Peoples National Bank - Osceola Mills, PA

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 11966
Charter Number: 11966
Start Date: October 14, 1931
Location: Osceola Mills, Pennsylvania (40.850, -78.271)

Metadata

Model: gpt-5-mini
Short Digest: 63913dde

Response Measures

None

Receivership Details

Depositor recovery rate: 63.0%
Date receivership started: 1931-02-10
Date receivership terminated: 1937-12-09
Share of assets assessed as good: 13.4%
Share of assets assessed as doubtful: 64.5%
Share of assets assessed as worthless: 22.1%

Description

Articles describe the bank operating under a receiver (T. W. McFadden) and litigation by the receiver alleging large embezzlement by the cashier. No article mentions a depositor run; the bank was in receivership (closed) and remained so at least through 1934 when the receiver resigned, so this is classified as a suspension leading to closure/receivership.

Events (4)

1. April 28, 1921 Chartered

Source: historical_nic

2. February 10, 1931 Receivership

Source: historical_nic

3. October 14, 1931 Receivership

Newspaper Excerpt: T. W. McFadden, receiver for the Peoples National Bank of Osceola Mills ... filed a suit for $50,000 ... Gardner caused a loss to the bank of $111,397.09 through fraud, forgery, embezzlement and theft
Source: newspapers

4. October 6, 1934 Other

Newspaper Excerpt: Philipsburg W. McFadden ... resigned Friday as receiver of the Moshannon National Bank of Philipsburg and the Peoples National Bank of Osceola Mill
Source: newspapers

Newspaper Articles (3)

1. October 14, 1931 The Pittsburgh Press Pittsburgh, PA

Article from The Pittsburgh Press, October 14, 1931

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Article Text

BANK'S RECEIVER SUES BOND FIRM Seeks Indemnity Against Clearfield Fraud The National Surety Company is named in a suit for $50,000 filed in Federal Court yesterday by T. W McFadden. receiver for the Peoples National Bank of Osceola Mills. Clearfield County. The bill states that C. B Gardner. Jr., was appointed cashier of the bank in 1923 and was covered by surety bond for $15,000. This was raised to $50,000 early this year Gardner. while cashier, caused a loss to the bank of $111,397.09 through fraud. forgery. embezzlement and theft, the complaint claims, and this action is brought to recover for the amount the surety company had Gardner COVered. It is understood that an indictment against him may be returned by the November Federal Grand Jury.

2. October 14, 1931 Pittsburgh Post-Gazette Pittsburgh, PA

Article from Pittsburgh Post-Gazette, October 14, 1931

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Article Text

BANK RECEIVER SUES T. W. McFadden, receiver of the Peoples National Bank of Osceola Mills. yesterday filed a suit for $50,000 in the United States district court against the National Surety Company of New York. It is for the purpose of recovering on bond placed on C. B. Gardner while he was cashier. It is alleged in the statement of claim that Gardner misapplied $111,397.90.-

3. October 6, 1934 Intelligencer Journal Lancaster, PA

Article from Intelligencer Journal, October 6, 1934

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Article Text

BANK RECEIVER QUITS. Philipsburg W. McFadden son of Representative L. L. T. McFadden. of Canton, resigned Friday as receiver of the Moshannon National Bank of Philipsburg and the Peoples National Bank of Osceola Mill