18667. Peoples Bank (Farrell, PA)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
state
Start Date
January 16, 1929
Location
Farrell, Pennsylvania (41.212, -80.497)

Metadata

Model
gpt-5-mini
Short Digest
458c297d

Response Measures

Full suspension, Books examined

Other: State banking department closed the bank and appointed an examiner/receiver.

Description

Depositors made heavy withdrawals in mid-January 1929 leading state banking commissioner to close the People's Bank of Farrell and place an examiner in charge. The articles report a run beginning the week of Jan 16-17, 1929 and the bank was closed by state order on Jan 18, 1929; articles state hope to reorganize or reopen but no reopening is reported, so outcome is uncertain. OCR errors in Article 2 (garbled lines) were corrected when extracting meaning.

Events (2)
1. January 16, 1929 Run
Cause
Bank Specific Adverse Info
Cause Details
Withdrawals followed a 'call' of Dec. 31 and concerns about frozen assets revealed by examination; run began mid-January 1929.
Measures
Bank attempted to move guards/depositors noted; banking officials investigated; no specific liquidity support mentioned.
Newspaper Excerpt
Depositors began withdrawing their deposits Wednesday of this week and continued on Thursday
Source
newspapers
2. January 18, 1929 Suspension
Cause
Government Action
Cause Details
Closed by state banking commissioner after examiners found 'frozen' assets and following the depositor run; examiner appointed to continue or liquidate the business.
Newspaper Excerpt
People's Bank of Farrell ... has been closed upon his order until the exact financial soundness of the institution had been adjudicated.
Source
newspapers

Newspaper Articles (2)
1. January 18, 1929 Wilkes-Barre Times Leader Wilkes-Barre, PA
Article from Wilkes-Barre Times Leader, January 18, 1929

Click image to open full size in new tab

Article Text

STATE CLOSES MERCER BANK TO HALT 'RUN' People's Bank of Farrell Unable to Weather Difficulty Following 'Call' of Dec. 31-Move Guards Depositors tary of Banking Peter G. Cameron today that the People's Bank of Farrell, Mercer County. has been closed upon his order until the exact financial soundness of the institution had been adjudicated. Regular of the bank undertaken this week resulted in heavy Secretary Cameron and the examiners found asiderable amount of frozen Bank Examiner Frank Johnson was appointed to assist in continuing or liquidating the business. The report of the bank made as of December 1928, showed capital stock of $50,000. surplus fund of $17,000 and deposit liabilities aggre. $769,000. Depositors began withdrawing their deposits Wednesday of this week and continued on Thursday Secretary Cameron said it was ad visable that possession of the bank "should be taken for the protection of all depositors until its real condition has been determined. He hopes soon to reorganize or reopen the bank, or to have some banking institution in the vicinity the posit liabilities. Fred S. Fish is president of the bank.

2. January 19, 1929 The Cincinnati Enquirer Cincinnati, OH
Article from The Cincinnati Enquirer, January 19, 1929

Click image to open full size in new tab

Article Text

THREE BANKS CLOSED. Pennsylvania, Washington And Idaho Depositaries Affected People's Bank of Farrell was closed today by state banking officials who said an examination had shown "frozen" assets. The action followed a run on the bank which took place after department store, whose proprietor Director of the bank. The bank's resources were given December 31 as $847,633.32 January The Exchange National Bank of Spokane failed open its doors this morning simple of the was W. H. Baldexaminer charge The bank has approximately $8,000,000 in Cocur January First Exchange National Bank of Coeur closed today Notice on the door said "Closed by order of the Directors E. E. Flood, of Spokane. is President