Citizens National Bank & Trust Company (Hornell, NY)

View Charter #2522 on SPMC View balance sheet

Episode Information

Episode UID
252201586
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
25220 national
Charter Number
2522
Start Date
February 13, 1932
Location
Hornell, New York (42.328, -77.661)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
05e969d20deea186

Response Measures

Accommodated withdrawals, Public signal of financial health, Capital injected, Full suspension

Receivership Details

Depositor recovery rate
69.0%
Date receivership started
1932-05-10
Date receivership terminated
1941-06-13
Share of assets assessed as good
26.1%
Share of assets assessed as doubtful
64.2%
Share of assets assessed as worthless
9.8%

Description

Citizens had earlier been involved in a Feb merger announcement; May run led to failure to open and receiver appointed.

Events (6)
1. May 6, 1881 Chartered
Source
historical_nic
2. February 13, 1932 Suspension
Cause Details
Merger activity and bank closings in Hornell area (First National closed; Citizens' National announced merger with Steuben Trust).
Newspaper Excerpt
Closed by order of the board of directors. This bank in charge of National Bank Examiner Connor. The notice was dated Feb. 13.
Source
newspapers
3. April 30, 1932 Run
Cause
Local Banks
Cause Details
Withdrawals triggered by a local run (likely contagion from nearby bank failures/closures in Hornell).
Measures
None specified in articles; later receiver appointed and accounts being compiled.
Newspaper Excerpt
The Citizens National Bank and Trust Company of Hornell failed to open its doors recently after a Saturday run on the bank.
Source
newspapers
4. May 2, 1932 Suspension
Cause
Local Banks
Cause Details
Bank did not open following the run and effectively suspended operations (failed to open its doors).
Newspaper Excerpt
Citizens National Bank and Trust company of Hornell failed to open its doors today after run on the Saturday.
Source
newspapers
5. May 10, 1932 Receivership
Source
historical_nic
6. May 15, 1932 Receivership
Newspaper Excerpt
Grants Petition of Receiver for Two Banks in Hornell ... Horace Mizell, receiver for the First National Bank and the Citizens National Bank Trust both of which are closed, petitioned Court ... .
Source
newspapers

Newspaper Articles (6)
1. February 15, 1932 Evening Star Washington, DC
Article from Evening Star, February 15, 1932

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Article Text

Banks Ordered Closed. HORNELL, N. Y., February 15 (AP).One bank suspended here over the week end and two others were merged. The First National closed its doors Saturday, directors announced yesterday. One of the oldest in this part of the State, it was capitalized at $300,000, with resources of approximately $3.000.000. The merger united the Steuben Trust Co. a State bank with resources of $2.500,000. and the Citizens' National with resources of about $3,000,000. SALT LAKE CITY. February 15 (AP). -The closing of the Desert Savings Bank was announced late last night simultaneously with announcement of the taking over of the Desert National Bank by the Security National Bank.

2. February 15, 1932 The Buffalo News Buffalo, NY
Article from The Buffalo News, February 15, 1932

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Article Text

DIRECTORS CLOSE BANK AT HORNELL Federal Examiner in Charge; Two Other Institutions Announce Merger. Special the BUFFALO EVENING NEWS. HORNELL Feb. First National bank did not open for business Monday At M. Sunday the following notice was posted upon the door the Closed by order of the board of directors. This bank in charge of National Bank Examiner Connor.' The notice dated Feb. 13. Following closing of the bank came an official merger Citizens' National Bank Trust company and the Steuben Trust company result complete the banking complexion While could add nothing to notice posted bank. known that business will be done under his jurisdiction cept receive money due on loans and employes been duty, the pointed the comptroller of currency, Pole Interests Protected. Records assets and liabilities being and such cases usually takes from six months to President F. Bronson could not be his has been three but Henry. issued the following statement "It was deemed advisable the board of directors close the order to protect the interests the depositors. By further run on the will be avoided preference Rumors that First National was to close current in the city Saturday Sunday but nothing was known officially until the notice posted upon door. Crowds gathered in front the bank Sunday night after the The bank founded by the Adsit leading this section. and remained their control unthe death of Charles Adsit few years With Bank 30 Years. President Bronson has been the for 30 years and the institution has always been garded one of the strongest banks officers of the bank include: (Continued on Page Column 1.)

3. February 15, 1932 The Buffalo News Buffalo, NY
Article from The Buffalo News, February 15, 1932

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Article Text

NEW YORK CURB DIRECTORS CLOSE BANK AT HORNELL Federal Examiner in Charge; Two Other Institutions Announce Merger. Special the BUFFALO EVENING First National here did not busiopen for M. Sunday the notice was posted the door the Closed by order the board of This bank of National Bank The notice was dated Feb. 13. Following closing of the bank came official Bank merger between Trust the Citizens' National and the Steuben Trust The result is complete the banking complexion of While could add nothing to the at the that business will be done his jurisdiction except All been and the will retain pointed by the of J. W. Pole Interests Records assets and liabilities are being compiled cases usually takes from six months to President could not be reached where has been for three but the statement "It was deemed advisable by board of directors to close the bank order to the interests of depositors By this run on the bank will be and depositors preference Rumors that the First National to close were current the city urday and Sunday but nothing known officially until the notice posted upon the in front the bank Sunday night the The bank founded by the Adsit family. leading this and remained under their control til the death of Charles Adsit years With Bank 30 Years. President Bronson has been nected with the bank for 30 years and the has always been garded one of the strongest banks in this The of the bank include Fred and Merrill of Albany. N Y., state tax No new name has been chosen for the new bank resulting from the merger of the Citizens' National and the Steuben Trust as yet. Comoined the two banks are 087 ting the new bank the largest Steuben Merger of the two banks it was stated. would greatly protect the munity and they completely able to handle any situation prepared statement issued by the directors of the two said These enlarged banking facilities will enable the new render depositors and of the First National Cars Bring Money In. Armored cars brought large mount of currency into city Sunday night. estimated at upward of quarter million and learned that any necessary addition was immediatel by airplane Frank Storms of the Citizens bank and W. G. Hollands heads the Trust Both banks have had steady and sound growth for many years. At meeting Hornell Chamber of Commerce Sunday night. held result of the closing the First Na. tional bank and merger of the other two city every Hornell pledged himself make deposits in bank Monday Four meetings were held Sunday in the Erie railroad shops Huguet Silk company, Merrill hostery mill and Merrill silk with addresses by Frances and W. L. representin the Chamber of Commerce The speakers the groups an abundance of cash was on hand in the merged bank and that directors of the new bank have announced that as soon as accounts in First National bank are certified. loans up to 50 per cent. of the deposits will be available

4. May 2, 1932 The Times-Tribune Scranton, PA
Article from The Times-Tribune, May 2, 1932

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Article Text

BANK CLOSES Hornell, N. May Citizens National Bank and Trust company of Hornell failed to open its doors today after run on the Saturday The bank's last statement said it had resources $3,003,546.34 and total deposits of $2,211,006

5. May 12, 1932 Springville Journal Springville, NY
Article from Springville Journal, May 12, 1932

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Article Text

HERE AND THERE IN NEW YORK STATE Clipped from our Exchanges Current licenses for automobile operators and chauffeurs will expire on May 31, and those who drive legally after that date must be provided with 1932-1933 licenses. Robert Hamilton Persons of East Aurora, a life insurance agent, has filed a petition in bankruptcy with liabilities of $104,539.58 and assets of $32,936.74. Col. T. B. Crocker, formerly of Sardinia, N. Y., but for several years a resident of St. Cloud, Florida, is reported to be very ill. Principal Molyneaux, who has been principal of Sardinia High School during the past two years, has accepted a position as vice-principal of West Seneca High School: Buffalo, May 3.-Harry J. Brown, 35 years old, of Niagara Falls, Ont., yesterday was fined $1,000 by Judge John Knight in federal court and was sentenced to nine months in the Erie County Penitentiary after he pleaded guilty to mailing lottery tickets. Section 473 of the postal laws and regulations forbids sending through the mails any written or printed matter concerning any lottery or drawing dependent in the whole or in part upon lot or chance. The Citizens National Bank and Trust Company of Hornell failed to open its doors recently after a Saturday run on the bank. With the recent arrival of 26 convicts from Sing Sing prison, Auburn prison's population reached a new record total of 1,934. The Public Service has granted permission for the Pennsylvania railroad to discontinue two passenger trains between Olean and Rochester. Mixed passenger and freight trains, running on a different schedule, will replace them. The Rocky Crest Sanatorium staff, Rock City, will be at home to friends on Sunday, May 15, from 2 to 5 and 7 to 8 p. m. An opportunity will be given visiting friends to see the external improvements at the sanatorjum as well as the various departments of the institution itself. Refreshments will be served. The Department of Agriculture and Markets is ready to turn over $375,000 in county fair allotments to various counties in the state. Seven white-tailed deer in one herd crossed upper State Park Avenue in Salamanca recently, making a pretty spectacle as they skimmed over the fence. With thirty-cent potatoes, New York state potato growers can pay eighty cents a bushel for certified seed and make $16.20 an acre, according to nine years' figures from fourteen counties. The leaf surface, terminal growth, set of fruit, and the set of fruit buds for next year will have been made or determined by July. If cultivation is to aid these developments it must be done early.

6. May 15, 1932 Democrat and Chronicle Rochester, NY
Article from Democrat and Chronicle, May 15, 1932

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Article Text

JUDGE ORDERS ACCOUNTING IN FOODY ESTATE Grants Petition of Receiver for Two Banks in Hornell Hornell, May Horace Mizell, receiver for the First tional Bank and the Citizens tional Bank Trust both of which are closed. petitioned Court have Mrs Lela Babcock executrix the estate her the late James Foody attorney, banker and file an account ing According to Mr. Mizell, the late Foody's indebted to the First National Bank, of which the of This itemized follows Direct maker of notes. due unpaid, indirect indorser notes of protested unpaid assessment stock in bank as stockholder, $49. not yet Mizell in his petithat Mr. Foody died Apr. and no further had since Apr. 27, 1931 when his widow executrix. added Harold and Claude Babcock were by the has filed nor any had by the on her behalf or any account Mizell recites in his petition: for your petitioner to of what this estate monies, securities come the hands the said executrix since the death Surrogate John Wheeler direct that the petition be complied Mr. Foody for number of years law practice in County and about years before his death became dent of the First National Bank, institution founded 1848 Frank E. Bronson president of the bank for many years the time the bank suspended, Feb. Mr. Bronson recently filed bankruptey proceedings in Buffalo, listing liabilities more than $193,000 his assets at $125.