First National Bank - Plumer, PA

Bank Information

Episode Type: Suspension → Reopening
Bank Type: national
Bank ID: 854
Charter Number: 854
Start Date: April 3, 1866
Location: Plumer, Pennsylvania (41.499, -79.642)

Metadata

Model: gpt-5-mini
Short Digest: 103bfa97

Response Measures

None

Description

Article (The Elk Advocate, 1866-04-05) reports that Culver, Penn & Co. suspended payment, which carried with it a number of banks including First National Bank, Corry. This describes a suspension tied to the failure of a correspondent/firm. The piece gives no indication of a depositor run or permanent closure; I infer a temporary suspension (likely to reopen) rather than permanent failure.

Events (3)

1. March 2, 1865 Chartered

Source: historical_nic

2. April 3, 1866 Suspension

Cause: Correspondent
Cause Details: Failure/suspension of correspondent/firm Culver, Penn & Co. led to discrediting of the banks' notes and suspension of payments; attributed to speculations in the oil regions.
Newspaper Excerpt: The firm of Culver, Penn & Co., New York, ... suspended payment on Tuesday. ... The institutions most directly affected by this failure are ... First National Bank, Corry;
Source: newspapers

3. August 25, 1868 Voluntary Liquidation

Source: historical_nic

Newspaper Articles (1)

1. April 5, 1866 The Elk Advocate Ridgway, PA

Article from The Elk Advocate, April 5, 1866

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Article Text

-The firm of Culver. Penn & Co., New York, regarded as one of the heav iest and strongest in the United States. suspended payment on Tuesday. carry ing with it a number of the banks of IS sue and brokers' offices in this part of the State. The institutions most di rectly affected by this failure are the Petroleum Bank. Titusville Venango County Bank, Franklin; First National Bank, Corry; Bank of Lawrence Coun. ty, Neweastle ; Crawford County Bank Meadville; Oil City Bank. Oil City ; First National Bank, Plumer; A. D Cotton & Co., Petroleum Centre. For the present the notes and drafts of all these banks are discredited, though it is intimated that their owners are abundantly able to secure all the claims against them. Mr Culver head of the firm. id member of Congress from the Crawford District, and the failure is attributed to unfortunate speculations on his part in the oil regions.