagion from other local bank failures (Title & Trust Company). Directors placed affairs in hands of examiners and bank ceased operations July 2, 1930.
Newspaper Excerpt: The Title and Trust Company and the Union National Bank discontinued business July and 2, respectively.
Source: newspapers

4. July 3, 1930 Receivership

Source: historical_nic

5. August 12, 1930 Receivership

Newspaper Excerpt: change in receivers in charge of the Citizens National and Union National Banks has become effective here with the transfer of Lloyd Littrell from the former to the latter. Notices on the doors of the banks indicate the change.
Source: newspapers

6. November 14, 1930 Other

Newspaper Excerpt: The receiver of the Union National Bank of Connellsville today is preparing to sell the furniture and fixtures. A petition was presented in Federal Court yesterday by Lloyd Littrell, receiver, asking permission to sell the furniture and fixtures for the purpose of liquidating the estate of the bank.
Source: newspapers

Newspaper Articles (6)

1. July 2, 1930 The Evening Standard Uniontown, PA

Article from The Evening Standard, July 2, 1930

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Article Text

2 Connellsville Banks In Hands Government Officials STATE AND NATIONAL BANK EXAMINERS TO CHECK ON ASSETS To preserve its assets, and prevent any run on their bank which might prove injurious to Connellaville and community the directors of the Union National bank, located in Connellaville, placed its affairs in the hands of National Bank examiner this morning. B. J. Bleakley, of Wheeling, W:- Va., is in charge of the affairs of the bank today. The decision of the Union National directors came after it was learned that the Title and Trust Company of Western Pennsylvania, another Connellsville bank, had closed yesterday upon request of J. D. Swigart, chief (Contined on Page Three.)

2. July 3, 1930 The Morning Call Allentown, PA

Article from The Morning Call, July 3, 1930

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Article Text

OF TWO Federal Reserve Ships Large Sums of Money to Aid Open Institutions CITY'S FUNDS TIED UP WITH $3,500,000 DEPOSITS Stagnation in Bituminous Industry Given by State Department as Reasons for Action Connellsville, July by Federal the district, which shipped in large sums money, banks of city which remained open today, passed easily through what lieved be erisis following closing Tuesday of the Title and Trust Company Western Union with tying over three and half dollars. were abnormal at both National and National, especially during the foreas the day wore the depositors closing hour there were practically none. open who might come, but tellers were Frank W. Jackson, special agent of the state banking, charge Title Trust comwhile Bleakle, Wheeling, national bank examiner, took charge Union. Stagthe comptroller's Washthe Union. Offers needwhile offer funds from bank offered send help for the day runs made necessary. City council to devise means of handling the finances. The trust company depository for the city, which $120,000 tied up bank. The Union National bank failed to for the board the institution had been decided would be for best of bank's depositors and stockholders place assets custody of the banking department. Title Trust the largest bank the city, over closing time Peter secretary The secretary result "frozen" assets about by the "utter stagnation in the coal producing industry in western Pennsyl-

3. 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.

4. July 31, 1930 The Evening News Harrisburg, PA

Article from The Evening News, July 31, 1930

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Article Text

THIRD BANK AT CONNELLSVILLE CLOSES DOORS International News Service CONNELLSVILLE, July 31. The Citizens' National Bank of Connellsville today failed to open its doors, marking the third bank closing here within thirty days. A notice posted on the doors of the bank notified depositors that the institution had been closed by action of the directors. The notice further stated that the bank had been placed in the hands of the comptroller of the currency, who has designated D. J. Bleakley, national bank examiner, to take charge. Preparations were immediately taken by the Second National Bank, the only remaining banking institution, for a heavy run, which was feared inevitable following the failure of three banks as a result of withdrawals. Officials of the Second National Bank gave assur ances that all demands could be met, dollar for dollar. Although no official statement as to the condition of the Citizens' Na tional Bank was forthcoming, it was believed the institution had experienced heavy demand for funds on July 2 and July 3, following the closing of the Title and Trust Company of Western Pennsylvania and the Union National Bank. The Title and Trust Company and the Union National Bank discontinued business July and 2, respectively. The Citizens' National Bank of Connellsville was e he twenty-five years ago and several years ago absorbed the First Na tional Bank. It had resources of $3,377,507, surplus of $200,000, demand deposits of $805,275 and savings deposits of $1,958,620, according to its statement of June 30. F. E. Markell is president of the institution, which was capitalized at $100,000.

5. August 12, 1930 The Daily Courier Connellsville, PA

Article from The Daily Courier, August 12, 1930

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Article Text

BANK RECEIVERS ARE SHIFTED change in receivers in charge of the Citizens National and Union Natlonal Banks has become effective here with the transfer of Lloyd Littrell from the former to the latter. It is also understood he will be receiver for the First National Bank of Vanderbilt. Littrell's place the Citizens National Bank George R. Smith, had been receiver at the Union National Bank. Notices on the doors of the banks indicate the change.

6. November 14, 1930 The Pittsburgh Press Pittsburgh, PA

Article from The Pittsburgh Press, November 14, 1930

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Article Text

RECEIVER TO SELL Littrell Will Dispose of Fixtures in Connellsville Bank The receiver of the Union National Bank of Connellsville today is preparing to sell the furniture and fixtures. A petition was presented in Federal Court yesterday by Lloyd Littrell, receiver, asking permission to sell the furniture and fixtures for the purpose of liquidating the estate of the bank. The petition was granted.