Article Text
BANK SUSPENDS. Philadelphia, Sept. 6.-The South Phfiadelphia state bank suspended activities today and state banking officials are making an examination of its condition. It was stated the
19185. South Philadelphia State Bank (Philadelphia, PA)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- state
- Start Date
- September 6, 1924
- Location
- Philadelphia, Pennsylvania (39.952, -75.164)
Metadata
- Model
- gpt-5-mini
- Short Digest
b149f15a
Response Measures
None
Description
The bank suspended payments on Sept. 6, 1924 and was closed by authorities with an investigation revealing a large shortage (~$1,000,000) and missing officials (treasurer Edward A. Fichera). This is a suspension followed by permanent closure/receivership (no reopening reported).
Events (3)
1.
September 6, 1924
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Investigation after discovery of a large shortage in reserves (reported almost a million dollars) and disappearance of treasurer Edward A. Fichera; suspected embezzlement and missing officials.
- Newspaper Excerpt
- BANK SUSPENDS. Philadelphia, Sept. 6.-The South Phfiadelphia state bank suspended activities today and state banking officials are making an examination of its condition.
- Source
- newspapers
2.
September 9, 1924
Other
- Newspaper Excerpt
- The closing by the authorities of the South Philadelphia State bank ... A shortage of almost a million dollars in the reserves of the bank led to investigation and suspension of payment. A warrant for the arrest of Edward A. Fichera, the treasurer, was sworn out by the chief examiner of the banking department. Fichera disappeared from his home the day before the bank closed ... Several of the minor officials are also missing. It is reported that they escaped with over $27,000. The president of the bank, Joseph Cerrotti, collapsed in his home and died instantly. Receipt of the news ... (Sept. 9 report describing closing by authorities and criminal investigation.)
- Source
- newspapers
3.
September 9, 1924
Receivership
- Newspaper Excerpt
- The closing by the authorities of the South Philadelphia State bank ... A shortage of almost a million dollars in the reserves of the bank led to investigation and suspension of payment. A warrant for the arrest of Edward A. Fichera, the treasurer, was sworn out by the chief examiner of the banking department. Fichera disappeared from his home the day before the bank closed ... Several of the minor officials are also missing. It is reported that they escaped with over $27,000. The president of the bank, Joseph Cerrotti, collapsed in his home and died instantly.
- Source
- newspapers
Newspaper Articles (2)
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Article Text
FASCIST BANK GOES BROKE IN QUAKER CITY Black Shirt President Kicks the Bucket (Special to The Daily Worker) PHILADELPHIA, Sept. 9.The closing by the authorities of the South Philadelphia State bank, operated by prominent Fascist sympathizers, has swallowed up the savings of the four thousand Italian working men and women who had deposited their savings. A shortage of almost a million dollars in the reserves of the bank led to investigation and suspension of payment. A warrant for the arrest of Edward A. Fichera, the treasurer, was sworn out by the chief examiner of the banking department. Fichera disappeared from his home the day before the bank closed and has not been seen since. Several of the minor officials are also missing. It is reported that they escaped with over $27,000. The president of the bank, Joseph Cerrotti, collapsed in his home and died instantly. Receipt of the news