Citizens National Bank - Ellwood City, PA

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 11570
Charter Number: 11570
Start Date: October 18, 1933
Location: Ellwood City, Pennsylvania (40.862, -80.286)

Metadata

Model: gpt-5-mini
Short Digest: 390596b5

Response Measures

None

Receivership Details

Depositor recovery rate: 85.2%
Date receivership started: 1931-12-08
Date receivership terminated: 1938-09-27
Share of assets assessed as good: 29.3%
Share of assets assessed as doubtful: 56.7%
Share of assets assessed as worthless: 14.0%

Description

Articles report that a receiver (Charles E. Ketterer) was appointed for the Citizens National Bank (Oct 1933) and later court orders (Apr 1934) direct return of pledged securities to the receiver. No article describes a depositor run; the bank was in receivership, indicating suspension and effective closure with a receiver in place.

Events (4)

1. December 31, 1919 Chartered

Source: historical_nic

2. December 8, 1931 Receivership

Source: historical_nic

3. October 18, 1933 Receivership

Newspaper Excerpt: Ketterer takes over the work of the receivership of the two banks the close of business October on 18.
Source: newspapers

4. April 27, 1934 Other

Newspaper Excerpt: districts of Ellwood City and Perry township ... were ordered today by Federal District Judge Nelson to return to Ketterer, receiver the Citizens National Bank City, securities which had been pledged to school districts.
Source: newspapers

Newspaper Articles (3)

1. October 17, 1933 New Castle News New Castle, PA

Article from New Castle News, October 17, 1933

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Article Text

Receiver Appointed Charles E. Ketterer Is Appointed Bank Receiver At Ellwood City WILL SUCCEED ROBT. W. WYLIE Announcement was made today of the appointment of Charles Ketterer of 407 Fourth street, Ellwood City, as the receiver for the Citizens National and the First National Banks of Ellwood City. He succeeds Robert Wylie. Ketterer's appointment was signed by Comptroller of the rency. Mr. Ketterer long time resident of Ellwood City and for eighteen years has been the hardware business. some time he has been the treasurer of the YahnJones Company. No announcement was made to the appointment an attorney for the receiver, but Attorney Wilbur Baer, State committeeman for the party here stated this would be done shortly. Mr. Ketterer takes over the work of the receivership of the two banks the close of business October on 18.

2. April 27, 1934 New Castle News New Castle, PA

Article from New Castle News, April 27, 1934

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Article Text

MUST RETURN SECURITIES TO (International News Service) April districts of Ellwood City and Perry township, Lawrence county, were ordered today by Federal District Judge Nelson to return to Keterer, receiver the Citizens National Bank City, securities which had been pledged to school districts. The return of the bonds and mortgage must be made within days, according to the court order. The Perry township order requires the officers, attorneys or agents of the school district to return to Ketterer mortgage and bond from David and Roy Hamilton the Citizens National Bank Ellwood City in the amount of $7,700 dated March 25, 1926. It is further ordered that this mortgage and bond free from any pledge, or other right, title, interest or claim of said school district. In its decree, the court further ordered the school district have noted upon the records of the recorder's office in Lawrence county and the mortgage or accompanying bond the same assignment or cancellation necessary to effectuate the court's decree. The Ellwood City order requires the return of in bonds. These are enumerated in the court's decree New England Gas and Electric Accn. five per cent debenture bonds September 1947; $5,000 Continental Gas and Electric Corp. gold debenture five per cent bonds series Cities Service Power and Light Company five and cent gold debenture bonds due November 1952; $5,000 Pacific W. Public Service Company convertible gold debentures due March 1950; Cities Service Gas Pipe Line six per cent bonds due January $10,000 Cities Service Company convertible five per cent bonds due June 1950; $5,000 Fairfax, Okla. street improvement six per cent bonds due November 1934; $5,000 Wetumka, Okla., street improvement six per cent bonds due November 1934; $4,500 Stigler, Okla., street improvement cent bonds due November 1935; In addition to decreeing the turn of these securities, the court order asserted the pledge of the above securities in pursuance to by the directors of the bank is illegal and void. At the same time, the court ordered issued enjoining and the school districts' officers, agents from selling or disposing the other than by livering them to the receiver.

3. April 27, 1934 New Castle News New Castle, PA

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Article Text

MUST RETURN SECURITIES TO News Service) April districts of Ellwood City and Perry township, Lawrence county, were ordered today by Federal District Judge Nelson McVicar to return Keterer, receiver the CitiNational Bank of Ellwood City, securities which had been pledged to school districts. The return of the bonds and mortgage must be made within 20 days, according the court order. The Perry township order requires the officers, attorneys agents of the school district return Ketterer mortgage and bond from David and Roy H. Hamilton the Citizens National Bank Ellwood City in the amount $7,700 dated March 25, 1926. It further ordered that this mortgage and bond be free from any pledge or other right, interest or claim of said school district In its decree, the court further ordered the school district have noted upon the the corder's in county and on the or accompany. bond the same to effectuate court's decree. The Ellwood City order requires the bonds. These are enumerated in the court's New England Gas and ElecAccn. per cent bonds September 1947 $5,000 Gas and Elec tric Corp. gold five per cent bonds $5,000 Cities Power and Light Company five and cent gold bonds due 1952; $5,000 Pacific W. Public Service Company convertible gold debentures March 1950; Cities Gas Pipe Line six per cent bonds due January 1943; $10,000 Cities Service Company convertible five per cent bonds due June 1950; $5,000 Fairfax. Okla. street improvement six per cent bonds due November 1934; $5,000 Wetumka, Okla., street Improvement six per cent bonds due November 1934; $4,500 Stigler, Okla., street improvement six per cent bonds due November 1935; In addition to decreeing the turn of these securities, the court order asserted the pledge of the above securities in pursuance resolutions passed by the directors of the bank illegal and void. At the same time, the court ordered perpetual injunction issued enjoining restraining the school districts' officers, attorneys agents from selling or disposing the securities other than by livering them to the receiver