Article Text
ORDER PHILADELPHIA BANK TAKEN OVER. of Banking Cameron today sent George Brown. examiner. to Philadelphia. to the Cosmopolitan State bank receiver through refusal of the bank officials to "make good on capital."
19027. Cosmopolitan State Bank (Philadelphia, PA)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- state
- Start Date
- February 14, 1925
- Location
- Philadelphia, Pennsylvania (39.952, -75.164)
Metadata
- Model
- gpt-5-mini
- Short Digest
74f4fd2f
Response Measures
None
Description
State banking commission ordered the bank closed and placed a receiver; articles (Feb 14–15, 1925) report takeover by examiner George Brown and doors closed by order of Peter Cameron. No mention of a depositor run prior to suspension.
Events (2)
1.
February 14, 1925
Receivership
- Newspaper Excerpt
- Cameron today sent George Brown, examiner, to Philadelphia to take over the Cosmopolitan State Bank as receiver through refusal of bank officials to 'make good on capital.' OR '...George Brown, senior bank examiner, was placed in charge of the Cosmopolitan bank as receiver.' (Feb. 14 6 15, 1925). Excerpted from contemporaneous reports showing receiver appointment by state examiner George Brown.
- Source
- newspapers
2.
February 15, 1925
Suspension
- Cause
- Government Action
- Cause Details
- State banking commission ordered the bank closed after examiners found troubled affairs and officials refused to make good on capital.
- Newspaper Excerpt
- The Cosmopolitan State bank... today closed its doors on order of Peter Cameron, state banking commission.
- Source
- newspapers
Newspaper Articles (4)
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Article Text
RECEIVER FOR BANK Feb. 14. (United Banking Cameron today sent George examiner, to Philadelphia take over the Cosmopolitan State Bank as receiver through refusal of bank officials to "make good on capital."
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Article Text
PHILADELPHIA STATE BANK CLOSES DOORS Philadelphia Feb. 15.-The Cos. mopolitan State bank. small institution, operated by negroes. today closed its doors on wrder of Peter Cameron, state banking commission. after state bank examiners were said to have found its affairs tangled with those the negro banking house of Brown and Stephens. which George Brown. senior bank examiner. was placed in charge the Cosmopolitan bank as receiver. last financial statement of the bank deposits capital $50,000 and surplus
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Article Text
ANOTHER BANK TUMBLES the banking insti Stevens blew It became known Saturda that osmopolitan State Bank had door stand the street and their heart bursting with the failure of an other bank and operated people The distress caus by the failure of these or ganizations goes up to heaven It the foundation of racial confidence The people cry out in anguish. shall for comfort Poor peo are unable to pay their rent Business men having their checks returned their bills un paid Coal wagons go back to the coal vards with their loads of coal because the checks were pay for the coal are no good the banks are closed Oh the sting, the hellishness of it These are the times that try the souls of men. But all is not lost There is still "a light across the horizon. Banks may burst and our leaders may betrav confidence but there nothing big enough or dastardly enough to prevent twelve million black souls from going forward and upward toward the light thing These failures only tempor In spite of the clouds that ary overshadow us we are going to make good. Black men may rob us and white men may stand on our necks but as sure as God reigns this race of ours will tri umph. As the sun shines after the storm so will our light be the brighter because of these handi caps Streams of water going toward the river come in con tact with rocks, trees and moun tains time the pathway blocked but somehow in some find around them and continue toward their goal As it with the water must be When giganimpediments loom up must find a way around them The bigger the the harder we them If come must