Article Text
NAME BANK RECEIVER PITTSBURGH R. Gordon was appointed receiver today of the Diamond National bank Pittsburgh which failed to open today.
19281. Diamond National Bank (Pittsburg, PA)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- national
- Bank ID
- 2236
- Charter Number
- 2236
- Start Date
- November 15, 1932
- Location
- Pittsburg, Pennsylvania (40.441, -79.996)
Metadata
- Model
- gpt-5-mini
- Short Digest
48e557df
Response Measures
None
Receivership Details
- Depositor recovery rate
- 75.0%
- Date receivership started
- 1932-11-14
- Share of assets assessed as good
- 22.0%
- Share of assets assessed as doubtful
- 65.1%
- Share of assets assessed as worthless
- 12.9%
Description
The Diamond National Bank of Pittsburgh failed to open and a receiver (R. Gordon) was appointed on Nov 15, 1932. There is no mention of a depositor run in the provided articles. The bank remained closed; receivers later arranged a merger/transfer of acceptable assets to a newly organized Pitt National Bank which opened in mid-1933 and paid depositors pro rata — the Diamond itself did not resume operations. Corrected city spelling from 'Pittsburg' (input) to 'Pittsburgh' per article text.
Events (6)
1.
March 23, 1875
Chartered
- Source
- historical_nic
2.
November 14, 1932
Receivership
- Source
- historical_nic
3.
November 15, 1932
Receivership
- Newspaper Excerpt
- R. Gordon was appointed receiver today of the Diamond National bank Pittsburgh which failed to open today.
- Source
- newspapers
4.
November 15, 1932
Suspension
- Cause Details
- Article states the bank 'failed to open' and a receiver was appointed; no explicit cause (e.g., run or government action) is given.
- Newspaper Excerpt
- Robert R. Gordon today was appointed receiver of the Diamond National Bank of Pittsburgh, which failed to open today.
- Source
- newspapers
5.
December 21, 1932
Other
- Newspaper Excerpt
- Depositors of two closed National Banks here have approved plans for merger... consolidation of the Monongahela National Bank and Diamond National Bank, both of Pittsburgh, which closed recently. Receivers will assume the remainder of the deposit liability of each bank, paying it by check as assets are liquidated, it was said.
- Source
- newspapers
6.
June 12, 1933
Other
- Newspaper Excerpt
- The new Pitt National Bank... to be open June 12... will take over portions of the assets of the two closed institutions and will credit the depositors with proportional amounts. Depositors of the Diamond Bank will be given orders for 40 per cent of their claims.
- Source
- newspapers
Newspaper Articles (8)
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Article Text
Scranton To WASHINGTON, Nov. of violating the Wright Unless are made necessary by death or resignation, the NAMED BANK RECEIVER to name Nov. not an in Robert R. Gordon today was appointpostmasters before 1934. ed receiver of the Diamond National The first major appointment will be Bank of Pittsburgh, which failed Scranton. open today. Gordon, receiver for the Dozens postmasters appoint- Exchange National Bank of Pitts ments smaller cities, boroughs burgh since that institution closed, hamlets, expire before any of the appointed by Acting Comptroller positions become vacant. Currency Awalt, in whose In second and third class offices, hands the Diamond National was placthe civil service commission holds ed by its and recommends three persons. Appointments to fourth SEEKS COAL STOVE class offices are on strict civil Ensign William McGowan of the basis.
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Article Text
New Bank Suspensions Nebraska: George W. Woods, Bank Commissioner, has announced: Bank of Raymond, Raymond, closed. South Dakota: E. A. Ruden, Supt. of Banks, has announced: First State Bank, Bowdle, closed. National banks suspending Nov. 18, as re- ported to the Comptroller of the Currency and made public Nov. 18, were: National banks suspending Nov .14, as reported to the Comptroller of the Currency and made public Nov. 14 were: Shawnee National Bank, Shawnee, Okla.; resources, $2,359,264; First National Bank of Allen, Okla., resources $119,771; First National Bank of McLoud, Okla.; resources, $130,272; Park National Bank of Sulphur, Okla.; resources, $213,651. Diamond National Bank of Pittsburgh, Pa.,; resources, $15,849,950. United States National Bank and Trust Co4 of Kenosha, Wis.; resources, $1,812,553. National banks suspending Nov. 21 and 22, as reported to the Comptroller of the Currency and made public Nov. 23, were: Nov. 21: Ayers National Bank, Jacksonville, 111., resources, $8,285,998. Nov. 22: First National Bank of Faulkton, S. Dak., resources $257,141.
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Article Text
MAY MERGE TWO BANKS (Continued from Page One) same amount, it was said. According to tentative plans the new bank will be known as solidated National Bank of Pittsburgh and will operate in banking rooms of one of the two closed banks. Sixty per cent of cash deposits of the Monongahela Bank and 40 per cent of the Diamond depositors are expected to be made available with opening of the proposed bank Receivwill assume the remainder of the deposit liability of each bank, paying check are
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Article Text
PITTSBURGH, Dec. Depositors of two closed National Banks here have approved plans for merger of the institutions to create bank with deposits more than million dollars, revealed today. Plans for second merger, combining the new bank with bank operating in good financial condition, reported to be under consideration. The second merger approved would create an institution with deposits of more than said. The merger plan already proved by depositors calls for solidation of the Monongahela National Bank and Diamond National Bank. both of Pittsburgh, which closed recently. Completion the merger will await subscription new capital stock, which In addition the bank have surplus of $175,000 and undivided profits the same amount, was said. According to tentative plans the hew bank will be known as the Consolidated National Bank of Pittsburgh, and will operate banking rooms of one the two closed banks. Sixty percent of cash deposits of the Monongahela bank and the Diamond deposits are expected to be made available with opening of the proposed bank. Receivers will assume the remainder of the deposit liability of each bank, paying It check as assets liquidated, said.
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Article Text
Approve Plans For Merger of 2 Closed Banks positors of two closed national banks here have approved plans for merger of the institutions to create a new bank with deposits of more than $10.000,000, it revealed today Plans for a second merger, combining the new bank with a bank now operating in good financial condition, are reported to be under consideration. The merger, if approved, would create an institution with deposits of more than $30,000,000. it was said. The merger plan already approved by depositors calls for consolidation of the Monongahela National bank and Diamond National bank, both of Pitts burgh. which closed recently. Completion of the merger will await subscrip tion of new capital stock. which is to total $700.000. In addition the bank will have surplus of $175.000 and undivided profits of the same amount. it was said. According to tentative plans, the new bank will be known as the Consolidat ed National Bank of Pittsburgh and will operate in banking rooms of one of the two closed banks. Sixty per cent. of cash deposits of the Monongahela bank and 40 per cent. of the Diamond deposits are expected to be made available with opening of the proposed bank. Receivers will assume the remainder of the deposit llability of each bank. paying It by check as assets are liquidated, it was said.
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Article Text
DEPOSITS TO BE RELEASED BY NEW BANK 14,000 Will Obtain Access to Part Of Cash By GEORGE H. SNYDER More than 14,000 depositors in the closed Diamond National and Monongahela National banks will have access to portions of their cash soon through the opening of the Pitt National Bank of Application for charter for the new institution has been approved and the work of obtaining subscriptions for the stock has been completed. according to an announcement by the committees in charge of the organization work. The new bank will take over portions of the assets of the two closed institutions and will credit the depositors with proportional amounts. It is expected that Diamond will have access to about 45 per cent of their funds and that the Monongahela depositors will have access to about 60 per cent of theirs. USE DIAMOND SITE The new bank will conduct its business in the quarters of the former Diamond National Bank at Fifth and Liberty avenues. Assets not taken over by the new bank will remain in the hands of the receivers for liquidation. The committee announcement said the name of the new bank having been pre-empted and authority having been given by the Comptroller of the Currency, the corporate organization will be put through as rapidly as possible and the necessary arrangements concluded and court orders obtained to enable the new bank to take over the acceptable assets of the Diamond and Monongahela Na. tional banks and make ailable to depositors of those institutions, the proportion of their deposits transferred. SPEED SOUGHT The setting up of the organization to run the new bank and the opening of the books and accounts will be pushed as rapidly as possible While officers and directors have not been formally elected. the proposed board has been holding frequent meetings. As was previously announced, Charles Fisher will be president and A. Hughlin vice president. The total capital. surplus and undivided profits of the new bank will aggregate made up of cash subscriptions and. with acceptable assets taken over from the Diamond National Bank and the Monongahela National Bank at their current market values, the financial stability of the new bank assured.
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Article Text
NEW PITT BANK OPENS JUNE The new Pitt National portions of the which takes over of the Diamond National assets and National banks, for business June 12 to be open signed by Federal Judge R M Gibson today cleared the for the sale certain the Bank to the Pitt National Bank and Robert R. Gordon, receiver ized the former Diamond lease Bank quarters to the Pitt National Bank. The receiver of the Monongahela National Bank was also thorized to make the necessary transfer Depositors of the Diamond Bank will be orders on the new for 40 per cent of their claims and deposiproven of the Monongahela Bank tors will receive orders for 65 per cent of their proven claims. depositors want cash for If the that will be available when the new bank plans approved by the United States Controller of The new bank will have capital and undivided profits of