19604. Wilcox National Bank (Wilcox, PA)

View Charter #12933 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
12933
Charter Number
12933
Start Date
October 15, 1931
Location
Wilcox, Pennsylvania (41.576, -78.688)

Metadata

Model
gpt-5-mini
Short Digest
379fbe93

Response Measures

None

Receivership Details

Depositor recovery rate
93.0%
Date receivership started
1931-10-27
Date receivership terminated
1936-10-20
OCC cause of failure
Economic conditions
Share of assets assessed as good
21.0%
Share of assets assessed as doubtful
79.0%

Description

The bank was closed on October 15, 1931 and placed in receivership (F. W. Lensing). Subsequent articles (1933, 1934) describe dividend payments and the receiver's resignation; no reopening is reported. Classified as suspension_closure (suspension followed by permanent closure/receivership).

Events (6)
1. May 26, 1926 Chartered
Source
historical_nic
2. October 15, 1931 Receivership
Newspaper Excerpt
was closed on October 15, 1931, and Mr. Lensing was placed in charge of its affairs. Lensing, national bank receiver, in charge of ... Wilcox National bank, Wilcox ... has resigned as receiver (1934).
Source
newspapers
3. October 15, 1931 Suspension
Cause
Government Action
Cause Details
Bank was closed and a national bank receiver (F. W. Lensing) was placed in charge — closure by government/receiver action.
Newspaper Excerpt
The Wilcox bank, the only one in the neighboring village, was closed on October 15, 1931, and Mr. Lensing was placed in charge of its affairs.
Source
newspapers
4. October 27, 1931 Receivership
Source
historical_nic
5. November 1, 1933 Other
Newspaper Excerpt
The fourth dividend checks of 13 percent are ready for distribution to depositors of the closed Wilcox National bank at Wilcox, it was announced today by F. W. Lensing, national bank receiver.
Source
newspapers
6. August 17, 1934 Other
Newspaper Excerpt
At June 30, 1934, the statement of condition of the Wilcox receivership indicates that dividends aggregating 83 per cent ... were paid to depositors and cash in the amount of $12,963.37 is available for future dividends. F. William Lensing ... has resigned as receiver.
Source
newspapers

Newspaper Articles (3)
1. November 1, 1933 The Kane Republican Kane, PA
Article from The Kane Republican, November 1, 1933

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Article Text

WILCOX DEPOSITORS TO GET 13 PERCENT MORE The fourth dividend checks of 13 percent are ready for distribution to depositors of the closed Wilcox National bank at Wilcox, it was announced today by F. W. Lensing, national bank receiver. Including this payment, depositors have received $192,938.04 in dividends or an aggregate of 83 percent of the amount due them. The Wilcox bank, the only one in the neighboring village, was closed on October 15, 1931, and Mr. Lensing was placed in charge of its affairs. Lensing stated today that out-oftown depositors should forward their receiver's certificates to him at his address in Warren, together with the proper receipt, following which dividend checks will be mailed. The time future dividends are pay. able and the amount depends entirely on how promptly the debtors of the Wilcox bank pay their obligations to the receiver, Lensing said.

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

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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.

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

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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.