Article Text

(Continued from Page 1) Three More to Open Shortly Three other state banks in this section, the McKees Rocks Trust Company, The Rankin Bank and the Farmers & Mechanics of Sharpsburg still have details of reorganization to work out, but hope to be in a position to open shortly. In each case the bank has received approval of plans from the State Banking Department, but rechecking of assets and other essentials to obtaining deposit insurance have not been completed. The plan of reorganization is still being completed by two other banks, the Ohio Valley and the Braddock Trust. In contrast is the situation that prevailed eleven months ago, after the first flurry of the banking holiday. Then 68 state banks had failed to reopen. Deposits in Allegheny County alone, that were frozen totaled more than $20,000,000 and affected more than 60,000 depositors adversely. In the national banking field the figures are on about the same proportion, but the scale is larger because there were more national banks in Pennsylvania than state institutions. Holiday Closes 183 in State One hundred and eighty-three national banks in the state, involving $255,691,000 in deposits failed to open after the banking holiday. Since then, however, 76, with deposits of $106,027,000, have been rehabilitated. There remain 80 banks with funds totaling $120,367,000 frozen, which are working on plans to reorganize on a going basis. The government has refused approval of plans of 27 banks with deposits of $29,297,000. A few of these have begun paying dividends. In this district 13 national banks have been reopened since April, and as a result have released deposits amounting to $20,899,000. These banks are in Carnegie, New Alexandria, Scottdale, Canonsburg, Freeport, Wilkinsburg, Crafton, Braddock, Finleyville, McKeesport, Rural Valley, Derry and Tarentum. The institutions which have not yet secured approval of the comptroller of the currency include only one in this section, the National Bank of America at Pittsburgh. This institution has submitted a new plan which now is being studied in Washington and a decision is expected next week. Verona Plans Approved The national banking department recently approved plans of the First National Bank of Verona. When final arrangements are completed a large portion of the deposits will be freed. The bank has $1,719,000 on deposit. The application for a loan from the RFC to permit reopening has been forwarded to Washington and if the amount is granted it is anticipated the subscription of stock can be completed in a short time and reorganization finally consummated. The First National Bank of Beaver Falls, with $1,052,000 on deposit probably will be the next in this district to reopen. All arrangements have been made for opening before April 1. But it is apt to be a race with the First National Bank of Bridgeville and the Keystone National of Pittsburgh. The Bridgeville bank only needs the completion of transactions with the Home Owners Loan Corporation for bonds and expects this will come within the next two weeks. That would mean $598,000 made available to Bridgeville depositors. Keystone Plans Found O. K. The Keystone with $2,609,000 of deposits likewise is nearing the time of resuming business, plans having been approved in Washington and only final details remaining to be worked out.