First National Bank - Monroeton, PA

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 12597
Charter Number: 12597
Start Date: March 1, 1933*
Location: Monroeton, Pennsylvania (41.713, -76.475)

Metadata

Model: gpt-5-mini
Short Digest: 4b74948b

Response Measures

None

Receivership Details

Depositor recovery rate: 99.3%
Date receivership started: 1933-11-08
Date receivership terminated: 1937-07-31
Share of assets assessed as good: 48.3%
Share of assets assessed as doubtful: 49.6%
Share of assets assessed as worthless: 2.1%

Description

Bank was closed since the banking holidays in March 1933 and a receiver was appointed Nov 9, 1933. No run is described; suspension appears due to the banking holiday/government action and the bank is being wound up.

Events (4)

1. November 20, 1924 Chartered

Source: historical_nic

2. March 1, 1933* Suspension

Cause: Government Action
Cause Details: Closed during the banking holidays declared in March 1933 following state/federal action; remained closed thereafter.
Newspaper Excerpt: has been closed since the banking holidays last March
Source: newspapers

3. November 8, 1933 Receivership

Source: historical_nic

4. November 9, 1933 Receivership

Newspaper Excerpt: T. Frank Carroll ... has been appointed receiver for the First National Bank of Monroeton which has been closed since the banking holidays last March. He will take charge immediately ... and close up its affairs permanently with distribution to the depositors whole or part.
Source: newspapers

Newspaper Articles (1)

1. November 9, 1933 The Evening Times Sayre, PA

Article from The Evening Times, November 9, 1933

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Article Text

TOWANDA, Nov. 9-T. Frank Carroll, well known local attorney, has been appointed receiver for the First National Bank of Monroeton which has been closed since the banking holidays last March. He will take charge immediately, having received his appointment last evening, and is probable he turn the assets of the bank into cash in the near future and close up its affairs permanently with distribution to the depositors whole or part. Walter Keyser, cashier of the bank, was appointed conservator in March and has had charge of the bank since.