First National Bank - Freeland, PA

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 6175
Charter Number: 6175
Start Date: February 1, 1934*
Location: Freeland, Pennsylvania (41.017, -75.897)

Metadata

Model: gpt-5-mini
Short Digest: dfcdd0fe

Response Measures

None

Receivership Details

Depositor recovery rate: 94.0%
Date receivership started: 1934-02-28
Date receivership terminated: 1939-08-22
Share of assets assessed as good: 40.2%
Share of assets assessed as doubtful: 59.0%
Share of assets assessed as worthless: 0.8%

Description

The articles describe the First National Bank in Freeland going through a suspension (Feb 1934) with a receiver appointed to liquidate the old organization. A new bank also was organized (Feb 1, 1934) but the original institution was placed in receivership and liquidated. No explicit depositor run is described in the texts provided, so this is classified as a suspension leading to closure (receivership) of the original bank. OCR typos corrected (receivto -> receiver).

Events (5)

1. March 27, 1902 Chartered

Source: historical_nic

2. February 1, 1934 Other

Newspaper Excerpt: new bank, known as the First National Bank in Freeland, organized.
Source: newspapers

3. February 1, 1934 Receivership

Newspaper Excerpt: With the organization of the new bank, Mr. Van Dyke was appointed as receiver to liquidate the affairs of the old organization.
Source: newspapers

4. February 1, 1934* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank had large unsecured liabilities and insolvency leading to suspension; receivership and liquidation followed.
Newspaper Excerpt: revive their former accounts at the First National Bank in Freeland, that had been dormant during the course of the bank suspension period.
Source: newspapers

5. February 28, 1934 Receivership

Source: historical_nic

Newspaper Articles (3)

1. April 16, 1934 Standard-Speaker Hazleton, PA

Article from Standard-Speaker, April 16, 1934

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Article Text

of the Freeland Merchants' Association, all students who desire to compete for prizes should lose no time in submitting their compositions. Entries must be in the hands of N. Gladstein, Centre and Main streets, or William D. Morgan, 168 Ingham street, by Saturday. Essays are to be written on the subject "Why Buy In Freeland," and the contest open to all students of Freeland High School, St. Ann's High School, Mining and Mechanical Institute and Foster Township High School. Fourteen cash prizes totalling $20 are offered, the first prize $5, second prize $3 and 12 prizes of $1 each, In order to assist students in writing their essays the following advantages of buying in Freeland are given: (1) Buying at home promotes local prosperity and benefits the town and community. (2) Local stores have large and complete selections. (3) Prices are lower. (4) Courteous salespeople serve you. (5) Merchants are friends and neighbors who want to serve you and give satisfaction, These are only a few of the many advantages the shopper who buys in Freeland and patronizes home stores finds. In writing essays these may be used and other points which the writer will find that buying in Freeland affords. Local merchants will gladly give any assistance possible to students who wish to visit stores to gather material for the essays. Local school authorities are requested to call attention of their students to the contest and it is possible to make the writing of these essays part of the course in English composition. Delivered Talks. Mrs. James Gilbert, of West Hazleton, one of the region's most enthused workers among the ranks of Girl Scouts, was the guest speaker in Freeland on Friday evening of last week, where she had the pleasure of delivering a talk to the members of the Girl Scout unit at the St. Luke's Lutheran church. Following this meeting, Mrs. Gilbert reported to the municipal building, where she performed in similar manner to another of Freeland Girl Scout units. Fishing licenses while you wait at Squire Buckley's. 14-2t Rotary Meeting Tonight. The members of the Rotary Club, will assemble tonight in the basement of the Park M. E. Church on Main street, in their regular weekly meeting. Fire Company To Hold Dance. The Fourth Ward Fire Co is ar- FREELAND CLASSIFIEDS FOR SALE-Large building on Centre street, two storerooms and double dwelling, with large heated garage in rear; all conveniances; property suitable for any kind of business; cash buyer gets rare bargain. Apply to Squire Buckley. 16-2t-eod ranging to conduct a dance at the Freeland auditorium on Saturday April 28th. Frankie Carr and his or chestra will furnish the dance music. New Arrivals. A son was born to Mr. and Mrs. Albert Roberts at their home in Drifton. A daughter was born to Mr. and Mrs. John Machella, at their home at the corner of Centre and Carbon streets on Sunday. Held Special Meeting. The members of the Freeland School Board, with all directors in attendance, assembled at their quarters in the high school building on Dewey street, over the week end, for special business session. Matters pertaining to finances were given consideration during the course of their deliberation, during which time the proper officers of the board in Freeland were authorized to revive their former accounts at the First National Bank in Freeland, that had been dormant during the course of the bank suspension period. The local banking institution has been one of the depositories for the Freeland school district for the past many years. Attended Relief Conference Burgess Thomas J. Lewis, returned from Wilkes-Barre, where he at-

2. October 5, 1934 The Plain Speaker Hazleton, PA

Article from The Plain Speaker, October 5, 1934

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Article Text

February 1, 1934, and new bank, known as the First National Bank in Freeland, organized. With the organization of the new bank, Mr. Van Dyke was appointed as receivto liquidate the affairs of the old organization. The statement issued is as follows: Assets. Assets at date of suspension (book Additional assets acquired since suspension (Book value) 11,660.75 Stock assessment (100 per cent) 150,000.00 Cash collected from assets $1,310,115.68 Cash collected from stock assessment 3,200.00 Liabilities. Secured liabilities at date of suspension 66,583.42 Unsecured liabilities at date of suspension 2,034,693.65 Additional liabilities esblished 13,713.53 Total liabilities $2,114,990.60 Secured and preferred liabilities paid cash 67,428.20 Unsecured liabilities offset 80,587.33 Unsecured liabilities for which Receiver's certificates have been issued 1,871,690.07 Unsecured liabilities not paid or proved 95,285.00 Total liabilities accounted for $2,114,990.60 Collections and Disbursements. Cash collected from assets and stock assessment. $1,313,315.68 Cash from interest, premiums and rents 46,912.80 Cash collected by Receiver and held as Trustee for owners 344.22 Total collections to be accounted for $1,360,572.70 Disbursements: Secured and preferred liabilities paid 67,428.20 Advances in protection of assets (taxes etc.) 193.55 Expenses of Receiv- ership: Expenses and advances by conservator $15,294.76 Receivership 5,927.52 Dividends paid to unsecured creditors (60 per cent) Cash in hands of receiver and comptroller Total collections accounted for $1,360,572.70 M. M. I. Plays McAdoo Freeland Mining Mechanical Institute will meet McAdoo High School afternoon at St. Michael's Park, McAdoo, and the region looks for some grid thrills from this encounter. Coach Tony Dougherty of the Miners, well pleased with the defense thrown against Nesquehoning last week, hopes for good weather tomorrow as his scoring power lies mostly in passing and trick plays.

3. October 5, 1934 The Plain Speaker Hazleton, PA

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Article Text

February 1934, and new bank, known as the First National Bank in Freeland, organized. With the organization of the new bank, Mr. Van Dyke was appointed as receiver to liquidate the affairs of the old organization. The statement issued is as follows: Assets. Assets at date of suspension (book value) Additional assets acquired since suspension (Book value) 11,660.75 Stock assessment (100 per cent) 150,000.00 Total assets to be accounted for $2,534,500.14 Liabilities. Secured liabilities at date of suspension $ 66,583.42 Unsecured liabilities at date of suspension 2,034,693.65 Additional liabilities esblished 13,713.53 Total liabilities accounted for $2,114,990.60 Collections and Disbursements. Cash collected from assets and stock assessment. $1,313,315.68 Cash from interest, premiums and rents 46,912.80 Cash collected by Receiver and held Trustee for owners 344.22 number, of students and fans will accompany the team to McAdoo. Examining Pupils Dr. Roy Truckenmiller, of Freeland, Freeland school physician, is making an examination of all pupils in the local schools in accordance with State requirements. "Y" Scouts To Start MeetingsA get-together meeting of all the Scouts will be held this evening in their room in the local "Y" and all girls are asked to attend. The girls will be segregated into two groups, one, the senior troop, which will take care of the High School girls, and the other troop will take care of the girls from ten years to High School. Any girl desiring to join either one of these troops is welcome to come to the meeting tonight and after attending "Y" meetings she YOUR Total collections to be accounted for $1,360,572.70 Disbursements: Secured preferred liabilities paid 67,428.20 Advances in protection of assets (taxes etc.) Pepperell "Crib" Expenses of Receiv- Expenses and advances by conservator $15,294.76 Receivership 5,927.52 Dividends paid to un- SHOES secured creditors (60 of white sheep leather, pr. 39c per cent) 1,167,113.91 Cash in hands of re- BONNETS of silk in ceiver and comptroller 104,614.76 FLANNELETTE Total collections KNIT accounted for $1,360,572.70 M. Plays McAdoo Freeor blue land Mining and Mechanical Institute will meet McAdoo High School afternoon at St. Michael's Park, McAdoo, and the region looks for some grid thrills from this encounter. Coach Tony Dougherty of the Miners, well pleased with the defense thrown against Nesquehoning last week, hopes for good weather tomorrow as his scoring power lies mostly passing and trick plays. will be invested into the News Notes and Personals Mr. and Mrs. Jonas Steward, of Adam street, attended the funeral of the latter's father, the late John Hess, of Butler Valley. Daniel Toomey, of Washington street, has left for New York City, where he will investigate position offered him. Elizabeth Kronich, of Highland, underwent an operation at the Hazleton State Hospital, for the removal of her appendix. Emmanuel Kline, of New York City, has arrived for visit with his parents, Mr. and Mrs. Hyman Kline, on Center street. Michael Dennion, manager of the American Store, on South street, has completed his vacation, and returned to his home on Ridge street. Charles Weiss, of town, returned (Continued on Page 15.)