gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
0efdbaa50414b169
Response Measures
Accommodated withdrawals, Public signal of financial health, Books examined
Receivership Details
Depositor recovery rate
85.4%
Date receivership started
1924-12-26
Date receivership terminated
1932-10-01
OCC cause of failure
Fraud
Share of assets assessed as good
62.2%
Share of assets assessed as doubtful
17.7%
Share of assets assessed as worthless
20.1%
Description
Receivership date reported in government records as 1924-12-26; articles describe appointment shortly after closure.
Events (5)
1.March 15, 1880Chartered
Source
historical_nic
2.July 21, 1924Run
Cause
Rumor Or Misinformation
Cause Details
Widespread rumors that the bank was about to close led depositors to withdraw funds; officials branded the rumors false.
Measures
Bank officials investigated origin of rumors and issued statements assuring the bank's healthy condition; many withdrawn funds were redeposited before closing time.
Newspaper Excerpt
Rumors that the Parkesburg National Bank ... was about to close its doors gained wide circulation, with the result that a run on the institution commenced shortly after it opened for business.
Source
newspapers
3.October 4, 1924Suspension
Cause
Bank Specific Adverse Info
Cause Details
Directors closed the bank after discovery of misappropriation/shortage and irregularities in the bank's accounts.
Newspaper Excerpt
The doors of the Parkesburg National Bank did not open for business today. A sign posted on the door read: 'Closed by order of the directors.' ... closed by the directors because of misappropriation of funds and irregularities.
Source
newspapers
4.December 26, 1924Receivership
Source
historical_nic
5.December 26, 1924Receivership
Newspaper Excerpt
Miss Isabel Darlington has been appointed receiver for the defunct National Bank of Parkesburg ... will take hold of the administration of its affairs at once.
Source
newspapers
Newspaper Articles (24)
1.July 21, 1924The Washington TimesWashington, DC
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ONE-DAY BANK RUN CAUSED BY RUMORS COATESVILLE, July 21.-Rumors that the Parkesburg National Bank, at Parkesburg, six miles west of here, was about to close its doors gained wide circulation, with the result that a run on the institution commenced shortly after it opened for business. A long line of depositors ready to withdraw their savings greeted officials, who immediately set to work to try and run down the origin of the rumors, which they branded as false. M. F. Hamill, the cashier, in a statement gave assurance that the bank is in a healthy financial condition. Before closing time the run had ended and some of those who had withdrawn their money returned to re-deposit it.
2.October 4, 1924The News JournalWilmington, DE
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CHESTER CO. BANK CLOSED; FUNDS MISAPPROPRIATED
(By The Associated Press.)
Parkesburg, Pa., Oct. 4.—The doors of the Parkesburg National Bank did not open for business today. A sign posted on the door read: "Closed by order of the directors."
Thomas C. Young, president of the bank, at his home, said "the bank has been closed by the directors because of misappropriation of funds and irregularities." He declined to make a detailed statement adding that he did not know whether depositors would suffer losses.
Bank examiners recently went over the books of the institution. In June, a run on the bank followed resignation of Charles P. Lukens, as assistant cashier. Officials at that time, however, issued a statement to the effect that the bank was sound financially.
The bank was capitalized at 50,000, while the June statement of its resources showed a surplus of $20,000.
3.October 4, 1924Wilkes-Barre Times Leader, the Evening NewsWilkes-Barre, PA
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PARKESBURG BANK CLOSED BY PRESIDENT
Coatesville, Pa., Oct. 4.—Misappropriation of funds and irregularities were given as the reason for the closing of the National Bank at Parkesburg, near here, today by President Thomas C. Young. Mr. Young refused to comment further except to state that no arrests have been made and none are contemplated.
The closing of the bank, which has about 1,800 depositors, caused a sensation in the town. No run was made on the bank as the closing was unexpected.
Financial troubles were hinted a few months ago, however, following the sudden resignation of an assistant cashier which resulted in a run on the bank. It was checked at the time by a statement that the bank was sound financially.
BANK IS CLOSED National Bank at Parkesburg. Pa., Does Not Open for Business This Morning, Directors Orders. Parkesburg, Pa., Oct. 4-The doors of the Parkesburg National bank did not open for business today. A sign posted on the door read. "Closed by order of the directors." Thomas C. Young, president of the bank, at his home, said "The bank has been closed by the directors because of misappropriation of funds and irregularities." He declined to make a detailed statement, adding that he did not know whether depositors would suffer losses. Bank examiners recently went over the booke of the institution. In June. a run on the bank followed resignation of Charles P. I. ukens as assistant cashier. Officials at the time, however, issued a statement that the bank was sound.
5.October 4, 1924Public OpinionChambersburg, PA
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NATIONAL BANK AT PARKESBURG CLOSED; HAD A RUN IN JUNE
PARKESBURG, Pa., Oct. 4—The doors of the Parkesburg National Bank did not open for business today.
A sign posted on the door read: "Closed by order of the directors."
"Thomas C. Young, president of the bank, at his home said, "The bank has been closed by the directors because of misappropriation of funds and irregularity." He refused to make a detailed statement, adding he did not know whether depositors would suffer losses.
Bank examiners recently went over the books of the institution. In June a run on the bank followed the resignation of Chas. P. Lukens as assistant cashier. Officials at that time, however, issued a statement to the effect the bank was sound financially.
6.October 4, 1924The Buffalo NewsBuffalo, NY
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PARKESBURG, PA., BANK CLOSES; FIND SHORTAGE
PARKESBURG, Oct. 4.—The doors of the Parkesburg National bank did not open for business today. A sign posted on the door read: "Closed by order of the directors."
Thomas C. Young, president of the bank, at his home, said: "The bank has been closed by the directors because of misappropriation of funds and irregularities." He declined to make a detailed statement, adding that he did not know whether depositors would suffer losses.
Bank examiners recently went over the books of the institution. In June, a run on the bank followed resignation of Charles P. Lukens as assistant cashier. Officials at that time, however, issued a statement to the effect that the bank was sound financially.
7.October 5, 1924The Plain DealerCleveland, OH
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Article Text
DIRECTORS CLOSE BANK
Misappropriation of Funds Given as Reason by President.
PARKESBURG, Pa., Oct. 4.—The doors of the Parkesburg National bank did not open today. A sign on the door read: "Closed by order of the directors."
T. C. Young, president, at his home, said "The bank has been closed by the directors because of misappropriation of funds and irregularities." He said he did not know whether depositors would suffer losses.
Bank examiners recently went over the books of the institution. In June, a run on the bank followed resignation of C. H. Lukens as assistant cashier. The bank was capitalized at $50,000, while the June statement of resources showed a surplus of $20,000.
8.October 5, 1924Jackson Citizen PatriotJackson, MI
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Article Text
CLOSE BANK FOR LACK OF FUNDS
Directors Lock Doors of Institution Which Had "Run" Last June.
(By Associated Press.)
Parkesburg, Pa., Oct. 4.—The doors of the Parkesburg National Bank did not open today. A sign on the door said:
"Closed by order of the directors."
T. C. Young, president of the bank, at his home said:
"The bank has been closed by the directors because of shortage of funds and irregularities."
Bank examiners recently went over the books of the institution. In June a run on the bank followed resignation of C. P. Lukens as assistant cashier. Officials at that time, however, issued a statement that the bank was sound financially.
9.October 5, 1924Jackson Citizen PatriotJackson, MI
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Article Text
(By Associated Press.)
Parkesburg, Pa., Oct. 4.—The doors of the Parkesburg National Bank did not open today. A sign on the door said:
"Closed by order of the directors."
10.October 5, 1924The Jackson NewsJackson, MI
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Article Text
Parkesburg National Bank Is Closed by the Directors
Parkesburg, Pa., Oct. 4. — The doors of the Parkesburg National bank did not open today. A sign on the door read:
"Closed by order of the directors."
T. C. Young, president of the bank, at his home, said:
"The bank has been closed by the directors because of shortage of funds and irregularities."
Bank examiners recently went over the books of the institution. In June a run on the bank followed resignation of C. P. Lukens as assistant cashier. Officials at that time, however, issued a statement that the bank was sound financially.
11.October 7, 1924Wilkes-Barre Times Leader, the Evening NewsWilkes-Barre, PA
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CASHIER QUITS AS TREASURER OF TOWN COUNCIL
Blamed For Depositing Nearly $100,000 In Bank Closed Since Saturday
BIG MONEY SHORTAGE
Parkesburg, Pa., Oct. 7.—George A. Cardwell was last night elected borough treasurer at a meeting of council to succeed Charles P. Lukens, whose voluntary resignation was forwarded to council in a letter postmarked Philadelphia.
Lukens is one of the central figures in the local storm now raging over the closing of the Parkesburg National Bank, because of a serious money shortage. Lukens was assistant cashier of the bank until June when his resignation was followed by a run on the bank.
When the bank was closed Saturday Lukens came into the limelight once again when it became known he had deposited some of the borough funds there. It is now rumored the shortage may reach nearer $100,000 than $50,000 as at first supposed although no statement has been issued by officials.
12.October 7, 1924New Castle NewsNew Castle, PA
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Parkesburg Names Treasurer; Fills Places Of Lukens
Voluntary Resignation Of Lukens, Missing Bank Cashier, Forwarded To Council
(International News Service)
PARKSBURG, Pa., Oct. 7.—George A. Cardwell was last night elected borough treasurer at a meeting of council to succeed Chas. P. Lukens whose voluntary resignation was forwarded to council in a letter postmarked Philadelphia.
Lukens is one of the central figures in the local storm now raging over the closing of the Parkesburg National bank because of a serious money shortage. Lukens was assistant cashier of the bank until June when his resignation was followed by a run on the bank.
When the bank was closed Saturday Lukens came into the limelight once again when it became known he had deposited some of the borough funds there. It is now rumored the shortage may reach
13.October 9, 1924The South Bend TribuneSouth Bend, IN
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BANK OFFICIAL TAKEN.
Arrests Made After Doors of Institution Are Closed.
PHILADELPHIA, Pa., Oct. 9.—Charles B. Lukens and A. C. Hamill, respectively former and present assistant cashiers of the Parkesburg, Pa., National bank, which closed its doors last Saturday, were arrested here yesterday on warrants, charging embezzlement. Arraigned before Federal Commissioner Manley, they both furnished heavy bail, Lukens' bond being fixed at $25,000 and Hamill's at $10,000.
Henry B. Davenport, federal bank examiner, said the missing funds would reach over $100,000.
14.October 11, 1924The News-JournalLancaster, PA
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PARKESBURG'S CASH AND CREDIT SCARCE
Confidence Fails To Return With Rumor Of 85 Cents On Dollar
LOSS STEADILY MOUNTS
Neither reports of the probable arrest of another man in connection with the failure of the Parkesburg National Bank nor the rumor that the institution may be able to pay 85 cents on the dollar, has served to lift the cloud that enshrouds the public confidence of the citizens of the boro.
There is a dearth of ready money in the hands of money and merchants are complaining of lack of business and of requests for credit.
The rumors and counter-rumors that invariably follow in the wake of such catastrophes as the bank failure and the intimate relation of those accused of wrecking the institution with the business and civic life of the community may be said to have completely undermined the civic morale of Parkesburg.
This is demonstrated by the insistance of the boro council of a bond of $20,000 for its new treasurer, George Cardwell, and by the counter insistence of Mr. Cardwell upon a bond protecting him against loss through repository banks.
The fact that Charles D. Lukens, who served as treasurer under a bond of $6,000, executed in 1904 and signed by relatives, two of whom are dead, is now being held under embezzlement charges with A. C. Hamill, who is still a member of the boro council, has resulted in a belated attempt to adequately protect the boro finances.
The amount of the defalcation and losses is now estimated to be between $120,000 and $130,000. To offset this there is $50,000 capital stock of the bank, $25,000 surplus and $15,000 to be secured from the bonds of Lukens and Hamill. There can be collected by law $50,000 from the stockholders. It remains to be seen, however, whether or not this estimate will materialize into sufficient funds to meet the demands of the repositors and creditors.
President T. C. Young, of the bank, who is 72 years old, has been crushed under the strain of the past few days and he was yesterday compelled to take to his bed.
15.November 13, 1924The Daily RepublicanPhoenixville, PA
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IRREGULARITIES EXTENDED OVER 20-YEAR PERIOD
Depositors in Parkesburg National Bank Have Their Pass Books Returned and Accounts are Short
16.December 27, 1924Daily Local NewsWest Chester, PA
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PARKESBURG LIKES BANK RECEIVER
Residents Look Upon Miss Darlington as Friend and Neighbor.
Survey of Wrecked Bank Shows Sad Condition, With Predicted Payment of 10 to 12 Per Cent. Dividends.
Writes the Parkesburg correspondent of the News: Word reached here at 10.55 last night and was immediately relayed to the correspondent of this column, from a high local official source, stating that Miss Isabel Darlington, the pioneer woman member of the Chester County Bar, has been appointed receiver for the defunct National Bank of Parkesburg, which closed its doors on Saturday, October 4th, and will take hold of the administration of its affairs at once. The message also stated that Miss Darlington enjoys the unique distinction of being the first woman in the history of the United States national banking system to be awarded the signal honor of being appointed to assume the responsibilities of such a receivership. Simultaneous with the announcement came the query: "What is the standing of this woman attorney in your county?" and the answer was flashed back, like a shot: "Product of its finest old Quaker stock—Quakers who can fight for right."
From the same source comes the confirmation that the shortage will far exceed the $200,000 named in this paper soon after the failure of the bank, and that the percentage of salvage recoverable to the depositors will range somewhere between 10 per cent. and 18 per cent., but is most likely not to exceed 12 per cent.
With three men, Charles P. Lukens, former assistant cashier, who was discharged by U. S. Bank Examiners last June, three weeks prior to the run on July 17th, his successor, A. Carrol Hamill, a former clerk, and A. H. McAdams, a New York promoter
17.December 29, 1924Lancaster Daily IntelligencerLancaster, PA
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WOMAN BANK RECEIVER
Coatesville, De. 29—Miss Isabel Darlington, the only woman attorney in practice at the Chester county bar, has been appointed receiver for the Parkesburg National bank closed some months ago, and has already taken over the duties of straightening up the affairs of the bank. She is the first woman ever to receive such an appointment at the hands of the government.
FIRST WOMAN BANK RECEIVER Miss Isabelle Darlington, of West Chester, Pa., aunt of General Smealey D. Butler, director of safety in Philadelphia, has been appointed receiver to distribute the assets of the defunct Parkesburg, Pa., National Bank. This is the first time a woman has been appointed to such a position. It is generally believed that the shortage will amount to over $100,000. Three men are now under arrest on a charge of conspiracy to embezzle the funds of the rank.
19.March 7, 1925Evening ExpressPortland, ME
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FOR MOTHER AND THE GIRLS, FATHER AND THE BOYS
SAYS BUSINESS NOT FOR WOMAN
Miss Isabel Darlington, the first woman bank receiver in the United States, and for the 27 past years law partner of Congressman Butler at the West Chester, Pa., har, claims that the business and professional world not the natural place for women. Darlington was appointed receiver Parkesburg, National Bank, which lost $100,000 through by former officials, she has been successfully managing bank back to position safety security. states necessity majority women into the business world.
20.March 17, 1925The Daily RepublicanPhoenixville, PA
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SUIT AGAINST AGED CASHIER IS WITHDRAWN
Hamill, Cashier at Defunct Parkesburg Bank, Will Not Face Civil Action
PURCHASER OF STOCK MAKES SERIOUS CHARGES for against Millard Hamill, year old cashier the defunct Parkesburg National Bank, was discontinued West Chester yesterday. The suit had been brought by the district. but surety which had bonded Hamill made full restitution of the alleged shortage the account the aged who was treasurer school district The withdrawal the suit came surprise residents of Parkesbecause surety company's bond Hamill was supposed have expired before the crash came At the same time there Thomas yesterday an equity Feree Grossman against the Parkesburg National Bank and Isabel Darlington the receiver This similar to that launched three weeks by Mellheny. declared that July, he owned six shares of stock National Bank son the aged cashier and cashier, under bail for trial on charge complicity more than $100,000 of the bank's funds. approached him and endeavored sell him more stock, with the understanding was to become member of the board of directors: Hamill made the same effort. asked them about the run the bank which occurred during the summer 1924." Mr. Grossman clares his statement "They told me there was nothing that the bank's condition better than then asked M. F. Hamill furnish with statement of the bank's financial standing. Hamill explained bank was in splendid Mr. Grossman declares he had way of the affairs and. therefore, purchased more This purchase was made September 15 and the bank's doors were closed on October He now asks that the additional shares cancelled and that he be relieved from assessments.
21.March 25, 1925Coatesville RecordCoatesville, PA
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Await Report On Bank Crash
Receiver Said to Be Almost Finished With Work At Parkesburg Institution.
Within three time, pected, the task of determining actual the defunct Parkesburg National bank will completed by Miss Isabel receiver for the institution. follow complete submitted to the the currency Washington. The comptroller fix the amount of dividends be paid Efforts the probable percentage their which depositors will receive, have proved The bank building, where the ceiver corps assistants will be offered at sale.
22.April 15, 1925The Daily RepublicanPhoenixville, PA
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Miss Isabel receiver the Parkesburg National Bank morning for where findings of her the accounts the past three months the Controller the Cur This be the review of the first months since Miss Darlington appointed the bank's She has been busy going determine condition of former banking sult her will that dividend per of bank result of her accounts up to date.
23.February 17, 1926Daily Local NewsWest Chester, PA
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BANK RECEIVER SUES
Desires to Recover Unpaid Assessment Parkesburg Stock. Miss Isabel Darlington, of West Chester. defunct Parkesburg National Bank. brought the Chester County against Florence ceased, had capital the said bank. On 1924. Miss Darlington bank, the Comptroller the Currency United States. and and $200 from Scott estate.
24.February 18, 1926The Daily RepublicanPhoenixville, PA
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BANK RECEIVER SUES FOR STOCK ASSESSMENT
Miss Isabell Darlington, West Chesreceiver the defunct Parkesburg National Bank, has brought suit Chester County Court against Wallace Scott, administrator of Florence had owned shares of the capital stock the said On December Miss Darlingappointed receiver of bank by the Controller the Currenof United States and Feb1925, directed make ruary. each share of which she did, and now sues recover $200 from the Scott estate.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
