gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
0cbefaaefe319216
Response Measures
Full suspension, Books examined
Receivership Details
Depositor recovery rate
56.8%
Date receivership started
1928-12-14
Date receivership terminated
1934-01-04
OCC cause of failure
Governance
Share of assets assessed as good
55.9%
Share of assets assessed as doubtful
27.4%
Share of assets assessed as worthless
16.7%
Description
Cashier's suicide reported contemporaneously; examiner appointed and receiver later named.
Events (5)
1.July 31, 1883Chartered
Source
historical_nic
2.December 14, 1928Receivership
Source
historical_nic
3.December 14, 1928Receivership
Newspaper Excerpt
appointed William N. Baker ... receiver for the bank under orders of the Comptroller of Currency
Source
newspapers
4.December 14, 1928Run
Cause
Rumor Or Misinformation
Cause Details
Prolonged run attributed to unverified rumors about the bank's condition
Measures
Directors closed bank and called federal examiner; bank turned over to examiner/receiver
Newspaper Excerpt
closed its doors yesterday after a run
Source
newspapers
5.December 14, 1928Suspension
Cause
Rumor Or Misinformation
Cause Details
Bank was ordered closed following the run sparked by rumors; examiners took charge
Newspaper Excerpt
the People's National bank at this town closed its doors at 1:15 p. m., today. The bank has been turned over to William P. Baker, national bank examiner
Source
newspapers
Newspaper Articles (18)
1.December 15, 1928The Washington Daily NewsWashington, DC
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Article Text
Body of Cashier Is Found After Run Closes Bank
Middletown, Del., Man Had Drowned Self in Creek; Had Invested All Funds in Loans MIDDLETON, Del.-The body of Watson K. Betts, cashier of the People's National Bank, which closed yesterday afternoon after a "run", was found in Old Drawyers creek today by state troopers. When the bank was ordered closed by a federal bank examiner, no one suspected the cashier of anything except possibly mismanagement of the funds. When the depositors appeared for their money, it was found to be invested in loans on which cash was not immediately available.
2.December 15, 1928The SunJonesboro, AR
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RUMORS START 'RUN' ON BANK; CASHIER COMMITS SUICIDE
By Associated Press MIDDLETOWN, Delaware, Dec. 15. body of Watson K. Betts, cashier of closed Peoples National Bank of Middletown, was found today in Drawyer's Creek near here. Betts left Middletown in an automobile several hours before directors closed the bank yesterday after run started on what directors stated were false rumors. It is stated the bank is perfectly solvent and business temporarily suspended rather than raise funds to meet the run.
3.December 15, 1928The News JournalWilmington, DE
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ALFREE DISAPPEARANCE BANK CLOSING PRELUDE
The closing of the People's NationBank at recalls to number of people the mysterious ago Jehu Alfree. The bank foreclosed mortgage his propershortly after the disappearance. and the sale is scheduled to take place next Tuesday morning the Major Rothwell homestead, near MidThe Alfree property has been in the hands sheriff. No has been heard Mr. Alfree since he left Mid-
4.December 15, 1928The Evening JournalWilmington, DE
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EXAMINER TAKES OVER INSTITUTION
With his jugular vein apparently severed and other serious injuries about his face, head and hands. thought to have been caused when his automobile collided with a tree, the body of Watson K. Betts. cashier of the Peoples' National Bank, of Middletown, which closed its doors yesterday afternoon after a run. was found by John Heller and State Highway Policemen Knecht and Sullivan, at 9.20 o'clock this morning in Old Drayers' Creek, near Odessa. The body. with the consent of Coroner Nichols, was taken to the undertaking establishment of John T. Tobin, Middletown. At about the same time the body was found, Steven L. Newnham, chief of the bank examiners of the Third Federal Bank District with headquarters in Philadelphia, announced that he had appointed William N. Baker, another federal bank examiner, receiver for the bank under orders of the Comptroller of Currency. When asked if it was customary in cases where bank had a run and closed its doors although there was no proof of defalcation or shortage to take this action, Mr. Newnham replied that such action is generally taken in all cases when bank had been closed. He said he had no further statement to make and would have no statement later. J. Pearce Cann of this city, counsel for the bank of which his brother Richard T. Cann. Jr., is one of the directors after hearing this morning that the body of Mr. Betts had been found. said that nothing had been found in the examination of the bank affairs that would indicate defalcation as far he knew. Mr. Cann also said the directors had appointed
5.December 15, 1928Imperial Valley PressEl Centro, CA
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Article Text
Death Follows 'Run' On Bank By United Press Leaxed Wire MIDDLETON Del... Dec. 10.-The body of Watson K. Betts, cashier of the People National bank. which closed vesterday afternoon after a frum. was found in OIL state Drawyers today by troopers, When bank was ord closed afternoon by Stephen Newhere examiner of third federal reserve district suspected of any exembi mismanage thing went which caused them **frozen as sets loans. on
6.December 15, 1928The Brooklyn Daily TimesBrooklyn, NY
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BODY OF CASHIER FOUND IN CREEK
Troopers Make Discovery After Run on Delaware Bank.
Middleton. Del., Dec. body of Watson K. Betts, cashier of the People's National Bank, which closed yesterday after was in Old Drawyers Creek today by State Troopers. When the bank was ordered closed yesterday afternoon Stephen chief bank examiner of third Federal Reserve suspected the cashier of thing except possibly ment caused them to up in "frozen assets" loans. the depositors their money found vested in loans on which cash available.
7.December 15, 1928The Brooklyn Daily TimesBrooklyn, NY
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Article Text
BODY OF CASHIER FOUND IN CREEK
Troopers Make Discovery After Run on Delaware Bank.
Middleton. Del., Dec. body of Watson K. Betts, cashier of the People's National Bank, which closed yesterday afternoon after "run," found in Old Drawyers Creek today by State Troopers. When the bank was ordered closed yesterday afternoon by Stephen chief of the third Reserve district. the cashier thing except possibly mismanagement the funds which caused to tied up in "frozen assets" loans. the appeared their found vested loans which cash available.
Cashier's Body Found LEAGUE SEEKS Lying in Creek After Run Closes His Bank TO INTERVENE
MIDDLETOWN, Del., Dec. 15 body of Watson Betts, cashier of the People's National Bank here, which closed its doors yesterday after run, was found today creek near town. His automobile was standing nearwhere evidently ran into tree and blood stains were found
Bank examiners, while still working the book,s said they had found no indications of shortage.
9.December 15, 1928Press of Atlantic CityAtlantic City, NJ
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Article Text
RUN CLOSES BANK
Middletown, Delaware, Institution Goes Into Hands of Examiners
MIDDLETOWN, Del., Dec. 14.Following a 24-hour run, the People's National bank at this town closed its doors at 1:15 p. m., today. The bank is capitalized for $80,000 and has $500,400 in deposits. The bank bas been turned over to William P. Baker, national bank examiner of the federal reserve bank of Philadelphia, who arrived here early today. Rumors which have not been verified are held responsible for the prolonged run which led to the closing of the bank.
10.December 15, 1928Press of Atlantic CityAtlantic City, NJ
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Article Text
RUN CLOSES BANK
Middletown, Delaware, Institution Goes Into Hands of Examiners
MIDDLETOWN, Del., Dec. 14.Following 24-hour run, the People's National bank at this town closed its doors at 1:15 p. m., today. The bank is capitalized for $80,000 and has $500,400 in deposits. The bank has been turned over to William P. Baker, national bank examiner of the federal reserve bank of Philadelphia, who arrived here early today. Rumors which have not been verified are held responsible for the prolonged run which led to the closing of the bank.
11.December 16, 1928The Salt Lake TribuneSalt Lake City, UT
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Article Text
BANK CASHIER'S BODY FOUND. MIDDLETON, Del., Dec. 15 The body of Watson Betts, the closed People's National Bank Middleton, was found today in Drawyers creek, near here.
12.February 25, 1929The Evening JournalWilmington, DE
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ASSESSMENT ON
Federal Receiver Fixes 100 Per Cent Levy in Liquidation Effort
EXPECT STATEMENT ABOUT MARCH 31
Stockholders of the Peoples' Na. tional Bank of Middletown, which suspended business last December 14. have been assessed one hundred per cent. of the value of the bank's stock which they own. The assessment has been made by James W. Sivan, Federal receiver for the bank. Stockholders have been notified to pay the assessment in full on or before next Wednesday. Only by arrangement with the receiver can any stockholder be permitted to pay the assessment by installments. the Federal law stockUnder holders of national banks are liable assessment to the value stock they hold, the the bank event of the bank's failure. The assessments are used to pay off the protest of the depositors. How much depositors in the bank will eventually receive is not as known. statement expected from the Federal receiver on or beMarch statement of the condition of the bank as of the date of its susContinued Page Four.
13.May 24, 1929Milford ChronicleMilford, DE
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MIDDLETOWN BANK TO MAKE FIRST DIVIDEND Receiver Of Closed Institution Announces The Settlement Of Claims Soon. J. M. Swan, receiver of the closed People's National Bank of Middletown, has announced that a first dividend payment in the amount of 33 1-3 per cent will be made to creditors whose claims have been approved, possibly within the next week. Dividend checks and schedules were recently completed and mailed to the office of the Comptroller of the Currency at Washington, where they will be signed and returned to the office of the receiver for distribution. This payment will release in the Middletown community considerably more than $100,000, and it is understood that in addition to this sum, liabilities of the bank by way of secured creditors, have been taken up for more than $125,000. The creditors of the People's National Bank are being congratulated on their ability to obtain a first payment of one-third of their deposits within the short period of five months from the time of the closing of the bank. Additional payments will be made at such times and in such amounts as the funds accumulated by the receiver will warrant. The People's National Bank closed its doors to business on December 14, 1928. William Baker, national bank examiner, was placed in charge and remained there until January 18, when he was relieved by Mr. Swan who has since had the management of the affairs of the corporation.
14.May 30, 1930The News JournalWilmington, DE
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CHECKS PREPARED BANK RECEIVER
Villiam A. Mayor Announces Hold Memorial Day Service.
(Special to Every Evening.) May the People's National Bank of this town. Alonzo Tweedale, has ed that checks in payment of 10 per depositors been and forwarded to the comptroller the for As are to the local bank they be sent to the proper perWilliam A. Mayor. of Middletown his county commissioner for the district representing and Pencader hundreds Mr. Mayor is Republican The Business Women's Club of Midat the home of the Miss Helen Shallcross, at their regular meeting. and after short business meeting, the several guests were invited play bridge There tables of players, and Mrs. Gladys Shivery recent bride won prize. Miss Gladys Hopkins won and third prize was awarded to Miss Lillian During business meeting. the the resignation with gret of Mrs. Jeanette Beaston, program Mrs. Beaston was compelled resign due to illness was agreed to hold at least one social meeting each month during
15.June 13, 1930Milford ChronicleMilford, DE
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MIDDLETOWN BANK TO YIELD 10 PCT PAYMENT Makes Total Distribution To Date 431/3% Following Close Dec. 14, '28 Creditors of the People's National Bank, at Middletown, which went into the hands of a receiver, after it closed on December 14, 1928, are to receive an additional 10 per cent on their depositors. The receiver, Alon. ZO Tweedale, has forwarded the checks to the Comptroller at Washington, and as soon as they are returned, with that official's approval, they will be distributed to depositors and other creditors. The first and only payment heretoforo was of 33 1/3 per cent which was announced on May 16, 1929, and subsequently made by a previous receiver, J: M. Swan. By that first dividend approximately $100,000 was released and distributed, the largest check being for $6,000. Naturally this new ten per cent division, which is less than one-third of the original amount will be proportionately less but it will, nevertheless, be welcomed by those who have for so long been waiting for money which has been tied up by the failure of the bank. Mr. Tweedale said that his forces are still at work endeavoring to realize on all possible assets and [Turn to Page 9, Please]
16.June 18, 1930Smyrna TimesSmyrna, DE
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BANK TO PAY TEN PER CENT People's National Bank, Middletown, Makes Distribution Creditors of the Peoples' National Bank, Middletown, which went into the hands of a receiver, after it closed on December 14, 1928, are now receiving an additional 10 per cent on their deposits. The first and only payment heretofore was of 33 1-3 per cent which was announced on May 16, 1929, and subsequently was made by a previous receiver, J. M.Swan. By that first dividend approximately $100,000 was released and distributed, the largest check being for $6,000. Naturally this ten per cent division, which is less than one-third of the original amount will be proportionately less but it will, nevertheless, be welcomed by those who have for so long been waiting for money which has been tied up by the failure of the bank. Mr. Tweedale said that his forces are still at work endeavoring to realize on all possible assets and hope to be able to have a further division as soon after the 10 per cent checks are distributed as is possible. Just how long this may be, he would not venture to say.
17.August 19, 1931Smyrna TimesSmyrna, DE
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DEPOSITORS GET A DIVIDEND Defunct Peoples National Bank of Middletown Send Out Checks Checks have been mailed depositors by the receiver of the People's National Bank of Middletown for ten per cent of their deposits. These are the tihrd checks which have been mailed,making a total of 53 1-2 per cent paid depositors since the bank closed its doors on December 14, 1928. At the time the bank closed, owners of stocks were assessed by the government an amount equal to the par value of the stock owned, in order to meet demands of the depositors, that being the Federal law
18.February 8, 1933Smyrna TimesSmyrna, DE
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MIDDLETOWN BANK ASSETS What Remains of Peoples Bank of Middletown, To Be Sold The remaining assets of the People's National Bank of Middletown, which closed about three years ago, is to be sold at public auction to wind up the affairs of the institution. Announcement of the sale has been made by Alonzo Tweedle, receiver of the bank. Among the remaining assets are the Willow Grove Mill property, sixteen lots at Rehoboth, unpaid notes, notes signed by parties who have been discharged in bankruptcy on real and personal property, furniture and fixtures in the bank building and residence attached. At the time it was closed, many farmers about Middletown who had borrowed money were severely affected by its closing. The sale must be approved by the Comptroller of Currency of the United States.
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.
