First National Bank - Indiana, PA

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 313
Charter Number: 313
Start Date: April 11, 1934
Location: Indiana, Pennsylvania (40.621, -79.153)

Metadata

Model: gpt-5-mini
Short Digest: 4697bec8

Response Measures

None

Receivership Details

Depositor recovery rate: 75.0%
Date receivership started: 1934-05-02
Share of assets assessed as good: 49.0%
Share of assets assessed as doubtful: 45.8%
Share of assets assessed as worthless: 5.2%

Description

Articles describe the original First National Bank being conserved and its assets placed under a conservator, and later a receiver (Milford Tomb) being appointed. A new First National Bank (a separate organization, member of the Federal Reserve) opened to make deposits available. There is no mention of a depositor run; the old bank was placed in conservatorship/receivership and appears to be permanently closed with a receiver appointed.

Events (5)

1. March 12, 1864 Chartered

Source: historical_nic

2. April 11, 1934 Reopening

Newspaper Excerpt: Making $1,800,000 available to depositors the new First National Bank of Indiana, succeeding the First National Bank, has been opened. The new bank is member of the Federal Reserve system and its deposits are automatically guaranteed ... the new bank operating on an unrestricted basis. (Latrobe Bulletin, 1934-04-11).
Source: newspapers

3. April 11, 1934 Suspension

Cause: Government Action
Cause Details: Regulatory intervention: conservator appointed to administer illiquid assets of the old First National Bank.
Newspaper Excerpt: Assets of the old institution not adjudged readily liquid will be administered by Conservator Paul Straitiff.
Source: newspapers

4. May 2, 1934 Receivership

Source: historical_nic

5. May 7, 1934 Receivership

Newspaper Excerpt: Milford Tomb of Indiana received from the Comptroller of Currency, to take over the remaining assets the First National Bank and act as receiver ... This arrangement nothing with the new First National Bank in Indiana. (The Indiana Gazette, 1934-05-07).
Source: newspapers

Newspaper Articles (2)

1. April 11, 1934 Latrobe Bulletin Latrobe, PA

Article from Latrobe Bulletin, April 11, 1934

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Article Text

Indiana Bank Is Opened Making $1,800,000 available to positors the new First National Bank of Indiana, succeeding the First National Bank, has been opened. The new bank is member of the Federal Reserve system and its deposits are automatically guaranteed in accordance with the provisions and liquid assets of the old institution. The new bank operating on an unrestricted basis. Assets of the old bank, not adjudged readily liquid will be administered by Conservator Paul Straitiff. Directors of the new bank are: President. Edward B. Bennett, state senator and contractor; vice president Dr. George E. Simpson, physician: Cashier Paul Straitiff, conservator of old bank; Dr. Walsh, dean of instruction. Indiana State Teachers co!lege; Thomas H. Sheehe, general manager, Clearfield Supply company; Dr.

2. May 7, 1934 The Indiana Gazette Indiana, PA

Article from The Indiana Gazette, May 7, 1934

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Article Text

Tomb Named Bank Receiver Milford Tomb of Indiana received from the Comptroller of Currency, to take over the remaining assets the First National Bank and act as ceiver in This five banks for which Mr. Tomb The Citizens National Bank, Indiana; the Clymer National Bank, Clymer; Glen CampNational Bank, Glen Campbell; and National Bank of Mahaffey. Mr. Tomb has not received word as where will handle the affairs of the Indibank. He stated this morning that he had begun take over the assets the bank and that would require about two weeks time. This arrangement nothing with the new First National Bank in Indiana. Because the fact that the bank bought old building. probable that Mr. Tomb will have the affairs taken care some other banking room.