Erie Bank - Erie, PA

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: February 16, 1857
Location: Erie, Pennsylvania (42.129, -80.085)

Metadata

Model: gpt-5-mini
Short Digest: c4cc5ef6

Response Measures

None

Description

Article (Wheeling Daily Intelligencer, 1857-02-16) reports the bank was under a 30-day suspension which directors extended another 30 days and suggests it will likely never resume specie payments; implies permanent closure/insolvency rather than a depositor run. Bank is pre-National Bank era (1857), so classified as a state bank.

Events (1)

1. February 16, 1857 Suspension

Cause: Voluntary Liquidation
Cause Details: Directors extended a 30-day suspension another 30 days; article states it is probable the bank will never resume specie payments and note holders may get fifty cents on the dollar.
Newspaper Excerpt: The thirty days fixed for the suspension of the Erie Bank expired last week, but its directors have extended the time thirty days longer.
Source: newspapers

Newspaper Articles (1)

1. February 16, 1857 Wheeling Daily Intelligencer Wheeling, WV

Article from Wheeling Daily Intelligencer, February 16, 1857

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Article Text

ERIE BANK.-The thirty days fixed for the suspension of the Erie Bank expired last week, but its directors have extended the time thirty days longer. It is altogether probable that this institution will never again resume specie payments. The note holders may get fifty cents on the dollar.