18919. Farmers National Bank (Oxford, PA)

View Charter #2906 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
2906
Charter Number
2906
Start Date
March 1, 1933*
Location
Oxford, Pennsylvania (39.785, -75.979)

Metadata

Model
gpt-5-mini
Short Digest
14653c32

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1934-02-27
Date receivership terminated
1938-09-27
Share of assets assessed as good
52.7%
Share of assets assessed as doubtful
46.9%
Share of assets assessed as worthless
0.4%

Description

Bank closed during the 1933 bank holiday and was not permitted to reopen. A receiver (Alfred M. Wilson) was later appointed and liquidated assets; depositors were ultimately paid in full. No newspaper text describes a depositor run prior to suspension. Date of initial closure corresponds to the 1933 bank holiday (March 1933) referenced as four years ago in a 1937 article.

Events (6)
1. March 22, 1883 Chartered
Source
historical_nic
2. March 1, 1933* Suspension
Cause
Government Action
Cause Details
Closed with other county banks during the bank holiday and not permitted to reopen; subsequent attempts at reorganization failed and a receiver was appointed.
Newspaper Excerpt
The Farmers' National Bank ... was closed with the other banks of the County during the bank holiday, was not given permission to reopen immediately.
Source
newspapers
3. February 27, 1934 Receivership
Source
historical_nic
4. September 13, 1935 Other
Newspaper Excerpt
DEFUNCT OXFORD BANK PAYS SECOND DIVIDEND The Comptroller of the Currency has authorized Alfred M. Wilson, Receiver of the Farmers National Bank, Oxford, Pa., to pay a second dividend of 16 2-3% to all unsecured creditors who proved their claims.
Source
newspapers
5. July 9, 1937 Other
Newspaper Excerpt
FARMERS' BANK PAYS IN FULL Every depositor in the Farmers' National Bank, of Oxford, Pa., which was not allowed to reopen after the bank holiday four years ago, will receive the amount of his deposit in full.
Source
newspapers
6. * Receivership
Newspaper Excerpt
Alfred M. Wilson, receiver for the Farmers National Bank of Oxford, Pa., reports checks are ready for the third dividend ... Alfred M. Wilson, Receiver of the Farmers National Bank, Oxford, Pa., to pay a second dividend ... Alfred M. Wilson, receiver for the bank, filed suit ... asking that he pay a $1,900 assessment ... (articles 1-4). The Farmers' National Bank ... was closed ... After several efforts had been made to effect a reorganization without success, Mr. Alfred M. Wilson was appointed as Receiver. (article 5). ASSETS OF CLOSED BANK SOLD ... sold at public auction June 18 ... proceeds ... added to such funds as remain in the hands of the receiver, A. M. Wilson. (article 6).
Source
newspapers

Newspaper Articles (6)
1. September 13, 1935 The Midland Journal Rising Sun, MD
Article from The Midland Journal, September 13, 1935

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Article Text

DEFUNCT OXFORD BANK PAYS SECOND DIVIDEND The Comptroller of the Currency has authorized Alfred M. Wilson, Receiver of the Farmers National Bank, Oxford, Pa., to pay a second dividend of 16 2-3% to all unsecured creditors who proved their claims. A 50% dividend was paid to creditors of the bank while the bank was operating under a conservator. In order to make this dividend a loan was obtained from the Reconstruction Finance Corporation of $51,053.75, also certain assets were sold under a Spokane Sale Contract to the National Bank of Oxford, Pa.

2. April 24, 1936 The Midland Journal Rising Sun, MD
Article from The Midland Journal, April 24, 1936

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Article Text

Alfred M. Wilson, receiver for the Farmers National Bank of Oxford, Pa., reports checks are ready for the third dividend which amounts to 16 2-3 per cent. This makes a total of 83 1-3 per cent, with considerable assets still in his hands to be liquidated.

3. July 9, 1937 The Midland Journal Rising Sun, MD
Article from The Midland Journal, July 9, 1937

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Article Text

FARMERS' BANK PAYS IN FULL Every depositor in the Farmers' National Bank, of Oxford, Pa., which was not allowed to reopen after the bank holiday four years ago, will receive the amount of his deposit in full. The announcement by the Receiver, Alfred M. Wilson, of another dividend of sixteen and two-thirds percent brings about this hundred per cent return, a situation most unusual in the case of closed banks. And that is not all; there are still some assets to be liquidated and the proceeds from this will enable a certain portion of the interest which has accumulated on these deposits to be paid. The dividend checks are now ready and may be obtained by all who have proven their claims, merely by calling at the office of the receiver. -Oxford News.

4. December 3, 1937 The Midland Journal Rising Sun, MD
Article from The Midland Journal, December 3, 1937

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Article Text

SUIT AGANIST BANK STOCKHOLDER The State took steps Monday to compel a stockholder of the closed Farmers National Bank. Oxford, to pay 100 per cent assassment on his stock. Alfred M. Wilson, receiver for the bank, filed suit in U. S. District Court gainst Edgar Kirk of Peach Bottom, Lancaster county. asking that he pay a $1,900 assessment on 38 shares of the bank's stock. Wilson said Kirk was notified July 16, 1934, to pay his assessment but refused.—Oxford Press.

5. June 10, 1938 The Midland Journal Rising Sun, MD
Article from The Midland Journal, June 10, 1938

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Article Text

FARMERS' BANK ASSETS TO BE SOLD The closing chapter in the affairs of the Farmers' National Bank of Oxford, Pa., will be written Saturday, June 18th, when the remaining assets of this institution will be offered at public sale to the highest cash bidders. These assets include Bills Receivable, Judgments, Overdrafts, and other things in action and chattels. The Farmers' National Bank which was closed with the other banks of the County during the bank holiday, was not given permission to reopen immediately. After several efforts had been made to effect a reorganization without success, Mr. Alfred M. Wilson was appointed as Receiver. After a careful scrutiny of the assets at hand, Mr. Wilson took the position that a policy of ruthless and immediate liquidation of these assets would not only place an almost unbearable burden upon the community, but would also work untold hardship upon many in whom he had confidence of their ultimate settling of their obligations. This confidence proved to be justified, for many of the claims held by the bank were settled in full and depositors received in full 100 per cent. of their holdings plus a certain part of the interest accruing during the receivership. This interest will possibly have a slight addition made to it from the sale about to be held. The only loss sustained in the closing of the bank fell upon the stockholders who, under the law prevailing that time, were liable to double indemnity for the stock held, and hence had to contribute $75,000 to the bank assets. -Oxford News.

6. July 8, 1938 The Midland Journal Rising Sun, MD
Article from The Midland Journal, July 8, 1938

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Article Text

ASSETS OF CLOSED BANK SOLD The remaining assets of the closed Farmers' National Bank, Oxford, Pa., including bills receivable, notes, claims of all sorts, together with a type writer, were sold at public auction June 18, for $700 to C. W. Hord, New York City. The proceeds of this sale, if it is confirmed, will be added to such funds as remain in the hands of the receiver, A. M. Wilson, and a further dividend declared to the depositors; this and the dividend proceed~ ing, representing a protion of the interest on their claims. The principal of the depositors had been paid off in full in the first dividends.