Peoples National Bank (Osceola Mills, PA)

View Charter #11966 on SPMC View balance sheet

Episode Information

Episode UID
1196601574
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
119660 national
Charter Number
11966
Start Date
February 10, 1931
Location
Osceola Mills, Pennsylvania (40.850, -78.271)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
027686a36b640fb0

Response Measures

None

Receivership Details

Depositor recovery rate
63.0%
Date receivership started
1931-02-10
Date receivership terminated
1937-12-09
Share of assets assessed as good
13.4%
Share of assets assessed as doubtful
64.5%
Share of assets assessed as worthless
22.1%

Description

Known receivership (1931-02-10) places bank in permanent closure; articles describe receiver actions afterward.

Events (5)
1. April 28, 1921 Chartered
Source
historical_nic
2. February 10, 1931 Receivership
Source
historical_nic
3. February 10, 1931 Receivership
Newspaper Excerpt
T. W. McFadden, receiver for the Peoples National Bank of Osceola Mills.
Source
newspapers
4. October 14, 1931 Other
Newspaper Excerpt
T. W McFadden, receiver for the Peoples National Bank of Osceola Mills, filed suit against National Surety Company to recover on bond for cashier C. B. Gardner.
Source
newspapers
5. October 6, 1934 Other
Newspaper Excerpt
W. McFadden ... resigned Friday as receiver of the Moshannon National Bank of Philipsburg and the Peoples National Bank of Osceola Mills.
Source
newspapers

Newspaper Articles (3)
1. October 14, 1931 The Pittsburgh Press Pittsburgh, PA

Article Text

BANK'S RECEIVER SUES BOND FIRM Seeks Indemnity Against Clearfield Fraud The National Surety Company is named in a suit for $50,000 filed in Federal Court yesterday by T. W McFadden. receiver for the Peoples National Bank of Osceola Mills. Clearfield County. The bill states that C. B Gardner. Jr., was appointed cashier of the bank in 1923 and was covered by surety bond for $15,000. This was raised to $50,000 early this year Gardner. while cashier, caused a loss to the bank of $111,397.09 through fraud. forgery. embezzlement and theft, the complaint claims, and this action is brought to recover for the amount the surety company had Gardner COVered. It is understood that an indictment against him may be returned by the November Federal Grand Jury.

2. October 14, 1931 Pittsburgh Post-Gazette Pittsburgh, PA

Article Text

BANK RECEIVER SUES T. W. McFadden, receiver of the Peoples National Bank of Osceola Mills. yesterday filed a suit for $50,000 in the United States district court against the National Surety Company of New York. It is for the purpose of recovering on bond placed on C. B. Gardner while he was cashier. It is alleged in the statement of claim that Gardner misapplied $111,397.90.-

3. October 6, 1934 Intelligencer Journal Lancaster, PA

Article Text

BANK RECEIVER QUITS. Philipsburg W. McFadden son of Representative L. L. T. McFadden. of Canton, resigned Friday as receiver of the Moshannon National Bank of Philipsburg and the Peoples National Bank of Osceola Mill