Accommodated withdrawals, Borrowed from banks or large institutions, Full suspension, Books examined
Clearinghouse involved: Yes
(loan, examination, or other measures)
Receivership Details
Date receivership started
1903-10-21
Date receivership terminated
1903-12-14
OCC cause of failure
Run
Events (8)
1.November 16, 1901Chartered
Source
historical_nic
+23 months
2.October 20, 1903Run
Cause
Bank Specific Adverse Info
Cause Details
Large withdrawals following decline in the bank's stock and heavy losses tied to Eastern Tube Company investments
Measures
Local financial banks offered assistance and clearing house protection; bank officials made statements to allay discount
Newspaper Excerpt
A run on that institution has resulted
Source
newspapers
+1 day
3.October 21, 1903Suspension
Cause
Government Action
Cause Details
Closed by order of the Treasury/Comptroller; examiner appointed receiver after withdrawals and reported losses
Newspaper Excerpt
By order of the secretary of the treasury ... the doors of the Federal National Bank closed this morning. National Bank Examiner Cunningham has been appointed receiver.
Source
newspapers
same day
4.October 21, 1903Receivership
Newspaper Excerpt
On the doors was posted the following notice: Closed by authority of the Comptroller of Currency.-John B. Cunningham, Receiver.
Source
newspapers
same day
5.October 21, 1903Receivership
Source
historical_nic
+54 days
6.December 14, 1903Reopening
Newspaper Excerpt
The Federal National Bank, after two months' suspension, resumed business to-day under very auspicious circumstances.
Source
newspapers
same day
7.December 14, 1903Restored To Solvency
Source
historical_nic
+10 years
8.January 20, 1914Voluntary Liquidation
Source
historical_nic
Newspaper Articles (18)
1.October 20, 1903Evening Times-RepublicanMarshalltown, IA
Click image to open full size in new tab
Article Text
BANK HOLDS OUT. Raid on Bank at Pittsburg Caus Some Apprehension, Pittsburg, Oct. 20.-The Federal Na tional Bank on whose stock a rai was made in the local stock exchange yesterday has not, according to th statement of President Langfut suf fered any material hurt. A run on that institution has resulted and the prompt action of th local financial banks in offering any assistance that might be needed has served apparently to allay distount. held Langfitt admitted his Tube $140,000 in notes of the of Company, which went into Retends receivers lately but maids and "The bank's condition Its the losses will capital stock or reserve
2.October 21, 1903The Fargo Forum and Daily RepublicanFargo, ND
Click image to open full size in new tab
Article Text
A NATIONAL BANK CLOSED. Secretary Shaw Ordered a Pittsburg Bank Closed and Placed Examiner in Charge. Pittsburg, Oct. 21.-By order of the secretary of the treasury at Washington the doors of the Federal National Bank closed this morning. National Bank Examiner Cunningham has been appointed receiver.
NATIONAL BANK CLOSES. Receiver Appointed for One of A Pittsburg's Big Institutions. Pittsburg, Pa., Oct. 21.-The doors of the Federal National Bank did not open for business this morning. On the doors was posted the following notice: "Closed by authority of the Comp. troller of Currency.-John B. Cunningham, Receiver." The closing of the bank was decided on at a meeting of the direc-
4.October 21, 1903The Spokane PressSpokane, WA
Click image to open full size in new tab
Article Text
PITTSBURG, Pa., Oct. 21.-The Federal National bank, for which a receiver was appointed, is a heavy loser in the Eastern Tube company of Zanesville. More than half a million was withdrawn by depositors yesterday. owing to the decline of the bank's stock on 'change. The last statement shows liabilities of $7,000,000. Bankers believe the Federal National will pay dollar for dollar and that the embarrassment is due to tightened money and stock fluctua-
5.October 22, 1903The Times DispatchRichmond, VA
Click image to open full size in new tab
Article Text
Rece V r Named, (By Associated Press.) WASHINGTON, Oct. 21.--The acting Comptroller of the Currency was advised last night that the Federal National Bank of Pittsburg would not open for business this morning. He immediately appointed National Bank Examiner John B. Cunningham, receiver.
6.October 22, 1903Daily New DominionMorgantown, WV
Click image to open full size in new tab
Article Text
Latest reports from Pittsburg are to the effect that the failure of the Federal National will not seriously embarass any one in that city. The bank will pay out without any difficulty. All the other banks will be protected by the clearing house and nothing further along the line of suspensions is to be anticipated.
7.October 22, 1903The Savannah Morning NewsSavannah, GA
Click image to open full size in new tab
Article Text
Cunningham Receiver. Washington, Oct. 21.-The acting controller of the currency was advised last night that the Federal National Bank of Pittsburg would not open for business this morning. He immediately appointed National Bank Examiner John B. Cunningham receiver.
8.October 23, 1903The Stark County DemocratCanton, OH
Click image to open full size in new tab
Article Text
Big Pittsburg Failure That Involves Millions Of Dollars. FEDERAL NATIONAL BANK Closed Its Doors Wednesday Morning and a Receiver Has Been Appointed to Take Charge. Scripps-McRae Telegram. Washington, Oct. 21.-Acting Comptroller of Currency Kane received a message over the long distance telephone at midnight last night from Pittsburg stating that the Federal National bank of that city would not open for business this morning. He immediately appointed National Bank Examiner John B. Cunningham receiver. No details as to the cause of the failure are known at the comptroller's office. The bank was established Nov. 16, 1901, with a capital of $2,000,000. Joseph A. Langfitt is president and George W. Eisenbeis cashier. The last statement filed with the comptroller Sept. 9 shows resources and liabilities to have been $7,693,782 each. It is believed that the Federal National bank will be more than able to pay dollar for dollar. In yesterday's run over half million dollars was withdrawn. It is confidently stated that the embarrassment is temporary and will extend no further.
9.October 28, 1903New Ulm ReviewNew Ulm, MN
Click image to open full size in new tab
Article Text
Pittsburg Bank Closed. Pittsburg, Pa., Oct. 22.-The Federal national bank succumbed yesterday to a run of its depositors, and after nearly $2,000,000 had been withdrawn failed to open its doors. It still owes depositors $1,900,000.
10.October 28, 1903The New DominionMorgantown, WV
Click image to open full size in new tab
Article Text
Latest reports from Pittsburg are to the effect that the failure of the Federal National will not seriously embarass any one in that city. The bank will pay out without any difficulty. All the other banks will be protected by the clearing house and nothing further along the line of suspensions is to be anticipated.
11.October 29, 1903The Manitowoc PilotManitowoc, WI
Click image to open full size in new tab
Article Text
Pittsburg Bank Closed. Pittsburg, Pa., Oct. 22.-The Federal national bank succumbed yesterday to a run of its depositors, and after nearly $2,000,000 had been withdrawn failed to open its doors. It still owes depositors $1,900,000.
12.October 29, 1903Warren SheafWarren, MN
Click image to open full size in new tab
Article Text
Pittsburg Bank Closed. Pittsburg, Pa., Oct. 22.-The Federal national bank succumbed yesterday to a run of its depositors, and after nearly $2,000,000 had been withdrawn failed to open its doors. It still owes depositors $1,900,000.
13.October 30, 1903The Indianapolis JournalIndianapolis, IN
Click image to open full size in new tab
Article Text
Banks to Reopen. PITTSBURG, Oct. 29.-It is confidently expected that the First National Bank of Allegheny and the Federal National Bank of Pittsburg, the two institutions temporarily embarrassed during the recent financial slump, will be able to reopen as soon as the receivers' reports are filed.
14.October 31, 1903The Barre Daily TimesBarre, VT
Click image to open full size in new tab
Article Text
Pittsburg Banks to Resume. Pittsburg, Oct. 31.-It is confidently expected that the First National bank of Allegheny and the Federal National bank of Pittsburg, the two institutions temporarily embarrassed during the recent financial slump, will be able to reopen as spon as the receiver# reports are filed.
15.November 4, 1903The Abbeville Press and BannerAbbeville, SC
Click image to open full size in new tab
Article Text
Pittsburg Bank Fails. The crippled Federal National Bank, of Pittsburg. Pa., capitalized at $2,000,000. has failed. Information was sent to the Controller of the Currency at Washington that the bank would not be able to open for business, and Bank Examiner J. B. Cunningham was immediately appointed receiver.
16.December 15, 1903The Indianapolis JournalIndianapolis, IN
Click image to open full size in new tab
Article Text
Bank Resumption at Pittsburg. PITTSBURG, Pa., Dec. 14.-The Federal National Bank, after two months' suspension, resumed business to-day under very auspicious circumstances. Before the doors opened a number of people were waiting to enter and the first man at the window deposited $30,000.
17.December 16, 1903The Forest RepublicanTionesta, PA
Click image to open full size in new tab
Article Text
Federal National Bank Resumes. Pittsburg, Dec. 15. - The Federal National bank, after two months suspension, resumed busines under very auspicious circumstances. President Young stated that the bank had almost $1,500,000 more than the amount of the individual deposits.
Federal National Bank Open. Pittsburg, Dec. 15.-The Federal National bank, after two months' suspension, has resumed business under very auspicious circumstances. Before the doors opened a number of persons were waiting to enter, and the first man at the window deposited $30,000.
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.
