Farmers & Drovers National Bank

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: national
Bank ID: 839
Charter Number: 839
Start Date: November 28, 1889
Location: Waynesburg, Pennsylvania (39.896, -80.179)

Metadata

Model: gpt-5-mini
Short Digest: 2af8d14c

Response Measures

None

Receivership Details

Depositor recovery rate: 77.3%
Date receivership started: 1906-12-12
Date receivership terminated: 1938-05-11
OCC cause of failure: Fraud
Share of assets assessed as good: 27.5%
Share of assets assessed as doubtful: 68.1%
Share of assets assessed as worthless: 4.4%

Description

A small run followed the assignment/failure of Ex-Sheriff Sprigg (reported Nov 28, 1889). The bank appears to have closed briefly and opened its doors again by Nov 30, 1889 — directors reassured depositors and elected new officers. OCR shows variations in the cashier name (Wantz vs. Lantz); likely OCR errors. Cause tied to bank-specific adverse information (association with local failures/liabilities).

Events (5)

1. February 25, 1865 Chartered

Source: historical_nic

2. November 28, 1889 Run

Cause: Bank Specific Adverse Info
Cause Details: Assignment/failure of Ex-Sheriff Sprigg involved the bank's cashier and signaled large local liabilities, prompting withdrawals.
Measures: Directors publicly assured depositors the bank could pay deposits; officers were reorganized (new cashier elected).
Newspaper Excerpt: the report caused a small run on the bank. The directors assured the depositors that the bank was perfectly able to pay deposits.
Source: newspapers

3. November 29, 1889 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Temporary closure tied to the panic from multiple business failures and judgment notes in the county; reopening followed after assurances and internal reorganization.
Newspaper Excerpt: The Farmers and Drovers' National Bank opened its doors again this morning, and notwithstanding it is considered safe, there was a rush made at once by depositors which lasted all day.
Source: newspapers

4. November 30, 1889 Other

Newspaper Excerpt: During the last three days and nights judgment notes amounting to $500,000 have been entered ... The newly elected President, G. L. Wyly, says the bank is safe and has plenty of money to pay all the depositors.
Source: newspapers

5. December 12, 1906 Receivership

Source: historical_nic

Newspaper Articles (2)

1. November 29, 1889 The Cheyenne Daily Leader Cheyenne, WY

Article from The Cheyenne Daily Leader, November 29, 1889

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Article Text

An Ex-Sheriff's Failure. WAYNESBURG, Pa., Nov. 28,-ExSheriff Sprigg made an assignment yesterday which involved W. T. Wantz, cashier of the Farmers' and Drovers' National bank and the report caused a small run on the bank. The directors assured the depositors that the bank was perfectly able to pay deposits. Reverses in cattle ventures in the West was the cause of the failure. The liabilities will reach many thousands of dollars.

2. December 1, 1889 Wheeling Sunday Register Wheeling, WV

Article from Wheeling Sunday Register, December 1, 1889

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Article Text

WAYNESBURG'S PANIC. Dozens of Business Men are Practically Ruined. WAYNESBURG, PA., November 30.During the last three days and nights judgment notes amounting to $500,000 have been entered in the Prothonotary's office at this place, and many of the formerly prominent business men are rained financially. The Farmers and Drovers' National Bank opened its doors again this morning, and notwithstanding it is considered safe, there was a rush made at once by depositors which lasted all day. The newly elected President, G. L. Wyly, says the bank is safe and has plenty of money to pay all the depositors. A. L. Lindsay, formerly Assistant Cashier, was elected Cashier at a meeting of the directors yesterday morning, vice W. T. Lantz. At least twenty of the most wealthy men of the county will be ruined by being bail for those who have failed. Among them are Robt. Smith, County Treasurer; all he has and likely his bondsmen also are heavy losers. W.P. Lautz's liabilities are about $100,000 more than his assets. W. Bradens, ex-Treasurer, and D. A. Spragg, $50,000 each. Gen. J. F. Temple and ex-Collector John Dowlin about $125,000 each. Many farmers all over the county are in for bail money. Much talk is heard against Lautz & Spragg, and they may be arrested, At this time it is not possible to tell who are hurt, but there never was such a failure here before, and a general panic may follow. Money could not be obtained here to-day for less than 20 per cent.