gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
0a6c20e999341219
Response Measures
None
Description
Contemporary sources spell the bank 'Pittsburg'; closed by state banking department and placed in receivership.
Events (2)
1.December 22, 1915Receivership
Newspaper Excerpt
G. H. Getty, bank examiner, has been appointed temporary receiver
Source
newspapers
2.December 22, 1915Suspension
Cause
Government Action
Cause Details
Closed by order of the Pennsylvania banking department after inability to realize on depreciated Kuhn securities and related losses
Newspaper Excerpt
tacked to the front door at 9 o'clock was a notice which said that it had been closed by the Pennsylvania banking department
Source
newspapers
Newspaper Articles (17)
1.December 22, 1915The Washington TimesWashington, DC
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Article Text
PITTSBURGH BANK CLOSED BY STATE Savings Institution Not to Blame for the Failure, Receiver Announces. PITTSBURGH. Pa., Dec. 2.-The Pittsburgh Bank for Savings was ordered closed today by order of the State banking department. It is said the bank has $10,000,000 in deposits. Many depositors crowded before the closed doors, frantic to withdraw their savings. The closing is due to depreciation of the Kuhn securities which were unloaded upon the bank two years ago. according to Receiver Getty. He said: "The closing of the bank was inevitable and is no reflection on the management of the institution. We have found absolutely no evidence of mismanagement and so far as the organization within the bank is concerned, no blame can be attached." The bank held a deposit of $60,000 of the city funds and $200,000 of the board of public education, the latter being secured by collateral bonds. The penny savings of thousands of school children are tied up in the bank. The capital of the bank is $300,000.
2.December 22, 1915Harrisburg TelegraphHarrisburg, PA
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Article Text
Pittsburgh Bank For Savings Closed by State Department -HAD TEN MILLIONS 30,000 School Children Among Those Who Lose Heavily; 75,000 Depositors By Associated Press Pittsburgh, Dec. 22. - Christmas cheer in Pittsburgh was rudely shocked to-day when the Pittsburgh Bank for Savings, one of the best known institutions in the city, failed to open for business. Tacked to the front door at 9 o'clock was a notice which said that it had been closed by the Pennsylvania Banking Department and G. H. Getty, bank examiner, had been appointed temporary receiver. No statement was issued with the closing notice, but it was known in the financial district that the bank had been unable to weather the storms it [Continued on Page 2]
3.December 22, 1915The Fargo Forum and Daily RepublicanFargo, ND
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Article Text
PITTSBURGH BANK FAILS TO OPEN Pittsburgh, Pa., Dec. 22.-The Pittsburgh Bank for Savings, one of the best known institutions in the city, failed to open for business, the bank closing by order of the Pennsylvania banking department. G. H. Getty, bank examiner, has been appointed temporary receiver. The institution had deposits of nearly $11,000,000. No statement was issued with the closing notice, but it is known that the bank had been unable to weather the storms it encountered since the failure of James S. Kuhn and W. S. Kuhn, who were credited with being prominently identified with the bank in 1914.
By Order of Banking Commissioner and Receiver Will Wind Up Affairs. (RY ASSOCIATED PRESS) PITTSBURG, Dec. 22-The Pittsburg Bank for Savings, one of the best known financial institutions in the city, did not open for business this morning, a card on the front door announcing that it had been closed by order of the Pennsylvania commissioner of banking. The bank had a capital of $600,000 and deposits of $10,945,713. A statement issued by President W. J. Jones said that after consultation with the banking commissioner it had been decided to close the bank and place its affairs in the hands of a. receiver in order that its resources might be conserved for the depositors. Continuing he said:
30, 000 CHILDREN ARE DEPOSITORS IN BANK WHICH CLOSED TODAY (By Associated Press.) lover the bank as temporary receiver. PITTSBURG, Pa., Dec. 22 The Pitts- is known in the financial district of Pittburg Bank for Savings with more than burg that the bank has been unable to $10,000,000 in deposit- failed to open this weather the storms it encountered since morning. A notice tacked on the door the failure of James and W. S. Kuhn. who the in-tiwith says that the bank was closed by order of were prominently identified the state banking department. A great tution last year. A run on the bank at part of the bank's deposits was Christmas that time continued several days, but money. -trong interests went to it- resette The bank was capitalized at $600,000 The depositors included 30,000 school Pre-ident W. J. Jones stated today that children who made weekly deposits in sayings accounts. he believed the trank ean pay a 50 per cent A bank examiner was appointed to take dividend to depositors within -ixty days.
6.December 22, 1915The Daily Star-MirrorMoscow, ID
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Article Text
PITTSBURG BANK FAILURE I. By the United Press Associations PITTSBURG, Dec. 22.-The Pittsburg Bank for Savings was ordered closed toady by the state banking department. Receiver Getty said that the closing was due to the unloading of Kuhn Bros. securities on the bank two years age after the failure of Kuhn Bros. The bank is rated as having $10,000,000 in deposits.
7.December 22, 1915Rock Island ArgusRock Island, IL
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PITTSBURGH BANK IS REPORTED BANKRUPT Pittsburgh, Pa., Dec. 22.-The Pittsburgh Bank for Savings, one of the best known institutions in the city, failed to open for business today. The bank was closed by order of the Pennsylvania banking department. G. H. Getty, bank examiner, has been appointed temporary receiver.
8.December 22, 1915Evening StarWashington, DC
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PITTSBURGH FINANCIAL INSTITUTION IS CLOSED Bank for Savings Fails to Open on Order of State Officials. PITTSBURGH. December 22.-Christmas cheer in Pittsburgh was rudely shocked this morning when the Pittsburgh Bank for Savings, one of the best known institutions in the city, failed to open for business. Tacked to the front door at 9 o'clock was a notice which said that it had been closed by order of the Pennsylvania banking department, and that G. H. Getty, bank examiner. had been appointed temporary receiver.
9.December 23, 1915The Birmingham Age-HeraldBirmingham, AL
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Article Text
PITTSBURG BANK CLOSES ITS DOORS Inability to Realize on Old Securities Results in Suspension Pittsburg, December 22-Representatives of the state department of banking today took charge of the affairs of the Pittsburg Bank for Savings, which failed to open this morning, and every effort will be made to effect a speedy liquidation. G. H. Getty, a bank examiner, who was appointed temporary receiver, has placed accountants at work on the books and the investigation into the institution's affairs will be expedited. Small crowds collected at the entrance during the day but there was no excitement. Bank officials expressed the belief that a 50 per cent dividend could be paid depositors within 60 days. Bank Examiner Getty and President W. J. Jones, of the bank, issued statements today. Mr. Getty said the officials were not to blame for mismanagement, but were unable to realize an old securities despite efforts of stockholders to weather the storm. Mr. Jones said he had increased the institution's assets $500,000 since July 13, when a run lasting three days occurred following the failure of J. S. and W. S. Kuhn, Inc. Among the deposit of the bank are 41,000 school children, who had $167,136.68 on deposit. Of this number 33,000 were Pittsburg school children, while 8000 lived outside the city. By an agreement with the board of education, bank collectors weekly visited the 132 schools. The children brought their pennies with them and the collectors took them and gave credits in little bank books. These savings are unsecured. The board of education had $201,666 on deposit but had good security to cover possible losses.
10.December 25, 1915The PatriotIndiana, PA
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Article Text
PITTSBURG BANK IS UNDER STATE ORDER Pittsburg, Dec. 23.-The Pittsburg Bank for Savings, corner of Fourth avenue and Smithfield streets, one of the largest savings banks in the city, failed to open its doors at 9 o'clock Wednesday morning. A notice on the door said the bank had been closed by order of the state banking department. G. H. Getty has been apPointed temporary receiver There was much excitement but no disorder.
11.February 16, 1916Evening StarWashington, DC
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Suspended Bank's First Dividend. PITTEBURGH; Pa., February 16.The Pittsburgh Bank for Savings, which was closed by the state department of banking last December, will pay the first dividend to depositors next month, according to an announce. ment by G. H. Getty, the receiver. He said the dividend would amount to at least 440 per cent. A
12.February 16, 1916Harrisburg TelegraphHarrisburg, PA
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PITTSBURGH BANK TO PAY By Associated Press Pittsburgh, Pa., Feb. 16. - The Pittsburgh Bank for Savings which was closed by the State Department of Banking last December will pay the first dividend to depositors next month, according to an announcement by G. H. Getty, the receiver. He said the dividend would amount to at least 40 per cent.
13.March 29, 1916Harrisburg TelegraphHarrisburg, PA
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CLOSED BANK PAYS 50 PER CENT Special to the Telegraph Pittsburgh, March, 29.-Depositors of the Pittsburgh Bank for Savings which was closed last December, will receive a 50 per cent. dividend on April 15, according to announcement by Horace E. Davis, deputy attorney general, who is receiver for the bank.
14.April 6, 1916The Fulton County NewsMcConnellsburg, PA
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Depositors of the Pittsburgh Bank for Savings which was closed last De. cember will be paid a fifty per cent. dividend on April 15, according to an announcement by Horace E. Davis, Deputy Attorney General, who Is receiver for the bank. The dividend will be the first paid since the bank closed.
WILL GET 80 PER CENT. PITTSBURGH, Dec. 8.-Depositors in the defunct Pittsburgh Bank for Savings probably will receive 80 per cent of their deposits when the final dividend is paid, according to a statement today by Receiver G. H. Getty. Dividends of 50 and 20 per cent already have ben paid.
ANOTHER SLICE PITTSBURGH. Pa., March 11.-A dividend amounting to $2,200,000. the second since the bank was closed. was today paid to depositors of the Pittsburgh Bank for Savings by Receiver C. H. Getty. Depositors have now received 70 per cent of their reposits and the receiver announced that another dividend amounting to 10 per cent will be paid soon:
17.April 13, 1917Evening Public LedgerPhiladelphia, PA
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Offer to Buy Bank's Assets PITTSBURGH, April 13.-An offer of $1,225,000 for all remaining assets of the Pittsburgh Bank for Savings has been made by S. W. Swabey, of Chicago; John W. McKinnon, of New York, and S. H. Putnam, of Pittsburgh. It is possible Receiver G. H. Getty will accept the offer. and close the account by paying
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.
