First National Bank - Pittsburg, PA

Bank Information

Episode Type: Run → Suspension → Unsure
Bank Type: national
Bank ID: 48
Charter Number: 2745
Start Date: May 27, 1884
Location: Pittsburg, Pennsylvania (40.441, -79.996)

Metadata

Model: gpt-5-mini
Short Digest: a090f856

Response Measures

Full suspension, Books examined

Other: Directors took possession of individual book accounts and appointed committee to employ an expert.

Description

Article (May 27, 1884) reports heavy withdrawals ($300,000) after resumption and mentions a second suspension. Causes include depositor timidity after President Riddle's sudden illness and discovery of large overdrafts/possible bad oil accounts. The article does not state whether the bank ultimately reopened or went into receivership, so outcome is uncertain.

Events (5)

1. August 5, 1863 Chartered

Source: historical_nic

2. June 30, 1882 Chartered

Source: historical_nic

3. May 27, 1884 Run

Cause: Bank Specific Adverse Info
Cause Details: Large withdrawals triggered by timidity after President Riddle's sudden prostration and revelations of large overdrafts (accounts overdrawn $24,000 and $97,000) possibly tied to oil speculators.
Measures: Directors took possession of individual account books, appointed a committee to employ an expert to examine the books and report; demand for an authentic statement from directors.
Newspaper Excerpt: the books show that $300,000 were drawn out by depositors from the time of resumption, on Friday, until the close of yesterday
Source: newspapers

4. May 27, 1884 Suspension

Cause: Bank Specific Adverse Info
Cause Details: A 'second suspension' occurred amid depositor withdrawals and discovery of large overdrafts; directors are investigating books for causes of the collapse.
Newspaper Excerpt: the impression is growing that the second suspension was due wholly to timidity and demoralization when President Riddle was suddenly prostrated
Source: newspapers

5. April 19, 1913 Voluntary Liquidation

Source: historical_nic

Newspaper Articles (1)

1. May 29, 1884 The Austin Weekly Statesman Austin, TX

Article from The Austin Weekly Statesman, May 29, 1884

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Article Text

THE PENN BANK. The Books Examined, and a Statement Made. PITTSBURG, May 27.-The affairs of the Penn bank continue to be the engrossing subject among all classes, but up to noon there was as little definitely known as up to the time of closing yesterday. President Riddle slept fairly well last night, and this morning had sufficiently recovered to enable his friends to remove him to his residence. Mr. D. A. Steward, the well-known and experienced banker, made a careful examination of the books last night, and every opportunity was given him to make an officical examination. According to statements current, the books show that $300,000 were drawn out by depositors from the time of resumption, on Friday, until the close of yesterdy, and deposits decreased correspondingly. The statement that $400,000 were not included in the statement made to the asssociation of banks is incorrect. No such checks are existing. In their opinion, if the books are correct, the bank ought to pay every cent of its debt. There is less talk of crookedness, and the impression is growing that the second suspension was due wholly to timidity and demoralization when President Riddle was suddenly prostrated. The directors have not yet made a statement, but there is a general demand for something authentic from them of the bank's actual condition. The general condition of other banks is unchanged.r PITTSBURG, May 27.-The directors of the First national bank took possession of the individual book accounts of the concern, and up to one o'clock, had struck developments which promise to show why the sec"ond collapse came SO suddenly. There is among the accounts one of the firm of D. Wilson & Co., which shows over checking to the extent of $24,000. No such firm is known in this city, and it is supposed to represent the accounts of a number of persons lately operating on the wrong side of the oil market, have been allowed to drain it to the extent named. A director who furnished the information states further, that the account of a prominent oil dealer had been overdrawn $97,000. These two amounts represent overdrafs of $33 000, or $7,000 in excess of the entire capital and surplus. The bank directors have appointed a committee to employ an expert to go over the books and report as speedily as possible.