Citizens National Bank (Warren, PA)

View Charter #2226 on SPMC View balance sheet

Episode Information

Episode UID
222601577
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
22260 national
Charter Number
2226
Start Date
May 16, 1931
Location
Warren, Pennsylvania (41.844, -79.145)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
2d2e6ec0915ef45f

Response Measures

None

Receivership Details

Depositor recovery rate
73.9%
Date receivership started
1931-06-04
Date receivership terminated
1938-09-30
OCC cause of failure
Governance
Share of assets assessed as good
35.3%
Share of assets assessed as doubtful
55.7%
Share of assets assessed as worthless
9.0%

Description

Used reported May 16, 1931 suspension and federal receiver actions; authoritative receivership date (1931-06-04) applied.

Events (4)
1. March 1, 1875 Chartered
Source
historical_nic
2. May 16, 1931 Suspension
Cause
Government Action
Cause Details
Bank suspended May 16, 1931 and federal national bank receiver (F. Wm. Lensing) placed in charge.
Newspaper Excerpt
Customers of the Citizens National Bank, who have Safety Deposit Boxes rented and are NOT indebted to the said Bank either directly, indirectly, as endorser or otherwise, may call at the Office of the Receiver and obtain the contents of their box after executing receipt satisfactory to F. Wm. Lensing, National Bank Receiver. ... The Bank is now open from 9:00 a. m. to 12:00 noon, and from 1:00 p. m. to 3:00 p. m. Customers owing the bank for past due notes or other obligations are requested to call at the bank immediately and make prompt payment.
Source
newspapers
3. June 4, 1931 Receivership
Source
historical_nic
4. June 4, 1931 Receivership
Newspaper Excerpt
Wm. National Bank Receiver, arrived Warren terday and will take charge of the affairs the Citizens National Bank which closed May 16. ... F. Wm. Lensing, National Bank Receiver, now in charge of the affairs of the Citizens National Bank, Warren, advises that: ... In the near future it will be necessary that all depositors file Proof of Claim.
Source
newspapers

Newspaper Articles (11)
1. June 13, 1931 Warren Times Mirror Warren, PA

Article Text

CITIZENS NOW IN CHARGE RECEIVER Wm. National Bank Receiver, arrived Warren terday and will take charge of the affairs the Citizens National Bank which closed May 16. In order speed up the affairs the Receivership work he has requested that parties requesting general the bank affairs delay such inquiries until after Receivership have been which will probably take ten days or two The bank will be open each day from and from to Saturday when the hours will to for the purpose of customers owing the bank making payments their notes that now due. Later after the Reveivership work progresses, the Warwill news advising the how proceed file claim for the amount of their deposit. The form proofs will be supplied by the Receiver in due time. AN AD DAY the Classified Section keeps hard times away.

2. June 25, 1931 Warren Times Mirror Warren, PA

Article Text

CONTENTS OF BOXES AT CITIZENS NATIONAL ARE NOW AVAILABLE TO RENTERS NOT INDEBTED TO BANK The following statement that should be of interest to a large number in the community who did business with the Citizens National Bank, suspended May 16th, was issued this morning by F. William Lensing, national bank receiver in charge: LIABILITIES Liabilities unsecured $ Bills Payable secured by pledge of assets of the bank aggregating $129,427.00 as collateral Total F. Wm. Lensing, National Bank Receiver, now in charge of the affairs of the Citizens National Bank, Warren, advises that: Customers of the Citizens National Bank, who have Safety Deposit Boxes rented and are NOT indebted to the said Bank either directly, indirectly, as endorser or otherwise, may call at the Office of the Receiver and obtain the contents of their box after executing receipt satisfactory to F. Wm. Lensing, National Bank Receiver. Mr. Lensing, the Receiver, has a supply of forms to be used for that purpose. Box renters MUST call in PERSON ,some $1,143,859.46 933,605.67 other member of the family, friend or relative cannot obtain the contents. In the near future it will be necessary that all depositors file Proof of Claim. Mr. Lensing states that the forms necessary for the filing of claims have not been received, and when they are available newspaper item will be published in the Warren Times-Mirror. The Bank is now open from 9:00 a. m. to 12:00 noon, and from 1:00 p. m. to 3:00 p. m. Customers owing the bank for past due notes or other obligations are requested to call at the bank immediately and make prompt payment. ASSETS Bills Receivable $ 920,330.32 Cash on hand 35,655.34 Assets Other than Bills Receivable and cash on hand 187,873.80 Total 45,100.00 $ 978,705.67

3. November 2, 1931 Warren Times Mirror Warren, PA

Article Text

CITIZENS' NAT'L READY TO PAY Receiver For Closed Warren Bank Announces 40 Percent Payment to Be Made About Dec. 1st; Fifteen Hundred Depositors Participate STATEMENT ISSUED First dividend of 40% will be paid depositors the closed Citizens National Bank of Warren on or about December 1st, 1931, cording to notice posted at the bank today and statement made by Wm. Lensing, national bank receiver, as follows: Lensing, receiver, since its closing on May 16, 1931, will have first dividend checks ready for distribution depositors and creditors the bank who have made satisfactory proof of claim. The first dividend checks will be ready for delivery on or about December 1st. They are now being pared in the receiver's office. they completed they will be forwarded to the treasury department the United States, Washington, for signature. receiver's certificate proof claim will be delivered creditors the same time the first dividend checks are deliverApproximately fifteen hundred depositors will participate addition to the 40% dividend that has just been declared, bills amounting to $45,100.00 have been paid in full, which was secured obligation the bank date suspension and the collateral pledged security amounting to was leased to the receiver. amount and date of future dividend payments depends entireon how promptly debtors of the bank pay their obligations to the The will publish news item just as soon the vidend checks are returned from Washington the receiver and ready for distribution to the depositors. detailed statement of the ceivership September 1931, will be found on page seven.

4. December 1, 1931 The Oil City Derrick Oil City, PA

Article Text

WARREN REFINERY LOSS IS $10,000 of the United Refining Co, whose plant was the scene of on explosion that rocked entire section Sunday night, stated today that the will exceed $10,000 Re bullding operations have already hern started and expected that the new gasoline reforming unit which was hadly damaged by the blast, will again be In operation within another week. The cause the explorion in be lieved to have resulted Ignition an accumulation of highly explosive propare and gaves of even lighter gravity The unit that was damaged by the blast Was erocted during summer for the United Reaning Co. by the Struthere-W Co., of this city. The first Its kind ever constructed this country and while still in experimental stage. It has been proving most successful process removing from gasoline elements that cluse motors 10 knock. The build Ing that destroyed housed two stage compressor driven by 180 horse power direct connected gas engine. and the theory is that the 58882 caused the explosion no doubt accumulated from sonte leaks from the high pressure side of the The plan: as usual today. Lensing. National bank receiver In charge the affairs of the Citizens National hank. which dend checks 40 per cent. to de positors the closed hank who have made eatisfactory proof of claim Approximately 1,500 deposiparticipated the dividend The amounting and date of future diviamount dends will depend entirely upon how promptly debtors of the bank pay their obligations to the 30. Funeral Warren of Warren county who was suffo rated under four large state from of his store at Sunday evening. will be held el

5. July 15, 1933 Warren Times Mirror Warren, PA

Article Text

Legal Records Deeds Cary Marsh and wife to George C. Marsh and wife, Sugar Grove township, $1. Mary L. Greenlund to Aileen L. Crandall, Warren borough, $1. Myrtle Knupp et al to H. K. Leitch, Pleasant township, $1. Community Savings & Loan Co. to W. H. Phillips et al, $125. Alonzo D Stanton to James Z. Stanton and wife et al, Kinzua village, $1. Louise Benson to Charles Benson, Mead township, $1. Citizens National Bank by Receiver to Victor Granquist, Warren borough, $1. Warren National Bank to Samuel G. Loomis, Warren borough, $1. John Carrell and wife et al to James Mickelson, Columbus township, 1. Power of Attorney Tidioute State Bank to Lyle F. Briggs. Struthers-Wells-Titusville Corp. to R. C. White. Assignment of Mortgage Citizens National Bank of Warren by Receiver to Christopher Hansen, Triumph and Deerfield townships. Charter Logan's, Warren.

6. July 15, 1933 Warren Times Mirror Warren, PA

Article Text

Cary Marsh and wife to George C. Marsh and wife, Sugar Grove township, $1. Mary L. Greenlund to Aileen L. Crandall, Warren borough, $1. Myrtle Knupp et al to H. K. Leitch, Pleasant township, $1. Community Savings & Loan Co. to W. H. Phillips et al, $125. Alonzo D Stanton to James Z. Stanton and wife et al, Kinzua village, $1. Louise Benson to Charles Benson, Mead township, $1. Citizens National Bank by Receiver to Victor Granquist, Warren borough, $1. Warren National Bank to Samuel G. Loomis, Warren borough, $1. John Carroll and wife et al to James Mickelson, Columbus township, 1. Power of Attorney Tidioute State Bank to Lyle F. Briggs. Struthers-Wells-Titusville Corp. to R. C. White. Assignment of Mortgage Citizens National Bank of Warren by Receiver to Christopher Hansen, Triumph and Deerfield townships. Charter Logan's, Warren.

7. July 15, 1933 Warren Times Mirror Warren, PA

Article Text

Assignment of Mortgage Citizens National Bank of Warren by Receiver to Christopher Hansen, Triumph and Deerfield townships. Charter Logan's, Warren.

8. August 16, 1934 Warren Times Mirror Warren, PA

Article Text

BANK RECEIVER LOCATED HERE QUITTING POST F. Wm. Lensing, National Bank Receiver, in charge of the Citizens National Bank, Warren, Wilcox National Bank, Wilcox, First National Bank of Brockway, and the First National Bank of Youngsville, who has been in charge of these banks since the inception of the several receiverships, has resigned as Receiver. At June 30, 1934, the Statement of Condition of the Warren receivership indicates that dividends aggregating 59 per cent or $511,250.22 was paid to depositors and cash in the amount of $48,019.51 is available for future dividends. The remaining uncollected assets aggregate a total of $607,376.27. At June 30, 1934, the Statement of Condition of the Wilcox receivership indicates that dividends aggregating 83 per cent or $193,331.46 was paid to depositors and cash in the amount of $12,963.37 is available for future dividends. The remaining uncollected assets aggregate a total of $29,043.47. Lensing was appointed Receiver of the Brockway and Youngsville receiverships for the purpose of collecting stock assessments. Since coming to Warren Mr. Lensing and his family have made a host of friends who join in the general expression of regret that is heard over the announcement. Mr. Lensing has made an enviable record in the handling of the affairs of the banks, his achievements being a credit to himself and those who were responsible for his coming to Warren.

9. August 16, 1934 Warren Times Mirror Warren, PA

Article Text

F. Wm. Lensing, National Bank Receiver, in charge of the Citizens National Bank, Warren, Wilcox National Bank, Wilcox, First National Bank of Brockway, and the First National Bank of Youngsville, who has been in charge of these banks since the inception of the several receiverships, has resigned as Receiver. At June 30, 1934, the Statement of Condition of the Warren receivership indicates that dividends aggregating 59 per cent or $511,250.22 was paid to depositors and cash in the amount of $48,019.51 is available for future dividends. The remaining uncollected assets aggregate a total of $607,376.27. At June 30, 1934, the Statement of Condition of the Wilcox receivership indicates that dividends aggregating 83 per cent or $193,331.46 was paid to depositors and cash in the amount of $12,963.37 is available for future dividends. The remaining uncollected assets aggregate a total of $29,043.47. Lensing was appointed Receiver of the Brockway and Youngsville receiverships for the purpose of collecting stock assessments. Since coming to Warren Mr. Lensing and his family have made a host of friends who join in the general expression of regret that is heard over the announcement. Mr. Lensing has made an enviable record in the handling of the affairs of the banks, his achievements being a credit to himself and those who were responsible for his coming to Warren.

10. August 17, 1934 The Kane Republican Kane, PA

Article Text

LENSING RESIGNS AS BANK RECEIVER F. William Lensing, national bank receiver in charge of the Citizens Na tional bank. Warren: Wilcox National bank, Wileox: First National bank, of Brockway, First National bank in Brockway and the First National bank of Youngsville, who has been Its charge of these banks since inception of the several receiverships, has re signed as receiver. At June 30, 1934, the statement of condition of Warren receivership indi cates that dividends aggregating 59 per cent, or $511,250.22 was paid to depositors and cash in the amount of $48,019.51 is available for future dividends. The remaining uncollected as sets aggregate total of $607,376.27. At June 30, 1934, the statement of condition of the Wilcox receivership indicates that dividends aggregating 83 per cent or $193,331 46, were paid to depositors and cash in the amount of $12,963.37 is available for future dividends. The remaining uncollected assets aggregate total of $29,043.47 Lensing was appointed receiver of the Brockway and Youngsville receiverships for the purpose of collecting stock assessments. Lensing was connected with the in solvent division of the office of the comptroller of the currency for eleven years, and during that time liquidated banks in Texas, Arkansas and Illinois, in addition to the Pennsylvania receiverships.

11. August 18, 1934 Pittsburgh Post-Gazette Pittsburgh, PA

Article Text

Resigns as Receiver WARREN, Aug. William Lensing, national bank receiver, charge of the Citizens National Bank, Warren; Wilcox National Bank, Wilcox; First National Bank of Brockway, First National Bank in Brockway and First National Bank of Youngsville, who been charge of these banks since the inception of the several receiverships, has resigned as receiver.