6958. First National Bank (Pittsburg, KS)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
3463
Charter Number
3463
Start Date
January 23, 1932
Location
Pittsburg, Kansas (37.411, -94.705)

Metadata

Model
gpt-5-mini
Short Digest
898d4bee

Response Measures

Full suspension, Books examined

Receivership Details

Depositor recovery rate
80.7%
Date receivership started
1932-02-17
Date receivership terminated
1938-09-24
Share of assets assessed as good
15.9%
Share of assets assessed as doubtful
82.4%
Share of assets assessed as worthless
1.7%

Description

Newspapers report steady withdrawals after rumors that the bank was in bad condition; run peaked the Saturday before Jan 25, 1932. Bank failed to open Jan 25, 1932 and was placed in charge of a national bank examiner; receiver later paid dividends in 1933, confirming permanent closure.

Events (5)

1. March 4, 1886 Chartered
Source
historical_nic
2. January 23, 1932 Run
Cause
Rumor Or Misinformation
Cause Details
Circulation of rumors that the bank was in bad condition led to steady withdrawals over two weeks and culminated in a run that peaked the Saturday before Jan 25, 1932.
Newspaper Excerpt
steady withdrawals of deposits began two weeks ago as the result of the circulation of rumors that the bank was in bad condition and reached the proportions of a run Saturday.
Source
newspapers
3. January 25, 1932 Receivership
Newspaper Excerpt
was placed in charge of a national bank examiner. ... When the bank closed Jan 1932, the receiver, said liabilities totaled ... Charles W. Hamilton, receiver, announced dividend payments in Feb 1933.
Source
newspapers
4. January 25, 1932 Suspension
Cause
Rumor Or Misinformation
Cause Details
Failure to open followed the run driven by rumors and steady withdrawals; national bank examiner placed in charge (regulatory action).
Newspaper Excerpt
The First National Bank of Pittsburg failed to open today and was placed in charge of a national bank examiner.
Source
newspapers
5. February 17, 1932 Receivership
Source
historical_nic

Newspaper Articles (5)

Article from Evening Star, January 25, 1932

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Article Text

KANSAS BANK CLOSED. PITTSBURG, Kans., January 25 (AP). -The First National Bank of Pittsburg failed to open today and was placed in charge of a national bank examiner. Officials said steady withdrawals of deposits began two weeks ago as the result of the circulation of rumors that the bank was in bad condition and reached the proportions of a run Saturday. William J. Watson, president of the Kansas Bankers' Association, is president of the closed bank, which on Friday night had deposits of $1,373,725.44. Its capital was $100,000. Assets were listed as $1,710,653.86 with an undivided profit of $25,000. Loans and discounts were given as $665,02£42.


Article from The Ponca City News, January 25, 1932

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Article Text

LONG RUN RESULTS IN KANSAS BANK CLOSING Pittsburg, Kan., Jan. 25.-(P)Following run which officers said reached a peak Saturday, the First National bank of Pittsburg failed to open today. It had deposits of $1,373,725. and capital of $100,000. Its assets were listed as $1,710,653.86 with an undivided profit of $25,000. Loans and discounts were given as $665,024.42 Following rumor that the bank was in bad conditions, steady withdrawal of deposits began two weeks ago.


Article from Columbia Daily Tribune, January 25, 1932

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Article Text

Run Closes Bank Kas. at Pittsburg, By Associated Press. Jan which officers Following run said reached peak the First National Bank of failed open The rectors placed the institution charge H. national examiner. rumor that the Following bank bad condition, steady withdrawals deposits began two weeks The cided Saturday not to today. Watson. president the Kansas Bankers the closed bank which long ranked one largest in ?ifib 123456 789 deposits Friday night were its capital assets were listed profit of Loans counts were given Crowds of men and women their gathered the bank's doors morning rumor cosing ability realize on loans clining its offered by officials as sons for closing.


Article from The Parsons Sun, February 15, 1933

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Article Text

PITTSBURG BANK DIVIDEND Second Payment of 15 Per Cent Brings Total to 45 Cents on on Dollar PITTSBURG, Feb. 16-(P)-A second dividend of 15 per cent will be paid here Saturday by the failed First National bank, the receiver, Charles W. Hamilton, an nounced today. The payment will total approximately $150,000 he said. previous payment of 30 per cent was When the bank closed Jan 1932. the received said. liabilities totaled $1,522,000 which $950,000 ben retired little year.


Article from Edmond New Leaf, March 9, 1933

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Article Text

KANSAS GENERAL NEWS ITEMS Current Happenings of Interest From All Parts of State In Condensed Form. KILL WELFARE COMMISSION Senate Republicans and Democrats Join in Eliminating Enacting Clause of Proposed Measure. Topeka.-Eleven Democrats joined with ten Republicans in the senate recently to kill the public welfare commission bill, an idea that originated with Governor Woodring and was developed by a commi appointed by him in July, 1931. The measure was considered as special order and after an afternoon of discussion the enacting clause was stricken out by a vote of 21 to 17. Iola.-An attempt to measure the distance from the ground to a high tension line with what he believed was a fabric measuring tape cost the life of George Ensminger, mayor of La Harpe, and resulted in the dangerous injury of Frank Wilson, also of La Harpe. They did not know the measing tape had a metallic wire running through it to keep it from stretching. They sought the measurement to determine if a house they were moving would pass under the line. Topeka.-Governor Landon has approved paroles for George Cruse of Wichita, convicted wife slayer, and Elmer M. Chapman, Manhattan, who pleaded guilty to a charge of having embezzled $3,700 while serving as clerk of Riley county. Their names were included in a list of thirty-eight state penitentiary convicts for whom Governor Landon approved paroles on recommendation of other members of the board of administration. Topeka.-Governor Landon has suggested to the fees and salaries committee of the house that his salary be cut to $3,750 a year for the present biennium. His salary now is $5,000 a year. He also asked that the salaries of all his office employees be cut 10 per cent. The governor pointed out that this reduction was in line with his economy program. year-old student at Ottawa university at Ottawa, Kan., was well on the road to recovering here at a hospital from what he and physicians believed was amnesia. He had disappeared about a week before from the Ransom Memorial hospital at Ottawa where he was studying for a course in medicine. Topeka.-J. W. Greenleaf, chairman of the public service commission, announced recently the commission had decided it had jurisdiction in an action in which the Ozark Pipe Line Company seeks a certificate of convenience to operate as gas distributing utility in Parsons and that a further hearing of the matter had been set tentatively for next March 3. Salina.-More than 200 farmers for 10 hours fought a prairie fire that began six miles west of Roxbury and eight miles south of Haliville, in this county, and conquered it only after it burned a strip eight miles long and two miles wide. Damage to fences, feed, telephone poles and other things destroyed in the fire is estimated by farmers at $25,000. Wichita.-Leonard L. Zacharias, traveling salesman of Kansas City, was found dead in his motor car here from the effects of monoxide poisoning. Coroner G. C. Davis said the man committed suicide. A flexible metal hose was found leading from the exhaust pipe of the motor into the car through one of the windows. Randall.-Mrs. Emma Hutchinson, 77, who died here recently on the original family homestead, had resided there 62 years. She came here as one of the first settlers making the trip from Illinois by covered wagon in 1871. She was a cousin of former Governor Harry Woodring. Wichita.-Finley Ross, 86, three times mayor of Wichita and known as the father of Wichita's park system, Is dead. He came to Wichita in 1876 and took an active part in business, civic, political, church and lodge af. fairs until his last illness. Topeka.-A resolution drafted by legIslative leaders provides that each branch stop the consideration of its own bills a: adjournment March 11. The final adjournment would come March 20. Topeka.-C. H. Scholer of Kansas State College at Manhattan was elected president of the Kansas Engineering Society here the other day. Pittsburg.-A second dividend of 15 per cent was paid here recently by the failed First National Bank, the receiver, Charles W. Hamilton, announced. The payment will total approximately $150,000. A previous pay. ment of 30 per cent was made. Clay Center.-Capt. Luther Barker died recently at his home in Clay Center. He had been ill several weeks. Mr. Barker was for many years national commander of the National Indian War Veterans' Association of the United States.