First National Bank (Pitcairn, PA)

View Charter #5848 on SPMC View balance sheet

Episode Information

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

Metadata

Episode ID
Bank ID
City ID
421183971
Model
gemini-3-flash-preview
Short Digest

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%

Notes

The bank failed to open on Feb 3, 1932, and remained closed until its assets were sold to the First National Bank of Wilmerding in 1935.

Events (5)
1. May 31, 1901 Chartered
Source
historical_nic
2. February 3, 1932 Suspension
Cause Details
Directors took the action to protect creditors; no specific run mentioned for this bank.
Newspaper Excerpt
Three banks—the First National of Pitcairn, the People's National of Pitcairn and the First National of Trafford—failed to open today.
Source
newspapers
3. March 2, 1932 Receivership
Newspaper Excerpt
B. J. Bleakley, national bank examiner, took charge of the closed institutions.
Source
newspapers
4. March 2, 1932 Receivership
Source
historical_nic
5. December 13, 1935 Other
Newspaper Excerpt
Sale of the First National Bank of Pitcairn was authorized yesterday by Federal Judge Nelson McVickar for the bank receiver
Source
newspapers

Newspaper Articles (4)
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.

2. January 3, 1935 Pittsburgh Post-Gazette Pittsburgh, PA

Article Text

Pitcairn Bank Receiver To Pay Out 22 Per Cent

Oliver S. Collins, receiver of the First National Bank of Pitcairn, yesterday announced a third dividend of 22 per cent will be paid, starting today, to the creditors who have proved their claims against the bank.

3. June 26, 1935 Pittsburgh Sun-Telegraph Pittsburgh, PA

Article Text

A dividend of 13 per cent to depositors of the First National Bank of Trafford, bringing payments of the institution to 43 per cent, was announced today by Thomas J. Donahoe, bank receiver.

Donahoe said the latest payment amounted to $57,182.24. To date the bank has made available $189,162.29 for depositors, he reported. More than 3,500 claims were filed with Donahoe.

About 15 per cent of depositors of four banks for which he is receiver have neglected to present claims for dividends, Donahoe announced. They are the First National Bank of Trafford, Peoples National Bank of Pitcairn, First National Bank of Pitcairn and Peoples National Bank of Delmont.

4. December 14, 1935 The Pittsburgh Press Pittsburgh, PA

Article Text

Sale of Bank Approved

Sale of the First National Bank of Pitcairn was authorized yesterday by Federal Judge Nelson McVickar for the bank receiver, Thomas J. Donahue. The sale will be made to the First National Bank of Wilmerding for $25,000 under the court order.