South Philadelphia State Bank (Philadelphia, PA)

Episode Information

Episode UID
3014371497
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
301437 routing
Routing Number
3-0143
Start Date
September 6, 1924
Location
Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
a832d5e4c36f3be4

Response Measures

None

Description

Later reporting documents a large reserve shortage and embezzlement with treasurer fleeing; receiver later pursued surety.

Events (2)
1. September 6, 1924 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Unable to meet clearings; later reports cite a large reserve shortage and embezzlement by officials (treasurer reportedly disappeared).
Newspaper Excerpt
The South Philadelphia State Bank suspended activities today and state banking officials are making an examination of its condition. It was stated the inability to meet its clearings was responsible for the suspension.
Source
newspapers
2. April 23, 1925 Receivership
Newspaper Excerpt
Suit ... was begun yesterday by the receiver of the South Philadelphia State Bank on a $50,000 bond ... The bank closed its doors last September.
Source
newspapers

Newspaper Articles (5)
1. September 6, 1924 Springfield Evening Union Springfield, MA
Article from Springfield Evening Union, September 6, 1924

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Article Text

South Philadelphia State Bank Closes. PHILADELPHIA, Sept. 6—The South Philadelphia State Bank suspended activities today and state banking officials are making an examination of its condition. It was stated the inability to meet its clearings was responsible for the suspension. The institution had a capital of $75,000, and according to its last statement had assets of about $850,000. Paddock Ties World's Record for 100 Yards. WEST ORANGE, N. J., Sept. 6—Charles Paddock, Los Angeles Athletic Club, tied the world's record of 9 3-5 seconds for the 100-yard dash in winning that event at the senior championships of the National A. A. U. today. Loren Murchison led for 70 yards, pressed by Alfred Leconey, but Paddock won in the final spurt. Murder Charge Against Herrin Physician Dismissed. - By The Associated Press. HERRIN, Ill., Sept. 6—The charge of murder against Dr. John T. Black of this city in connection with the killing last Saturday of six men here was dismissed today.

2. September 6, 1924 New Britain Herald New Britain, CT
Article from New Britain Herald, September 6, 1924

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Article Text

BANK SUSPENDS. Philadelphia, Sept. 6.-The South Phfiadelphia state bank suspended activities today and state banking officials are making an examination of its condition. It was stated the

3. September 7, 1924 The Springfield Daily Republican Springfield, MA
Article from The Springfield Daily Republican, September 7, 1924

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Article Text

PHILADELPHIA BANK CLOSES Philadelphia, Sept. 6 — The South Philadelphia State bank suspended activities today and state banking officials are making an examination of its condition. It was stated the inability to meet its clearings was responsible for the suspension. The institution had a capital of $75,000 and according to its last statement had assets of about $850,000.

4. September 10, 1924 The Daily Worker New York, Chicago, NY
Article from The Daily Worker, September 10, 1924

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Article Text

FASCIST BANK GOES BROKE IN QUAKER CITY Black Shirt President Kicks the Bucket (Special to The Daily Worker) PHILADELPHIA, Sept. 9.The closing by the authorities of the South Philadelphia State bank, operated by prominent Fascist sympathizers, has swallowed up the savings of the four thousand Italian working men and women who had deposited their savings. A shortage of almost a million dollars in the reserves of the bank led to investigation and suspension of payment. A warrant for the arrest of Edward A. Fichera, the treasurer, was sworn out by the chief examiner of the banking department. Fichera disappeared from his home the day before the bank closed and has not been seen since. Several of the minor officials are also missing. It is reported that they escaped with over $27,000. The president of the bank, Joseph Cerrotti, collapsed in his home and died instantly. Receipt of the news

5. April 23, 1925 The Philadelphia Inquirer Philadelphia, PA
Article from The Philadelphia Inquirer, April 23, 1925

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Article Text

LOOTED BANK'S RECEIVER SUES SURETY COMPANY Payment on $50,000 Bond Against Loss by Embezzlement Sought in Court Suit against the National Surety Company, of which former Mayor Thomas B. Smith is the local representative, was begun yesterday by the receiver of the South Philadelphia State Bank on a $50,000 bond, protecting against loss by theft and embezzlement. The bank closed its doors last September. The suit was entered in Common Pleas Court by Fred Taylor Pusey, Deputy Attorney General, in behalf of Peter G. Cameron, Secretary of Banking, who is in charge of the bank's affairs. The $50,000 bond, according to the statement filed by Mr. Pusey, was issued by the National Surety Company last August and was in effect in September when the bank lost $110,288 through the embezzlement of officials of the bank. According to the statement, the National Surety Company in March consented to pay and promised to forward a voucher for the amount, but since then has refused to pay the amount.