gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
f29e5b637f42010c
Response Measures
None
Receivership Details
Depositor recovery rate
90.0%
Date receivership started
1931-10-29
OCC cause of failure
Economic conditions
Share of assets assessed as good
37.5%
Share of assets assessed as doubtful
57.8%
Share of assets assessed as worthless
4.7%
Description
Receivership and later asset transfers to a new bank are documented; Monongahela did not resume independent operations.
Events (7)
1.April 25, 1888Chartered
Source
historical_nic
2.October 29, 1931Receivership
Source
historical_nic
3.June 23, 1932Receivership
Newspaper Excerpt
Michael Hall Sims, receiver for the Monongahela National Bank ... died yesterday.
Source
newspapers
4.December 21, 1932Other
Newspaper Excerpt
Sixty per cent of cash deposits of the Monongahela Bank ... are expected to be made available with opening of the proposed bank; Receivers will assume the remainder of the deposit liability of each bank, paying ... as assets liquidated, said.
Source
newspapers
5.April 26, 1933Other
Newspaper Excerpt
The new bank will take over portions of the assets of the two closed institutions and will credit the depositors with proportional amounts. It is expected ... Monongahela depositors will have access to about 60 per cent of theirs.
Source
newspapers
6.June 12, 1933Other
Newspaper Excerpt
The new Pitt National ... takes over portions of the Diamond National assets and Monongahela National banks, for business June 12 ...
Source
newspapers
7.*Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank failed/closed during the Depression and was placed in receivership (failure referenced as 'failed last fall' and 'closed recently').
Newspaper Excerpt
the closed Monongahela National bank
Source
newspapers
Newspaper Articles (14)
1.August 17, 1893The SunNew York, NY
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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.October 26, 1903Daily New DominionMorgantown, WV
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Article Text
The disturbances caused by the suspension of the Baltimore and Pittsburg banks which recently went out of business, have subsided and no further trouble is anticipated. The country is all right and it will not go to the bow-wows just at present.
3.November 6, 1907Alma RecordAlma, MI
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Article Text
AS OTHERS SEE IT The following appeared as an ediorial in this mornings Grand Rapids Herald and in a clear and concise statement of the facts as relative to the present financial Hurry: "The end of the financial disturbance is believed to be in sight. The trouble originaed in New York. The "collapse of the copper corner pinched some of the brethren of high finance. Their embarrassment involved some of the banks with which they were connected. In a flash New York had a panic on hand. The New York banks. for their own protection. applied the 60-day rule for withdrawal of deposits and resorted to the use of clearing house certificates. This action was not necessarily an evidence of weakness. but was deemed essential to safety to prevent a blind. unthinking. unreasoning rush for money to be locked up in vaults or hoarded." New York is the country's great financial center. its money reservoir. When New York tied itself up in a knot. other cities were soon in a tangle, not through any fault of their own nor because of "local conditions.", but simply bceause New York had failed them. Chicago was the first to follow the New York example in applving th* 60-day rule_and resorting to clearing house certificates. And then Detroit. Pittsburg. Cleveland. Buffalo, St. Louis and the banks of nearly every other city did likewise. The banks of Grand Rapids are among the very few in the country that have continued to do business under anything approaching normal conditions. The banks here still pay cash on demand to satisfy all legitimate needs, but at the same time they are doing all they can to conserve their supplies of currency by the use of checks, certificates of deposit and exchange on New York and Chicago. But as stated, the end of the trouble. it is believed, is now in sight. The national banks all over the country are taking out additional circulation. is coming out of Washington at the rate of $1,000.000 to $1,500,000 a day. The government mints are working overtime on new coniage. and this money is being put into circulation as rapidly as possible. The greatest, factor of immediate relief. however. is the arrival of gold from Europe. The Kron Prinzessin Cecile brought $8,000,000 into New York yesterday. The Lusitania will arrive Friday with $10.000,000. Other ships are on the way
4.June 23, 1932Corsicana Daily SunCorsicana, TX
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Article Text
Pittsburgh Bank Receiver Is Dead
PITTSBURGH, June 23.-(P)Michael Hall Sims, 57, receiver for the Monongahela National Bank and former examiner of tional banks in Pittsburgh, died yesterday. He was born and educated in Columbus, O., and was at one time assistant cashier of the Bank of Commerce in Columbus. He later was in the oil business in Texas but returned to banking work In Philadelphia and then came to Pittsburgh. He was active in Masonic circles.
BANK RECEIVER DIES
Michael Hall Sims 37. Succumbs In Pittsburgh
Michael Hall Sims, receiver for the Monongaheia Na tonal Bank and former examiner of national banks in Pittsburgh died yesterday He was born and educated in Co lumbus, O. and was at one time as sistant the Bank of Com merce in Columbus He later was in the oil business Texas but return ed to banking work in Philadelphia and then came to Pittsburgh He was active in Masonic circles
6.June 23, 1932Pittsburgh Post-GazettePittsburgh, PA
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VETERAN BANK RECEIVER DIES
M. H. Sims, Former Examiner Here, Born in Ohio.
Michael Hall Sims, 57. of 514 Roslyn place, for the Monongahelia National Bank and former examiner of national banks in Pittsburgh. died in West Penn Hospital o'clock yesterday afternoon. Mr. Sims was born Columbus, son of Mr. and Mrs. Nelson Sims, He educated in the public schools of Columbus and at the age of entered bank there. He became assistant cashier the Merchants and bank and later of the Bank of Commerce in Mr. Sims first the national bank in 1911. After several he left to follow the oil business Texas Later he to the service in Philadelphia and was transferred Pittsburgh. When the Monongahela Bank failed last fall he was He prominent in Masonic circles, being member the Knights Templar in Columbus and degree Mason. Mr. Sims leaves his wife, Mrs. M. Sims, two daughters, Mary Hamilton Sims and Betty Sims, at home: son, Nelson Sims, II, of Shreveport, La.; his father, and brother, Howard Sims, of Chicago. The funeral will be held the home of his father in Columbus, O.
7.August 26, 1932Pittsburgh Sun-TelegraphPittsburgh, PA
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Article Text
HOOVER URGES able jobs. the President, who prestated over the meeting. said "As matter of national policy, the shortening of hours is necessary not alone to meet the need of the moment. but it may be necessary to take up the slack in the future from the vast and sudden advance in labor saving devices.
NOT U. JOB
Nevertheless, Mr. Hoover stated he did not believe that the direction of such job sharing systems as five four and three-day weeks along with shorter shifts were "properly the function of govern. ment Chairman Fort of the Home Loan Board in that Comptroller John W Pole of the currency had ordered every Na tional bank receiver to suspend foreclosure proceedings for 60 days told the session "We are today wiring every state supervising authority re. questing like action. We want your help to see not only that receivers generally grant this 60. day respite. but that other lenders do likewise. There are times when forced liquidation of indebtedness is indefensible-certainly if any other means of procuring funds exists. "It would be less shameful if. with relief in sight so soon. the courage and hope of our men and should be extinguished by taking away their homes and their live savings.'
MILLS' PROGRAM
Secretary of the Treasury Ogden L. Mills outlined A program. including a plan for creation of central business committee to direct united action by the 12 banking and industrial committees of the nation The Secretary of the Treasury emphasized the central commit tee was not to be an economic council directing the economic policies of the nation. but rather an organization to bring about co-operation between the government and private business Then one by one. the heads of the government agencies directly involved in the new economic drive for jobs and credit addressed the meeting Atlee Pomerene told of the hopes and purposes of the gigantic Reconstruction Finance Corporation. Owen D. Young. New York industrial leader and prominent Democrat. told the conference that the prime purpose of the COordinated drive of business and government was to make more He joined emphatically in the declaration to the nation's business leaders that It was to their best interest to see that the human family had a livelihood. He
"A father's job lost does more than humiliate the parent. It does more than weaken the self-respect of the child. It threatens that stability and so that for the future which is the basis of our hopes and the impulse of our accomplishments. Among the more prominent of the national industrial leaders gathered in the room were Myron C. Taylor. of the United States Steel Corporation H. I. Harriman. president of the United States Chamber of Commerce Edsel Ford. Detroit automobile manufacturer: Melvin A. Traylor and Edward N. Hurley. Chicago bankers Silas H. Strawn. of Chis cago: Daniel Willard president of the Baltimore and Ohio Railroad: Walter C. Teagle of New York N. Perkins of Boston and A W Rober chairman of the board of the Westinghouse Electric and Manufacturing Company
FEW FORECLOSURES HERE
Receivers at the Bank of Pittsburgh. the Monongahela National and the Exchange National banks said today Comptroller Pole's order not to foreclose on mortgages for 60 days will not appreciably affect their institutions Few. if any foreclosures, they say. were in prospect in that period Opinion in banking circles, here. seemed to be that issuance of a similar order by State Secretary of Banking William D Gordon would have little effect in the Pittsburgh district State banking authorities. it is understood. are doing everything possible to avoid foreclosure proceedings.
8.November 7, 1932Pittsburgh Post-GazettePittsburgh, PA
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Bank Reopening Indicated.
NNOUNCEMENT that the closed Monongahela National Bank of this city will be later than December 19 comes reopened with positiveness support that are imJohn E Crawford, head of the that the plan reorganization reports developed has the approval of the Comptroller of the Currency and that it also has been commended by Senator Reed and Representative Guy E. Campbell, the latter chairman of the House Committee on Currency and Banking. approval of the Pittsburgh Clearing House Association and officials of the Federal Reserve Bank of this district, the plan will be submitted to the depositors of the bank. Since the plan was worked out by their own committee. it IS taken for granted that depositors will accept it, particularly in view of the results Accounts of 9,374 depromised positors made available in full; large accounts, available to the extent of 70 per cent: assets, with capital, surplus and undivided profits at $1,125,000, consisting largely of cash and securities which could readily be liquidated conservation of assets that would enable all the depositors eventually to receive their claims in full with interest; conservation of surplus to the old stockholders. many of whom It is indicated that the reopendepositors. ing of the bank would make available in deposits. The of this news to the comimportance munity needs detailed description. It assures double benefit: along with the increase in purchasing power through making tied-up deposits available, the opening of the bank on such sound basis would, as Senator Reed has stated, have a wide beneficial effect in itself.
If you are sending Christmas presents to friends Hongkong, your packages must reach the Pacific coast in time for ship sailing December Latest dates for shipment from ports for delivery abroad by December 25 England, Scotland, France and Ger-
9.December 21, 1932Latrobe BulletinLatrobe, PA
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MAY MERGE TWO BANKS
(Continued from Page One) same amount, it was said. According to tentative plans the new bank will be known as solidated National Bank of Pittsburgh and will operate in banking rooms of one of the two closed banks. Sixty per cent of cash deposits of the Monongahela Bank and 40 per cent of the Diamond depositors are expected to be made available with opening of the proposed bank Receivwill assume the remainder of the deposit liability of each bank, paying check are
10.December 21, 1932The Daily NotesCanonsburg, PA
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PITTSBURGH, Dec.
Depositors of two closed National Banks here have approved plans for merger of the institutions to create bank with deposits more than million dollars, revealed today. Plans for second merger, combining the new bank with bank operating in good financial condition, reported to be under consideration. The second merger approved would create an institution with deposits of more than said. The merger plan already proved by depositors calls for solidation of the Monongahela National Bank and Diamond National Bank. both of Pittsburgh, which closed recently. Completion the merger will await subscription new capital stock, which In addition the bank have surplus of $175,000 and undivided profits the same amount, was said. According to tentative plans the hew bank will be known as the Consolidated National Bank of Pittsburgh, and will operate banking rooms of one the two closed banks. Sixty percent of cash deposits of the Monongahela bank and the Diamond deposits are expected to be made available with opening of the proposed bank. Receivers will assume the remainder of the deposit liability of each bank, paying It check as assets liquidated, said.
11.December 21, 1932The News-HeraldFranklin, PA
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Approve Plans For Merger of 2 Closed Banks positors of two closed national banks here have approved plans for merger of the institutions to create a new bank with deposits of more than $10.000,000, it revealed today Plans for a second merger, combining the new bank with a bank now operating in good financial condition, are reported to be under consideration. The merger, if approved, would create an institution with deposits of more than $30,000,000. it was said. The merger plan already approved by depositors calls for consolidation of the Monongahela National bank and Diamond National bank, both of Pitts burgh. which closed recently. Completion of the merger will await subscrip tion of new capital stock. which is to total $700.000. In addition the bank will have surplus of $175.000 and undivided profits of the same amount. it was said. According to tentative plans, the new bank will be known as the Consolidat ed National Bank of Pittsburgh and will operate in banking rooms of one of the two closed banks. Sixty per cent. of cash deposits of the Monongahela bank and 40 per cent. of the Diamond deposits are expected to be made available with opening of the proposed bank. Receivers will assume the remainder of the deposit llability of each bank. paying It by check as assets are liquidated, it was said.
12.April 26, 1933Pittsburgh Sun-TelegraphPittsburgh, PA
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DEPOSITS TO BE RELEASED BY NEW BANK 14,000 Will Obtain
Access to Part Of Cash
By GEORGE H. SNYDER More than 14,000 depositors in the closed Diamond National and Monongahela National banks will have access to portions of their cash soon through the opening of the Pitt National Bank of Application for charter for the new institution has been approved and the work of obtaining subscriptions for the stock has been completed. according to an announcement by the committees in charge of the organization work. The new bank will take over portions of the assets of the two closed institutions and will credit the depositors with proportional amounts. It is expected that Diamond will have access to about 45 per cent of their funds and that the Monongahela depositors will have access to about 60 per cent of theirs.
USE DIAMOND SITE
The new bank will conduct its business in the quarters of the former Diamond National Bank at Fifth and Liberty avenues. Assets not taken over by the new bank will remain in the hands of the receivers for liquidation. The committee announcement said the name of the new bank having been pre-empted and authority having been given by the Comptroller of the Currency, the corporate organization will be put through as rapidly as possible and the necessary arrangements concluded and court orders obtained to enable the new bank to take over the acceptable assets of the Diamond and Monongahela Na. tional banks and make ailable to depositors of those institutions, the proportion of their deposits transferred.
SPEED SOUGHT
The setting up of the organization to run the new bank and the opening of the books and accounts will be pushed as rapidly as possible While officers and directors have not been formally elected. the proposed board has been holding frequent meetings. As was previously announced, Charles Fisher will be president and A. Hughlin vice president. The total capital. surplus and undivided profits of the new bank will aggregate made up of cash subscriptions and. with acceptable assets taken over from the Diamond National Bank and the Monongahela National Bank at their current market values, the financial stability of the new bank assured.
13.May 24, 1933Pittsburgh Sun-TelegraphPittsburgh, PA
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NEW PITT BANK OPENS JUNE
The new Pitt National portions of the which takes over of the Diamond National assets and National banks, for business June 12 to be open signed by Federal Judge R M Gibson today cleared the for the sale certain the Bank to the Pitt National Bank and Robert R. Gordon, receiver ized the former Diamond lease Bank quarters to the Pitt National
Bank. The receiver of the Monongahela National Bank was also thorized to make the necessary transfer Depositors of the Diamond Bank will be orders on the new for 40 per cent of their claims and deposiproven of the Monongahela Bank tors will receive orders for 65 per cent of their proven claims. depositors want cash for If the that will be available when the new bank plans approved by the United States Controller of The new bank will have capital and undivided profits of
14.January 8, 1934Altoona TribuneAltoona, PA
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Hunter
Succeeds G. H. Ahlborn Who Is Made Assistant Pittsburg Bank Receiver
Hunter, Altoona, was appointed controller the Blair county CWA, fill the cancy made when George H. Ahlborn, Altoona real estate and business man, resigned his position become assistant receiver the closed Monongahela National bank, Mr. Ahlborn enters his new position today. The Mr. Hunter announced by Woods Beckman, local CWA administrator, Saturday In going to Pittsburg, Mr. Ahlborn returns to his city. He came Altoona 1923 an ditor for the Baker estates and continued in the capacity until when was appointed treasurer of the estates. He served in similar capacities for the following subsidiaries: Woods Beckman company. Blair Home Altoona Home company and the Home Water SupIn July, 1931, he was appointed manager and assistant secretary-treasurer the Bankers' Mortgage company this city. He remained in this work until recently when he was appointed by Beckman assist in the Mr. launching of the CWA. Mr. Hunter veteran accountant Altoona known as an outstanding expert in this work.
DIES AFTER WEDDING PITTSBURG, Jan. Bedell Suydam, guest at the ciety wedding Miss Betty Chambers McKay George Warren Wyckoff Elmira, stricken with heart attack upon leaving the reception last night and died few minutes later. Suydam, business executive, was 57.
H. E. CRUMBAKER, Dentist, Room 20, Myers Bldg., 12th 12th.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
