First National Bank - Scottdale, PA

Bank Information

Episode Type: Suspension → Reopening
Bank Type: national
Bank ID: 4098
Charter Number: 4098
Start Date: September 15, 1933
Location: Scottdale, Pennsylvania (40.100, -79.587)

Metadata

Model: gpt-5-mini
Short Digest: 5936385c

Response Measures

None

Description

Article (Evening Star, 1933-09-15) lists Patapsco National Bank among two Maryland banks licensed by the Controller of the Currency to reopen. The article does not describe any depositor run on this specific bank; it refers to reopening of previously closed banks under federal supervision following the bank holiday and reorganization efforts. I therefore classify this as a suspension (government action) with reopening.

Events (4)

1. August 26, 1889 Chartered

Source: historical_nic

2. September 15, 1933 Reopening

Newspaper Excerpt: Two Maryland banks were among four which the controller of currency today announced had been licensed to reopen. They are the Clear Spring National Bank of Clear Spring and the Patapsco National Bank in Ellicott City.
Source: newspapers

3. November 10, 1933 Voluntary Liquidation

Source: historical_nic

4. * Suspension

Cause: Government Action
Cause Details: Closed earlier in the banking shutdowns and placed under conservatorship/closure by federal authorities during the banking crisis; licensed by Controller to reopen.
Newspaper Excerpt: Two Maryland banks were among four which the controller of currency today announced had been licensed to reopen. They are the Clear Spring National Bank of Clear Spring and the Patapsco National Bank in Ellicott City.
Source: newspapers

Newspaper Articles (1)

1. September 15, 1933 Evening Star Washington, DC

Article from Evening Star, September 15, 1933

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Article Text

ROOSEVELT'S PLAN BRIGHTENS HOPES FOR CLOSED BANKS Seeks to Open Every Institution Not Hopelessly Insolvent by January 1. D. c. BENEFIT EXPECTED IN O'CONNOR'S DECISION Controller to Allow Holding in Portfolios of Home Owners' Loan Bonds. The prospects for opening closed banks in the District, along with those in the rest of the country, brightened considerably today following announcement of President Roosevelt's plans to open up every closed bank not hopelessly insolvent by January 1. The principal benefit to the banks in the District is expected to be the decision by Controller of the Currency J. F. T. Connor that banks may hold bonds of the Home Owners Loan Corporation in their portfolios. The Reconstruction Finance Corporation previously had declared these bonds acceptable as collateral up to 80 per cent of their value. Bonds of the corporation issued recently are being quoted at around 92. Mortgage Exchange Possible. Thus in the case of a bank which holds a large quantity of good but nonliquid real estate paper, the mortgages could be exchanged for Government bonds and either retained as liquid assets or pledged with the R. F. C. for cash. One specific case pointed out by a prominent official is that of the United States Savings Bank, plans for the opening of which were presented yesterday to the controller of the currency's office. That bank at the time it closed had, among other assets, $744.000 in real estate mortgages, but when reorganization plans were first broached to the Treasury only $18,000 of these mortgages were classed as "acceptable" assets. That was before the R. F. C. had announced it would lend 80 per cent of the value of the mortgage bonds of the Home Owners' Loan Corporation and. of course, before Q'Connor's ruling that the bonds themselves might be held in portfolio. Today. it was said, a much higher proportion of the $744,000 would be available as "acceptable" assets and the problem of satisfying the Treasury of the bank's liquidity, on that score alone, would be much easier. Second Ruling Expected. A second ruling, holding that bonds of the Farm Credit Administration also may be held in portfolio by banks is expected from the controller's offic soon. With these two agencies supportin the efforts of the deposit insurance or ganization and the R. F. C., and all working to the goal of having the greatest possible number of banks in operation by the first of the year, President Roosevelt is confident that there will be very few exceptions when that times arrives. If an institution is in such a condition that the public interest is best served by a receivership, that. of course, is a different matter. In a number of cases one of several banks in a community may be found to be badly impaired and in such instances mergers will be arranged. Directors Meet Tomorrow. The board of directors of the new Hamilton National Bank will meet at noon tomorrow to decide the opening date for the new bank. President Edwin C. Graham of the new Hamilton returned from Richmond yesterday from the regional offices of the Reconstruction Finance Corporation, bringing with him notes in favor of the seven merging banks on depositors of those banks. The next formality after announcing the opening date will be for conservators of the seven merging banks to list all of the class A assets in each bank, which are to be turned over to the new Hamilton bank. This task will take not less than a week. Two Maryland banks were among four which the controller of currency today announced had been licensed to reopen. They are the Clear Spring National Bank of Clear Spring and the Patapsco National Bank in Ellicott City. Others were the Knox County Savings Bank. Mount Vernon, Ohio, and First National Bank, Scottsdale, Pa.