National Bank - Middletown, PA

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 585
Charter Number: 585
Start Date: September 6, 1894
Location: Middletown, Pennsylvania (40.201, -76.729)

Metadata

Model: gpt-5-mini
Short Digest: 895d82ab

Response Measures

None

Receivership Details

Depositor recovery rate: 77.1%
Date receivership started: 1894-09-24
Date receivership terminated: 1904-04-27
OCC cause of failure: Excessive lending
Share of assets assessed as good: 14.5%
Share of assets assessed as doubtful: 76.3%
Share of assets assessed as worthless: 9.2%

Description

Article 1 (NY Tribune, 1894-09-21) reports the National Bank of Middletown closed its doors on September 6. Article 2 (Evening Star, 1894-09-25) states Benjamin M. Neal was appointed receiver. No article describes a depositor run; sequence is a suspension followed by receivership (permanent closure). Cause not specified in the articles.

Events (4)

1. November 23, 1864 Chartered

Source: historical_nic

2. September 6, 1894 Suspension

Cause Details: Article states the bank closed its doors on September 6 but gives no explicit reason for the suspension.
Newspaper Excerpt: the National Bank of Middletown, Penn., which closed its doors on September 6.
Source: newspapers

3. September 24, 1894 Receivership

Source: historical_nic

4. September 25, 1894 Receivership

Newspaper Excerpt: Benjamin M. Neal has been appointed receiver of the National Bank of Middletown, Middletown, Pa.
Source: newspapers

Newspaper Articles (2)

1. September 21, 1894 New-York Tribune New York, NY

Article from New-York Tribune, September 21, 1894

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Article Text

IN THE HANDS OF THE SHERIFF. Deputy-Sheriff Finn yesterday took charge of the store of the Raymond & Campbell Manufacturing Company, stoves, at No. 244 Water-st., on an attachment for $1,575 in favor of George J. Vestner, on an assigned claim on a note of the company given to the Sloss Iron and Steel Company, of Alabama, which went to protest a few days ago. The company occupies the entire building at No. 244 Water-st., in which there are stoves to the value, It is said, of $20,000. The factory is at Middletown, Penn., and there is another branch store in Philadelphia. The business was established several years ago by Raymond & Campbell, and was incorporated as a Pennsylvania corporation in February, 1892, with a capital stock of $350,000. The inventory of January 1 last claimed assets, $558,800; liabilities, $71,133. C. W. Raymond, the head of the company, was also president of the National Bank of Middletown, Penn., which closed its doors on September 6.

2. September 25, 1894 Evening Star Washington, DC

Article from Evening Star, September 25, 1894

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Article Text

Under the Homestead Law. Probably while lands are plentiful under the homestead law settlers will generally seek them in the usual way instead of by purchase from the state. As the state becomes more populous, however, and valuable agricultural and timber lands become scarce, the state lands, selected under the favorable auspices of the new law, will be sought for, and the institutions they are designed to assist will be benefited accordingly. Utah is also to receive the benefits of the law when she becomes a state. Bank Receiver Appointed. Benjamin M. Neal has been appointed receiver of the National Bank of Middletown, Middletown, Pa.