Oil City National Bank - Oil City, PA

Bank Information

Episode Type: Suspension → Reopening
Bank Type: national
Bank ID: 5240
Charter Number: 5240
Start Date: March 1, 1933*
Location: Oil City, Pennsylvania (41.429, -79.708)

Metadata

Model: gpt-5-mini
Short Digest: 7f888a26

Response Measures

None

Description

The article states the former bank suspended business in March 1933 and the reorganized Oil City National Bank resumed operations Oct 2, 1934. No run is described; cause of suspension is not given in the article.

Events (4)

1. December 28, 1899 Chartered

Source: historical_nic

2. March 1, 1933* Suspension

Cause Details: Article does not specify the reason for the March 1933 suspension.
Newspaper Excerpt: The former bank, which suspended business in March. 1933.
Source: newspapers

3. October 2, 1934 Reopening

Newspaper Excerpt: OIL CITY PEOPLE SHOW TRUST IN RE-OPENED BANK ... the resumption of business by the Oil City National bank today ... A total of $3,000,000 is available to repay depositors of the former bank, which suspended business in March. 1933. Heading the re-organized instuitution is H. J. Crawford ... Resumption of business by the Oil City National bank today, with many new accounts reported opened.
Source: newspapers

4. November 24, 1934 Voluntary Liquidation

Source: historical_nic

Newspaper Articles (1)

1. October 2, 1934 Bradford Evening Star and The Bradford Daily Record Bradford, PA

Article from Bradford Evening Star and The Bradford Daily Record, October 2, 1934

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Article Text

OIL CITY PEOPLE SHOW TRUST IN RE-OPENED BANK Oil City, Pa., Oct. 2-Expressions of confidence marked the resumption of business by the Oil City National bank today, with many new accounts reported opened. Banking officials declared withdrawals were not beyond expectations The greater portion of patrons were lined up at the savings window where bank employes transferred accounts to the new bank and issued new pass books. A considerable number obtained certificates of participation, for the 30 per cent which each former depositor is waiving in accepting 70 per cent of his original deposit. A total of $3,000,000 is available to repay depositors of the former bank, which suspended business in March. 1933. Heading the re-organized instuitution is H. J. Crawford of Emlenton. veteran banker Associated with him as officers of the bank are W R Reitz. vice president: A. R. McGuill, formerly of Sharon. cashier: and L. M. Campbell, trust officer. Reitz came to Oil City from Sistersville, W. Va., in 1931. and is secretary of the Quaker State Oil Refining Corporation. McGuill had been 22 years an officer of the First National bank of Sharon.