First National Bank - Ellwood City, PA

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 4818
Charter Number: 4818
Start Date: October 17, 1933
Location: Ellwood City, Pennsylvania (40.862, -80.286)

Metadata

Model: gpt-5-mini
Short Digest: 8f107ef6

Response Measures

None

Receivership Details

Depositor recovery rate: 94.2%
Date receivership started: 1933-01-10
Date receivership terminated: 1940-01-31
Share of assets assessed as good: 33.6%
Share of assets assessed as doubtful: 56.6%
Share of assets assessed as worthless: 9.8%

Description

Comptroller-appointed receiver for First National Bank (and Citizens National) in mid-October 1933; no articles describe a depositor run. The appointment indicates government action/closure and subsequent receivership and litigation by the receiver in 1934.

Events (5)

1. November 17, 1892 Chartered

Source: historical_nic

2. January 10, 1933 Receivership

Source: historical_nic

3. October 17, 1933 Receivership

Newspaper Excerpt: Announcement was made today of the appointment of Charles E. Ketterer ... as the receiver for the Citizens National and the First National Banks of Ellwood City. ... Ketterer takes over the work of the receivership ... on 18 . (publication Oct. 17, 1933).
Source: newspapers

4. October 18, 1933 Suspension

Cause: Government Action
Cause Details: Comptroller of the Currency signed appointment of a receiver and took the banks into receivership/closed them at close of business October 18, 1933.
Newspaper Excerpt: Mr. Ketterer takes over the work of the receivership of the two banks the close of business October on 18.
Source: newspapers

5. November 2, 1934 Other

Newspaper Excerpt: Ketterer, receiver of the First National bank of Ellwood City, has bought suit ... to secure judgment against Birchard on stock assessment liabilities ... Mr. Ketterer declared that other results will soon follow.
Source: newspapers

Newspaper Articles (4)

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. October 18, 1933 Bradford Evening Star and The Bradford Daily Record Bradford, PA

Article from Bradford Evening Star and The Bradford Daily Record, October 18, 1933

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Article Text

NAMES BANK RECEIVER Ellwood City, Pa., Oct. of the First National and Citizens' banks were in the hands of Ketterer, Democratic leader and local business man, today following his appointment success or to Robert Wylie as receiver.

3. November 2, 1934 New Castle News New Castle, PA

Article from New Castle News, November 2, 1934

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Article Text

Start Suit Against Stockholder Receiver Of Local Bank Brings Suit For Judgment Against Birchard ELLWOOD Nov. Ketterer, receiver the First National bank of Ellwood City, has bought suit in the district court of the United States for the eastern district Pennsylvania, to secure judgment against Birchard on stock assessment liabilities for and interest from March 1933. to the date of controller of currency notice to all stock holders. The bank examiners are checking the books of the Citizens and First National banks Ellwood and Mr. Ketterer declared that other sults will soon follow.

4. November 2, 1934 New Castle News New Castle, PA

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Article Text

Start Suit Against Stockholder Receiver Of Local Bank Brings Suit For Judgment Against Birchard ELLWOOD CITY. Nov. Ketterer, receiver of the First Nntional bank of Ellwood City, has bought suit in the district court of the United States eastern district Pennsylvania, to secure judgment against Birchard stock assessment liabilities for and interest from March 1933, to the date of controller of currency notice to all stock holders. The bank examiners are checking the books of the Citizens and First National banks in Ellwood and Mr. Ketterer declared that other sults will soon follow.