Mahoningtown Bank - Mahoningtown, PA

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: April 1, 1907*
Location: Mahoningtown, Pennsylvania (40.975, -80.372)

Metadata

Model: gpt-5-mini
Short Digest: ff864189

Response Measures

None

Description

Article (1907-04-20) states the Mahoningtown bank went up, in context of recent failures; no run is described. Insufficient detail on exact date; treated as a suspension/closure (failure).

Events (1)

1. April 1, 1907* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Article groups Mahoningtown Bank with recent bank failures along the railroad line; implies insolvency/failure rather than a rumor-driven run.
Newspaper Excerpt: However, recently, the Mahoningtown bank, the New Castle bank and several others along the lines went up, and many of the company's employes were caught, some losing all they had, and the savings of many years.
Source: newspapers

Newspaper Articles (1)

1. April 20, 1907 The Marion Daily Mirror Marion, OH

Article from The Marion Daily Mirror, April 20, 1907

Click image to open full size in new tab

Article Text

Since the recent failure of several banks, with which railroad employes were heavy depositors, the Pennsylvania company officials have been partic ularly active in their endeavor to induce their employes to deposit their savings with the company, thus forming n saving's bank business to be run by the company. The employes of the Pennsylvania deposit their savings in $100 sums with the company, and insure its safety and allow a 3 per cent. dividend: If the money deposited makes more than three per cent., the de_ positor gets the benefit. Deposits may be made with the agents, as all of them are authorized to act as bankers. They also pay out to any who desire to withdraw. It is said that solicitors of the company are meeting with great success in working up the banking business, and it will undoubtedly result that other railroads will take up the movement. The Pennsylvania's reason for organizing such a plan was not to make the company money, as the company does not even charge for handling the money. However, recently, the Mahoningtown bank, the New Castle bank and several others along the lines went up. and many of the company's employes were caught, some losing all they had, and the savings of many years.