19557. First National Bank (Trafford, PA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
6962
Charter Number
6962
Start Date
June 8, 1933
Location
Trafford, Pennsylvania (40.386, -79.759)

Metadata

Model
gpt-5-mini
Short Digest
43431592

Response Measures

None

Receivership Details

Depositor recovery rate
60.9%
Date receivership started
1932-03-02
Date receivership terminated
1940-09-25
Share of assets assessed as good
32.8%
Share of assets assessed as doubtful
54.7%
Share of assets assessed as worthless
12.5%

Description

Article (1933-06-08) states a receiver (John H. Feather) of the First National Bank of Trafford is pursuing recovery of assets that had been transferred before the bank was closed and that the bank became insolvent. No run or depositors' panic is mentioned; the bank had closed and a receiver was appointed, consistent with a suspension followed by permanent closure/receivership.

Events (4)

1. September 23, 1903 Chartered
Source
historical_nic
2. March 2, 1932 Receivership
Source
historical_nic
3. June 8, 1933 Receivership
Newspaper Excerpt
The action was brought by John H. Feather, receiver of the First National Bank of Trafford ... The receiver claimed that since the assignment was not recorded until the bank became insolvent, the assets should be returned to him.
Source
newspapers
4. * Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank became insolvent prior to transfer of assets; closure implied by references to insolvency and transfers to protect deposits.
Newspaper Excerpt
Assets had been transferred from the bank to the trust company, before the bank was closed, to guarantee the deposits of the school district.
Source
newspapers

Newspaper Articles (2)

Article from Evening Express, February 3, 1932

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Article Text

Canadian Discount Canadian this City this afternoon was the same Tuesday Checks per cent 14% per Pittsburgh Banks Close Feb. INS) national the Fittsburgh metwere the First National the National and the First National Trafford City banks protect creditors totaled approximately


Article from The Daily American, June 8, 1933

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Article Text

CHANGED WASHINGTON, June 7-(P)Senator Reed tonight promised new deal for veterans whose compensation has been cut. new regulations are so cruunfair that they will have elly modified,' he said in letter be in answer to thousands of veterpleas for relief ans' "If the President doesnt deal justly with the veterans, Congress will am satisfied that In the meantime can only ask you to be patient, and to believe that tue men who suffered in the nation's wars have friends in Washington who will fight for them whenever the need arises. Reed's office, as well as the offices the state's has been jammed with letters from veterans since the Veterans Administration started cutting compensation as a result of the onomy act. The first opportunity for action in the Senate came with consideration the Independent Offices Appropriation bill, the measure to supply funds to the Veterans' AdReed Limits Cuts After signing Round Robin which criticized the service-connected cuts as "indefensible and brutal," Reed undertook to limit them per cent After that move failed, Reed voted for a 25 per cent. limitation as provided by the Connally (D-Tex) amendment. With that amendment passed, President Roosevelt ordered modifications in the cuts in direct service-connected cases, bringing the average cut to about 18 per cent The amerdment is awaiting action by the House Reed assured the veterans he would give attention to individual cases as soon as all the modifications are made will do my level best to see that you receive substantial jushe said Reed has been a firm opponent of the immediate payment of the bonus. His first speech in the Senate decade ago was to oppose it. He was an artillery major in the World War and saw service TRAFFORD BANK RECEIVER CANT GET SCHOOL FUNDS missal of a suit to recover $46.256.27 from the moreland Trust Company of Greensburg, and the Trafford School District, was ordered today Judge F. P. Schoonmaker in federal The action was brought by John H. Feather, receiver of the First National Bank of\Trafford Assets had been transferred from the bank to the trust company, before the bank was closed, to guarantee the deposits of the school district. The transfer was made with the stipulation that the assignment be not recorded until the bank was able to make payments on the school district accounts. The receiver claimed that since teh assignment was not recorded until the bank became insolvent. the assets should be returned to him.