American State Bank (Erie, PA)

Episode Information

Episode UID
60165471599
Episode Type
Suspension → Reopening
Bank Type
state
Bank ID
6016547 routing
Routing Number
60-1654
Start Date
March 1, 1933*
Location
Erie, Pennsylvania (42.129, -80.085)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
590d14e2a0b91a07

Response Measures

None

Events (3)
1. March 1, 1933* Suspension
Cause
Government Action
Cause Details
Closed under state banking restrictions/new state banking act and required licensing to reopen
Newspaper Excerpt
Two more state banks ... were learned yesterday to have been allowed to reopen. They are the American State Bank of Erie
Source
newspapers
2. March 25, 1933 Reopening
Newspaper Excerpt
Two more state banks ... were learned yesterday to have been allowed to reopen. They are the American State Bank of Erie and the Bank of Erie Trust Company, also in that city.
Source
newspapers
3. October 12, 1933 Other
Newspaper Excerpt
The 14 institutions from which the 100 per cent. checks have been mailed for the new deposits are: ... Erie Trust Company and the American State Bank, both Erie.
Source
newspapers

Newspaper Articles (2)
1. March 25, 1933 Pittsburgh Post-Gazette Pittsburgh, PA

Article Text

Somerset — Farmers National Bank; John H. Berritz. Spartansburg — Grange National Bank, C. M. Thompson. Sykesville—First National Bank, A. L. Shope. Tarentum—First National Bank and Trust Company, Frank C. Irvine. Timblin — First National Bank; N. L. Boddorf. Union City — National Bank of Union City; J. E. Gillett. Verona —First National Bank; W. T. Dible. West Alexandria — Citizens National Bank; Thomas R. Bell. Berlin —First National Bank of Berlin; H. E. Landis. Berlin — Philson National Bank of Berlin; J. P. McCabe. Bridgeville — First National Bank of Bridgeville; Frank C. Mayer. New Florence — New Florence National Bank; J. M. Trimble. Hooversville — Citizens National Bank, E. C. Ober. Two more state banks whose names were not included in the list of 57 which were licensed Thursday night to reopen under the restrictions imposed by the new state banking act were learned yesterday to have been allowed to reopen. They are the American State Bank of Erie and the Bank of Erie Trust Company, also in that city. Landscape Architect Gets Church Contract Ralph E. Griswold, Pittsburgh landscape architect, will be in charge of a 10-year landscaping program for the grounds of Sacred Heart Catholic church, in the block bounded by Shady avenue, Walnut, Emerson and Alder streets. More than 2,500 trees, plants and shrubs will be planted, and fountains and a low parapet wall will be included in the plans.

2. October 12, 1933 The Philadelphia Inquirer Philadelphia, PA

Article Text

14 of Shut Banks Pay New Deposits Continued From First Page partment to wait 120 days before returning any of the new funds to the depositors. Schnader also stressed that the Sordoni act, under which the banks restricted withdrawals, did not guarantee full repayment of new deposits. Checks Go Into Mails A total of approximately $1,045,000 is being paid from the "new deposit" accounts in the 14 banks at once, Dr. Gordon said. Checks were placed in the mails for depositors from these institutions yesterday and today. The 14 institutions from which the 100 per cent. checks have been mailed for the new deposits are: North City Trust Company, Philadelphia; Media-69th St. Trust Company; Conshohocken Trust Company: Miners State Bank, Minersville; Victory Banking Trust Company, Girardville; State Bank of Bank Citizens' Bank of St. Clair; Indiana County Deposit Bank, Indiana; Erie Trust Company and the American State Bank. both Erie: Coraopolis State Bank; Fifth Ave. Bank, Pittsburgh, and the State Bank of Beaver Opinion Is Clarified The statement of Attorney General Schnader follows wish to clarify the opinion of this department regarding new deposits in restricted banks. seems have been misunderstood in certain quarters. opinion relates only to the distribution deposits after restricted bank has closed has nothing whatever to do with the handling new deposits in restricted bank which still open. "The outstanding feature of our opinion of October was to permit the Secretary of Banking to make immediate payment to new depositors the amounts due them. 'When restricted banks closed on September the Department of Banking felt that could not make immediate distribution to new depositors unless this department rendered an opinion authorizing to do The banking laws provide that the Secretary of Banking must weit 120 days after bank closes before making any tribution. The Serdoni act did not expressly contradict this provision Our opinion construes the Sordoni as permitting distribution That is the vital point of the opinion. "The Department of Banking also asked number questions concerning the the amount due to new after a bank has closed its doors. Our opinion answered these questions. Couldn't Run Bank "The Secretary of Banking could not honor checks outstanding when a bank closed. He is allowed by law