Diamond National Bank (Pittsburg, PA)

View Charter #2236 on SPMC View balance sheet

Episode Information

Episode UID
223601595
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
22360 national
Charter Number
2236
Start Date
November 15, 1932
Location
Pittsburg, Pennsylvania (40.441, -79.996)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
44cd05bcbff1c1d2

Response Measures

None

Receivership Details

Depositor recovery rate
75.0%
Date receivership started
1932-11-14
Share of assets assessed as good
22.0%
Share of assets assessed as doubtful
65.1%
Share of assets assessed as worthless
12.9%

Description

New bank took over acceptable assets; original Diamond remained closed under a receiver.

Events (6)
1. March 23, 1875 Chartered
Source
historical_nic
2. November 14, 1932 Receivership
Source
historical_nic
3. November 15, 1932 Receivership
Newspaper Excerpt
Robert R. Gordon today was appointed receiver of the Diamond National bank of Pittsburgh which failed to open today.
Source
newspapers
4. November 15, 1932 Suspension
Cause
Government Action
Cause Details
Bank failed to open and was placed in receivership by federal authorities (Comptroller/receiver appointed).
Newspaper Excerpt
Robert R. Gordon today was appointed receiver today of the Diamond National bank Pittsburgh which failed to open today.
Source
newspapers
5. April 26, 1933 Other
Newspaper Excerpt
More than 14,000 depositors in the closed Diamond National and Monongahela National banks will have access to portions of their cash soon through the opening of the Pitt National Bank ... The new bank will take over portions of the assets of the two closed institutions and will credit the depositors with proportional amounts.
Source
newspapers
6. June 12, 1933 Other
Newspaper Excerpt
The new Pitt National ... takes over portions of the Diamond National assets ... to be open June 12 ... Depositors of the Diamond Bank will be given orders for 40 per cent of their claims.
Source
newspapers

Newspaper Articles (11)
1. August 17, 1893 The Sun New York, NY
Article from The Sun, August 17, 1893

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Article Text

Suspended Banks Reopen Their Doors. KANSAS CITY. Aug. 16. - The Armourdale Bank at Armourdale. which suspended business in the financial crash in the two Kansas cities one month ago yesterday. has reopened its doors and resumed business. FORT SCOTT, Kan., Aug. 16-The First National Bank of this city. which suspended on July 18, resumed business this morning. Bank Examiner Latimer of Sedalia. who has been in charge since it closed. has issued a notice to depositors saying that the institution is in good financial condition. WASHINGTON. Aug. 16.-The First National Bank of Rico, Col., which suspended payment June 30. 1893. having complied with the conditions imposed by the Comptroller of the Currency. and its capital stock being unimpaired. has been permitted to-day to reopen its doors for business. CLEVELAND. Aug. 16.-The Cardington Banking Company. at Cardington. O., closed its doors this afternoon. Theassets approximate $100. 000 and are said to be sufficient to meet the demands of the creditors. The President of the bank. Major W. G. Beatty. was obliged to make an assignment. and the bank could not weather the trouble brought on by his embarrassment. CARROLLTON. Pa.. Aug. 16.-The banks of Johnston. Bucks county. at Ebensburg. Carrollton. and Hastings. which suspended payments until they could get more money. will open again on Monday morning.

2. October 26, 1903 Daily New Dominion Morgantown, WV
Article from Daily New Dominion, October 26, 1903

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Article Text

The disturbances caused by the suspension of the Baltimore and Pittsburg banks which recently went out of business, have subsided and no further trouble is anticipated. The country is all right and it will not go to the bow-wows just at present.

3. November 6, 1907 Alma Record Alma, MI
Article from Alma Record, November 6, 1907

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Article Text

AS OTHERS SEE IT The following appeared as an ediorial in this mornings Grand Rapids Herald and in a clear and concise statement of the facts as relative to the present financial Hurry: "The end of the financial disturbance is believed to be in sight. The trouble originaed in New York. The "collapse of the copper corner pinched some of the brethren of high finance. Their embarrassment involved some of the banks with which they were connected. In a flash New York had a panic on hand. The New York banks. for their own protection. applied the 60-day rule for withdrawal of deposits and resorted to the use of clearing house certificates. This action was not necessarily an evidence of weakness. but was deemed essential to safety to prevent a blind. unthinking. unreasoning rush for money to be locked up in vaults or hoarded." New York is the country's great financial center. its money reservoir. When New York tied itself up in a knot. other cities were soon in a tangle, not through any fault of their own nor because of "local conditions.", but simply bceause New York had failed them. Chicago was the first to follow the New York example in applving th* 60-day rule_and resorting to clearing house certificates. And then Detroit. Pittsburg. Cleveland. Buffalo, St. Louis and the banks of nearly every other city did likewise. The banks of Grand Rapids are among the very few in the country that have continued to do business under anything approaching normal conditions. The banks here still pay cash on demand to satisfy all legitimate needs, but at the same time they are doing all they can to conserve their supplies of currency by the use of checks, certificates of deposit and exchange on New York and Chicago. But as stated, the end of the trouble. it is believed, is now in sight. The national banks all over the country are taking out additional circulation. is coming out of Washington at the rate of $1,000.000 to $1,500,000 a day. The government mints are working overtime on new coniage. and this money is being put into circulation as rapidly as possible. The greatest, factor of immediate relief. however. is the arrival of gold from Europe. The Kron Prinzessin Cecile brought $8,000,000 into New York yesterday. The Lusitania will arrive Friday with $10.000,000. Other ships are on the way

4. November 15, 1932 The Tribune Scranton, PA
Article from The Tribune, November 15, 1932

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Article Text

NAME BANK RECEIVER PITTSBURGH R. Gordon was appointed receiver today of the Diamond National bank Pittsburgh which failed to open today.

5. November 15, 1932 The Morning Herald Uniontown, PA
Article from The Morning Herald, November 15, 1932

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Article Text

Scranton To WASHINGTON, Nov. of violating the Wright Unless are made necessary by death or resignation, the NAMED BANK RECEIVER to name Nov. not an in Robert R. Gordon today was appointpostmasters before 1934. ed receiver of the Diamond National The first major appointment will be Bank of Pittsburgh, which failed Scranton. open today. Gordon, receiver for the Dozens postmasters appoint- Exchange National Bank of Pitts ments smaller cities, boroughs burgh since that institution closed, hamlets, expire before any of the appointed by Acting Comptroller positions become vacant. Currency Awalt, in whose In second and third class offices, hands the Diamond National was placthe civil service commission holds ed by its and recommends three persons. Appointments to fourth SEEKS COAL STOVE class offices are on strict civil Ensign William McGowan of the basis.

6. December 9, 1932 The Producers News Plentywood, MT
Article from The Producers News, December 9, 1932

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Article Text

New Bank Suspensions Nebraska: George W. Woods, Bank Commissioner, has announced: Bank of Raymond, Raymond, closed. South Dakota: E. A. Ruden, Supt. of Banks, has announced: First State Bank, Bowdle, closed. National banks suspending Nov. 18, as re- ported to the Comptroller of the Currency and made public Nov. 18, were: National banks suspending Nov .14, as reported to the Comptroller of the Currency and made public Nov. 14 were: Shawnee National Bank, Shawnee, Okla.; resources, $2,359,264; First National Bank of Allen, Okla., resources $119,771; First National Bank of McLoud, Okla.; resources, $130,272; Park National Bank of Sulphur, Okla.; resources, $213,651. Diamond National Bank of Pittsburgh, Pa.,; resources, $15,849,950. United States National Bank and Trust Co4 of Kenosha, Wis.; resources, $1,812,553. National banks suspending Nov. 21 and 22, as reported to the Comptroller of the Currency and made public Nov. 23, were: Nov. 21: Ayers National Bank, Jacksonville, 111., resources, $8,285,998. Nov. 22: First National Bank of Faulkton, S. Dak., resources $257,141.

7. December 21, 1932 Latrobe Bulletin Latrobe, PA
Article from Latrobe Bulletin, December 21, 1932

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Article Text

MAY MERGE TWO BANKS (Continued from Page One) same amount, it was said. According to tentative plans the new bank will be known as solidated National Bank of Pittsburgh and will operate in banking rooms of one of the two closed banks. Sixty per cent of cash deposits of the Monongahela Bank and 40 per cent of the Diamond depositors are expected to be made available with opening of the proposed bank Receivwill assume the remainder of the deposit liability of each bank, paying check are

8. December 21, 1932 The Daily Notes Canonsburg, PA
Article from The Daily Notes, December 21, 1932

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Article Text

PITTSBURGH, Dec. Depositors of two closed National Banks here have approved plans for merger of the institutions to create bank with deposits more than million dollars, revealed today. Plans for second merger, combining the new bank with bank operating in good financial condition, reported to be under consideration. The second merger approved would create an institution with deposits of more than said. The merger plan already proved by depositors calls for solidation of the Monongahela National Bank and Diamond National Bank. both of Pittsburgh, which closed recently. Completion the merger will await subscription new capital stock, which In addition the bank have surplus of $175,000 and undivided profits the same amount, was said. According to tentative plans the hew bank will be known as the Consolidated National Bank of Pittsburgh, and will operate banking rooms of one the two closed banks. Sixty percent of cash deposits of the Monongahela bank and the Diamond deposits are expected to be made available with opening of the proposed bank. Receivers will assume the remainder of the deposit liability of each bank, paying It check as assets liquidated, said.

9. December 21, 1932 The News-Herald Franklin, PA
Article from The News-Herald, December 21, 1932

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Article Text

Approve Plans For Merger of 2 Closed Banks positors of two closed national banks here have approved plans for merger of the institutions to create a new bank with deposits of more than $10.000,000, it revealed today Plans for a second merger, combining the new bank with a bank now operating in good financial condition, are reported to be under consideration. The merger, if approved, would create an institution with deposits of more than $30,000,000. it was said. The merger plan already approved by depositors calls for consolidation of the Monongahela National bank and Diamond National bank, both of Pitts burgh. which closed recently. Completion of the merger will await subscrip tion of new capital stock. which is to total $700.000. In addition the bank will have surplus of $175.000 and undivided profits of the same amount. it was said. According to tentative plans, the new bank will be known as the Consolidat ed National Bank of Pittsburgh and will operate in banking rooms of one of the two closed banks. Sixty per cent. of cash deposits of the Monongahela bank and 40 per cent. of the Diamond deposits are expected to be made available with opening of the proposed bank. Receivers will assume the remainder of the deposit llability of each bank. paying It by check as assets are liquidated, it was said.

10. April 26, 1933 Pittsburgh Sun-Telegraph Pittsburgh, PA
Article from Pittsburgh Sun-Telegraph, April 26, 1933

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Article Text

DEPOSITS TO BE RELEASED BY NEW BANK 14,000 Will Obtain Access to Part Of Cash By GEORGE H. SNYDER More than 14,000 depositors in the closed Diamond National and Monongahela National banks will have access to portions of their cash soon through the opening of the Pitt National Bank of Application for charter for the new institution has been approved and the work of obtaining subscriptions for the stock has been completed. according to an announcement by the committees in charge of the organization work. The new bank will take over portions of the assets of the two closed institutions and will credit the depositors with proportional amounts. It is expected that Diamond will have access to about 45 per cent of their funds and that the Monongahela depositors will have access to about 60 per cent of theirs. USE DIAMOND SITE The new bank will conduct its business in the quarters of the former Diamond National Bank at Fifth and Liberty avenues. Assets not taken over by the new bank will remain in the hands of the receivers for liquidation. The committee announcement said the name of the new bank having been pre-empted and authority having been given by the Comptroller of the Currency, the corporate organization will be put through as rapidly as possible and the necessary arrangements concluded and court orders obtained to enable the new bank to take over the acceptable assets of the Diamond and Monongahela Na. tional banks and make ailable to depositors of those institutions, the proportion of their deposits transferred. SPEED SOUGHT The setting up of the organization to run the new bank and the opening of the books and accounts will be pushed as rapidly as possible While officers and directors have not been formally elected. the proposed board has been holding frequent meetings. As was previously announced, Charles Fisher will be president and A. Hughlin vice president. The total capital. surplus and undivided profits of the new bank will aggregate made up of cash subscriptions and. with acceptable assets taken over from the Diamond National Bank and the Monongahela National Bank at their current market values, the financial stability of the new bank assured.

11. May 24, 1933 Pittsburgh Sun-Telegraph Pittsburgh, PA
Article from Pittsburgh Sun-Telegraph, May 24, 1933

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NEW PITT BANK OPENS JUNE The new Pitt National portions of the which takes over of the Diamond National assets and National banks, for business June 12 to be open signed by Federal Judge R M Gibson today cleared the for the sale certain the Bank to the Pitt National Bank and Robert R. Gordon, receiver ized the former Diamond lease Bank quarters to the Pitt National Bank. The receiver of the Monongahela National Bank was also thorized to make the necessary transfer Depositors of the Diamond Bank will be orders on the new for 40 per cent of their claims and deposiproven of the Monongahela Bank tors will receive orders for 65 per cent of their proven claims. depositors want cash for If the that will be available when the new bank plans approved by the United States Controller of The new bank will have capital and undivided profits of