Mahaffey National Bank - Mahaffey, PA

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 7610
Charter Number: 7610
Start Date: October 25, 1931
Location: Mahaffey, Pennsylvania (40.873, -78.724)

Metadata

Model: gpt-5-mini
Short Digest: 3f55ca04

Response Measures

None

Receivership Details

Depositor recovery rate: 53.0%
Date receivership started: 1931-06-16
Date receivership terminated: 1939-08-29
OCC cause of failure: Economic conditions
Share of assets assessed as good: 37.0%
Share of assets assessed as doubtful: 59.6%
Share of assets assessed as worthless: 3.4%

Description

No article describes a depositor run. Articles report a clerk's guilty plea for misapplication of about $4,000 and state the bank was closed; a receiver (L. C. Noble) is later identified as receiver for the closed Mahaffey bank. Closure appears to be permanent with a receiver assigned. OCR errors in Article 1 (truncated lines) were corrected; closure date inferred from article context (day before Oct 26, 1931).

Events (4)

1. February 15, 1905 Chartered

Source: historical_nic

2. June 16, 1931 Receivership

Source: historical_nic

3. October 25, 1931 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Misapplication/theft by a bank clerk (about $4,000) leading to the bank's closing.
Newspaper Excerpt: The day after the bank was clos-
Source: newspapers

4. September 14, 1932 Receivership

Newspaper Excerpt: L. C. Noble, receiver for the closed banks Clymer, Glen Camps bell and Mahaffey, has been named receiver for the Citizens Na. tional Bank of Indiana.
Source: newspapers

Newspaper Articles (2)

1. October 26, 1931 The Punxsutawney Spirit Punxsutawney, PA

Article from The Punxsutawney Spirit, October 26, 1931

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Article Text

MAHAFFEY BANK CLERK PLACED ON PROBATION Pleads Guilty to Misapplication Job by Commissioner Forsythe. PITTSBURGH, Oct. 26 (U.P.) William Lisle Stephenson, former clerk Mahaffey National Bank, Mahaffey Clearfield County, today pleaded guilty to misapplicaabout $4,000 bank funds placed on probation for In gaining the probation, Stephenson pleaded that he supported his parents, wife and three children on of $125 month. His plea him probation but job from the man who had issued the for his arrest, John Forsythe, Commissioner Federal Judge Schoonmaker heard the plea and pronounced sentence. The day after the bank was clos- (Continued Two. Col.

2. September 14, 1932 The Indiana Gazette Indiana, PA

Article from The Indiana Gazette, September 14, 1932

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Article Text

NOBLE NAMED BANK RECEIVER L. C. Noble, receiver for the closed banks Clymer, Glen Camps bell and Mahaffey, has been named receiver for the Citizens Na. tional Bank of Indiana. Mr. Noble has been located in Indiana for some two years. He was recently married to Miss Florence Huber, former member of the faculty Indiana State Teachers College, Mr. and Mrs. Noble have apartment the Moore Hotel.