19245. Moshannon National Bank (Philipsburg, PA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
5066
Charter Number
5066
Start Date
October 6, 1934
Location
Philipsburg, Pennsylvania (40.893, -78.216)

Metadata

Model
gpt-5-mini
Short Digest
5a5ac98d

Response Measures

None

Receivership Details

Depositor recovery rate
91.3%
Date receivership started
1931-10-12
Date receivership terminated
1941-06-30
OCC cause of failure
Economic conditions
Share of assets assessed as good
10.1%
Share of assets assessed as doubtful
81.9%
Share of assets assessed as worthless
8.1%

Description

Newspapers from October 1934 report a receiver for Moshannon National Bank (resignation of a receiver on Oct 6 and a new receiver named Oct 27). No article mentions a depositor run; the bank was in receivership, implying suspension and closure. OCR in Article 1 is noisy but does not describe a run.

Events (4)

1. May 8, 1897 Chartered
Source
historical_nic
2. October 12, 1931 Receivership
Source
historical_nic
3. October 6, 1934 Receivership
Newspaper Excerpt
BANK RECEIVER Philipsburg, McFadden. Representative resigned receiver Moshannon Bank National Bank of OsceMills.
Source
newspapers
4. October 27, 1934 Receivership
Newspaper Excerpt
NAMED BANK RECEIVER Philipsburg, Oct. Kerr, secretary of the Democratic State Committee, has assumed the of the Moshannon Bank and the Bank Osceola Mills T. W. McFadden, resigned.
Source
newspapers

Newspaper Articles (4)

Article from The Indiana Gazette, November 28, 1932

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Article Text

Spanish American War Veterans At DuBo's large gathering SpanishAmerican took place Sunday veterans coming from entire neighborhood participate the monthly meeting the Vicinity Council. The meeting took place the Weber and featured number of the afteroff the ing by the Auxilto the Jos. Logan Post. Over 100 veterans Ladies' Auxiliary were present the meeting, and everyone expressed pleased with the program that carried out. meeting for the veterans called order by Frank Souders, Clearrield, who presided the interesting that Speeches Jos. Gray, junior Hollidaysburg; Bollinger, JohnsFrank George Conder, Fred Harker, Ridgway and John Gharrity, DuBois. Several of the speakers paid their respects to the members the that these should first cleanse their organization before leveling any attack against crippled veterans ceiving only small monthly An optimistic note was sounded financial loans totalwere between October and November The October loans classified follows: Financial relief loans, self liquidating projects, advance secreagriculture direct loans, cooperative marketing credit, Banks loans authorized were with last Building ciations were loaned surance gage companies, joint stock land banks, agricultural credit 272,987: livestock credit corpora$477,105; railroads, $25,926,The report disclosed that the obtained additional capital for loaning purposes by the sale of notes to treasury. total issue notes. which mature April 1933, was billion dollars, this $675.000,000 used meet notes issued to the treasury. Loans banks include: First National Bank, Philadelnhia. Security Bank Trust Co., $180,000; Moshannon National Bank, ceiver), $186,000; Pittsburgh ManSavings Bank Trust Ohio Valley Bank, Bank and Trust Co., $19,000.


Article from The Patriot-News, October 6, 1934

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Article Text

BANK RECEIVER Philipsburg, McFadden. Representative resigned receiver Moshannon Bank National Bank of OsceMills.


Article from Intelligencer Journal, October 6, 1934

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Article Text

BANK RECEIVER QUITS. Philipsburg W. McFadden son of Representative L. L. T. McFadden. of Canton, resigned Friday as receiver of the Moshannon National Bank of Philipsburg and the Peoples National Bank of Osceola Mill


Article from The Patriot-News, October 27, 1934

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Article Text

NAMED BANK RECEIVER Philipsburg, Oct. Kerr, secretary of the Democratic State Committee, has assumed the of the Moshannon Bank and the Bank Osceola Mills T. W. McFadden, resigned.