Citizens National Bank (Hornell, NY)

View Charter #2522 on SPMC View balance sheet

Episode Information

Episode UID
252201588
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
25220 national
Charter Number
2522
Start Date
April 30, 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
da539014020db3f6

Response Measures

Accommodated withdrawals, Public signal of financial health, Capital injected, Partial suspension, Books examined

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

Articles link an April 30 run to the bank's failure to open May 2 and appointment of a receiver; later indictments for embezzlement are reported.

Events (5)
1. May 6, 1881 Chartered
Source
historical_nic
2. April 30, 1932 Run
Cause
Rumor Or Misinformation
Cause Details
Anonymous telephone calls to depositors triggered withdrawals; investigators called it untrue statements and possible organized agitators.
Measures
Observed 30-day withdrawal clause on savings; extended hours Monday and public assurances by directors; armored cars brought currency.
Newspaper Excerpt
Heavy runs were made on both the existing banks here today. The withdrawals started Friday and continued on a larger scale today
Source
newspapers
3. May 2, 1932 Suspension
Cause
Rumor Or Misinformation
Cause Details
Failure to open followed the heavy run at end of April that depleted the bank's ability or confidence to operate.
Newspaper Excerpt
Citizens National Bank and Trust company of Hornell failed to open its doors today after run on the Saturday
Source
newspapers
4. May 10, 1932 Receivership
Source
historical_nic
5. May 15, 1932 Receivership
Newspaper Excerpt
Horace Mizell, receiver for the First National Bank and the Citizens National Bank Trust both of which are closed, petitioned Court ... Mr. Mizell, the late Foody's indebted to the First National Bank ... Mr. Bronson recently filed bankruptcy proceedings ... the time the bank suspended, Feb. ... the bank closed here May 2, following a run on the institution on April 30. Closing of the bank came as a surprise as it was ... (indictments and receiver actions reported).
Source
newspapers

Newspaper Articles (10)
1. February 15, 1932 Evening Star Washington, DC
Article from Evening Star, February 15, 1932

Click image to open full size in new tab

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 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 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. April 30, 1932 Elmira Star-Gazette Elmira, NY

Article Text

Hornell Banks Withstand Run By Depositors Citizens' National and Trust Company Subjected to Extensive Demand for Deposits — Both Solvent, Boards Announce Hornell—(Special)—Heavy runs were made on both the existing banks here today. The withdrawals started Friday and continued on a larger scale today, with hundreds asking for their deposits. Representatives of the Second Federal Reserve System District as well as officers and directors of both banks issued statements declaring the two institutions are solvent and have unlimited funds. The banks affected by the runs are the Citizens' National Bank and Trust Company and the Steuben Trust Company. They experienced heavy runs before Feb. 13 after the First National Bank had closed and met all calls for withdrawals. Announcement was also made this morning that undercover men of the American Bankers' Association had arrived in Hornell to serve subpoenas on any person or persons circulating or transmitting untrue statements which would tend to cause withdrawal of deposits or in any other way affect the stability of the banking institutions. The representatives of the American Bankers' Association, investigating the cause for the run, declared that the withdrawals started as the result of anonymous telephone calls to depositors. They stated that it may be the work of some irresponsible person but also declared that they were investigating the possibility of a well-organized Communistic plot. The latter theory was being given considerable weight by the investigators. Extra police were detailed to handle the large crowds that visited the two banks. At noon the bank buildings were filled and the crowds overflowed into the street. Neil McGreevy, a director of the Citizens' National Bank, addressed the crowd which gathered at that institution, announcing that the regular closing hour of 12 o'clock for Saturday would be observed but the bank would be open Monday from 9 a. m. to 9 p. m. Both banks today observed the 30-day withdrawal clause on savings deposits. Bulow, Lydia Elliott and Mrs. F. P. Breese. MISSIONARY RALLY A union home and foreign missionary rally for young people of Elmira District will be held in Hedding Church Monday night. Supper will be served at 6:30. Miss Mariam Matthews of India and Mrs. S. G. Houghton of Canandaigua will speak. TO MEET MONDAY Daughters of Union Veterans of the Civil War will hold their regular meeting Monday at 8 p. m. in the Armory. Delegates to the state convention will be chosen. HOME BUREAU MEETING The Penn-State Unit met Wednesday at the home of Mrs. John Passmore of Gillett. Mrs. S. J. Narsh gave a talk on "The Perennial Garden." A picnic dinner was served at noon to the following members: Mrs. H. C. Andrews, Mrs. Adelbert Tears, Mrs. Pearl Brown, Mrs.

5. May 2, 1932 The Times-Tribune Scranton, PA

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

6. May 12, 1932 Springville Journal Springville, NY

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.

7. May 15, 1932 Democrat and Chronicle Rochester, NY

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.

8. September 12, 1932 Elmira Star-Gazette Elmira, NY

Article Text

Hornell Bank Cases Listed For Tuesday Cases of Frank E. Storms and Samuel H. Norton May Be Brought to Trial At Canandaigua This Week—Other Cases on Calendar Hornell — Cases against Frank E. Storms, president of the Citizens' National Bank & Trust Company, and Samuel H. Norton, vicepresident and receiving teller are listed for trial in Federal Court in Canandaigua Tuesday. Mr. Storms is charged in indictments with having embezzled $100,000 and Mr. Norton $4,000. They were indicted in Jamestown in July and were released under bail for their appearance before Judge John R. Knight at Canandaigua at a term of court beginning Sept. 13. The bank closed here May 2, following a run on the institution on April 30. Closing of the bank came as a surprise as it was

9. June 14, 1934 Elmira Star-Gazette Elmira, NY

Article Text

Junior Trophy To Be Awarded Younger Pilots A new trophy has been donated for the Fifth Annual National Soaring Contest, which will be held in Elmira June 23 to July 8. Dr. Perrin T. Wilson of Cambridge, Mass., is the donor of a pewter pitcher in the name of the American Osteopathic Association. The trophy will be awarded the best all-around junior pilot at the 1934 meet. A junior pilot is one who has received a "C" license since Jan. 1, 1934, and who has had no previous flying experience. The selection is to be made by judges designated by the Soaring Society of America. GOP Candidate Will Be Speaker At Vets' Dinner Attorney William F. Tanner of Corning, one of four candidates for the Republican nomination as Congressman, will speak tonight at the Flag Day exercises of Rex Field Post, Veterans of Foreign Wars. The dinner will be served at 7 p. m. in the post rooms, 108 Lake Street, and the public is invited to attend. William Guinane, commander of the post, will preside. Note Signature Called Forgery By Mrs. Storms Rochester — (AP) — Testimony that the signature "Mrs. Carrie S. Storms" written on an $18,300 note on the Citizen's National Bank of Hornell was a forgery was given in Federal District Court today by Albert Hamilton, Auburn handwriting expert. Horace Mizell, bank receiver, is suing before Federal Judge John Knight to collect the full amount of the note. Mrs. Storms, widow of the former president of the bank, claims her name was forged to the note.

10. June 14, 1934 Elmira Star-Gazette Elmira, NY

Article Text

Rochester — (AP) — Testimony that the signature "Mrs. Carrie S. Storms" written on an $18,300 note on the Citizen's National Bank of Hornell was a forgery was given in Federal District Court today by Albert Hamilton, Auburn handwriting expert. Horace Mizell, bank receiver, is suing before Federal Judge John Knight to collect the full amount of the note. Mrs. Storms, widow of the former president of the bank, claims her name was forged to the note.