Fifth Avenue Bank - Pittsburg, PA

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: September 12, 1934
Location: Pittsburg, Pennsylvania (40.441, -79.996)

Metadata

Model: gpt-5-mini
Short Digest: c9904a61

Response Measures

None

Description

Article (Pittsburgh Post-Gazette, 1934-09-12) reports that Secretary of Banking William D. Gordon was acting as receiver for the Fifth Avenue Bank and obtained an RFC loan to permit a dividend to depositors. No run is mentioned; the bank is in receivership (government action). Corrected city spelling to 'Pittsburgh, PA' from provided 'Pittsburg'.

Events (2)

1. September 12, 1934 Other

Newspaper Excerpt: The loan ... will permit payment of 40 per cent dividend to depositors in the near future. It is to be secured by a deposit of assets of the bank.
Source: newspapers

2. September 12, 1934 Receivership

Newspaper Excerpt: An order permitting Secretary of Banking William D. Gordon, as receiver in charge of the Fifth Ave Bank, to borrow $440,000 from the Reconstruction Finance Corporation was made by Judge Frank P. Patterson...
Source: newspapers

Newspaper Articles (1)

1. September 12, 1934 Pittsburgh Post-Gazette Pittsburgh, PA

Article from Pittsburgh Post-Gazette, September 12, 1934

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Article Text

Bank Receiver Permitted To Get Loan From RFC An order permitting Secretary of Banking William D. Gordon. as receiver in charge of the Fifth AveBank, to borrow $440,000 from the Reconstruction Finance Corporation was made by Judge Frank P. Patterson, in common pleas court yesterday The loan, according to Attorney Kenneth L. Leydic, who presented the petition, will permit payment of 40 per cent dividend to depositors in the near future It is to be secured by a deposit of assets of the bank