State Bank - Klingerstown, PA

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: December 17, 1931
Location: Klingerstown, Pennsylvania (40.660, -76.689)

Metadata

Model: gpt-5-mini
Short Digest: 85278b5c

Response Measures

None

Description

Article reports the 'closed State Bank of Klingerstown' and gives a specific closing date (December 17, 1931). The institution had a receiver who paid depositors; suits against stockholders were begun in 1934. No run is described in the article, so this is a suspension/closure (failure) rather than a run-triggered suspension.

Events (2)

1. December 17, 1931 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Assets were substantially less than liabilities at closing (assets $260,122.64 vs. liabilities $329,140.75), indicating insolvency/failure.
Newspaper Excerpt: When the bank closed December 17, 1931, the Secretary of Banking says, the assets of the institution were $260,122.64 and the liabilities were $329,140.75.
Source: newspapers

2. * Receivership

Newspaper Excerpt: Since the closing of the bank, the receiver had paid out to depositors and creditors $152,554.86.
Source: newspapers

Newspaper Articles (1)

1. October 19, 1934 The Evening News Harrisburg, PA

Article from The Evening News, October 19, 1934

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Article Text

Begin Suits Against Bank Stockholders Suits to recover under the individual liability clause of bank stockholders were started in the Dauphin County Court today by Secretary of William D. Gordon, against C. U. Kratzen, Gratz, and H. O. Umholtz, Lykens, stockholders in the closed State Bank of Klingerstown, Schuylkill County, just across the Dauphin County boundary. Each of the suits is for $500, representing the par value of ten shares of stock. When the bank closed December 17, 1931, the Secretary of Banking says, the assets of the institution were $260,122.64 and the liabilities were $329,140.75. A demand was made on Kratzer and Umholtz on July 1933, to pay an equivalent to their stock holdings by August 9. 1933, but they failed to do it, the petitions read. Since the closing of the bank, the receiver had paid out to depositors and creditors $152,554.86. The Dauphin County Court some time ago ruled that the double liability clause is constitutional. but it has pending before it an action in which the method of collection of the liability is in dispute. VICTIM OF PICKPOCKET His pocketbook containing $5 and ten lodge cards was stolen from the pocket of Edward C. Waldron, 265 Boas street, Thursday while watching an aerial performance in Market Square, he reported today to police.