Citizens National Bank - Monessen, PA

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 11487
Charter Number: 11487
Start Date: April 1, 1931*
Location: Monessen, Pennsylvania (40.148, -79.888)

Metadata

Model: gpt-5-mini
Short Digest: 609399cb

Response Measures

None

Receivership Details

Depositor recovery rate: 48.1%
Date receivership started: 1931-04-17
Date receivership terminated: 1935-10-29
OCC cause of failure: Losses

Description

The articles describe the bank closing in April 1931 and a receiver being appointed; later (Jan 1932) the receiver sues surety companies for losses caused by alleged criminal misapplications by the cashier and assistant cashier (discovered Dec 10, 1930). There is no mention of a depositor run in these items. OCR errors in Article 1 were corrected (e.g., names and dates).

Events (6)

1. October 24, 1919 Chartered

Source: historical_nic

2. January 2, 1931 Voluntary Liquidation

Source: historical_nic

3. April 1, 1931* Receivership

Newspaper Excerpt: Odland was appointed receiver for the bank upon the resignation Coppedge when the bank closed April 1931.
Source: newspapers

4. April 1, 1931* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank discovered alleged misapplications (losses) by cashier John S. Duvall and assistant John D. Mammas (discovered Dec 10, 1930) leading to closure and suspension of payments.
Newspaper Excerpt: Odland was appointed receiver for the bank upon the resignation Coppedge when the bank closed April 1931.
Source: newspapers

5. April 17, 1931 Receivership

Source: historical_nic

6. January 22, 1932 Other

Newspaper Excerpt: J. S. Odland, receiver of the Citizens' National Bank, of Monessen, yesterday filed suit ... to collect on two surety bonds ... alleging pecuniary loss because of alleged criminal acts of the two men.
Source: newspapers

Newspaper Articles (2)

1. January 22, 1932 The Daily Herald Monongahela, PA

Article from The Daily Herald, January 22, 1932

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Article Text

FORCE Monessen Bank Receiver Seeks $35,000 Surety Company in Alleged Misapplications payment of bonds posted former cashier and assistant cashier of the Citizens National Monessen. whose alleged misapplications caused loss filed in Federal court here yesterday The suit was filed by land. receiver for the bank. against the Aetna Casualty and Surety Company The receiver claims he has been refused bonds were posted with the company protect the bank against any losses through John former cashier. and John Mammas. former assistcashier. The bank discovered losses through both men Dec. 10. 1930 according the bill of partieuDuvall's being and Mammas' vall's and Duvall free under bond pendhis trial Federal court. Mammas has not been apprebended by authorities. He allegedsailed for Greece last fall. Odland was appointed receiver for the bank upon the resignation Coppedge when the bank closed April 1931.

2. January 22, 1932 Pittsburgh Post-Gazette Pittsburgh, PA

Article from Pittsburgh Post-Gazette, January 22, 1932

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Article Text

BANK RECEIVER SUES SURETY Seeks $35,000 From Insurance Company Due to Losses Through Employes. J. S. Odland, receiver of the Citizens' National Bank. of Monessen, yesterday filed suit in United States district court against the Aetna Casualty and Surety Company, of Hartford, Conn., to collect on two surety bonds, totaling $35,000, issued for the faithful performance of John S. Duvall and John D. Mammas as cashier and assistant respectively. The bill of complaint avers that the bank suffered pecuniary loss because of alleged criminal acts of the two men. Duvall has been held for trial in Federal court. Mammas is said to be fugitive from justice. Duvall's bond is for and that of Mammas for $10,000.