National Bank of South Pennsylvania (Hyndman, PA)

View Charter #4063 on SPMC View balance sheet

Episode Information

Episode UID
406301236
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
40630 national
Charter Number
4063
Start Date
December 16, 1902
Location
Hyndman, Pennsylvania (39.823, -78.718)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
daba62d9465d2f0c

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1902-12-16
Date receivership terminated
1903-07-16
OCC cause of failure
Fraud
Share of assets assessed as good
42.1%
Share of assets assessed as doubtful
21.2%
Share of assets assessed as worthless
36.7%

Description

Receivership appointed by Comptroller on same day; later arrests for embezzlement reported.

Events (4)
1. July 2, 1889 Chartered
Source
historical_nic
2. December 16, 1902 Receivership
Source
historical_nic
3. December 16, 1902 Receivership
Newspaper Excerpt
Comptroller of the Currency Ridgley has closed the National Bank of South Pennsylvania at Hyndman, Pa., and has appointed Walter R. Mason, bank examiner, as receiver.
Source
newspapers
4. December 16, 1902 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Losses sustained through large loans to officers and directors; later reported embezzlement and financial irregularities.
Newspaper Excerpt
WAS CLOSED BY THE GOVERNMENT THIS MORNING...Comptroller of the Currency Ridgley has closed the National Bank of South Pennsylvania at Hyndman, Pa., and has appointed Walter R. Mason, bank examiner, as receiver.
Source
newspapers

Newspaper Articles (16)
1. December 16, 1902 Santa Fe New Mexican Santa Fe., Santa Fe, NM
Article from Santa Fe New Mexican, December 16, 1902

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Article Text

LOANS TO OFFICERS AND DIRECTORS The National Bank of South Pennsylvania at Hyndman Had a Capital Stock of $50,000 and Deposits of $40,000 WAS CLOSED BY THE GOVERNMENT THIS MORNING Washington, Dec. 16.-Comptroller of the Currency Ridgley has closed the Natonal Bank of South Pennsylvania at Hyndman, Pa., and has. appointed Walter R. Mason, bank examiner, as receiver. The last report of the condition of the bank showed that its deposits were $40,432. It is capitalized at $50,000, and it had a surplus and undivided profits of $10,016. The failure was due to losses sustained through large loans made to officers and directors.

2. December 16, 1902 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, December 16, 1902

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Article Text

Lansburgh & Bro., 420 to 426 Seventh Street, WASHINGTON, D. C. TELEGRAPHIC BREVITIES. While riding in a belt line car on Trement, near Cabot street, Roxbury, Mass., last evening, the Rev. Dr. J. W. Stifter, of Chester, Pa., was stricken by apoplexy and died. The National Bank of South Pennsylvania at Hyndman, Pa., was closed today. Walter A. Mason, has been appointed temporary receiver. The failure of the bank was due to losses sustained through large loans made to officers and directors. Two express messengers are supposed to have been killed in the wreck of south bound Limited Express near Moundville Ala., today on the Great Southern Railroad. A rail had been removed near a trestle. No passengers are reported killed. The train was bound from Cincinnati to New Orleans. Reports this morning say that Cornelius Vanderbilt, ill with typhoid fever in New York, is very weak. No hurry calls were sent for doctors, however, and this is taken as an encouraging sign. Kaiser Wilhelm, through Ambassador von Holleben, inquired as to Mr. Vanderbilt's condition Monday. Mrs. W. A. Clark, who two weeks ago gave birth to a son, to whom will fall $1,000,000 offered by Senator Clark for the first male child born to his sons or daughters, is critically ill of blood poisoning, at Butte, Mont.

3. December 17, 1902 The Guthrie Daily Leader Guthrie, OK
Article from The Guthrie Daily Leader, December 17, 1902

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Article Text

BANK FAILURE. (By Associated Press.) Washington, D. C., Dec. 17.-The comptrolle. of currency closed the National Bank of South Pennsylvania at Hyndmann, Pa., and appointed the bank examiner as receiver.

4. December 17, 1902 The Sun New York, NY
Article from The Sun, December 17, 1902

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Article Text

Quarrel Causes Bank to Suspend. WASHINGTON, Dec. 16.-A quarrel among , he directors of the National Bank of South Pennsylvania at Hyndman has caused the failure of the institution. and it has passed into the hands of a temporary receiver by order of the Comptroller of the Currency. Walter A. Mason. national bank examiner. has been appointed temporary receiver.

5. December 18, 1902 Delaware Gazette and State Journal Wilmington, DE
Article from Delaware Gazette and State Journal, December 18, 1902

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Article Text

Bank in Receiver's Hands. Washington, Dec. 16.-Comptroller of the Currency Ridgely has closed the National Bank of South Pennsylvania, at Hyndman, Pa., and has appointed Walter R. Mason, bank examiner, as receiver.

6. December 18, 1902 The Daily Telegram Clarksburg, WV
Article from The Daily Telegram, December 18, 1902

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Article Text

Receiver Appointed for Bank. Washington, Dec. 17.-Comptroller of the Currency Ridgely has closed the National Bank of South Pennsyl. vania, at Hyndman, Pa., and has appointed Walter W. Mason, bank examiner. as receiver.

7. December 18, 1902 Missouri Valley Times Missouri Valley, IA
Article from Missouri Valley Times, December 18, 1902

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Article Text

NATIONAL BANK CLOSED Pennsylvania Institution Fails Through Too Liberal Loans. Washington, Dec. 16.-Controller: of the Currency Ridgely has closed the National Bank of South Pennsylvania at Hyndman, Pa., and has appointed Bank Examiner Jason as receiver. The bank is a small one and failure S due to losses sustained through large oans made by the officers and directDTS.

8. December 19, 1902 The Wisconsin Tobacco Reporter Edgerton, WI
Article from The Wisconsin Tobacco Reporter, December 19, 1902

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Article Text

Comptroller Closes a Bank. Washington, Dec. 16.-Comptroller of the Currency Ridgeley has closed the National Pank of South Pennsylvania at Hyndman, Pa., and has appointed Walter R. Mason, bank examiner, as receiver.

9. December 20, 1902 The Dickinson Press Dickinson, ND
Article from The Dickinson Press, December 20, 1902

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Article Text

Pennsylvania Bank Closed. Washington, Dec. 17.-Comptroller of the Currency Ridgley has closed the National Bank of South Pennsylvania at Hyndman, Pa., and has appointed Walter R. Mason, bank examiner, as receiver.

10. December 24, 1902 The Daily Telegram Clarksburg, WV
Article from The Daily Telegram, December 24, 1902

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Article Text

Creditors Will Not Suffer Loss. Washington, Dec. 23.-The comptroller of the currency has received the report of the receiver of the National Bank of South Pennsylvania, at Hyndman, which was closed Dec. 16, 1902. The assets at the date of the suspension amounted to $101,317. The receiver estimates the doubtful and worthless bills receivable and other assets to be worth $11,500. The liabilities of the bank are reported as $43,030. From the report of the receiver It does not appear probable that the general creditors of the bank will suffer any loss, the late president J. J. Hoblitzell, having agreed to pay the face value of all claims proved against the bank, and thus become practically its only creditor.

11. December 24, 1902 The Star Reynoldsville, PA
Article from The Star, December 24, 1902

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Article Text

Hyndman Bank Closed. Comptroller of the Currency Ridg. ley has closed the National bank of South Pennsylvania, Hyndman, Pa., and has appointed Walter R. Mason, bank examiner, receiver. The fallure of the bank is said to have been due to losses sustained through loans made to officers and directors,

12. December 25, 1902 The Sauk Centre Herald Sauk Centre, MN
Article from The Sauk Centre Herald, December 25, 1902

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Article Text

Pennsylvania Bank Closed. Washington, Dec. 17.-Comptroller of the Currency Ridgley has closed the National Bank of South Pennsylvania at Hyndman, Pa., and has appointed Walter R. Mason, bank examiner, as receiver.

13. December 25, 1902 The Sauk Centre Herald Sauk Centre, MN
Article from The Sauk Centre Herald, December 25, 1902

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Article Text

Pennsylvania Bank Closed. Washington, Dec. 17.-Comptroller of the Currency Ridgley has closed the National Bank of South Pennsylvania at Hyndman, Pa., and has appointed Walter R. Mason, bank examiner, as receiver.

14. March 21, 1903 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, March 21, 1903

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Article Text

ARREST OF AN EX-BANKER GEORGE B. WHITE ACCUSED OF FINANCIAL IRREGULARITIES. Held in $8,000 Bail for a Hearing Next Week-He Thinks "It Is Only a Trivial Matter." PHILADELPHIA, March 20.-Charged with embezzlement and other irregularities, amounting to about $20,000, George B. White, vice president and a director of the Bank of South Pennsylvania, at Hyndman, Bedford county, was arrested by a deputy United States marshal to-day and held in $8,000 bail by United States Commissioner Craig for a further hearing on next Wednesday. The warrant was sworn out by Special Bank Examiner W. A. Mason, who said he was acting under instructions from United States Attorney General Knox. White was arrested at his office in Philadelphia. He did not appear agitated at the charges made against him, and referred to his arrest as a matter of small importance. "It is only a trivial matter," he said; "merely a little question in banking business that can easily be explained." In an interview after the hearing Examiner Mason said: "I was ordered to Hyndman on Dec. 16 last, to investigate the condition of the bank. A few hours' work was sufficient to convince me that the affairs of the institution were in a bad condition, and I telegraphed to the controller to that effect, at the same time advising the closing of the bank. This was done, and I was appointed receiver. I found the bank, instead of having $10,000 surplus, was $50,000 worse off than nothing. Among the 'assets' were $11,000 worth of George B. White's notes, and a note signed by his sister, Mrs. S. W. Tully, of Philadelphia, for $5,000, dated in 1900. Mrs. Tully, I have positively learned, died two years before that date. Among these 'assets' also were notes to a large amount of the Hazen Tanning Company, a concern which failed years ago. "I have been able to pay the depositors in full, but the stockholders won't receive $5 on their shares, the par value of which is $100. A new bank has been started at Hyndman with J. J. Hoblitzell, former president of the South Pennsylvania Bank, as president. This is the best evidence that the government exonerates Mr. Hoblitzell, who was known to be president only nominally." Mr. Mason said further that the Hyndman Bank was organized in 1889 by John K. White, a brother of the accused, who, Mr. Mason says, is a fugitive from justice. He also organized the Hazen Tanner Com-

15. March 21, 1903 Evening Journal Wilmington, DE
Article from Evening Journal, March 21, 1903

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Article Text

MADE A CLEAN SWEEP OF FUNDS Vice President of the Hyndman, Pa. Bank, Charged With Fraud BROTHER FUGITIVE FROM JUSTICE Philadelphia, March 21. - Charged with embezzlement and other irregularities amounting to about $20,000, George E. White, the vice president and a director of the Bank of South Pennsylvania, at Hyndman, Bedford county, was arrested by a deputy United States marshal yesterday and held in $8,000 ball by United States Commissioner Craig for a further hearing next Wednesday. The warrant was sworn out by Special Bank Examiner W. A. Mason, who stated that he was acting under instructions from United States Attorney General Knox. White was arrested at his office this city. He did not appear agitated at the charges made against him, and referred to his arrest as a matter of small importance. "It is only a trivial matter," he said, "merely a little ques. tion in banking business that can be easily explained." In an interview after the hearing Examiner Mason said: "I was ordered to Hyndman on December 16 last, to investigate the condition of the bank. A few hours of work was sufficient to convince me that the affairs of the institution were in bad condition, and 1 telegraphed to the comptroller to that effect, at the same time advising the closing of the bank. This was done, and I was appointed receiver. "I found that the bank, instead of having $10,000 surplus, was $50,000 worse off that nothing. The bank's assets consisted of securities that were worthless, among them notes of persons long since dead and of concerns which failed years ago. I have been able to pay the depositors in full, but the stockholders won't get $5 on their shares, the par value of which is $100." Mr. Mason stated further that the Hyndman bank was organized in 1889 by John K. White, a brother of the accused, who Mr. Mason states has been a fugitive'fron justice since 1893. Later his brother George came on the scene and claimed 300 shares of the bank's stock which had belonged to John. George was the promoter of the Amazon Trading Company. which was-organized with a capital of $15.000,000. Mason says the accused borrowed $380,000 from New York and Boston banks on the stock and then went into bankruptcy. "The government charges that George B. White knew the bank was inselvent when he took hold of It; that he entered into a conspiracy with another man to defraud, and that he made the cashier swear to false statements, and that he prepared and swore to false statements himself. Besides the charges of conspiracy and forgery. there is one of direct embezzlement of $2,000 against the prisoner."

16. March 24, 1903 The Free Lance Fredericksburg, VA
Article from The Free Lance, March 24, 1903

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Article Text

BANK LOOTER ARRESTED Vice President of Hyndman, Pa., Institution Charged With Fraud. MADE A CLEAN SWEEP OF FUNDS George B. White, Whose Arrest Was Ordered By Attorney General Knox, Was Traced to Philadelphia-Held In $8,000 Bail. Philadelphia, March 21. - Charged with embezzlement and other irregularities amounting to about $20,000, George E. White, the vice president and a director of the Bank of South Pennsylvania, at Hyndman, Bedford county, was arrested by a deputy United States marshal yesterday and held in $8,000 bail by United States Commissioner Craig for a further hearing next Wednesday. The warrant was sworn out by Special Bank Examiner W. A. Mason, who stated that he was acting under instructions from United States Attorney General Knox. White was arrested at his office in this city. He did not appear agitated at the charges made against him, and referred to his arrest as a matter of small importance. "It is only a trivial matter," he said, "merely a little question in banking business that can be easily explained." In an interview after the hearing, Examiner Mason said: "I was ordered to Hyndman on December 16 last, to investigate the condition of the bank. A few hours of work was sufficient to convince me that the affairs of the institution were in bad condition, and I telegraphed to the comptroller to that effect, at the same time advising the closing of the bank. This was done, and I was appointed receiver. "I found that the bank, instead of having $10,000 surplus, was $50,000 worse off that nothing. The bank's assets consisted of securities that were worthless, among them notes of persons long since dead and of concerns which failed years ago. I have been able to pay the depositors in full, but the stockholders won't get $5 on their shares, the par value of which is $100." Mr. Mason stated further that the Hyndman bank was organized in 1889 by John K. White, a brother of the accused, who Mr. Mason states has been a fugitive from justice since 1893. Later his brother George came on the scene and claimed -300 shares of the bank's stock which had belonged to John. George was the promoter of the Amazon Trading Company, which was organized with a capital of $15,000,000. Mr. Mason says the accused borrowed $380,000 from New York and Boston banks on the stock and then went into bankruptcy. "The government charges that George B. White knew the bank was insolvent when he took hold of it; that he entered into a conspiracy with another man to defraud, and that he made the cashier swear to false statements, and that he prepared and swore to false statements himself. Besides the charges of conspiracy and forgery, there is one of direct embezzlement of $2,000 against the prisoner."