Lykens Valley Bank - Elizabethville, PA

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: January 1, 1933*
Location: Elizabethville, Pennsylvania (40.549, -76.812)

Metadata

Model: gpt-5-mini
Short Digest: b0c0232a

Response Measures

None

Description

Article (Pittsburgh Sun-Telegraph, 1933-09-01) states the Lykens Valley Bank of Elizabethville resumed unrestricted operations after having been one of Pennsylvania's 'restricted state banks.' No run is mentioned; the suspension/restriction was imposed by the state Department of Banking/Governor's proclamation, and the bank reopened by Sept 1, 1933.

Events (2)

1. January 1, 1933* Suspension

Cause: Government Action
Cause Details: Placed on restricted status by Pennsylvania Department of Banking/Governor's proclamation as one of the state's restricted state banks.
Newspaper Excerpt: Pennsylvania's 72 restricted state banks ... resumption unrestricted operations by the Lykens Valley Bank of Elizabethville, first of 73 restricted banks in the state to be given the right.
Source: newspapers

2. September 1, 1933 Reopening

Newspaper Excerpt: the resumption unrestricted operations by the Lykens Valley Bank of Elizabethville, first of 73 restricted banks in the state to be given the right to do so.
Source: newspapers

Newspaper Articles (1)

1. September 1, 1933 Pittsburgh Sun-Telegraph Pittsburgh, PA

Article from Pittsburgh Sun-Telegraph, September 1, 1933

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Article Text

72 Restricted Houses Get Warning as First Reopens HARRISBURG Sept Dr William D. Gordon, Secretary of Banking today gave Pennsylvania's 72 restricted state banks 30 more days to show that they are making real efforts to reorganize for full operation In his ultimatum. the banking secretary said that between now and September 30 he will announce the names of those institutions "which clearly have demonstrated their inability to successfully reorganize for the conduct of regular banking business." He added: "Obviously such institutions must be taken into possession by Department of Banking for liquidation." The state banking system moved nearer normaley today with the resumption unrestricted operations by the Lykens Valley Bank of Elizabethville. first of 73 restricted banks in the state to be given the right do In the meantime. the period during which other restricted banks may complete plans for reorganization has been extended from September to December by proclamation of Gov. Pinchot Secretary Gordon said: "It should be emphasized that the Governor's proclamation does not grant any institution authority continue to operate on restricted basis for any period beyond that determined by the Secretary banking "It must be candidly reiterated that as Secretary of Banking, have neither the power nor the right reopen the banks which cannot help themselves. Moreover. to to permit this latter to indefinite operate under this special act would be unjust to the depositors. "With this extension each restricted institution will have ample time demonstrate its ability reorganize, and for those not meeting the standards prescribed. possession and liquidation will be the only alternative.