Bank of Coal Center (Coal Center, PA)

Episode Information

Episode UID
6783395891309
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
678339589 hash
Start Date
January 15, 1909
Location
Coal Center, Pennsylvania (40.068, -79.902)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
114aefcf06dfd458

Response Measures

None

Description

State examiner closed the bank for bad loans and a receiver was later named; indictments followed against the cashier.

Events (3)
1. January 15, 1909 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closed by state bank examiner due to bad loans (insolvency concerns).
Newspaper Excerpt
The Bank of Coal Center was closed today by State Bank Examiner James Cover. It is said the suspension is due to bad loans.
Source
newspapers
2. May 6, 1909 Other
Newspaper Excerpt
Grand jury returned true bills against C. H. Drum, former cashier of the Bank of Coal Center ... charged with conspiracy to defraud the Bank of Coal Center.
Source
newspapers
3. May 6, 1909 Receivership
Newspaper Excerpt
Senator William E. Crow, of Uniontown, receiver for the bank.
Source
newspapers

Newspaper Articles (4)
1. January 15, 1909 Evening Star Washington, DC
Article from Evening Star, January 15, 1909

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Article Text

Bad Loans Close Up Bank. COAL CENTER, Pa., January 15.-The Bank of Coal Center was closed today by State Bank Examiner James Cover. It is said the suspension is due to bad loans. The bank is a small institution and all depositors, it is said, will be paid.

2. January 16, 1909 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, January 16, 1909

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Article Text

Small Bank Closed. Coal Center, Pa., January 15. - -The Bank of Coal Center was closed today by State Bank Examiner James Cover. It is said the suspension is due to bad loans. The bank is a small institution and all depositors, it is said, will be paid in full.

3. January 16, 1909 The Montgomery Advertiser Montgomery, AL
Article from The Montgomery Advertiser, January 16, 1909

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Article Text

Coal Center Bank Closed. Coal Center, Pa., Jan. 15.-The Bank of Coal Center was closed today by State Bank Examiner James Cover. It is said the suspension is due to had loans. The bank is a small institution and all depositors, it is said, will be paid in full.

4. May 6, 1909 The Fairmont West Virginian Fairmont, WV
Article from The Fairmont West Virginian, May 6, 1909

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Article Text

INDICTMENTS ARE FOUND Grand Jury Finds True Bills Against Banker and Broker. WASHINGTON, Pa., May 6.-The Washington county grand jury returned true bills against C. H. Drum, former cashier of the Bank of Coal Center, and Frederick Ward, broker and promoter, of Pittsburg, under four counts. Two charge Drum and Ward with conspiracp to defraud the Bank of Coal Center and the other two charge Ward with having conspired tc induce Drum to violate the act Oi 1850, which forbids bank cashiers to engage in other business. The prosecutor of record is J. W. Steyart, of Coal Center, representing the stockholders of the institution. Because of the time needed by both sides to prepare for trial, the case is not expected to be tried at the present term of court. Among, the witnesses called before the grand jury in the case were Commissioner of Banking John A. Berkey. of Somerset: Bank Examiners J. M. Cover, of Somerset, and G. H. Gettp of New Wilmington; Senator William E. Crow, of Uniontown, receiver for the bank. and directors of the bank and business men of Coal Center.