First National Bank - Renovo, PA

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 3763
Charter Number: 3763
Start Date: June 8, 1934
Location: Renovo, Pennsylvania (41.326, -77.751)

Metadata

Model: gpt-5-mini
Short Digest: ecf16d64

Response Measures

None

Receivership Details

Depositor recovery rate: 39.0%
Date receivership started: 1932-02-26
Date receivership terminated: 1939-10-31
Share of assets assessed as good: 16.4%
Share of assets assessed as doubtful: 54.6%
Share of assets assessed as worthless: 29.0%

Description

Articles (1934) refer to the First National Bank of Renovo as closed and under a receiver (Howard N. Cassel). No article describes a depositor run; the bank is closed and in receivership, so classify as suspension leading to closure (receiver appointed). Exact suspension date isn't given in the excerpts.

Events (5)

1. July 28, 1887 Chartered

Source: historical_nic

2. February 26, 1932 Receivership

Source: historical_nic

3. June 8, 1934 Receivership

Newspaper Excerpt: Howard N. Cassel, receiver of the First National Bank of Renovo, seeks to recover $5,000 from Frank J. Burnett, former cashier ... Receiver Seeks To Recover $5,000 Williamsport, Pa., June 8-(/P)Howard N. Cassel, receiver of the First National Bank of Renovo, seeks to recover $5,000 ...
Source: newspapers

4. October 29, 1934 Other

Newspaper Excerpt: Receiver Resigns Approximately 250 children enRenovo-Howard N. Cassel, receiver of the closed First National Bank of Renovo for the past two years, has resigned his position ... on November will assume the ... position of vice president of the Citizens National Bank of Wellsville, N. Y.
Source: newspapers

5. * Suspension

Cause: Government Action
Cause Details: Bank was closed and placed in receivership (receiver handling recovery actions); insolvency/official closure led to suspension
Newspaper Excerpt: the closed First National Bank of Renovo
Source: newspapers

Newspaper Articles (2)

1. June 8, 1934 Wilkes-Barre Times Leader Wilkes-Barre, PA

Article from Wilkes-Barre Times Leader, June 8, 1934

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Article Text

Receiver Seeks To Recover $5,000 Williamsport, Pa., June 8-(/P)Howard N. Cassel, receiver of the First National Bank of Renovo, seeks to recover $5,000 from Frank J. Burnett, former cashier, and his brother, John B. Burnett. both of Meads crossing, in a civil suit in Federal Court. Frank cashed certificate of deposit for his brother when he knew the bank was insolvent, the government charged in opening the case before Judge Albert L. Watson yestreday. Two of eight perjury charges charges against Isaac Rochman, of Harrisburg, were dropped due to the death of witness. Rochman's case is the last criminal case of the session.

2. October 29, 1934 The Express Lock Haven, PA

Article from The Express, October 29, 1934

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Article Text

Bank Receiver Resigns Approximately 250 children enRenovo-Howard N. Cassel. re- joyed festive games. Prizes were ceiver of the closed First National awarded to Dolores Garner for the Bank of Renovo for the past two most beautiful costume: to June years, has resigned his position and Nicholas and Helen Gossler. the will. on November assume the Gold Dust Twins, for most clever position of vice president of the costuming and to Ruth Wagner for Citizens National Bank of Wells- the most comic masquerade. All ville. N. Y. children received a gift of candy