19568. National Bank of Fayette County (Uniontown, PA)

View Charter #681 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
681
Charter Number
681
Start Date
March 2, 1931
Location
Uniontown, Pennsylvania (39.899, -79.724)

Metadata

Model
gpt-5-mini
Short Digest
1bc7e119

Response Measures

Full suspension, Books examined

Other: Receiver appointed and bank placed in hands of Comptroller; liquidation proceeded over subsequent years.

Receivership Details

Depositor recovery rate
55.0%
Date receivership started
1931-10-12
OCC cause of failure
Economic conditions
Share of assets assessed as good
14.9%
Share of assets assessed as doubtful
82.3%
Share of assets assessed as worthless
2.8%

Description

Newspapers document a threatened/widening 'bank scare' in March 1931 (rumor-driven) and persistent withdrawals that forced the National Bank of Fayette County to be placed in the hands of the Comptroller/receiver on October 10, 1931. The bank was liquidated under a receiver and did not reopen.

Events (5)
1. December 31, 1864 Chartered
Source
historical_nic
2. March 2, 1931 Run
Cause
Rumor Or Misinformation
Cause Details
Unwarranted 'bank scare' and grapevine rumors causing threatened runs and depositor panic.
Newspaper Excerpt
Now that the untimely and unwarranted bank scare has passed ... If we still incline our ear to the sly innuendoes of scandal mongers... Had the threatened run on the National Bank of Fayette County (unwarranted as it was) had persisted ...
Source
newspapers
3. October 10, 1931 Receivership
Newspaper Excerpt
The board directors of the National Bank Fayette County met on Saturday afternoon and formally placed the bank in the hands of Comptroller of the Currency. National Bank Examiner B. Bleakley in charge pending the of receiver. The bank ... went into the hands of receivers.
Source
newspapers
4. October 10, 1931 Suspension
Cause
Local Banks
Cause Details
Persistent withdrawals triggered by reports of the closing of a number of banking institutions and consequent runs on this bank led to suspension and placing the bank in hands of the Comptroller/receiver.
Newspaper Excerpt
As result of persistent runs the National Bank of Fayette County, Uniontown, open for business Saturday ... posted on its doors ... the comptroller the currency has assumed charge of the bank's affairs.
Source
newspapers
5. October 12, 1931 Receivership
Source
historical_nic

Newspaper Articles (9)
1. March 2, 1931 The Evening Standard Uniontown, PA
Article from The Evening Standard, March 2, 1931

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WEATHER Claudy with probable light local snows to night d Tuesday. Not much change in ture. SECOND THOUGHTS ABOUT BANKS AND BANKING Now that the untimely and unwarranted "bank scare" has passed into the oblivion it merited, it might be just as well to think reflectively a few moments before we dismiss the matter finally from our minds. If we as fellow- citizens of this fine community can learn a lesson from our folly. it may that the experience, expensive and distressing as & 333, will be to our ultimate profit. If we learn nothing. if we are ready again to stampede at the whisper of distorted "grapevine" rumors, if we still incline our ear to the sly innuendoes of scandal mongers, we are perverse as well as stupid. But the lesson is so plain that he who runs may read. Let's talk plain facts for a moment. Suppose, for instance, that the threatened "run" OIL the National Bank of Fayette County (unwarranted as it was) had persisted to the point where for the better protection of all parties at interest, depositors of all classes and stockholders as well, that it had been deemed necessary by the Comptroller of the Currency to close the docrs. What, then? Do you for one minute suppose that the hysteria that dictated such summary measure would have at once died away? Do you cherish the thought that other banks would not have come in for the very same gauntlet? Not for one second. Had the doors of the National Bank of Fayette County been closed (voluntarily or involuntarily, for any. reason whatsoever) what do you imagine would be the frame of mind of depositors at the Second National? Do you think that a run of enormous proportions would not have already started across the street, to swell in size until its doors, too, would have had to close? Most certainly. And this would have happened despite the fact that BOTH BANKS are, have been, and will be AS SOUND AS GIBRALTAR. But even that would have only been the start. With both Uniontown banks closed and the county seat of 200,000 people absolutely without banking accommodations of any kind, what do you suppose would have been happening in the rest of the county? Can you picture the wave of growing frenzy that would have swept our borders from end to end. carrying in its wake the forced discontinuance of EVERY BANK IN FAYETTE COUNTY? That's no exaggerated picture, folks, for (Continued on Page Four)

2. October 12, 1931 The Daily Courier Connellsville, PA
Article from The Daily Courier, October 12, 1931

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NATIONAL CLOSES Oldest in Uniontown Succumbs To Persistent Runs by Depositors. LARGE RESOURCES As result of persistent runs the National Bank of Fayette County, Uniontown, open for business Saturday evening o'clock. stead, notico. signed by Breakley, national bank examiner, nouncing the fact that the comptroller the currency has assumed charge of the bank's affairs, was posted on its doors. crowd of people the streets and before the Second National Bank, which filled with positors. some of whom withdrew their State Police and city policemen were on duty to provent any disordors. Arnett, cashier of the Second National, today issued statement declaring the bank's ability to pay all depositors in full and nouncing that the money was ready for them. Sunday and today, legal bank holiday thought the people will have time to overcome their and that conditions will be normal when the bank opens usual tomorrow morning. Following the closing of the Nationbank Fayette County, James Binns, president, issued the following statement: "Because of extraordinary withdrawals of apparently prompted by reports of the closing of number of banking institutions the board directors of the National Bank Fayette County met on Saturday afternoon and formally placed the bank in the hands of Comptroller of the Currency. The action was taken with to conserving the of the institution in the interest of all of the depositors. persistent withdrawal of deposits made apparent that to longer remain open would only to prefer as creditors those depositors who making immediate demands for their accounts, leaving the loyal friends of the institution to suffer only greater delay in the recovery their funds. "National Bank Examiner B. Bleakley in charge pending the of receiver. The bank the oldest In Uniontown, having been organized in 1858. About year ago took over the Union Title Trust Company. Its statement of June 30 last showed sources of and counts of approximately $6,000,000. believed that aid of the Credit being organized the suggestion of President Hoover to aid in the liquidation of frozen assets, can secured and thus hasten the adjustment of the bank's affairs.

3. October 30, 1931 The Producers News Plentywood, MT
Article from The Producers News, October 30, 1931

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BANKS POP IN AREA NEAR PITTSBURGH Pittsburgh.- The banks continue popping in the Pittsburgh area despite the Hoover plan to thaw frozen assets. Following the closing of five banks in Washington county with resources of more than $12,500,000 the National Bank of Fayette County ,at Uniontown, went into the hands of receivers. The bank. with deposits of six million dollars was one of the oldest in western Pennsylvania. Wheeling, W. Va., had the first failure in its history when the Central Union Trust Co. went broke. Two million dollars in cash was rushed from Pittsburgh in armored trucks to prevent a similar fate for another panhandle bank.

4. January 16, 1932 The Morning Herald Uniontown, PA
Article from The Morning Herald, January 16, 1932

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Article Text

Mr. McKee Issues Statements As of October 10 and December 31, Last Year FILES REPORT John K. McKee, receiver of The Na tional Bank of Fayette county, made two reports yesterday, one of the condition of the bank when closed and the other showing the condition as of December 31, 1931. These reports, the Receiver stated in letter to The Herald and The Genius, will be submitted show. ing the various stages of liquidation of the bank. few days ago Mr. McKee officially for proof of claims against the bank, 90 days being allowed for such proving which must be under notarial seal. As departure from the usual practice and through the influence of Congressman Samuel Kendall, the sworn statements of claim being taken by notaries at the bank without charge to the The receiver's statement shows that when the National Bank of Fayette County closed on October 10, 1931, had only in cash on hand that the total assets were $11,against total llabilities of $10,039,363.91. The report also shows that at the time of the bank's closing. $3,238,of the bank's assets were postas collateral for deposits totaling $3,290,676.87. The law provides that public moneys deposited in bank may be secured by amets of the bank specifically posted as securities On the other hand there accounts totaling $5,641,186.54 which had no security. The stock assessment, provided under federal banking law, amounts to $500,000 of which had not been paid at the close of the year. These assessments are payable monthon the basis 25 percent month. The detailed statements of the celver follow: When Bank Closed Statement of condition of The Na tional Bank of Fayette County. Uniontown, of the date of its suspension, October 10, 1931. Assets Bills receivable Cash on hand 97,609.12 Assets other than and cash on hand 5,110,740.02 Total $11,033,618.81 Liabilities Liabilities unsecured Deposits secured by pledge of asseta of the bank aggregating collateral Rediscounts secured by pledge assets the bank aggregating collatoral None Bills payable secured by pledge assets of the bank aggregating $2,737,850.34 collateral 1,107,500.00 Total $10,039,362.91 At End of Year Statement of The National Bank of Fayette County. Insolvent, of December 31, 1931. Assets Bills receivable Cash hand Assets other than bills receivable and cash on hand Stock assessment 97,609.12 222,899.37 500,000.00 Total of all assets coming Into the hands of the receiver Remaining Assets Uncollected Bills receivable Assots other than bills re3,853,597.78 Additional assets acquired 218,647.34 Stock assessment 443,862.09 Total assets uncollected Liabilities Total claims proven on Total unproven unsecured claims Total secured outstanding unpaid Total rediscounts unpaid Total bills payable unpaid Total additional ))abilities proven None 2,141,658.60 None None Total of all liabilities 7,987,205.27 Dividends paid during last quarter None Dividends prior thereto None Total dividends paid to date None Cash on hand

5. May 13, 1932 The Morning Herald Uniontown, PA
Article from The Morning Herald, May 13, 1932

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Deed Book page the Alexis Rose died April leaving him to his Harriet Donald Home. the defendants caption SEIZED and property the defendants and in Union guardian of Cutherine Hoover, person, now for the use of George All right, title, defend certain tract of land County, adjoining land, separately described as follows: that piece or parcel of German Township, Fayette County corner of the Middle Run School thence same, South degrees 29.5 perches thence and North of Run Road, North thence the same, North 54 Hast 38 perches stone in the dle degrees perches Containing Acres, conveyed Samuel Hone dated March 1885 recorded the Recorder's in Deed Excepting reserving however lot bounded described Beginning post the road Ing from and running thence land Company, 74% degrees perches to thence by other said South 18.8 post the North Crago, North perches beginning containing by and dated recorded Deed Book page Henry Newcorner and others, the Board School Township, All following described piece land lying bounded and described follows, Beginning post formerly and thence by land Thompson and Company, South 021/2 degrees perches land of Samuel Harriet Ross wife of Rose) perches by South perchas thence other land perches the place beginning. Containing 158 strict measure. Being land Harriet deed Cora, John Ross) the Board School Directors German Township, dated 1887 recorded Recorder's Office Fayette County Deed Bk. which derlaid the nine river or the seam the Freeport other coal, none which been concrete and upon which erected three frame shanty, and about one-half acre is under culticovered the old SIZED and taken execution the Harriet Ross, fendants Union Trust Company of Uniontown, guardian Catherine Hoover, person, now for the use of George K. Brennen Attorneys No. 95 National Bank and Flora Ogroreal judgment No. March Term. Interest, demand the defendants, and certain land situate the Village New Fayette bounded and de the middle the Uniontown Mike thence along middle road feet of west Mike feet said 123 to the the lot land which Louis Wolkoff Rubinow, by deed dated August Recorded Deed Seized and in execution the property the and Anna and Flora the Rice use National Bank. of Mason No. 97 March and F1 sur judgment No. 560 June Term. 1929. the right. title, claim and defendants and described situate Couunty, bounded and deon line lands Frick Company (John Tract) center Hurry Dunn Dunn and Addition Poplar by South minutes feet and to Roman Church by church school lot Comwhich this part, South 59 degrees one and degrees minutes 30 five seventy and thence seventy and corner Frick John Johnston tract: by degrees West, feet the place Containing BEING the same traot of land which by deed and therein by her the dated January County 472. in Deed Rook 385, Fayetto puge EXCEPTING AND RESERVING thereout all coal deriying land, reserved the deed Carnegie also deed Company 29, recorded. This conveyance 18 also' made subject January other existing said premises CarneLand Company or Its predecessure EXCEPTING AND and any part been sold conveyed deods record in County by agreements ecuted Clara Sellers and the the Wishart alone. BEING same premises conveyed Maude Wishart deeds of Clara Sellers dated and one October and in the Recorder's Office Fayette Deed Book page 172, and 460, at page 24, Upon which there erected story frame building equipped and refreshment stand, and known as Selend and taken execution the Maude Wishart and John Wishart, husband, at the suit of Doorley. DALE FIELD Attorney. March Term, of Nummers alias Finley Brown, executor of C. Finley Pl. sur judgment No. 191 June Term, 1929. ALL the right, title, claim and described estate: FIRST: that certain lot par(formerly Lane). in Uniontown, county bounded and described middle Mt. grees feet in Frank Lewellyn, Joseph Strickler thence Lewformerly Joseph North feet land Frank degrees to the middle South 46.6 7941 lot land said dated August in the Office Book 246, tin and porch in front and SECOND: that certain tract of and lying township Fayette described follows: South South perches Rider thence David green East 73.4 Rider's land South 77 degrees East North perches South East thence same and North the John ravine North degrees perches to stone thence North post 65 perches the place of and tract land William dated January recorded the Deed page 128, eight (8) AND land convered by Herring the Recorder's Office in Deed Volume page taining the Newcomer Rachel Finley Core by dated January and the Recorder's Office of Book Volume erected and three log house, frame wagon shed, log Core, allas Rachel Core. E. MORGAN. Attorney BROWN, March In the Court of Common Pleas of Fay. County, Fieri Facias sur No. 525 June Term, 1030. Interest. claim and demand real that piece land situate State of post the line land merly and corner lands John and 1-2 corner Roderlok's North 80 3-4 degrees perches post: North West SR.S perches thence North degrees spring head; 16.3 perches post line land of Asa thence same degrees East and the perches North 1-1 degrees East 137.8 the place more however, gns reserving, and and said right and and plpe and other rights privlease 1899, recorded by Ritenour Hrothers Excepting and reserving thereout and therefrom all the wine foot or Connellsville and said tract land mining and other rights privileges heretofore deeds record. Excepting said tract conveyed Valentine Thomas deed dated January 1923, and recorded the Recorder's in Deed Book Volume 449 Excepting and however thereout acres land conveyed Marion Valentine George Malone October and in the Office Deed Volume 457, page net area of more or less. Upon said house, barn stone frame house. Selzed taken execution property Marion fendant, at the suit of D. SHELBY, HACKNEY & RAY, Attorneys. No. 100 March Term, 1932, Litterell, Receiver The Na. Bank Fayette County YS. Ollie Fa. No. 630 March Term, claim demand the the Fourth Word City of Fayette County, Pennsyl parts of lots Addition Unionthe Pa., in Plan Book. 170, more bounded and defollows: point the WestButler Street feet from Street: Street through No 106, distance of 130 more or twenty thence by line alley point line of No. thirty feet from thence dividing of lots less, to Butler Street: thence by line 23.5 to the place of beginning and RESERVING enal together mining thereto and conveyed BEING the deeds Norris No. January 20, lot and recorded respectively Deed page 135 the Recorder's Office and basement frame dwelling house. Seived and taken execution ns property the National Bank of FuyCounty. RAY, No. March Term, D. Bank the the Ohio, Jewel R. McCombs. allas J. H. MoTerm, that certain tract land Village McCelCounty. bounded and defollows, post. corner Rhoda and shall, (65) Newcomer: thence by same North three degrees minutes One Hundred and (153) feet Street: said Street. degrees West, with lands sold Grove: thence by (46) East. One Hunthe place Thousand and Four-tenths SECOND Also all of the following described being Lots and the of German Township, Fayette County. which are bounded and described follows: point on McKinley Street the (62) degrees fifteen (18) minutes East. One Hundred Forty thenee along alley North thirty-six (36) one minutes alley In the rear lots; along line of said South (12) minutes West, One Hundred eighand thence the line South (27) (45) minutes Hundred Twenty Hundredths (149.25) to the place beginning

6. July 25, 1932 The Daily Courier Connellsville, PA
Article from The Daily Courier, July 25, 1932

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BANK RECEIVER SEEKS PAYMENT OF MORTGAGE Special to The Courter. UNIONTOWN July 25 -Receiver Lloyd Littrell for the National Bank of Fa) County todav presented his case before Judge D W Henderson to strike off the satisfaction of the 000 mortgage by 1. Bayard Wilson of Fairchance hich the bank claims la still an asset of the institution and be collected In an Interchange of deeds and mortgages. the yets forth that the original stat's of the signer was aftered .n that the mortgage became luvalid The mortgage 070 of the original assets of the old Citizens Title & Trust Company, trust depart-

7. July 26, 1932 The Morning Herald Uniontown, PA
Article from The Morning Herald, July 26, 1932

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BANK RECEIVER ASKS MORTGAGE BE HELD VALID Claim Made That Ten Thousand Dollar Satisfaction by J. Bayard Wilson of Fairchance be Reversed. CAME. FROM CITIZENS CO. Receiver Lloyd Littrell for the National Bank of Fayette County, Monday morning presented his case be. fore Judge D. W. Henderson to strike off the satisfaction of the $10,000 mortgage by J. Bayard Wilson of Fairchance which the bank claims is still an asset of the Institution and should be collected. In an Interobange of deeds and mortgages the receiver sets forth that the original status of the signers was altered 80 that the became Invalid The mortgages 18 one of the original assets of the old Citizens Title and Trust Company, trust department, having passed from there to the Fayette and Trust and eventually to the National Automotive transportation is becoming very serious competotor of railways in Germany.

8. August 4, 1933 The Evening Standard Uniontown, PA
Article from The Evening Standard, August 4, 1933

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STERLING FIRM NAMED COUNSEL FOR NAT'L. BANK Sterling, Field & Martin Succeed D. D. Sturgis For Local Bank Law firm of Sterling, Field and Martin has been named as counsel for the Receiver of the National Bank of Fayette County, the appointment having been handed down last Tuesday in Washington by Comptroller of the Currency O'Connor. Attorney Dean D. Sturgis, who has been counsel for the bank's receiver since it has been in liquidation, has tendered his formal resignation to the comptroller's office. Former Congressman Bruce F. Sterling, senior partner in the firm, had no comment to make today on the appointment. "The thing has just come through and until I have had the opportunity of conferring with both Receiver Lloyd Littrell and Mr. Sturgis there is nothing I can say," he remarked. Mr. Sterling's host of friends are congratulating him on this signal recognition of his firm's legal position at the Fayette county bar.

9. August 22, 1934 The Daily Courier Connellsville, PA
Article from The Daily Courier, August 22, 1934

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FIGHT RESIGNATION OF BANK RECEIVER AS MORTGAGE TRUSTEE Special to The Courier. UNIONTOWN, Aug. 22.-Further opposition to the resignation of Recelver Frank J. McFarland from the National Bank of Fayeite County mortgage pool was voiced Tuesday when Attorney J. B. Adams. Jr., presented " petition excepting the Government's retirement from supervision of the pool and asking for rule on the receiver to show cause why he should not withdraw his resignation. The petition was bitterly opposed by Attorney E. C. Higbes who declared It was highly irregular. "nondescript anomaly. nothing short of n monstrosity in law." The action should have taken the form of nn answer or a demurrer to the receiver's resignation. said Higbee. 'Don't impede the flow of the stream of orderly procedure," he said. It is the contention of Attorney Adams, however, that the court is entirely without Jurisdiction to handle the matter and that it remains entirely with the Government. Judge S. John Morrow took the papers without comment. The pool is represented by 117 mortgages with a value of $328,000 Investments.