Penn Township Bank - Philadelphia, PA

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: state
Start Date: March 19, 1812
Location: Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model: gpt-5-mini
Short Digest: 76f3cf28

Response Measures

Full suspension

Other: Failure resulted in permanent closure / receiver implied by 'will never rise again.'

Description

Article (OCR) references a run on Penn Township Bank that resulted in its failure and that it did not open this morning; language indicates permanent closure. The article text contains an OCR date ambiguity (prints 'March 19, 1812' inside the piece while the paper header shows 1842-03-18). I use 1812-03-19 as the event date consistent with the article's dateline. Cause inferred as bank-specific adverse information because the piece says indebtedness much larger than expected and the bank 'broke.'

Events (3)

1. March 19, 1812 Receivership

Newspaper Excerpt: The sheriff was there in person, with a large posse of officers, and all was quiet. This bank ... resulted in its failure ... She will never rise again, that's very clear.
Source: newspapers

2. March 19, 1812 Run

Cause: Bank Specific Adverse Info
Cause Details: Heavy withdrawals revealed the bank's indebtedness was much larger than expected; run precipitated failure.
Newspaper Excerpt: The run upon the Penn Township Bank yesterday, resulted in its failure, and it did not open this morning
Source: newspapers

3. March 19, 1812 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank failed after run; did not open and was effectively closed due to insolvency/large indebtedness.
Newspaper Excerpt: it did not open this morning, to the great chagrin of the hundreds that thronged around its doors
Source: newspapers

Newspaper Articles (1)

1. March 18, 1842 The New York Herald New York, NY

Article from The New York Herald, March 18, 1842

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Article Text

PRESCOTT. Philadelphia. I Correspondence of the Herald.] March 19, 1812] Great Excitement- Two More Banks Broken-Heavy Run on Two others-Resumption of Specie Payments-Stocks and Brokers-Girard Bank Assign. ment-St. Patrick's Day, Sc. Our city to-day has been a scene of great and continued excitement. The run upon the Penn Township Bank yesterday, resulted in its failure, and it did not open this moining, to the great chagrin of the hundredsthat thronged around its doors. The sheriff was there in person, with a large posse of dicers, and all was quiet. This bank was lo. eated at Sixth and Vine streets. Its indebtedness to the community is ascertained to be much larger than was expected. Banks and brokers both come in for a fair share of loss. She will never rise again, that's very clear. The alarm and confusion in consequence of the failure of the Penn Township Bank spread like