Citizens National Bank - Jenkintown, PA

Bank Information

Episode Type: Suspension → Reopening
Bank Type: national
Bank ID: 12530
Charter Number: 12530
Start Date: June 1, 1931
Location: Jenkintown, Pennsylvania (40.096, -75.125)

Metadata

Model: gpt-5-mini
Short Digest: 35c47ae3

Response Measures

None

Receivership Details

Depositor recovery rate: 18.9%
Date receivership started: 1931-06-27
Date receivership terminated: 1937-07-31
Share of assets assessed as good: 15.6%
Share of assets assessed as doubtful: 60.6%
Share of assets assessed as worthless: 23.8%

Description

Article (The Reporter, 1931-06-02) reports the Citizens' National Bank of Jenkintown had been closed by its directors (in consultation with a Federal examiner) to conserve the assets, a notice was posted on the door, and the bank did open this morning. The article explicitly says there had been no run. Thus this is a suspension (no run) followed by reopening. I used the newspaper date to date the reopening (1931-06-02) and set the suspension as the day before (1931-06-01) because the notice indicates the bank was closed immediately prior to reopening; the article does not give an exact closure date. Cause classified as government_action because the closure was taken in consultation with a Federal examiner to conserve assets.

Events (4)

1. April 19, 1924 Chartered

Source: historical_nic

2. June 1, 1931 Suspension

Cause: Government Action
Cause Details: Directors closed the bank after meeting with a Federal examiner to conserve the assets; closure was a managerial/regulatory precaution.
Newspaper Excerpt: notice was posted on door notifying the public that the bank had been closed means conserve the assets. The move was determined upon by the directors last evening meeting with the Federal examiner.
Source: newspapers

3. June 2, 1931 Reopening

Newspaper Excerpt: The Citizens' National Bank of Jenkintown, did open this morning.
Source: newspapers

4. June 27, 1931 Receivership

Source: historical_nic

Newspaper Articles (1)

1. June 2, 1931 The Reporter Lansdale, PA

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Article Text

STREET LANSDALE Residents Along Chestnut In Body to Appear Make Complaint SEEPAGE ORDER POLICE SIGNS The Citizens' National Bank of Jenkintown, did open this morning. notice was posted on door notifying the public that the bank had been closed means conserve the assets. There had been no run bank anything resembling The move was determined upon by the directors last evening meeting with the Federal examiner. The bank one of the smaller ones in the county and seepage deposits feared The president William E. Herrformerly connected the Jenkintown office of the Philadelphia Electric gave that office in April charge of the Citizens organThe latest statement available in Lansdale the following data concerning bank surplus. deposits other had loans and discounts valued There assets amounting to $232,000 Street and sewer matters took up the attention of Lansdale borough council the June session last night in the council chamber Chestnut street, between Jenkins avenue and Penn came in for detailed discussion, with half dozen or more persons from that block present and askthat steps be taken improve the which characterized complete The matter had been called to council's improvements promised since the time years without street been up the the other highways in the was pointed Residents complained that milkmen and bakers their trucks parked Jenkins rather than enter the badly torn and worn stretch and that either heavy dust deep are to those who find necessary Council that the without cause complaint, and take matter up with the street competition signed by number persons living vicinity (Continued on page five.) Heffentrager Funeral Funeral were held yesterfor sixtywho died the Grand SelBurial was from the home Theodore, Almont, who the only