Erie Bank - Erie, PA

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: May 25, 1884
Location: Erie, Pennsylvania (42.129, -80.085)

Metadata

Model: gpt-5-mini
Short Digest: 7cbabe36

Response Measures

None

Description

Article (May 25, 1884) describes the bank as 'defunct' and reports the president confessed to losing/taking bank funds in speculation and is in jail. No run is mentioned; bank appears to have failed and assets assigned to creditors—closure with receivership/liquidation implied.

Events (1)

1. May 25, 1884 Receivership

Newspaper Excerpt: ERIE, Pa., May 25.-President Adam Brabender, of the defunct bank, has returned to Erie. He admits that he and Cashier Pettit lost $100,000 in grain and oil speculations. Brabender also admits that he took the money of the bank and paid it to friends. ... Brabender assigned property valued at $100,000 to the creditors, but it will not pay the obligations...
Source: newspapers

Newspaper Articles (1)

1. May 26, 1884 The Indianapolis Journal Indianapolis, IN

Article from The Indianapolis Journal, May 26, 1884

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Article Text

How the Erie Bank's Money Was Lost. ERIE, Pa., May 25.-President Adam Brabender, of the defunct bank, has returned to Erie. He admits that he and Cashier Pettit lost $100,000 in grain and oil speculations. Brabender also admits that he took the money of the bank and paid it to friends. and left. He exonerates the cashier. He is now in jail for safety, butexecutions will be issued to-morrow morning, probably to keep him there. Thereis great feeling against him. The paper in the bank is turning out worthless. Brabender assigned property valued at $100,000 to the creditors, but it will not pay the obligations, and the stockholders will probably loose $200,000 to $250,000, and many be ruined.