Peoples National Bank - Point Marion, PA

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 9503
Charter Number: 9503
Start Date: January 1, 1931*
Location: Point Marion, Pennsylvania (39.739, -79.899)

Metadata

Model: gpt-5-mini
Short Digest: 615331ab

Response Measures

None

Receivership Details

Depositor recovery rate: 82.0%
Date receivership started: 1931-10-08
Date receivership terminated: 1937-11-30
OCC cause of failure: Economic conditions
Share of assets assessed as good: 34.8%
Share of assets assessed as doubtful: 63.5%
Share of assets assessed as worthless: 1.7%

Description

Articles report the Peoples National Bank of Point Marion was closed by the state banking department (closed during the prior year) and a receiver (J. W. Emigh) was appointed. No run is described. The closure is by state action and the bank remained in liquidation (receiver pursuing asset suits in 1933).

Events (5)

1. August 12, 1909 Chartered

Source: historical_nic

2. January 1, 1931* Suspension

Cause: Government Action
Cause Details: Closed by the state banking department (regulatory closure); article says bank 'closed during the past year by the state banking department.'
Newspaper Excerpt: closed during the past year by the state banking department
Source: newspapers

3. October 8, 1931 Receivership

Source: historical_nic

4. May 17, 1932 Receivership

Newspaper Excerpt: Judge D. W. Henderson today authorized J. W. Emigh, receiver for the ... Peoples National Bank of Point Marion, ... to sell at reasonable prices listed stocks and bonds or become a party to any refinancing plans that might effect savings for depositors of the respective banks.
Source: newspapers

5. February 17, 1933 Other

Newspaper Excerpt: A bill of injunction ... by J. W. Emigh, receiver for the Peoples National Bank of Point Marion against E. E. Beardsley ... to avoid the assignment of a $15,000 mortgage.
Source: newspapers

Newspaper Articles (2)

1. May 17, 1932 The Evening Standard Uniontown, PA

Article from The Evening Standard, May 17, 1932

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Article Text

EMIGH IS NAMED BANK RECEIVER Judge Henderson Authorizes Appointment Today NEXT WEEK Judge D. W. Henderson today authorized J. W. Emigh, receiver for the First National Bank of Somerfield, the Peoples National Bank of Point Marion, and the First National Bank of Smithfield, all closed during the past year by the state banking department, to sell at reasonable prices listed stocks and bonds or become a party to any refinancing plans that might effect savings for depoistors of the respective To reach banks. your Many bonding companies, financing FRIENDS holdings of defunct banks, have themselves experienced financial difficulties, and as result it becomes necessary to lift the securities and either sell or TELEPHONE refinance them, in many instances, it is pointed out. your Petitions presented today revealed that securities in question amount to you about $100,000 in the case of the Som- have one field bank, approximately $100,000 in than the Point Marion bank, and $250,000 in the Smithfield bank. dime The papers were presented by Attorney William J. Crow, counsel for the receiver.

2. February 17, 1933 The Morning Herald Uniontown, PA

Article from The Morning Herald, February 17, 1933

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Article Text

Ask Injunction In Mortgage Transfer A bill of injunction to avoid the as signment of a $15,000 mortgage was Instituted yesterday afternoon by J. W. Emigh. receiver for the Peoples National Bank of Point Marion against E. E. Beardsley and the First National Bank to whom, It is claimed Beardsley assigned the paper without fair and valuable consideration. The bank receiver claims the Point Marion man turned over the mortgage which he holds on a property to A. 8. Maple since November 10, 1921, to avoid payment of a $10,000 note on which he was an Indorser and now being liquidated as a part of the Peoplea National assets. The only reason the mortgage was assigned, says the receiver through his counsel, Attorney W. J. Crow, was to escape payment of the debt. The assignment makes Beardsley insolvent and in no position to pay the $10,000, it is claimed. Plans are now progressing between counsel for the defunct bank and the defendant to settle the claim In the meantime the injunction prevents Beardsley from destroying the re. cord of the mortgage or the Identity of its original ownership. Mrs. McMasters Gots Home In a. second performance of contract suit, Judge J. W. Dawson yesterday afternoon decided that Mrs. Nellie McMasters, sister of the late Attorney George Patterson. was entitled to the property at 98 1-2 Walnut street. Mr. Patterson loaned his sister $3,000 for the purchase of the home under an agreement by which she was to Γopay him at the rate of $25 R month. He acknowledged a return of $2,000 before his death and further payments -wiped out the debt up to $6, It was shown. The court directed that $6 be paid into the estate and a deed be made to the McMasters for the property. Sues for Fire Loss T. C. Friend of Uniontown Thursday afternoon entered sult against the Fire Association of Philadelphia to recover $353, due he alleges on a Are loss which occurred at his home along Woodcock Hill on the National