North Penn Bank - Philadelphia, PA

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: October 1, 1926*
Location: Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model: gpt-5-mini
Short Digest: ad6d6a99

Response Measures

None

Description

Article (Pittsburgh Post, 1926-11-18) reports the North Penn Bank, Philadelphia, was closed following an examination that uncovered a shortfall and alleged embezzlement; several officers were indicted and sentenced. OCR errors obscure exact closure date; likely October 1926. No run or depositor panic is mentioned; closure appears permanent.

Events (1)

1. October 1, 1926* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Examination uncovered a large shortage/shortfall and alleged embezzlement; officers indicted and sentenced; funds misapplied (about $320,000).
Newspaper Excerpt: the North Penn Bank Philadelphia was closed in
Source: newspapers

Newspaper Articles (1)

1. November 18, 1926 The Pittsburgh Post Pittsburgh, PA

Article from The Pittsburgh Post, November 18, 1926

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Article Text

R. P. FERGUSON QUITS AS STATE BANKS' PROBER Head Examiner Resigns To Become Acting Head Of Erie Bank. R. chief examiner of the state banking partment. has resigned to become vice president of the Central Trust Company of Eric succeeded by John who for years with the local offices of the state department. Appointed by Governor John K. Tener in Ferguson has under four As result of his examination. the North Penn Bank Philadelphia was closed in and several of its officers, as as former State Banking Commis Daniel were sentences to the Ferguson discovered a shortof more than in the City Bank of Pa., for which the cashier and assistant cashier were both long prison and Trust Company here October after Knapp. in awaiting trial, had induced Roland McCrady. president of the bank and other officers who have indicted for and emto turn over $320,000 currency him for the purchase of bonds 50 cents on the dollar. Knapp of recovered. Of this belonged to the