Overbrook National Bank - Philadelphia, PA

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 12573
Charter Number: 12573
Start Date: May 15, 1931
Location: Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model: gpt-5-mini
Short Digest: ae8dfcae

Response Measures

None

Receivership Details

Depositor recovery rate: 48.0%
Date receivership started: 1931-05-15
OCC cause of failure: Economic conditions
Share of assets assessed as good: 29.2%
Share of assets assessed as doubtful: 62.5%
Share of assets assessed as worthless: 8.4%

Description

Articles state the Overbrook National Bank closed May 15 and a receiver was active, with suits to levy 100% assessments on stockholders. No article mentions a depositor run; closure appears to have resulted in receivership and permanent closure.

Events (4)

1. September 2, 1924 Chartered

Source: historical_nic

2. May 15, 1931 Receivership

Source: historical_nic

3. May 15, 1931 Receivership

Newspaper Excerpt: A petition asking that B. C. Echram, of the Ovverbrook National Bank... was filed in U. District Court... charges that ... was responsible for its closing. ...the receiver's action in demanding payments from stockholders is, consequently, unfair. (Philadelphia Inquirer, 1931-09-04).Overbrook National Bank ... closed May 15 last. (Philadelphia Inquirer, 1931-10-14). Note: receiver referenced in September article and suits filed to collect assessments in October, indicating receiver in place after May closure.
Source: newspapers

4. May 15, 1931 Suspension

Cause: Government Action
Cause Details: Bank closed May 15 and placed in receivership; receiver pursuing assessments to pay debts.
Newspaper Excerpt: Suits against six stockholders of the Overbrook National Bank, Sixtieth and Master streets, which closed May 15 last.
Source: newspapers

Newspaper Articles (2)

1. September 4, 1931 The Philadelphia Inquirer Philadelphia, PA

Article from The Philadelphia Inquirer, September 4, 1931

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Article Text

FIGHTS BANK RECEIVER Overbrook National Shareholder Carries Assessment Into U. S. Court A petition asking that B. C. Echram, of the Ovverbrook National Bank strained from stockholders to equal to 100 per cent. of their holdings in the interest of restitution to was filed in U. District Court yesterday by Paul E. Blouch, a minority shareholder Blouch, through his attorney, John J. Gilbride charges that tain "clique" the bank's affairs and that their was responsible for its closing. It is alleged by Blouch that the receiver's action in demanding payments from stockholders is, consequently, unfair. MARRIAGE LICENSES ISSUED Elbridge and Av. Park st., and and and 15th Edwin

2. October 14, 1931 The Philadelphia Inquirer Philadelphia, PA

Article from The Philadelphia Inquirer, October 14, 1931

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Article Text

SUITS OVER BANK STOCK Receiver Asks 100 Per Cent. Levy From Six Overbrook Shareholders Suits against six stockholders of the Overbrook National Bank, Sixtieth and Master streets, which closed May 15 last. for the 100 per cent assessment on their stock levied so that debts of the bank could be paid. were filed in the United States District Court yesterday by C. F. Rogers. the bank's It was said that the suits will bring about test of the right of the receiver to levy the assessments, those against whom they were filed having refused to pay on the ground that the bank failure was due to mis management by officials The stockholders sued and the amounts claimed Samuel McLaughlin, 96 South Patrick McCafferty 25 Linden W Boyer 5860 North Fairhill $1000: H M McCaughey 6902 Mc Callum street. $1200; Samuel N and Charles L. Kinsley, 725 North Named to Philadelphia Army Post WASHINGTON Oct. 13 (A. A new officer for the Philadelphia quartermaster depot was appointed today by the War Department. Captain John R master corps Detroit. was ordered to the post The change is as Bailey is relieved from his present duties.