Ridgeway Bank - Ridgway, PA

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: June 1, 1893*
Location: Ridgway, Pennsylvania (41.420, -78.729)

Metadata

Model: gpt-5-mini
Short Digest: ff3045f1

Response Measures

None

Description

Article states Ridgeway Bank closed its doors in June, 1893 and refers to embezzlement case against its president D. C. Oyster; receivers have been paying dividends. No mention of a depositor run — failure appears tied to embezzlement and the bank remained closed with receivers. Bank type inferred as a state (local) bank because name lacks National or Trust.

Events (2)

1. June 1, 1893* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank closed following embezzlement allegations against its president D. C. Oyster (wrecked bank).
Newspaper Excerpt: D. C. Oyster was president of the wrecked Ridgeway Bank, which closed its doors in June, 1893.
Source: newspapers

2. * Receivership

Newspaper Excerpt: The receivers of the bank have paid 20 per cent, and will soon make another payment of 15 per cent.
Source: newspapers

Newspaper Articles (1)

1. December 10, 1895 New-York Tribune New York, NY

Article from New-York Tribune, December 10, 1895

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Article Text

ACCUSED OF BANK-WRECKING OFFICIALS OF TWO PENNSYLVANIA INSTITUTIONS ON TRIAL Philadelphia, Dec. 9.-The trial of the cases against Charles W. Raymond, president, and Edward M. Raymond, cashier of the Middletown National Bank, and Joseph F. Raymond, their brother, who was not connected with the bank, but was indicted with them on the charge of aiding in their alleged m'sappropriation of the funds of the now defunct institution, was begun in the United States District Court this afternoon. There are four indictments against the Raymonds, an additional one having been found against Edward M. Raymond, on the charge of making false reports regarding the bank to the Controller of the Currency. It was agreed by the counsel to try the cases together. Joseph Campbell, sr., a director of the bank, who was indicted for allèged conspiracy, will be tried separately. The cases will be on trial all week. Ridgeway, Penn., Dec. 9.-The jury in the embezzlement case of D. C. Oyster was discharged this morning, having been out forty-six hours and failed to agree. D. C. Oyster was president of the wrecked Ridgeway Bank, which closed its doors in June, 1893. The case against Oyster was presented by a committee on behalf of the bank's creditors. It cannot be retried until March. The receivers of the bank have paid 20 per cent, and will soon make another payment of 15 per cent.