19574. Citizens National Bank (Warren, PA)

View Charter #2226 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
2226
Charter Number
2226
Start Date
May 16, 1931
Location
Warren, Pennsylvania (41.844, -79.145)

Metadata

Model
gpt-5-mini
Short Digest
0c9ddcae

Response Measures

None

Receivership Details

Depositor recovery rate
73.9%
Date receivership started
1931-06-04
Date receivership terminated
1938-09-30
OCC cause of failure
Governance
Share of assets assessed as good
35.3%
Share of assets assessed as doubtful
55.7%
Share of assets assessed as worthless
9.0%

Description

The Citizens National Bank of Warren suspended operations May 16, 1931 and was placed in receivership. The articles describe the bank as closed and under a national bank receiver, with dividends distributed later — consistent with permanent closure and liquidation. No article describes a depositor run prior to suspension.

Events (5)
1. March 1, 1875 Chartered
Source
historical_nic
2. May 16, 1931 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank suspended due to insolvency/financial failure (liabilities exceed available assets); placed in receivership and liquidation followed.
Newspaper Excerpt
the Citizens National Bank, suspended May 16th, was issued this morning by F. William Lensing, national bank receiver in charge
Source
newspapers
3. June 4, 1931 Receivership
Source
historical_nic
4. June 12, 1931 Receivership
Newspaper Excerpt
Wm. National Bank Receiver, arrived Warren terday and will take charge of the affairs the Citizens National Bank which closed May 16. ... the Receiver in due time.
Source
newspapers
5. December 1, 1931 Other
Newspaper Excerpt
First dividend of 40% will be paid depositors the closed Citizens National Bank of Warren on or about December 1st, 1931, according to notice posted at the bank today and statement made by Wm. Lensing, national bank receiver
Source
newspapers

Newspaper Articles (8)
1. June 13, 1931 Warren Times Mirror Warren, PA
Article from Warren Times Mirror, June 13, 1931

Click image to open full size in new tab

Article Text

CITIZENS NOW IN CHARGE RECEIVER Wm. National Bank Receiver, arrived Warren terday and will take charge of the affairs the Citizens National Bank which closed May 16. In order speed up the affairs the Receivership work he has requested that parties requesting general the bank affairs delay such inquiries until after Receivership have been which will probably take ten days or two The bank will be open each day from and from to Saturday when the hours will to for the purpose of customers owing the bank making payments their notes that now due. Later after the Reveivership work progresses, the Warwill news advising the how proceed file claim for the amount of their deposit. The form proofs will be supplied by the Receiver in due time. AN AD DAY the Classified Section keeps hard times away.

2. June 25, 1931 Warren Times Mirror Warren, PA
Article from Warren Times Mirror, June 25, 1931

Click image to open full size in new tab

Article Text

CONTENTS OF BOXES AT CITIZENS NATIONAL ARE NOW AVAILABLE TO RENTERS NOT INDEBTED TO BANK The following statement that should be of interest to a large number in the community who did business with the Citizens National Bank, suspended May 16th, was issued this morning by F. William Lensing, national bank receiver in charge: LIABILITIES Liabilities unsecured $ Bills Payable secured by pledge of assets of the bank aggregating $129,427.00 as collateral Total F. Wm. Lensing, National Bank Receiver, now in charge of the affairs of the Citizens National Bank, Warren, advises that: Customers of the Citizens National Bank, who have Safety Deposit Boxes rented and are NOT indebted to the said Bank either directly, indirectly, as endorser or otherwise, may call at the Office of the Receiver and obtain the contents of their box after executing receipt satisfactory to F. Wm. Lensing, National Bank Receiver. Mr. Lensing, the Receiver, has a supply of forms to be used for that purpose. Box renters MUST call in PERSON ,some $1,143,859.46 933,605.67 other member of the family, friend or relative cannot obtain the contents. In the near future it will be necessary that all depositors file Proof of Claim. Mr. Lensing states that the forms necessary for the filing of claims have not been received, and when they are available newspaper item will be published in the Warren Times-Mirror. The Bank is now open from 9:00 a. m. to 12:00 noon, and from 1:00 p. m. to 3:00 p. m. Customers owing the bank for past due notes or other obligations are requested to call at the bank immediately and make prompt payment. ASSETS Bills Receivable $ 920,330.32 Cash on hand 35,655.34 Assets Other than Bills Receivable and cash on hand 187,873.80 Total 45,100.00 $ 978,705.67

3. July 14, 1931 Warren Times Mirror Warren, PA
Article from Warren Times Mirror, July 14, 1931

Click image to open full size in new tab

Article Text

HISTORIC ANNIVERSARY Today marks the 142nd anniversary of the fall of the Bastille, famous Parisian prison, whose destruction marked the beginning of the French Revolution. The day is still celebrated as a holiday in France and the meeting of the experts to arrange the details of the debt moratorium was fixed at a later date because of it, although it is to be held in London, not Paris. HELD FOR GRAND JURY Frank R. Girardot, former insurance adjuster, Louis L. Kaufman, real estate broker and Henry Cornell, alleged torch man and former speakeasy bartender, were held for action of the September grand jury by Justice of the Peace Walter Goodwin of Wesleyville yesterday. The men must now stand trial for the alleged burning of two farm houses SO that they might collect exorbitant insurance claims. ELK DISTRICT MEETING Thirteen of the nineteen lodges in the northwestern Permsylvania district were represented by 48 members at the monthly meeting of the Northwestern Pennsylvania dihtrict were represented by 48 members at the monthly meeting of the Northwestern Pennsylvania Elks Association held Sunday at Grove City. Warrem Lodge, No. 223, was represented by Frank J. Lyons and Earl V. MacDonald. The next meeting will be Sunday, July 19th, at Bradford. CAMPAIGN ENDORSED Plans for the Prosperity Check campaign to be staged by the Chamber of Commerce in co-operation wtih the Times-Mirror, are receiving almost unanimous endorsement of merchants and business men who are approached on the subject. The interest being shown by those approached is most encouraging, assuring a most successful and interesting campaign in this community. Further announcement regarding the arrangements will appear shortly. MUST FILE CLAIMS Mr. Lensing, National Bank Receiver in charge of the affairs of the Citizens National Bank, states that it is necessary for each depositor of the Citizens National Bank to file a claim with the Receiver before the depositor will participate in dividends. All depositors of said bank should promptly call at the bank and file their claims. The necessary proof forms will be supplied by the Receiver. Each depositor should present his pass book or other evidence in order to establish the claim. Depositors who fail to file claim with the Receiver will not participate in dividends. KIWANIS OUTING Nearly four hundred Kiwanians will meet at Panama Rocks Thursday for an outing, with representatives from Warren, Corry, Lockport, Batavia, Fredonia, Dunkirk, Warsaw, East Aurora, Niagara Falls, Tonawanda, Olean, Buffalo, Brockport, Rochester and Jamestown. Frank C. Huntingdon, district governor will be present as one of the speakers,. Activities will begin at three o'clock, daylight saving time, with sports and athletic activities for both men and women. At six o'clock dinner will be served following a trip through the rocks After that there will be dancing until midnight with music furnished by Jimmy Howard and his Crusaders. IN AUTO CRASH Jamestown Post: Mrs. Hanna Nelson, 20 Wildwood Avenue, received severe cuts on the head and four other persons sustained minor cuts and bruises when automobiles driven by Isadore A. Schnell, Youngsville, Pa., and J. Verner Nelson, 20 Wildwood Avenue, collided at Newland and Chautauqua Avenues last evening at 6:35 o'clock. Mrs. Nelson is at Jamestown General Hospital and X-ray pictures will be taken of her head injuries this morning. Others taken to the hospital and discharged after treatment were Victor A. Schnell, Vera E. Schnell and Vivian Dyer, all of Youngsville, and Miss Doris Nelson, 20 Wildwood Avenue.

4. November 2, 1931 Warren Times Mirror Warren, PA
Article from Warren Times Mirror, November 2, 1931

Click image to open full size in new tab

Article Text

CITIZENS' NAT'L READY TO PAY Receiver For Closed Warren Bank Announces 40 Percent Payment to Be Made About Dec. 1st; Fifteen Hundred Depositors Participate STATEMENT ISSUED First dividend of 40% will be paid depositors the closed Citizens National Bank of Warren on or about December 1st, 1931, cording to notice posted at the bank today and statement made by Wm. Lensing, national bank receiver, as follows: Lensing, receiver, since its closing on May 16, 1931, will have first dividend checks ready for distribution depositors and creditors the bank who have made satisfactory proof of claim. The first dividend checks will be ready for delivery on or about December 1st. They are now being pared in the receiver's office. they completed they will be forwarded to the treasury department the United States, Washington, for signature. receiver's certificate proof claim will be delivered creditors the same time the first dividend checks are deliverApproximately fifteen hundred depositors will participate addition to the 40% dividend that has just been declared, bills amounting to $45,100.00 have been paid in full, which was secured obligation the bank date suspension and the collateral pledged security amounting to was leased to the receiver. amount and date of future dividend payments depends entireon how promptly debtors of the bank pay their obligations to the The will publish news item just as soon the vidend checks are returned from Washington the receiver and ready for distribution to the depositors. detailed statement of the ceivership September 1931, will be found on page seven.

5. November 30, 1931 Warren Times Mirror Warren, PA
Article from Warren Times Mirror, November 30, 1931

Click image to open full size in new tab

Article Text

TRIBUTING CITIZENS NAT'L DIVIDEND CHECKS F. Wm Lensing, National Bank Receiver. in charge of the affairs of the Citizens National Bank, Warren, today started making delivery of First Dividend checks of 40 per cent to depositors of the closed bank who have made satisfactory proof of claim. Approximately fifteen hundred depositors will participate in the dividend amounting to $333,806.92. Receiver's Certificates will be delivered to each depositor along with the First Dividend check and it is important that the depositor preserve the Certificate for the reason, that it will be necessary that the Receiver's Certificates be presented for endorsement each time a dividend is paid. The amount and date of future dividends will depend entirely upon how promptly the debtors of the bank pay their obligations to the Receiver. The office of the Receiver is open daily from 8:30 m. to 12:00 noon and 1:00 p. m. to 3:00 p. m. except Saturdays when regular banking hours will be observed 9:00 a. m. to 12:30 m. p. Customers may call for their checks during these hours. It is also necessary that each depositor or claiment execute a receipt before the check is delivered other members of the family or friends cannot do it for you. TURNS OVER FOUR TIMES According to the Titusville Herald: Game Supervisor Jay C. Gilford of Oil City, had an experience on Friday during the snow storm that he will not care to repeat during this or any other hunt ing season. Mr. Gilford was on his way to Warren and when near the top of Plumer Hill, something crashed into his car, which caused him to lose control of the machine. He states that the car turned over four times and landed upright in the ditch. Mr. Gilford at first thought he had collided with an other car, but when he alighted he saw a deer disappear over the hill, and as there was no other car in sight concluded the deer crashed against his car. The car was badly damaged and Mr. Gilford sustained painful cuts and bruises. Later in the day Mr. Gilford was notified that a der had been seen near Plumer, which apparently had a broken leg and that it disappeared in the direction of Pleasantville.

6. December 1, 1931 The Oil City Derrick Oil City, PA
Article from The Oil City Derrick, December 1, 1931

Click image to open full size in new tab

Article Text

WARREN REFINERY LOSS IS $10,000 of the United Refining Co, whose plant was the scene of on explosion that rocked entire section Sunday night, stated today that the will exceed $10,000 Re bullding operations have already hern started and expected that the new gasoline reforming unit which was hadly damaged by the blast, will again be In operation within another week. The cause the explorion in be lieved to have resulted Ignition an accumulation of highly explosive propare and gaves of even lighter gravity The unit that was damaged by the blast Was erocted during summer for the United Reaning Co. by the Struthere-W Co., of this city. The first Its kind ever constructed this country and while still in experimental stage. It has been proving most successful process removing from gasoline elements that cluse motors 10 knock. The build Ing that destroyed housed two stage compressor driven by 180 horse power direct connected gas engine. and the theory is that the 58882 caused the explosion no doubt accumulated from sonte leaks from the high pressure side of the The plan: as usual today. Lensing. National bank receiver In charge the affairs of the Citizens National hank. which dend checks 40 per cent. to de positors the closed hank who have made eatisfactory proof of claim Approximately 1,500 deposiparticipated the dividend The amounting and date of future diviamount dends will depend entirely upon how promptly debtors of the bank pay their obligations to the 30. Funeral Warren of Warren county who was suffo rated under four large state from of his store at Sunday evening. will be held el

7. August 17, 1934 The Kane Republican Kane, PA
Article from The Kane Republican, August 17, 1934

Click image to open full size in new tab

Article Text

LENSING RESIGNS AS BANK RECEIVER F. William Lensing, national bank receiver in charge of the Citizens Na tional bank. Warren: Wilcox National bank, Wileox: First National bank, of Brockway, First National bank in Brockway and the First National bank of Youngsville, who has been Its charge of these banks since inception of the several receiverships, has re signed as receiver. At June 30, 1934, the statement of condition of Warren receivership indi cates that dividends aggregating 59 per cent, or $511,250.22 was paid to depositors and cash in the amount of $48,019.51 is available for future dividends. The remaining uncollected as sets aggregate total of $607,376.27. At June 30, 1934, the statement of condition of the Wilcox receivership indicates that dividends aggregating 83 per cent or $193,331 46, were paid to depositors and cash in the amount of $12,963.37 is available for future dividends. The remaining uncollected assets aggregate total of $29,043.47 Lensing was appointed receiver of the Brockway and Youngsville receiverships for the purpose of collecting stock assessments. Lensing was connected with the in solvent division of the office of the comptroller of the currency for eleven years, and during that time liquidated banks in Texas, Arkansas and Illinois, in addition to the Pennsylvania receiverships.

8. August 18, 1934 Pittsburgh Post-Gazette Pittsburgh, PA
Article from Pittsburgh Post-Gazette, August 18, 1934

Click image to open full size in new tab

Article Text

Resigns as Receiver WARREN, Aug. William Lensing, national bank receiver, charge of the Citizens National Bank, Warren; Wilcox National Bank, Wilcox; First National Bank of Brockway, First National Bank in Brockway and First National Bank of Youngsville, who been charge of these banks since the inception of the several receiverships, has resigned as receiver.