First National Bank - Shenandoah, PA

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 3143
Charter Number: 3143
Start Date: April 7, 1933
Location: Shenandoah, Pennsylvania (40.820, -76.201)

Metadata

Model: gpt-5-mini
Short Digest: 9ed272b7

Response Measures

None

Receivership Details

Depositor recovery rate: 80.7%
Date receivership started: 1934-11-07
Date receivership terminated: 1940-11-30
Share of assets assessed as good: 41.8%
Share of assets assessed as doubtful: 50.5%
Share of assets assessed as worthless: 7.7%

Description

Comptroller appointed a conservator (government action) in April 1933; bank continued to segregate deposits but was under federal control. In November 1934 a receiver was appointed, indicating permanent closure. No run is described in the articles.

Events (4)

1. March 24, 1884 Chartered

Source: historical_nic

2. April 7, 1933 Suspension

Cause: Government Action
Cause Details: United States Comptroller of the Currency appointed a conservator (David L. Watson) to arrange the affairs of the bank and restore normal business.
Newspaper Excerpt: Announcement was made of the appointment of David L. Watson ... as conservator for that bank by the United States Comptroller of the Currency.
Source: newspapers

3. November 7, 1934 Receivership

Source: historical_nic

4. November 14, 1934 Receivership

Newspaper Excerpt: Edmund S. Brennan ... has been appointed receiver of the First National Bank, of Shenandoah. He received word of his appointment from the U. S. Treasury Department and made a preliminary survey of the bank's condition Saturday.
Source: newspapers

Newspaper Articles (2)

1. April 7, 1933 The Record American Mahanoy City, PA

Article from The Record American, April 7, 1933

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Article Text

CONSERVATOR NAMED FOR SHENANDOAH BANK Announcement was made of the appointment of David L. Watson, assistant cashier of the First National Bank, of Shenandoah, as conservator for that bank by the United States Comptroller of the Currency. As conservator, Mr. Watson will have charge of the banking business under the direction of the Federal Reserve Bank officials for the purpose of arranging the affairs of the bank so that it may at the earliest moment resume business on a normal basis to the best interests of the depositors. In the meantime, the bank will continue to accept and segregate deposits which are payable 100 per cent on demand.

2. November 14, 1934 The Record American Mahanoy City, PA

Article from The Record American, November 14, 1934

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Article Text

NAMED BANK RECEIVER Edmund S. Brennan, of Pottsville, proprietor of the Boston Store and a bank director, who is well known here. has been appointed receiver of the First National Bank, of Shenandoah, He received word of his appointment from the U. S. Treasury Department and made a preliminary survey of the bank's condition Saturday.