Bank of Pittsburg National Association (Pittsburg, PA)

View Charter #5225 on SPMC View balance sheet

Episode Information

Episode UID
522501581
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
52250 national
Charter Number
5225
Start Date
September 21, 1931
Location
Pittsburg, Pennsylvania (40.441, -79.996)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
0e859d33ceaa2bd6

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1931-09-21
OCC cause of failure
Economic conditions
Share of assets assessed as good
46.4%
Share of assets assessed as doubtful
49.2%
Share of assets assessed as worthless
4.4%

Events (6)
1. October 23, 1899 Chartered
Source
historical_nic
2. September 21, 1931 Receivership
Source
historical_nic
3. September 21, 1931 Receivership
Newspaper Excerpt
directors ... to ask the controller of the currency to take charge of its assets; closing of the latter institution was announced early today.
Source
newspapers
4. September 21, 1931 Suspension
Cause
Correspondent
Cause Details
Large withdrawals by banks in other sections of the country drained the institution and prompted directors to suspend and place affairs in controller's hands.
Newspaper Excerpt
the directors of the Bank of Pittsburgh. National Association, to ask the controller of the currency to take charge of its assets.
Source
newspapers
5. July 29, 1932 Other
Newspaper Excerpt
C. O. Thomas, receiver for the closed Bank of Pittsburgh, National Association, announced today that a 10 per cent dividend ... will be paid to 15,000 depositors.
Source
newspapers
6. April 2, 1933 Other
Newspaper Excerpt
Appointment of Arthur R. Atwood as receiver of the closed Bank of Pittsburgh National Association ... Mr. Atwood succeeds C. O. Thomas
Source
newspapers

Newspaper Articles (8)
1. September 21, 1931 Evening Star Washington, DC
Article from Evening Star, September 21, 1931

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Article Text

THREE PITTSBURGH BANKS ARE CLOSED Highland National and Franklin Savings (State) Follow Bank of Pittsburgh. By the Associated Press. PITTSBURGH, September 21.-The Highland National Bank of Pittsburgh and the Franklin Savings and Trust Co. of Pittsburgh, a State institution, were closed today following the decision of the directors of the Bank of Pittsburgh. National Association, to ask the controller of the currency to take charge of its assets. The Highland National Bank was closely identified with the Bank of Pittsburgh, National Association. J. D. Swigart, chief State bank examiner, said the Franklin savings institution was closed because it had a large share of its funds on deposit with the Bank of Pittsburgh, National Association. Closing of the latter institution was announced early today. James C. Chaplin, vice president of the Clearing House Association of Pittsburgh, said the action was due to a drain "which has arisen most largely from withdrawals of deposits made by banks in other sections of the country." The bank reported assets of $53,343,953 last July 1. The directors of the Highland National Bank said that institution was threatened with large withdrawals due to the closing of the affiliated bank, and that it was their opinion that the best interests of the depositors and creditors would be most fully protected by suspension. They, therefore, decided to place the institution's affairs in the hands of the controller of the currency.

2. July 29, 1932 Evening Star Washington, DC
Article from Evening Star, July 29, 1932

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Article Text

DIVIDEND DECLARED Closed Bank to Pay Depositors 10 Per Cent More. PITTSBURGH, July 29 (A)).-C. O. Thomas, receiver for the closed Bank of Pittsburgh, National Association, announced today that a 10 per cent dividend, approximately $2,686,000, will be paid to 15,000 depositors. Last December the bank paid a 50 per cent dividend.

3. October 8, 1932 The Escanaba Daily Press Escanaba, MI

Article Text

Legal Technicalities It developed that legal technicalities may hold up consummation of a number of self-liquidating loans before the corporation. The legal department expressed the belief, however, that the technicalities may be removed. Of the total $122,277,641.90 authorized loans, covered in the report to Trimble, bank and trust companies received $85,057,605. Other loans were distributed as follows: Building and loan association, $12,294,188; insurance companies $3,708,700; mortgage loan companies, $2,101,720; federal land banks, $3,000,000; a joint stock land bank, $55,000; agricultural credit corporations, $2,667,882, and railroads, including receivers, $12,798,583. Among the larger loans authorized in August were: To the Union Trust company of Maryland in Baltimore, $12,500,000; Detroit Trust company, Detroit, $3,000,000; Highland Park State Bank, Highland Park, Mich. $2,000,000; the George D. Harter Bank of Canton, Canton, Ohio, $1,750,000; the Union Trust company, Cleveland, $2,000,000; Investors Finance company, Ogden, Utah, $1,075,000; Federal Land Bank of Houston, Texas, $3,000,000; North Carolina Bank and Trust company, Greensboro, $6,500,000; First National Bank of Chattanooga, Chattanooga, Tenn., $1,060,000, and to the receiver of the Bank of Pittsburgh National Association, Pittsburgh, Pa., $2,730,000. Loans in Michigan banks were: Allegan, Allegan State Savings Bank, $50,000; Avoca, First National Bank, $18,000; Bad Axe, State Savings Bank of Bad Axe, $25,000; Battle Creek, Old-Merchants National Bank & Trust $650,000; Benton Harbor, Berrien County Bank (receiver), $52,000; Benton Harbor, Berrien County Bank (receiver), $33,000; Coldwater, Coldwater National Bank, $20,000; Davison, Davison State Bank, $35,000; Dearborn, Guardian Bank of Dearborn, $305,000; Detroit, Detroit Trust company, $3,000,000; Dowagiac, Dowagiac National Bank, $48,500; Dowagiac, Lee State Bank, $15,500; Elsie, State Savings Bank of Elsie, $20,000; Flint, Citizens Commercial & Savings Bank, $101,000; Flushing, First State & Savings Bank of Flushing, $20,000; Grand Ledge, Grand Ledge State Bank, $24,985; Grand Rapids, Grand Rapids Savings Bank, $68,852.88; Grand Rapids, Galewood-Wyoming State Bank, $75,000; Hartford, Olney National Bank, $27,000; Highland Park, Highland Park State Bank, $2,000,000; Hudsonville, Hudsonville State Bank, $20,000; Iron Mountain, First National Bank, $190,000; Jackson, Jackson City Bank and Trust Co., $101,730; Jonesville, Grosvenor Savings Bank, $45,000; Lenox, Macomb County Savings Bank, $100,000; Lincoln, Lincoln State Bank, $8,000; Manistee, First National Bank of Manistee, $16,000; Manistique, State Savings Bank of Manistique, $42,071.10; Memphis, Memphis State Bank, $5,000; Milan, Peoples State Bank of Milan, $50,000; Millington, Millington National Bank, $5,000; Minith, Farmers State Bank of Minith, $2,600; Niles, State Bank of Niles, $35,500; North Branch, Pioneer Bank, $28,000; Pigeon, Pigeon State Bank, $15,000; Port Huron, United States Savings Bank, $10,000; Portland, Maynard-Allen State Bank, $50,000; River Rogue, Peoples Wayne County Bank of River Rogue, $200,000; Saginaw, Bank of Saginaw, $100,000; Yale, Yale State Bank, $12,500.

4. April 2, 1933 The Pittsburgh Press Pittsburgh, PA

Article Text

RECEIVER APPOINTED FOR 2 BANKS HERE Former New York Banker Succeeds C. O. Thomas Appointment of Arthur R. Atwood as receiver of the closed Bank of Pittsburgh National Association and the Duquesne National Bank was announced yesterday by the Acting Comptroller of the Currency F. G. Awalt. Mr. Atwood succeeds C. O. Thomas who was summoned from Pittsburgh 10 days ago to become conservator of the First National Bank of Detroit. Mr. Atwood, a native of New York, has been the first assistant to Mr. Thomas in liquidating the affairs of the Bank of Pittsburgh and the Duquesne National since their closings. He is intimately connected with all the affairs of both defunct institutions and said yesterday he would continue the constructive policy instituted by Mr. Thomas at the beginning of the receiverships. The new receiver is a practical banker, having started in the banking business more than 20 years ago and left the active banking business two years ago to become associated with the Treasury Department.

5. November 15, 1935 The Washington Times Washington, DC
Article from The Washington Times, November 15, 1935

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Article Text

FILIPINO CASH STARTS FIGHT Receivers of four banks yesterday sought to prevent transfer of more than one million dollars of Philippine Islands funds which they claim belongs to depositors in their institutions. The transfer from custody of the Secretary of War and the Chief of the Bureau of Insular Affairs to the new Philippine Island government is part of the islands' independence program. A recent Court of Appeals decision ordered the funds impounded, declaring that the money on deposit in closed banks was to be considered "private deposits" and not subject to preferential payments. Most of the money was on deposit in the District National Bank and the Commercial National Bank. Smaller deposits were in the Guardian National Bank of Detroit and the Bank of Pittsburgh National Association. When the banks' affairs were taken over by receivers, preferential status was given the accounts at request of the Secretary of War. Attorneys G. P. Barse, Charles Wainwright, Brice Claggett, G. B. Springston and Sherley and Faust and Wilson contend that the accounts were not entitled to preferential payments.

6. November 15, 1935 Evening Star Washington, DC
Article from Evening Star, November 15, 1935

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Article Text

Later the United States Court of Appeals held that such deposits were really private and not entitled to preferential payment. On a basis of that ruling, receivers of the banks have instituted proceedings to require the Secretary of War to restore the deposits to the banks. Out-of-town banks involved are the Guardian National Bank of Detroit and the Bank of Pittsburgh National Association. The restraining orders were obtained by Attorney George P. Barse, Charles Wainwright, Brice Clagett, George B. Springston and the firm of Sherley, Faust & Wilson.

7. October 8, 1936 Evening Star Washington, DC
Article from Evening Star, October 8, 1936

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Article Text

PHILIPPINE FUND ACTION IS UPHELD Justice Wheat Refuses to Dismiss Suit Brought by Receivers of Closed Banks. Chief Justice Alfred Wheat of District Court this afternoon refused to dismiss action brought by receivers of four closed banks to recover collateral pledged with the Secretary of War to secure deposits made by him of $4,225,000 of Philippine funds. The Government, through Assistant United States Attorney Harry Underwood, had contended that the insular government should have been named defendant in the suits, which were brought against the Secretary of War, the Secretary of the Treasury and others. Justice Wheat, however, adopted the view that the pledge of the collateral was beyond the power of the banks, and therefore proceeds from its sale never ceased to be the property of the banks. Shortly after the banks closed the collateral they had posted was sold by the Secretary of War and funds derived from the sale now are on deposit in the Chase National Bank of New York City. The banks involved were the District National and the Commercial National of Washington, the Guardian National Bank of Commerce of Detroit and the Bank of Pittsburgh National Association. The receivers were represented by Attorneys Bryce Clagett, Bailey Springston and the legal firm of Sherley, Faust and Wilson.

8. December 5, 1941 Evening Star Washington, DC
Article from Evening Star, December 5, 1941

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Article Text

LEGAL NOTICES. CROMELIN, TOWNSEND, BROOKE. and KIRKLAND. IN THE DISTRICT COURT OF THE United States for the District of Columbia re: ANDREW B. BERGER. Receiver of The Bank of Pittsburgh. National Association. a Body Corporate, Pittsburgh, Pennsylvania, Plaintiff VS. OSCAR F. HAMMAR. et al.-Civil Action No. 10682 ORDER OF PUBLICATION ABSENT DEFENDANTS.-The object of this suit is the appointment of a substitute testamentary co-trustee to act in the place and stead of The Bank of Pittsburgh, National Association. as co-trustee with Oscar F. Hammar in carrying out the terms of a testamentary trust provided for in the last will and testament of Elizabeth Campbell Hammar. deceased. probated in this Honorable Court in the Matter of the Estate of Elizabeth Campbell Hammar. deceased. Administration No. 41215 On motion of the plaintiff it is this 24th day of November, 1941, ORDERED. That the defendants hereinafter named cause their appearances to be entered herein on or before the fortieth day exclusive of Sundays and legal holidays. after the day of first publication of this order. otherwise the cause will be proceeded with as in case of default Provided a copy of this order be published once a week for three successive weeks in the "Washington Law Reporter" and the Evening Star" before said date. The defendants ordered as aforesaid to enter their appearances are: The Executors. Administrators, and other personal representatives and nextof-kin of Elizabeth McCash, deceased, addresses unknown: Margaret McCash Ross. Free High Manse, Oban. Scotland; Isie McKenzie, Bellefield Stow, Midlothian. Scotland: Agnes A. Blair. No. 4 Wardlaw Road. Bearsden. Scotland: Karl Elers. sr. Frontenac Apartments, 490 South Highland Avenue. Pittsburgh. Pennsylvania; Karl Elers. jr., 7427 South Shore Drive, Chicago, Illinois: Thora Elers Kirkpatrick, 5903 Braeburn Road. Pittsburgh. Pennsylvania: William Nils Elers, Frontenac Apartments, 490 South Highland Avenue, Pittsburgh. Pennsylvania: Elsie Rasch, 6937 McPherson Boulevard. Pittsburgh. Pennsylvania: Eva Rasch. 6937 McPherson Boulevard. Pittsburgh, Pennsylvania; Ruth Rasch. 6937 McPherson Boulevard, Pittsburgh, Pennsylvania: Harry Assiter and Assiter. his wife, R. F. D., Leechburg. Pennsylvania; Rector and Wardens of the Holy Innocents Church. a body corporate. Leechburg, Pennsylvania: St. Barnabas Free Home. a body corporate, Gibsonia, Pennsylvania: St. Margaret's Hospital. a body corporate. Pittsburgh, Pennsylvania: Episcopal Church Home, 4000 Penn Avenue, Pittsburgh. Pennsylvania, and St. Paul's School. a body corporate. Beaufort, North Carolina. DAVID A. PINE. Justice (Scal.) A true copy. Test: CHARLES E. STEWART. Clerk. By JOHN O. BOWEN, Asst. Clerk. de 5.12.19 (Continued on Next Page.)