First National Bank (Renovo, PA)

View Charter #3763 on SPMC View balance sheet

Episode Information

Episode Type
Suspension → Closure
Start Date
February 26, 1932
Location
Renovo, Pennsylvania (41.326, -77.751)
Bank Type
national
Charter Number
3763

Metadata

Episode ID
Bank ID
City ID
421184902
Model
gemini-3-flash-preview
Short Digest

Receivership Details

Depositor recovery rate
39.0%
Date receivership started
1932-02-26
Date receivership terminated
1939-10-31
Share of assets assessed as good
16.4%
Share of assets assessed as doubtful
54.6%
Share of assets assessed as worthless
29.0%

Notes

The articles focus on post-closure receivership litigation and personnel changes, but confirm the bank's insolvency and closure.

Events (4)
1. July 28, 1887 Chartered
Source
historical_nic
2. February 26, 1932 Suspension
Cause
Bank Specific Adverse Info
Cause Details
The bank was described as insolvent, with legal action taken against a former cashier for cashing certificates when insolvency was known.
Newspaper Excerpt
receiver of the closed First National Bank of Renovo for the past two years
Source
newspapers
3. February 26, 1932 Receivership
Newspaper Excerpt
Howard N. Cassel, receiver of the First National Bank of Renovo
Source
newspapers
4. February 26, 1932 Receivership
Source
historical_nic

Newspaper Articles (4)
1. June 8, 1934 Wilkes-Barre Times Leader Wilkes-Barre, PA

Article Text

Receiver Seeks To Recover $5,000

Williamsport, Pa., June 8-(/P)Howard N. Cassel, receiver of the First National Bank of Renovo, seeks to recover $5,000 from Frank J. Burnett, former cashier, and his brother, John B. Burnett. both of Meads crossing, in a civil suit in Federal Court. Frank cashed certificate of deposit for his brother when he knew the bank was insolvent, the government charged in opening the case before Judge Albert L. Watson yestreday. Two of eight perjury charges charges against Isaac Rochman, of Harrisburg, were dropped due to the death of witness. Rochman's case is the last criminal case of the session.

2. October 29, 1934 The Express Lock Haven, PA

Article Text

Bank Receiver Resigns Approximately 250 children enRenovo-Howard N. Cassel. re- joyed festive games. Prizes were ceiver of the closed First National awarded to Dolores Garner for the Bank of Renovo for the past two most beautiful costume: to June years, has resigned his position and Nicholas and Helen Gossler. the will. on November assume the Gold Dust Twins, for most clever position of vice president of the costuming and to Ruth Wagner for Citizens National Bank of Wells- the most comic masquerade. All ville. N. Y. children received a gift of candy

3. January 19, 1935 The Express Lock Haven, PA

Article Text

MANY WITNESSES FOR SUIT BY RENOVO BANK

Renovo—Witnesses for the plaintiff to appear in the District Court of the United States at Lewisburg on Tuesday next in the suit pending wherein Joshua L. Foster, receiver of the First National Bank of Renovo, is plaintiff and the Fidelity and Deposit Company of Maryland is defendant, are: Kathryn Conti of Erie; Frank J. Brunett of Renovo and Meadville; Howard N. Cassel, executive vice president of the Wellsville, N. Y. Citizens National Bank, formerly receiver of the Renovo First National Bank; Leon J. Gell, federal bank examiner now enroute from Miami, Florida; Thomas R. Burkhart, Charles B. Kelley, James Nagle, Thomas F. Welsh, Ray Shaffer, Margaret Friel, Harry R. Whitmire, Mrs. Jennie Anthony, William B. Reilly, C. F. Osner, Margaret Kinney, Edward Ekendahl and Lillian Ekendahl.

4. January 19, 1935 The Express Lock Haven, PA

Article Text

Renovo—Witnesses for the plaintiff to appear in the District Court of the United States at Lewisburg on Tuesday next in the suit pending wherein Joshua L. Foster, receiver of the First National Bank of Renovo, is plaintiff and the Fidelity and Deposit Company of Maryland is defendant, are: Kathryn Conti of Erie; Frank J. Brunett of Renovo and Meadville; Howard N. Cassel, executive vice president of the Wellsville, N. Y. Citizens National Bank, formerly