Penn National Bank & Trust Company

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 2899
Charter Number: 2899
Start Date: May 1, 1934*
Location: Reading, Pennsylvania (40.336, -75.927)

Metadata

Model: gpt-5-mini
Short Digest: fbe64f79

Response Measures

None

Receivership Details

Depositor recovery rate: 90.0%
Date receivership started: 1934-11-26
Share of assets assessed as good: 25.4%
Share of assets assessed as doubtful: 57.7%
Share of assets assessed as worthless: 16.9%

Description

Article (Aug 12, 1934) reports RFC authorized advances in May including $1,190,000 to Penn National Bank & Trust Company, Reading, Pa., described as 'conservator'. This indicates the bank was under conservatorship/closed and being reorganized or liquidated. No run is mentioned in the article, only government conservatorship and RFC aid — therefore classified as suspension leading to closure/receivership. Date for events tied to RFC advances in May 1934.

Events (4)

1. March 12, 1883 Chartered

Source: historical_nic

2. May 1, 1934* Receivership

Newspaper Excerpt: Penn National Bank and Trust Company, Reading, Penna. conservator, $1,190,000
Source: newspapers

3. May 1, 1934* Suspension

Cause: Government Action
Cause Details: Bank was placed under conservatorship (government conservator) and required RFC advance for reorganization or liquidation.
Newspaper Excerpt: Penn National Bank and Trust Company, Reading, Penna. conservator, $1,190,000
Source: newspapers

4. November 26, 1934 Receivership

Source: historical_nic

Newspaper Articles (1)

1. August 12, 1934 Florence Morning News Florence, SC

Article from Florence Morning News, August 12, 1934

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Article Text

Advances in May By RFC Aggregate Over $168,000,000 Money Lent to Pay Back Taxes Saves Homes and Aids Local Government The Reconstruction Finance Corporation reported today that it authorized advances in May aggregating $168,644,166 The report showed that loans authorized to banks and other financial institutions at 4 per cent interest totaled $57,512,410. Other large advances authorized included $41,820,000. Other large advances authorized included $41,820,000 for subscription to preferred stocks in banks $45,000,000 for the Home Owners' Loan Corporation: $5,455.500 in loans to drainage and irrigation projects. The balance was for relief and other government purposes. Banks Get Bulk Of the $57,512,410 authorized in loans, $32,698,236 went to banks and trust companies, including $28.615,330 to aid in the reorganization or liquidation of closed institutions and $22,048.883 to mortgage loan companies. Among some of the larger loans authorized to banks were: United States Savings Bank, receiver Washington, D. C., $1,080,000; North-Western Trust and Savings Bank, receiver, Chicago, $2,500,000 West Side Trust and Savings Bank, receiver. Chicago, $1,500,000; Calcasieu National Bank, Lake Charles, Louisiana, $1,965,480; Commercial National Bank of Philadelphia conservator, $2,540,000; Farmers National Bank and Trust Company 650,000; Penn National Bank and Trust Company, Reading, Penna. conservator, $1,190,000; and the Reading National Bank and Trust Company, Reading Penn., conservator, $1,972,000 Of the loans authorized to mort gage loan companies. $10,000,000 was for the Electric Home and Farm Authority at Chattanooga Tenn.: $2,382,493 to the Santa Ana Mortgage Investment Company, Santa Ana. Calif., and $1,000,000 to the Textile Industry Mortgage Company in New York City. Preferred Stock Subscriptions Authority for a loan of $2,5000.000 at 4 per cent interest to the board of deposits of Wisconsin at Madison was granted but no part of this sum had been disbursed up to May 31. Subscriptions on preferred stocks in banks included: The First National Bank and Trust Company, Bridgeport, Conn. $1,000,000 Fidelity Union Trust Company, Newark, N. J., $7,000.000 Central United National Bank. Cleveland. Ohio, $8,000,000 and the City National Bank and Trust Company, Columbus, Ohio, $1,000.000. The corporation also authorized a purchase of $1,500,000 in debentures. of the Mississippi Valley Trust Company, St. Louis, and 9 loan of $3,500,000 on the Globe and Rutgers Fire Insurance Company to. the Globe Rehabilitation Company, Ltd. New York, none of which had been disbursed up to May 31.