First National Bank - Lykens, PA

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 11062
Charter Number: 11062
Start Date: March 4, 1934
Location: Lykens, Pennsylvania (40.567, -76.701)

Metadata

Model: gpt-5-mini
Short Digest: a282066e

Response Measures

None

Receivership Details

Depositor recovery rate: 53.6%
Date receivership started: 1933-12-29
Date receivership terminated: 1939-11-16
Share of assets assessed as good: 18.9%
Share of assets assessed as doubtful: 40.1%
Share of assets assessed as worthless: 41.0%

Description

OCR in the article is poor. The article (published 1934-04-27) states First National Bank Lykens closed March 4th and that Frank Boyer was named receiver to liquidate it. The closure is described in the context of President Roosevelt's bank moratorium; I treat the cause as government_action. Dates are taken from the article: closure date given as March 4 (day/month present but year not specified in text); receiver appointment is reported in this April 27, 1934 article. If the March 4 date refers to a different year, that is not explicit in the source.

Events (4)

1. August 17, 1917 Chartered

Source: historical_nic

2. December 29, 1933 Receivership

Source: historical_nic

3. March 4, 1934 Suspension

Cause: Government Action
Cause Details: Bank closed March 4th in the context of President Roosevelt's declared moratorium on banks; closure appears tied to the banking moratorium and subsequent reorganization efforts.
Newspaper Excerpt: He will liquidate those remaining bank closed March 4th.
Source: newspapers

4. April 27, 1934 Receivership

Newspaper Excerpt: Frank Boyer... has been named receiver for the old Tower City National Bank... also the receiver charge liquidation of First National Bank Lykens. The appointment made Comptroller O'Connor, Washington, and Mr. Boyer immediately took charge.
Source: newspapers

Newspaper Articles (1)

1. April 27, 1934 West Schuylkill Herald Tower City, PA

Article from West Schuylkill Herald, April 27, 1934

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Article Text

Boyer Named Receiver Old Bank Frank Boyer, of Pillow, has been named receiver for the old Tower City National Bank, and will have charge its liquidation. His appointment was made April and Mr. Boyer mediately took charge. also the receiver charge liquidation of First National Bank Lykens. The appointment made Comptroller O'Connor, Washington, and Mr. selection based entirely upon his experience and for the He formerly the Valley Bank Pillow, and employed assistant national bank examiner with the Deposit Insurance which he was when the First Bank Lykens The Mr. Boyer will liquidate those remaining bank closed March 4th. President Roosevelt declared moratorium on all banks. With the reorganization new bank meet of the federal bank the new deposit insurance there paid the depositors per cent of their deposits, the other thirty per cent maining the institution. Towards eventual payment this thirty per there remain the old bank 'frozen' assets consisting mostly estate mortgages properties this valley, and judgment loans. Most these considered good, but cannot be realized upon pay deposits. to the depositors or all of their maining soon he possibly There much preliminary the interests with bank One of the benefit depositor, to far possible the of the the present headquarters of the bank building and done there. should be however, that the receiver nothing whatever the Tower National recently chartered. Mr. cashier, who acted servator since the closing the bank, this with the appointment Boyer, and has official connection with the old and devote entire time to duties cashier the bank. cooperate with, assist Boyer every possible to expedite the liquidation.