First National Bank - West Elizabeth, PA

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 6373
Charter Number: 6373
Start Date: October 1, 1914*
Location: West Elizabeth, Pennsylvania (40.271, -79.899)

Metadata

Model: gpt-5-mini
Short Digest: ffb4f1e8

Response Measures

None

Receivership Details

Depositor recovery rate: 90.5%
Date receivership started: 1914-10-17
Date receivership terminated: 1917-09-29
OCC cause of failure: Losses
Share of assets assessed as good: 38.3%
Share of assets assessed as doubtful: 53.4%
Share of assets assessed as worthless: 8.2%

Description

Contemporary reports (Oct 1914) state the First National Bank of West Elizabeth, PA has been closed due to poor industrial conditions; the Comptroller's report lists the bank as failed in October 1914 with cause injudicious banking and shows a receiver was appointed. No article describes a depositor run prior to closure, so this is a suspension leading to permanent closure/receivership.

Events (4)

1. August 9, 1902 Chartered

Source: historical_nic

2. October 1, 1914* Receivership

Newspaper Excerpt: First National Bank, West Elizabeth, Pa., October, injudicious banking. ... the date of the appointment of receiver, which is the first act by the government after the failure of a bank, and also gives the causes for the failure as found by the government investigation.
Source: newspapers

3. October 17, 1914 Receivership

Source: historical_nic

4. October 30, 1914 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Closed because of poor industrial conditions; comptroller later attributes failure to injudicious banking (poor bank judgment).
Newspaper Excerpt: The First National Bank of West Elizabeth, Pa., has been closed because of the poor industrial conditions.
Source: newspapers

Newspaper Articles (3)

1. October 30, 1914 Putnam Patriot Putnam, CT

Article from Putnam Patriot, October 30, 1914

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Article Text

Negras, opposite Eagle Pass, Texas. George R. Brewster, a Newburgh, (N. Y.) lawyer pleaded guity to a charge of misappropriating funds of the St. Luke Hospital and was sentenced to 2 1/2 years at hard labor in Sing Sing. John A. Krieger, vice-president of the Boston Molasses Co., was found dead in bed at his home in Brookline with gas jets turned on. The First National Bank of West Elizabeth, Pa., has been closed because of the poor industrial conditions. President Pierce promised that depositors will be paid in full. A receiver has been appointed for the firm of Berg & Berg, a Phila. delphia dry goods house. It is reported that the company will be able to settle all claims. Emilio Quirol Gomez, a general in Huerta's army was arrested at San Antonio charged with smuggling diamonds from Mexico. Owing to the lack of crime in the town of Winlock, Wash., the discharge of the town marshal is being agitated. There has been two arrests in two years. Roger Bresnahan, catcher for the Chicago "Cubs," of the National League, has been signed to manage the Brooklyn Federals for three years. Miss Maud Thomas, 30 years old, was killed and three others injured when their automobile skidded and overturned at Buffalo. A decrease of more than 250,000 in the number of aliens entering the United States is indicated in a report to Secretary of Labor Wilson made by Commissioner of Immigration Caminetti, A charge of manslaughter was made against Richard D. Peters, son of Mrs. Richard Dudley Peters, of Boston. His auto killed Charles Mondino, aged eight. Col. Butler Ames' hydro-aeroplane is reported to have shown great speed on the water but to have failed to fly during a secret trial on Haggetts' Pond, Mass.

2. October 30, 1914 The Olneyville Times Providence, RI

Article from The Olneyville Times, October 30, 1914

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Article Text

General The Illinois State Highway Commission will ask the next Legislature for $2,500,000 to construct permanent roads throughout the State. Governor Dunne is said to favor this amount. The smokeless powder plants of the Du Pont Powder Co. at Wilmington and Carney's Point, N. J., are working double time on orders supposed to have been received from Europe. Secretary of the Navy Daniels is expected to approve of the council for national defence bill, a scheme similar to the Gardner resolution, when he makes his annual report. Captain E. E. Johnson, who commanded the Old Dominion liner Monroe, which sank in a collision with the steamer Nantucket off the coast of Virginia last January with a loss of forty lives, was held blameless by the supervising steamship inspector at Norfolk. The family of Venustiano Carranza, constitutionalist first chief, reached the Mexican border. They will make their temporary residence at Piedras Negras, opposite Eagle Pass, Texas. George R. Brewster, a Newburgh, (N. Y.) lawyer pleaded guity to a charge of misappropriating funds of the St. Luke Hospital and was sentenced to 2½ years at hard labor in Sing Sing. John A. Krieger, vice-president of the Boston Molasses Co., was found dead in bed at his home in Brookline with gas jets turned on. The First National Bank of West Elizabeth, Pa., has been closed because of the poor industrial conditions. President Pierce promised that depositors will be paid in full. A receiver has been appointed for the firm of Berg & Berg, a Philadelphia dry goods house. It is reported that the company will be able to settle all claims. Emilio Quirol Gomez, a general in Huerta's army was arrested at San Antonio charged with smuggling diamonds from Mexico. Owing to the lack of crime in the town of Winlock, Wash., the discharge of the town marshal is being agitated. There has been two arrests in two years. Roger Bresnahan, catcher for the Chicago "Cubs," of the National League, has been signed to manage the Brooklyn Federals for three years. Miss Maud Thomas, 30 years old. was killed and three others injured when their automobile skidded and overturned at Buffalo. A decrease of more than 250,000 in the number of aliens entering the United States is indicated in a report to Secretary of Labor Wilson made by Commissioner of Immigration Caminetti, A charge of manslaughter was made against Richard D. Peters, son of Mrs. Richard Dudley Peters, of Boston. His auto killed Charles Mondino, aged eight. Col. Butter Ames' hydro-aeroplane is reported to have shown great speed on the water but to have failed to fly during a secret trial on Haggetts' Pond. Mass.

3. April 4, 1915 The Pensacola Journal Pensacola, FL

Article from The Pensacola Journal, April 4, 1915

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Article Text

NATIONAL BANKS AND CAUSES OF THEIR FAILURE DOCUMENT ISSUED BY COMP. TROLLER OF CURRENCY SHOWS THIRTEEN INSTITUTIONS, BESIDES FIRST NATIONAL OF PENSACOLA, WENT TO WALL. The annual report of the comptroller of the currency to the third session of the sixty-third congress of the United States, issued December 7th. 1914, as document No. 1467, volume two, contains some interesting information concerning the failure of the First National and other banks banks during 1914. This report gives the name of the bank failing, the date of the appointment of receiver, which is the first act by the government after the failure of a bank, and also gives the causes for the failure as found by the government investigation. Below is given a list of the national banks that have failed during 1914, the date of appointment of receiver. and the cause assigned by the comptroller of the currency for the failure. Marion National Bank, Marion, Kansas, January, closed by run. First National Bank, Superior, Neb., January, fraudulent management. Barnesville National Bank, Barnesville, Minn., January, fraudulent management. First National Bank, Pensacola, Fla, January, injudicious banking. Americus National Bank, Americus, Ga., February, fraudulent management. First National Bank, Gallatin, Tenn., March, wrecked by assistant cashier. First National Bank, Wyatusing, Pa., March, depreciation of securities. First National Bank, London, Ky., April, wrecked by assistant cashier. First National Bank, Corning, Iowa, June, excessive loans to officers and directors. First National Bank, Johnson City, IIL, August, injudicious banking. First National Bank, Sutton, W. Va., August, defalcation of officers. American National Bank, Pensacola, Fla., September, closed by a run. United States National Bank, Centralia, Washington, September, defalcation of officers. First National Bank, West Elizabeth, Pa., October, injudicious banking. According to this report, the government recognizes thirty-two different causes for failures, some relating to defalcation, some for excessive loans to officers, some to fraudulent management. Others are listed as wrecked by the president, cashier, or some other officer, and some for other causes. It will be noted that in this report they do not charge fraud against either of the banks which failed in Pensacola, the comptroller's report accounting for the failure of the American National Bank, which re-opened shortly after it closed its doors, gives as the cause, "closed by a run," meaning a run of the depositors. In accounting for the failure of the First National Bank, the report attributes as the cause, "Injudiclous Banking," which is a criticism of judgment against the officers of the bank, rather than a suggestion of fraud or intentional wrong doing on their part.