First National Bank (Hooversville, PA)

Episode Information

Episode Type
Suspension β†’ Closure
Start Date
July 12, 1934
Location
Hooversville, Pennsylvania (40.147, -78.912)
Bank Type
national
Charter Number
6250

Metadata

Receivership Details

Depositor recovery rate
63.9%
Date receivership started
1934-07-12
Date receivership terminated
1938-04-26
Share of assets assessed as good
61.5%
Share of assets assessed as doubtful
36.4%
Share of assets assessed as worthless
2.0%

Notes

Article lists the bank as '(Receiver)' and RFC loans to banks in the county.

Events (3)

1. May 9, 1902 Chartered
Source
historical_nic
2. July 12, 1934 Receivership
Newspaper Excerpt
First National Bank of Hooversville (Receiver) 57,986.10
Source
newspapers
3. July 12, 1934 Receivership
Source
historical_nic

Newspaper Articles (3)

Article Text

1916 -------------------- 35.00 1930 -------------------- 173.00 1934 -------------------- 243.00 "If we deduct the cost of the warβ€”that is, the debt burden and the care of disabled world war veterans, which added together amount to about $50 per family per yearβ€”we find the 1934 figure to be $193 per family. "There is, of course, the very definite necessity of caring for those in need until business can absorb the unemployed. This in 1934 amounted to about $60 per family. Should we deduct this, we still have $133 per family, an increase of over 250% since 1916β€”little or none of which is necessary. That increase represents the strangulation of democracy by the cancer of bureaucracy." FEDERAL LOANS MADE TO SOMERSET COUNTY BANKS Congressman J. Buell Snyder has prepared a statement showing the amounts which the Reconstruction Finance Corporation has loaned to banks and trust companies, including those banks and trust companies which are in the hands of receivers, in Somerset County, from Feb. 2, 1932, to Sept. 30, 1935, inclusive, as follows: First National Bank of Boswell (Receiver) ----$136,900.00 First National Bank of Cairnbrook (Receiver) _ 23,700.00 First National Bank of Davidsville (Receiver) _ 11,000.00 Citizens National Bank of Hooversville (Receiver) _ 56,728.00 First National Bank of Hooversville (Receiver) 57,986.10 Farmers and Merchants National Bank of Rockwood 7,875.00 First National Bank of Rockwood ---------------- 67,335.00 Citizens State Bank of Salisbury ---------------- 58,315.71 First National Bank of Somerfield (Receiver) -- 57,000.00 County Trust Company of Somerset -------------- 35,000.00 Citizens National Bank of Windber -------------- 151,874.51 Total ________________ $663,714.32 Amounts disbursed on subscriptions for preferred stock of banks and trust companies, under Sec. 304, Title 111, of the act approved March 9, 1933, as amended, in Somerset County, during the period from March 9, 1933, to September 30, 1935, inclusive: Citizens National Bank of Meyersdale __________ $ 50,000.00 First National Bank of Sipesville ______________ 12,500.00 Peoples National Bank of Somerset ______________ 50,000.00 Citizens National Bank of Windber ______________ 50,000.00 Total ________________ $162,500.00 tive agencies, market research services, map drawing and cartography services, and sales consultants. Theaters and hotels are to be covered as in 1929 and 1933, she said. Miss Philson declared the present census is the answer to the request of business for dependable 1935 information for sounder planning of expansion programs, and is a continuation of the similar business censuses of 1929 and 1933. Miss Philson is a very successful business woman. She is manager of the S. O. Philson estate and business manager of the White Star Hotel at Jennerstown. Miss Philson's vision of business was well shown recently when she offered the Commissioner's of Somerset County an airport site of some fifty acres, adjacent to Jennerstown for the sum of one dollar a year and a lease for forty-nine years.


Article Text

First National Bank of Boswell (Receiver) ----$136,900.00 First National Bank of Cairnbrook (Receiver) _ 23,700.00 First National Bank of Davidsville (Receiver) __ 11,000.00 Citizens National Bank of Hooversville (Receiver) _ 56,728.00 First National Bank of Hooversville (Receiver) 57,986.10 Farmers and Merchants Farmers and Merchants Na


Article Text

First National Bank of Boswell (Receiver) ---- $136,900.00 First National Bank of Cairnbrook (Receiver) - 23,700.00 First National Bank of Davidsville (Receiver) -- 11,000.00 Citizens National Bank of Hooversville (Receiver) - 56,728.00 First National Bank of Hooversville (Receiver) 57,986.10 Farmers and Merchants Farmers and Merchants National Bank of Rockwood 7,875.00 First National Bank of Rockwood ---------- 67,335.00 Citizens State Bank of Salisbury ---------- 58,315.71 First National Bank of Somerfield (Receiver) -- 57,000.00 County Trust Company of Somerset ---------- 35,000.00 Citizens National Bank of Windber ---------- 151,874.51