First National Bank - Union Mills, PA

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 110
Charter Number: 110
Start Date: March 5, 1883
Location: Union Mills, Pennsylvania (40.606, -77.699)

Metadata

Model: gpt-5-mini
Short Digest: 7333639b

Response Measures

None

Receivership Details

Depositor recovery rate: 70.9%
Date receivership started: 1883-03-24
Date receivership terminated: 1893-04-15
OCC cause of failure: Fraud
Share of assets assessed as good: 71.9%
Share of assets assessed as doubtful: 20.8%
Share of assets assessed as worthless: 7.3%

Description

Article (Bradstreet's summary) lists 'The First National Bank of Union Mills, Pa.' among important failures for the week. No mention of a depositor run or later reopening; treated as suspension leading to permanent closure/failure. No details on cause provided in the excerpt.

Events (3)

1. October 23, 1863 Chartered

Source: historical_nic

2. March 5, 1883 Suspension

Cause Details: Listed by Bradstreet's as an important failure during the week; no specific cause given in the article.
Newspaper Excerpt: The First National Bank of Union Mills, Pa.:
Source: newspapers

3. March 24, 1883 Receivership

Source: historical_nic

Newspaper Articles (1)

1. March 5, 1883 Savannah Morning News Savannah, GA

Article from Savannah Morning News, March 5, 1883

Click image to open full size in new tab

Article Text

BRADSTREET'S BUDGET. Southern Failures During the Past Week. There were 260 failures in the United States reported to Bradstreet's during the past week, 56 more than the preceding week, 108 more than the corresponding week of 1882, and 126 more than the same week of 1881. There were 55 reported from the Southern States, an increase of 19. The greatest number was reported from the West. The important failures included Humphrey & Co., leather, and Wiley, Wickes & Wing, importers of fruit, New York city; Fox & Co., glass manufacturers, Durhamville, N. Y.: The First National Bank of Union Mills, Pa.: The First National Bank of Peru, III.; Lucius Clark & Co., paper manufacturers, South Bend, Ind.: George H. Taylor & Co., and Paul D. Hayward, wholesale paper, Chicago. The following were reported from local territory: GEORGIA. Atlanta-E. Brewer, grocer, has assigned. Augusta-John J. Gallagher, shoes, has assigned. Liabilities $7,500; assets, stock $6,000; accounts $3,000; preferences $4,500. Gainesville-T. C. Gower, carriage maker, has compromised at 50 cents. Thomson-Paschal & O'Neal, general store, have assigned. Liabilities $9,000; nominal assets $18,000; preferences $1,000. SOUTH CAROLINA. Branchville-L. - Pearstein, general store, has assigned. Camden-W. F. Perkins, general store, has been closed by the Sheriff on mortgages in favor of S. B. Latham. Ninety-six-T. T. Beacham (agent), grocer, etc., offer to compromise at 25 cents. Williamston-Hart & Maher, general store, are reported to have assigned.