Burgettstown National Bank (Burgettstown, PA)

View Charter #2408 on SPMC View balance sheet

Episode Information

Episode UID
240801517
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
24080 national
Charter Number
2408
Start Date
May 1, 1926*
Location
Burgettstown, Pennsylvania (40.382, -80.393)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
b5176a22eda0ada4

Response Measures

None

Receivership Details

Depositor recovery rate
75.5%
Date receivership started
1925-05-14
Date receivership terminated
1937-08-13
OCC cause of failure
Governance
Share of assets assessed as good
48.8%
Share of assets assessed as doubtful
24.9%
Share of assets assessed as worthless
26.2%

Description

Articles state the bank closed in May after the collapse of the Bell interests but do not give an exact year for the closure; receiver was active by 1927.

Events (4)
1. February 4, 1879 Chartered
Source
historical_nic
2. May 14, 1925 Receivership
Source
historical_nic
3. May 1, 1926* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closed after collapse of the Bell interests; large losses from loans and bonds to Bell-related coal companies and alleged director negligence.
Newspaper Excerpt
closed in May, following the collapse of the Bell interests.
Source
newspapers
4. January 14, 1927 Receivership
Newspaper Excerpt
Benjamin L. Rosenbloom, receiver of the Burgettstown National Bank ... yesterday filed an equity suit ... against John Bell and five others who served as directors of the bank before it was closed in May.
Source
newspapers

Newspaper Articles (4)
1. August 17, 1893 The Sun New York, NY
Article from The Sun, August 17, 1893

Click image to open full size in new tab

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. January 14, 1927 Pittsburgh Post-Gazette Pittsburgh, PA
Article from Pittsburgh Post-Gazette, January 14, 1927

Click image to open full size in new tab

Article Text

Burgettstown Bank Receiver Sues Bell and Five Directors Various Acts of Negligence in Institution's Management Charged. Benjamin L. receiver of the Burgettstown National Bank of Burgettstown, Washington county. yesterday filed an equity suit in the District Court against United States John Bell, convicted coal operator who and five others and banker. served with Mr. Bell of it closed in the bank before orders of the on the collapse of of following currency They are charged the Bell interests. of negligence in with various acts of the affairs of the the management bank. are T. P. The other defendants E. McLee R. and Thomas C. G. Pate filed for the The suit was Linn. Alexander Cooper by Attorhey is with of who Bloom & Bloom of law firm of the as Mr. Bell of Mr. board of directors of the of the bank. bill of comin the The the losses suffered asks that of the bank in consequence by the loans and action of the through the vances and determined board be that decree be the court. entered by adjudging the, defendants separately liable to pay jointly and the full amount of the the petitioner together with the alleged terest. Says Losses $200,000. in the bill involve The losses is alleged that directors various the board of bonds in times purchased to amounts coal comand more Bell held panies that John and on numerous trolling in. of directors occasions the they had purterchanged the bonds of other coal for Bell was interest that Mr. asks in the bill receiver be issued that to answer the asks that bill. Mr. account and money of the made of all the bank was gettstown violation of the duties gently and in by or of the defendants of the defenunder the direction bonds mentioned in the dants in the bill. various loans, the In citing the in the bill that the since 1920 been defendants of various acts of guilty of the affairs of in the management the bank.

3. January 14, 1927 The Pittsburgh Post Pittsburgh, PA
Article from The Pittsburgh Post, January 14, 1927

Click image to open full size in new tab

Article Text

Burgettstown Bank Receiver Sues Bell And Five Directors Benjamin L. Rosenblooom. receiver of the Burgettstown National Bank of Burgettstown, Washington county. yesterday filed an equity suit the United States district court against John convicted banker and coal operator and five others who served with directors of the bank before was closed in May, following the of the Bell interests. The other defendants are Weaver, Lee Scott. W. E. Mc. Curdy, Pate and Thomas Linn. The suit filed for the receiver by Attornay Alexander Cooper Bell the of the board of was president

4. February 10, 1934 The Daily Herald Monongahela, PA
Article from The Daily Herald, February 10, 1934

Click image to open full size in new tab

Article Text

DIRECTOR Former Receiver Executive Director of County Relief. Disapproving proposals that activities of Washington Greene Counties be consolidated Paul Keenan, Waynesburg, the Washington County Emergency Relief Board. meeting yesterday Washington, elected Harry Wilson of 501 East Beau street, Washington, its executive director. Wilson, until recently receiver the Avella, Burgettstown and Hickory National Banks and resident of the county for the past five will take the place Robert H. Stroud, who resigned upon quest after two relief workers had been killed an automobile accident at Ligonier while en route home from party. Haviland, acting executive director, will resume his duties supervisor of investigators. The election of Wilson unanimous, the Board being of the opinion man of executive perience and without local political alignments needed for the sition. Cole, district supervisor of the State Board, attended the recommended consideraof the plan for the consolidation Greene and Washington counties into one district and der director The Board unanimously opposed this proposal, holding that such consolidation not now feasible. They said might possible for accounting and other minor details but that the amount of work in this counmade imperative that local director from this county should in charge of work here. Nomination persons additional investigators made to the State Board Harrisburg. These additional vestigators were recently authorizand the names of those selecttaken from lists file with local committee. It proposed distribute these investigators throughout the county to keep down traveling expense. The additional investigators were allowed to the county in order clear quickly as possible vestigation of all county the State board that supervisor be named distribute in this county surplus food which will assigned the county by the Federal Relief Committee. Yesterday's meeting was presid- over by Roy Carson, chairman, and was attended by James Wray, Will H. Watson. Reese and Taylor