Citizens Trust Company (Bellevue, PA)

Episode Information

Episode UID
60064871595
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
6006487 routing
Routing Number
60-0648
Start Date
November 29, 1932
Location
Bellevue, Pennsylvania (40.494, -80.055)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
2e7ff028bdc11323

Response Measures

None

Description

No run or depositor panic described; bank is in receivership and paying dividends to depositors.

Events (5)
1. November 29, 1932 Receivership
Newspaper Excerpt
Dividend checks totaling approximately $50,000 are being mailed to depositors of the closed Citizens Trust Company of Bellevue today under terms of an order entered by Judge James H. Gray in Common Pleas Court.
Source
newspapers
2. December 9, 1932 Other
Newspaper Excerpt
Depositors of the closed Citizens' Trust Company, of Bellevue, will meet in the Bellevue Borough Hall tonight... to hear an explanation of exceptions filed against the first accounting
Source
newspapers
3. January 7, 1933 Other
Newspaper Excerpt
George F. Taylor, Jr., whose administration of two closed state banks is under fire, yesterday announced his resignation as a special deputy state secretary of banking... depositors of the defunct Citizens Trust Company of Bellevue, who took exception to more than $12,000 spent by Mr. Taylor in liquidating the bank's assets.
Source
newspapers
4. November 16, 1933 Other
Newspaper Excerpt
Secretary of Banking William D. Gordon was surcharged $2,260.35 in his account as receiver in charge of the Citizens Trust Company, Bellevue, in an order handed down by Judge Elder W. Marshall in common pleas court yesterday.
Source
newspapers
5. * Suspension
Cause Details
Bank had been closed and placed in receivership; liquidation proceedings underway.
Newspaper Excerpt
closed Citizens Trust Company of Bellevue
Source
newspapers

Newspaper Articles (5)
1. November 29, 1932 The Pittsburgh Press Pittsburgh, PA

Article Text

$50,000 BEING PAID BY BELLEVUE BANK Brings Total Restitution to 20 Per Cent Dividend checks totaling approximately $50,000 are being mailed to depositors of the closed Citizens Trust Company of Bellevue today under terms of an order entered by Judge James H. Gray in Common Pleas Court. The dividend, 5 per cent, brings the total paid out by the institution to 20 per cent, George F. Taylor, Jr., special deputy state secretary of banking and the bank's receiver, told the court. At the same time Judge Gray approved a first and final accounting of the Pittsburgh Building & Loan Association, closed July 17, 1930, and authorized immediate mailing of checks comprising a dividend of 18 1/2 per cent, totaling approximately $10,000. At the request of the receiver, hearing on charges of improper expenditures brought by three Citizens Trust depositors against state banking department officials was set for Dec. 14.

2. December 9, 1932 Pittsburgh Sun-Telegraph Pittsburgh, PA

Article Text

Classified Ads Only-GRant 5400 DECEMBER 9. 1932 RALLY IN FIGHT Trailers House Highway Policemen Out to Nab Gasoline Tax Dodgers ON BELLEVUE ACCOUNTING Depositors of the closed Citizens' Trust Company, of Bellevue, will meet in the Bellevue Borough Hall tonight at 8 o'clock. to hear an explan. ation of exceptions filed against the first accounting of the Park H. Martin chairman of the depositors committee was to explain the exceptions taken to the account of George F. Taylor Jr deputy secretary of banking in charge of the institution Court hearing on the exceptions Is stated for Monday, when the committee's attorneys John Winner and George E Moreroft will push their objections In statement to the Sun-Telegraph yesterday Martin called Martin also objected to failure of the District Attorney's office to set date for trial of Ansley D Smith treasurer of the charges The date was later announced for January 16.

3. January 7, 1933 The Pittsburgh Press Pittsburgh, PA

Article Text

TAYLOR, BANK'S RECEIVER, QUITS Denies Criticism of Methods Is Cause of Sudden Resignation George F. Taylor, Jr., whose administration of two closed state banks is under fire, yesterday announced his resignation as a special deputy state secretary of banking. Mr. Taylor denied charges of excessive costs in liquidating assets of two banks under his jurisdiction had anything to do with the resignation, which becomes effective Jan. 14. He said he planned to devote his entire time to practice of law a year ago but was persuaded to stay on by state officials. The resignation was made in public in Altoona where Mr. Taylor had gone to deny in Blair County Common Pleas Court charges of stockholders of the closed Mountain City Trust Company that his payment of $8,438 for counsel fees and personal expenses out of assets of the bank was excessive. Last month Mr. Taylor and other state banking officials likewise denied charges of depositors of the defunct Citizens Trust Company of Bellevue, who took exception to more than $12,000 spent by Mr. Taylor in liquidating the bank's assets. After a series of hearings before Christmas, the Bellevue case was continued by Judge Elder W. Marshall until this month. Beside the Altoona and Bellevue banks, Mr. Taylor also is receiver of the Franklin Savings & Trust Company and the Miners and Merchants Bank of Portage.

4. January 7, 1933 Pittsburgh Post-Gazette Pittsburgh, PA

Article Text

TAYLOR, BANK RECEIVER, QUITS State Official Denies That Depositors' Charges Prompted Act. George F. Taylor, Jr., receiver for the closed Franklin Savings and Trust Company which figured prominently in the city treasury investigation a year ago, and receiver for the Citizens Trust Company of Bellevue, resigned yesterday as special state deputy secretary of banking. The resignation is to become effective January 14, it was learned. The announcement was made in Altoona, where Taylor had gone Thursday to argue proceedings filed against him by stockholders of the closed Mountain City Trust Company, who took exceptions against his "excessive and illegal" expenses in connection with his receivership of the bank. Taylor denied, however, that this action, similar to the one taken recently by stockholders of the closed Bellevue bank, had prompted or influenced his resignation. He contended he had decided to resign on January 1, 1932, a year before the proceedings in Altoona were filed, but that he was persuaded by banking department officials to remain due to the pressure of conditions. Taylor set forth that demands of his own private legal practice had forced him to relinquish his state duties, which he has held intermittently for eight years. He is to return here to become "associate counsel to a banking institution", the name of which was not divulged. He appeared with his assistant, Harry G. Butler of Pittsburgh, before Judge Marion D. Patterson in Blair county court Thursday to deny allegations of the bank stockholders (Continued on Page Four, Col. 5)

5. November 16, 1933 Pittsburgh Post-Gazette Pittsburgh, PA

Article Text

BANK RECEIVER IS SURCHARGED Court Ruling Is Given Against Gordon In Bellevue Case. Secretary of Banking William D. Gordon was surcharged $2,260.35 in his account as receiver in charge of the Citizens Trust Company, Bellevue, in an order handed down by Judge Elder W. Marshall in common pleas court yesterday. Judge Marshall held that the general administrative office of the banking department in Philadelphia, known as the division of closed banks, bears no legitimate relation to the Citizens Trust Company receivership and that appropriation of banks funds for the maintenance of the Philadelphia office was illegal. He therefore included as the largest item of the total surcharge, the amount of $941.60 which the bank had been assessed for general administrative expenses of the Philadelphia office. Expenses of the general administrative office in Philadelphia are met by assessments levied on assets of various closed banks. In his decision yesterday, Judge Marshall stated that "while the theory was that the Philadelphia office benefited all receiverships, there is not sufficient proof of a definite specific benefit to any of them."