Duquesne National Bank (Pittsburg, PA)

View Charter #2278 on SPMC View balance sheet

Episode Information

Episode Type
Suspension → Closure
Start Date
November 14, 1932
Location
Pittsburg, Pennsylvania (40.441, -79.996)
Registered Place
Pittsburgh
Bank Type
national
Charter Number
2278

Metadata

Episode ID
Bank ID
City ID
421213644
Model
gpt-5-mini
Short Digest

Receivership Details

Depositor recovery rate
90.0%
Date receivership started
1932-11-15
Share of assets assessed as good
27.2%
Share of assets assessed as doubtful
60.3%
Share of assets assessed as worthless
12.5%

Events (5)
1. June 19, 1875 Chartered
Source
historical_nic
2. November 14, 1932 Suspension
Cause
Government Action
Cause Details
Bank suspended operations and entered receivership procedures in mid-November 1932 as recorded by the comptroller/receiver.
Newspaper Excerpt
The Duquesne National, which suspended business last November 14, is shown in the receiver's statement...
Source
newspapers
3. November 15, 1932 Receivership
Newspaper Excerpt
Closed Bank's Receiver Begin Accepting Proofs Today Proofs of claims from depositors and creditors of the closed Duquesne National Bank ... will be accepted beginning today. Thomas, receiver, stated. ...levied upon the shareholders November 30 by the comptroller of the currency. Appointment of Arthur R. Atwood as receiver for the Bank of Pittsburgh N. A., and the Duquesne National Bank. He succeeds C. O. Thomas ... since they closed their doors in September, 1931.[sic] (articles show receiver appointments and receiver activity in late 19322/1933). }
Source
newspapers
4. November 15, 1932 Receivership
Source
historical_nic
5. December 5, 1932 Other
Newspaper Excerpt
Proofs of claims from depositors and creditors of the closed Duquesne National Bank ... will be accepted beginning today. ... 90-day period will be allowed for filing claims, Thomas said, and depositors assist the receiver by not all attempting file their claims within the few days.
Source
newspapers

Newspaper Articles (11)
1. December 5, 1932 Pittsburgh Post-Gazette Pittsburgh, PA

Article Text

DUQUESNE NATIONAL TO RECEIVE CLAIMS Closed Bank's Receiver Begin Accepting Proofs Today Proofs of claims from depositors and creditors of the closed Duquesne National Bank, Fourth nue, Pittsburgh, will be accepted beginning today. This is necessary routine procedure, preparatory payment dividends when sufficient funds available, Thomas, receiver, stated. Passbooks and other papers are essential in proving claims. 90-day period will be allowed for filing claims, Thomas said, and depositors assist the receiver by not all attempting file their claims within the few days. Claims may handled through the mail upon written request for forms and printed instructions.

2. January 9, 1933 Pittsburgh Post-Gazette Pittsburgh, PA

Article Text

NATIONAL BANK RECEIVER HERE FILES REPORT Bank of Pittsburgh, Duquesne Data Is Made Public. COLLECTIONS MADE Uncollected Assets Reduced Considerably, Statement Shows. Statements of C. O. Thomas, receiver of two closed downtown national banks, the Bank of Pittsburgh and the Duquesne National, show substantial collections in the periods covered to December 31, 1932. The Bank of Pittsburgh collections are reflected in a decline of $26,207 in remaining assets uncollected at the end of the quarter, which then amounted to $20,836,467. The Duquesne National, which suspended business last November 14, is shown in the receiver's statement to have had total remaining uncollected assets of $7,167,246.91 as of December 31. Secured liabilities are shown as $2,525,215.37, and unsecured liabilities as $3,857,363.56. Total assets accounted for in the Duquesne National statement amount to $8,529,561.93. Total cash collected from assets and stock assessment is shown as $1,197,637.98. Total losses charged off are placed at $15,554.14.

3. January 9, 1933 Pittsburgh Post-Gazette Pittsburgh, PA

Article Text

Uncollected Assets $444,400. Uncollected assets include $444,400 of uncollected stock assessment, this being part of an assessment of $500,000, the par value of the closed bank's stock, levied upon the shareholders November 30 by the comptroller of the currency. Cash in hands of the Duquesne National receiver and the comptroller is reported at $153,304.64. Cash collected from all sources includes $1,197,637.98, collected from assets and stock assessment. Disbursements include $1,060,622.77 in secured and preferred liabilities, and receivership expenses amounting to $5,486.24. Total assets accounted for in the Bank of Pittsburgh statement amount to $61,533,164.88. Total cash collected from assets and stock assessment is $35,589,150.92. Total losses charged off are shown at $1,577,518.25. Uncollected assets amounting to $20,836,467.32 include $636,275.82 of uncollected stock assessment. Cash in hands of the Bank of Pittsburgh receiver and the comptroller is reported at $160,193.14. Cash collected from all sources includes $35,589,150.92 collected from assets and stock assessment, and a loan of $2,660,000 received from the Reconstruction Finance Corporation. Disbursements include: dividends amounting to 60 per cent paid to unsecured creditors, mainly depositors, $16,078,393.74; receivership expenses, $275,804.30; repayment on Reconstruction Finance Corporation loan, $1,309,000.

4. April 1, 1933 Pittsburgh Sun-Telegraph Pittsburgh, PA

Article Text

NAMED BANK Arthur R. Atwood today was appointed receiver for the Bank of Pittsburgh N. A., and the Duquesne National Bank. He succeeds C. O. Thomas who recently was appointed for the First National Bank of Detroit. Mr. Atwood has been assistant receiver for the two local banks since they closed their doors in September, 1931. He previously was connected with the Clarksburg National Bank and Trust Company of Clarksburg. N. Y.

5. April 2, 1933 The Pittsburgh Press Pittsburgh, PA

Article Text

RECEIVER APPOINTED FOR 2 BANKS HERE Former New York Banker Succeeds C. O. Thomas Appointment of Arthur R. Atwood as receiver of the closed Bank of Pittsburgh National Association and the Duquesne National Bank was announced yesterday by the Acting Comptroller of the Currency F. G. Awalt. Mr. Atwood succeeds C. O. Thomas who was summoned from Pittsburgh 10 days ago to become conservator of the First National Bank of Detroit. Mr. Atwood, a native of New York, has been the first assistant to Mr. Thomas in liquidating the affairs of the Bank of Pittsburgh and the Duquesne National since their closings. He is intimately connected with all the affairs of both defunct institutions and said yesterday he would continue the constructive policy instituted by Mr. Thomas at the beginning of the receiverships. The new receiver is a practical banker, having started in the banking business more than 20 years ago and left the active banking business two years ago to become associated with the Treasury Department.

6. April 2, 1933 The Philadelphia Inquirer Philadelphia, PA

Article Text

NAME BANK RECEIVER Arthur H. Atwood today was appointed receiver for the Bank Pittsburgh. National Association and the Duquesne National Bank. He succeeds C. Thomas, who went to the First National Bank of Detroit as Atwood has been assistant receiver for the two banks since they closed in 1931 Previously he connected with the Clarksburg Na tional Bank and Trust Company of Man Dies of Malnutrition man giving his name as Richard Starsoneck 34, of 2206 Sidney ave., West Port. Baltimore, who sought shelter in the 28th and Ox ford sts. police station Friday night died yesterday morning as he was being taken to the Northwestern General Hospital turnkey found him unconscious at 6.45 M. Physicians said death resulted from

7. October 9, 1933 Pittsburgh Post-Gazette Pittsburgh, PA

Article Text

BANK RECEIVER REPAYS LOANS Bank of Pittsburgh And Duquesne Out Of Debt to RFC. Arthur R. Atwood, receiver of the Bank of Pittsburgh, completed repayment of the loan to the RFC during the past three months, it is shown in the statement of condition as of September 30. The receiver had borrowed $2,660,000 some time ago to assist in paying dividends to depositors who have received a total of 60 per cent. The receiver's collections were substantial during the past three months, for on June 30 there was $229,500 principal still due the RFC and the receiver had cash of $136,357. On September 30, in addition to completing the repayment of the loan, the receiver had $411,767 cash on hand. Book value of remaining uncollected assets is $18,993,202. It is impossible to forecast what percentage of this will be collected ultimately. Roughly half of this amount is equal to remaining claims of depositors. The statement of Duquesne National Bank, of which Atwood also is receiver, shows that $115,200 principal was repaid to the RFC during the past three months, completely liquidating the loan of $647,700. In addition, cash held by the receiver increased from $150,654 to $260,344 on September 30. Depositors of this bank have received 20 per cent. Remaining uncollected assets total $4,013,562. Unsecured liabilities are roughly $3,500,000, on most of which the 20 per cent dividend has been paid. There are also

8. October 8, 1934 Pittsburgh Post-Gazette Pittsburgh, PA

Article Text

BANK RECEIVER'S COLLECTIONS GOOD Big Cash Increase at The Bank of Pittsburgh. The report of Arthur R Atwood, receiver of the Bank of Pittsburgh, for the quarter ended September shows substantial collections during the period in an increase in cash on hand from $338,667 on June 30 to $1,090,019 on September 30. Since the receiver no money to the RFC depositors apparently are in line for another dividend in the future to augment the 70 per cent they already The of the bank's closing was on September 21 In these three years secured and preferred liabilities paid amount $21,170,346 and unsecured creditors, or ordinary depositors, have been paid Remaining assets on September 30, 1934, some part of which necessarily may never be collected, although there had been $2,530 losses charged off Atwood is also receiver of the Duquesne National Bank and his report at September 30, this year shows an increase in cash on hand $78,186 from the held three months earlier Also repayments against RFC loans increased from $926,700 to $937,700. Depositors of this bank have ceived 50 per cent in dividends.

9. February 6, 1935 Pittsburgh Sun-Telegraph Pittsburgh, PA

Article Text

Depositors Forgetful Or Indifferent, Officials Say More than a million lonesome dollars lie idle in closed and reorganized banks throughout the Pittsburgh district, awaiting claimants who through indifference, ignorance or inability to prove ownership, have neglected to seek them. According to E. B. Toppin, acting head of the division of closed banks, State Department of Banking, 50,801 checks for dividends totaling $250,653 await depositors in 43 state banks in Allegheny County. In addition, 10 national banks hold dividends amounting to $767,130, awaiting claimants. The Bank of Pittsburgh reports 257 accounts over $10, 1,400 from $5 to $10 and 3,600 under $5, making a total of $27,000 available in the 82 1/2 per cent liquidation dividends. $37,000 TIED UP The Duquesne National Bank has on hand $37,000 in unclaimed dividends of 50 per cent, 390 over $10, 125 from $5 to $10 and 900 under $5. According to the receiver, approximately 30 per cent of these accounts are being held up by contingent liabilities for signed notes. Unproven claims in the amount of $76,000, on which dividends of 75 per cent are available, are reported in the First National Bank of Wilkinsburg. The Monongahela National Bank receiver reports 3,000 unclaimed accounts amounting to $63,000 on 75 per cent dividends await demand, while the Highland National Bank has an unclaimed $15,600.

10. April 13, 1935 Pittsburgh Post-Gazette Pittsburgh, PA

Article Text

National Bank Receivers Estimate Value of Assets Heads of Three Local Institutions Emphasize Expectations of Realization Are Not Guaranteed; Other Reports to Be Revised Next Quarter. Reports of receivers of local national banks were made available in revised form yesterday, giving a more comprehensive picture of the individual situations. They now contain estimated values of remaining assets. It is emphasized that these estimates represent the receiver's present estimation of liquidation values and neither the receiver nor the Comptroller of the Currency should be considered as having guaranteed they will be realized on the basis of these estimates or otherwise. The estimates are for general information and the collections may or may not exceed them. C. O. Thomas, receiver of the Diamond National Bank, in his report of March 31, shows cash on hand of $10,411, with depositors having been paid 50 per cent. A total of $1,150,000 has been repaid against RFC loans of $1,650,300. All secured and preferred liabilities have been paid and dividends paid to unsecured creditors total $2,437,968. Receivers' certificates have been issued in the amount of $3,482,811 to these unsecured creditors and there are $8,701 unsecured liabilities not paid or proved. The recapitulation of remaining assets of the bank follows: Book value. Estimated value. Uncollected assets.... $3,265,202 $884,018 Uncollected additional assets .... 145,088 ...... Uncollected stock assessment ...... 172,070 40,000 Total remaining assets ......... $3,582,360 $924,018 In the case of both the Diamond and Exchange banks, the uncollected additional assets have not been appraised. Albert E. Kabet, receiver of the Monongahela National Bank, in his report of March 31, shows cash on hand of $42,211, with depositors having been paid 75 per cent. A total of $81,000 has been repaid against RFC loans of $533,000. All secured and preferred liabilities have been paid and dividends paid to unsecured creditors total $5,026,957. Receivers' certificates have been issued in the amount of $6,698,333 to these unsecured creditors and there are $59,753 unsecured liabilities not paid or proved. The recapitulation of remaining assets of the bank follows: Book Value Estimated Value Uncollected assets.... $5,499,417 $1,210,000 Uncollected additional assets ......... 586,167 1,000 Uncollected stock assessment ......... 285,663 16,000 Totals ........... $6,371,247 $1,227,000 Arthur R. Atwood, receiver of the Bank of Pittsburgh and the Duquesne National Bank, yesterday said his reports for the next quarter would be issued in the revised form.

11. August 15, 1935 The Pittsburgh Press Pittsburgh, PA

Article Text

recently resigned after being receiver for two years to become a vice president of the Colonial Trust Co. The receiver of the Bank of Pittsburgh also administers the affairs of the Duquesne National and Third National Bank and Mr. Bradford was appointed by the comptroller of currency to these duties. Mr. Bradford's banking experience began with the old South Side Bank. Before that institution became the Pennsylvania Trust Co., he was placed in charge of the trust department. In 1932, after affairs of the bank had become involved Mr. Bradford was chosen as president in an effort to save the institution. He was responsible in returning to the city more than a million dollars that had been placed on deposit illegally. After the bank closed, with affairs liquidated by more than 60 per cent in cash Mr. Bradford became a vice president of the Colonial Trust in which capacity he has served since. The appointment as receiver of the Bank of Pittsburgh and the two other institutions becomes effective Monday.