First National Bank - Pitcairn, PA

Episode Information

Episode UID: 584801586
Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 58480 national
Charter Number: 5848
Start Date: February 3, 1932
Location: Pitcairn, Pennsylvania (40.403, -79.778)

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: 84eeaab89c6cdad3

Response Measures

None

Receivership Details

Depositor recovery rate: 97.8%
Date receivership started: 1932-03-02
Date receivership terminated: 1940-10-29
Share of assets assessed as good: 33.8%
Share of assets assessed as doubtful: 56.8%
Share of assets assessed as worthless: 9.4%

Description

A national bank examiner took charge; directors closed the bank to protect creditors.

Events (3)

1. May 31, 1901 Chartered

Source: historical_nic

2. February 3, 1932 Suspension

Cause: Government Action
Cause Details: Directors closed the bank and a national bank examiner (B. J. Bleakley) took charge to protect depositors/creditors.
Newspaper Excerpt: Three banks—the First National of Pitcairn ... failed to open today. Their deposits approximate $1,600,000. Directors took the action to protect creditors. B. J. Bleakley, national bank examiner, took charge of the closed institutions.
Source: newspapers

3. March 2, 1932 Receivership

Source: historical_nic

Newspaper Articles (1)

1. February 3, 1932 The Brattleboro Reformer Brattleboro, VT

Article Text

The principal offices of the bank in East Somerville and its Steele Square branch were taken over by John F. Rich, a bank examiner, in the name of Arthur Guy, state banking commissioner. The bank was subject to a heavy run at the time the Highland Trust Co. and the nearby Medford Trust Co. closed their doors last fall but at that time managed to weather the storm. Shortly thereafter, however, the 90-day clause was invoked. Fred P. Stockwell is president and Harriet Osborne, treasurer. In announcing the closing Commissioner Guy said: "The trustees of the bank were unable to turn their assets into cash fast enough to meet the demands for withdrawals, and for the protection of the depositors requested me to take over their affairs." Three Banks Fail to Open. PITTSBURGH, Feb. 3 (AP).—Three banks—the First National of Pitcairn, the People's National of Pitcairn and the First National of Trafford—failed to open today. Their deposits approximate $1,600,000. Directors took the action to protect creditors. B. J. Bleakley, national bank examiner, took charge of the closed institutions.