Citizens Bank (Albion, PA)

Episode Information

Episode UID
60097071486
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
6009707 routing
Routing Number
60-0970
Start Date
October 10, 1923
Location
Albion, Pennsylvania (41.891, -80.362)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
8c3b4b9df2269cf8

Response Measures

None

Description

Articles show examiner-ordered closure and later fire; no clear evidence of reopening or receivership in provided items.

Events (2)
1. October 10, 1923 Suspension
Cause
Government Action
Cause Details
Closed by state bank examiners after discovery of a $67,000 shortage and arrest of the cashier.
Newspaper Excerpt
The Citizens' Bank of Albion, Erie county, ... was closed by state bank examiners today. They reported that they had discovered a shortage of $67,000.
Source
newspapers
2. November 18, 1923 Other
Newspaper Excerpt
Fire early today destroyed the Citizens Bank building at Albion ... The Citizens Bank was closed early in October by a state bank examiner when a shortage of $67,000 was discovered.
Source
newspapers

Newspaper Articles (5)
1. October 10, 1923 Springfield Evening Union Springfield, MA
Article from Springfield Evening Union, October 10, 1923

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Article Text

Examiners Close Old Savings Bank ERIE, Pa., Oct. 10—The Citizens' Bank of Albion, Erie county, the oldest banking institution in that city, was closed by state bank examiners today. They reported that they had discovered a shortage of $67,000. R. J. Griswold, cashier, was arrested. Griswold was charged with falsification of the bank's accounts and admitted to 15,000 bail. Stockholders of the institution offered to make good any shortage. A statement issued this morning showed that the Albion Bank had approximately $87,000 to cover the reported losses. The capital stock was $50,000; surplus, $17,500; cashier's surety bond $10,000, and undivided profits $9500.

2. October 10, 1923 Lansing State Journal Lansing, MI
Article from Lansing State Journal, October 10, 1923

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Article Text

FIND BANK ACCOUNTS SHORT, HOLD CASHIER ERIE, Pa., Oct. 10.—(By A.P.)—The Citizens bank of Albion, Erie county, the oldest banking institution in that city was closed by state bank examiners Wednesday. They reported that they had discovered a shortage of $67,000. R. J. Griswold, cashier, was arrested.

3. October 11, 1923 Miles City Star Miles City, MT
Article from Miles City Star, October 11, 1923

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Article Text

EASTERN BANK CLOSES (BY THE ASSOCIATED PRESS) Erie, Penn., Oct. 10.—The Citizens bank of Albion, Erie county, the oldest banking institution in that city, was closed by state bank examiners today. They reported that they had discovered a shortage of $67,000. R. J. Griswold, cashier, was ar-

4. October 16, 1923 Midland Empire News Billings, MT
Article from Midland Empire News, October 16, 1923

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Article Text

CORN EXCEEDS CANADA WHEAT Scarcity of Supply Held Shifts Ration of Grain Prices. New York, Oct. 10.—The scarcity of old corn held has resulted in a remarkable shifting of values compared with other commodities. In normal times corn sells about 25 cents under the price of wheat. Tuesday, No. 3, yellow corn, in the local market was quoted at $1.22 1-2 or fully 6 cents above the price of No. 1, Manitoba wheat, and only a few cents under American cash wheat. Granulated corn meal was quoted at $2.90 per 100 pounds, which is equivalent to about $5.60 per barrel for flour, whereas, soft winter wheat straights a good grade of wheat flour, were quoted around $5 and the very best brands of spring patents not over $6.75. New corn is expected here within 30 days. BANK CLOSES. Erie, Oct. 10.—The Citizens Bank of Albion, Erie county, the oldest banking institution in that city, was closed by state bank examiners Wednesday. They reported that they had discovered a shortage of $67,000. R. J. Griswold, cashier, was arrested.

5. November 19, 1923 The Miami Herald Miami, FL
Article from The Miami Herald, November 19, 1923

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Article Text

BANK IN TROUBLE IS DESTROYED BY FIRE BY THE ASSOCIATED PRESS ERIE, Pa., Nov. 18.—Fire early today destroyed the Citizens Bank building at Albion, this county, and for several hours threatened the entire business block. The loss was estimated at $150,000. The Citizens Bank was closed early in October by a state bank examiner when a shortage of $67,000 was discovered. A meeting of the directors had been called for Wednesday to consider a plan for reorganization. The loss to the Citizen's Bank building was estimated at $85,000, the other losses being incurred by occupants. The bank records and securities were saved, it was announced.