Valley Deposit & Trust Company (Belle Vernon, PA)

Episode Information

Episode UID
60088571582
Episode Type
Suspension → Closure
Bank Type
trust
Bank ID
6008857 routing
Routing Number
60-0885
Start Date
October 23, 1931
Location
Belle Vernon, Pennsylvania (40.125, -79.866)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
eb8751c062395e8e

Response Measures

None

Events (2)
1. October 23, 1931 Receivership
Newspaper Excerpt
The Valley Deposit & Trust Co. here was placed in the hands of the State banking department today. ... Receiver Arthur McCune (later accounting filed).
Source
newspapers
2. October 23, 1931 Suspension
Cause
Government Action
Cause Details
Closed by the Pennsylvania State Department of Banking and placed in hands of state banking department
Newspaper Excerpt
The State Department of Banking today announced the closing of the Valley Deposit and Trust Company, Belle Vernon
Source
newspapers

Newspaper Articles (5)
1. October 23, 1931 The Times Trenton, NJ

Article Text

BANKS ARE CLOSED HARRISBURG, Pa., Oct. 23 The State Department of Banking today announced the closing of the Valley Deposit and Trust Company, Belle Vernon, and the McKean County Trust Company, Bradford. No figures as to the amounts involved were made public by the department WILLIAMSVILLE, Y., Oct 23 open for business today Buffalo banks sent $500,000 to the Bank of Williamaville. the other financial institution here. to safeguard It after the Amherst Bank closed. There was no run on the no excitement among depositors here.

2. October 23, 1931 Evening Star Washington, DC
Article from Evening Star, October 23, 1931

Click image to open full size in new tab

Article Text

TWO BANKS CLOSED Bradford and Belle Vernon Institutions in Pennsylvania Suspend. BRADFORD. Pa., October 23 (P).The McKean County Trust Co., one of the oldest banks in Bradford, was in the hands of the State banking department today. In a statement, September 29. the bank reported resources of $3.984,525.75 and deposits of $3,172,533.30. BELLE VERNON, Pa., October 23 (AP). -The Valley Deposit & Trust Co. here was placed in the hands of the State banking department today. J. D. Swigart, chief examiner. said the bank had deposits of approximately $1,000,000.

3. October 24, 1932 The Daily Herald Monongahela, PA

Article Text

Belle Vernon Closed Bank To Pay Dividend First dividend payment by the Valley Deposit and Trust company bank of Belle Vernon was indicated Friday with the filing of the first and partial accounting of the bank by Receiver Arthur McCune. It was indicated that about per cent would be available to 6,000 depositors. The bank was closed October 1931.

4. October 28, 1932 The Morning Herald Uniontown, PA

Article Text

DISTRICT BASES PLEA ON Belle Vernon Directors Raise Question With Respect to Board as Preferred Depositor DECISION FAR REACHING Exceptions to the first and partial account of the Valley Deposit and Trust Company of Belle Vernon have been filed by the school district of Belle Vernon, raising one of the most unusual questions yet presented before the Fayette County courts and one which concerns practically every school district the county. The exceptions, as presented by Matthews Lewellyn, counfor the river school district assert that the receiver and the state secretary banking failed to make the district which had on deposit in the bank at the time of Its closure, preferred creditor and that now seeks to distribute the assets of the bank the school district at same pro rata the remainder of the creditors. common This cannot be done under the old Common as established by the King's Crown, back in the days of England, and under which the Commonwealth of Pennsylvania now operates together with the statutory laws of the state. school district is a part of an branch of the sovereignty the of Pennsylvania, vested with all of its rights and prerogatives," the exceptants point out. Under the old common law the funds_ of the state and all of its various branches "are preferred Henors and its funds must be protected R8 against all other funds, asserted. The school fund must be paid in full before any can be made to the depositors, 18 specifled. In addition to that It set forth that school district had borrowed note at the time of the closure the sum of $13,109 which the bank authorities hypothecated along with other valuable stocks and bonds and placed with the First National Bank of Pittsburgh to secure loan which Pittsburgh institution made. Al the best this can only regarded to the bank deposit, since such certificates not negotiable could not be transferred to the Pittsburgh bank without legal authorclaimed. The exceptants also claim that the (Continued on Page Thirteen)

5. November 21, 1933 The Evening Standard Uniontown, PA

Article Text

BANK RECEIVER TO TAKE BONDS, COURT'S RULING Mortgages May Be Exchanged By Belle Vernon Trust Co. For Home Loan Bonds Judge D. W. Henderson today approved an application of Receiver Arthur McCune of the Valley Deposit and Trust company. of Belle Vernon, to accept bonds of the Home Owners Loan Corporation in exchange for mortgages held on a dozen or more properties. thus reverting the homes back to their original owners The more is the first to have been made by defunct banks of the county since the Home Owners Loan act was passed by Congress in October and should the practice become general it would mean the reversion of hundreds of properties from the banks asset lists back to owners. The petition was presented by Attorney H. George May. counsel for the receiver. and came at the instance of State Secretary of Banking William D Gordon, who indicated that he wished to co-operate in every way with the federal government to help in the program of business recovery which, "if effective will benefit all closed institutions." Mortgagors in each instance, and there were twelve listed in the petition, had made application for aid from the Home Owners Loan Corporation. With formal court approval of the bank receiver's petition. each of these twelve applicants will receive back their properties in exchange for the corporation's bonds. Attorney May explained that in each instance the mortgages were those owned outright by the bank.