Peoples National Bank (Wellsville, OH)

View Charter #6345 on SPMC View balance sheet

Episode Information

Episode UID
634501585
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
63450 national
Charter Number
6345
Start Date
January 26, 1932
Location
Wellsville, Ohio (40.603, -80.649)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
72ef29d91a568cfe

Response Measures

None

Receivership Details

Depositor recovery rate
69.3%
Date receivership started
1932-02-06
Date receivership terminated
1941-01-18
Share of assets assessed as good
11.3%
Share of assets assessed as doubtful
83.1%
Share of assets assessed as worthless
5.6%

Description

Articles state the bank was placed in charge of the Comptroller and later in liquidation; federal records list receivership date 1932-02-06 which differs from article wording.

Events (5)
1. July 19, 1902 Chartered
Source
historical_nic
2. January 26, 1932 Suspension
Cause
Government Action
Cause Details
Placed in charge of the Comptroller of the Currency and bank did not open following cashier's arrest.
Newspaper Excerpt
As an aftermath of the arrest of Cashier Thomas A. Sheets on a federal warrant charging falsification of records, the People's National bank of Wellsville did not open today. The directors, in a notice posted on the door, announced that the bank is in the hands of the comptroller of the currency, National Bank Examiner G. R. Gaskell in charge.
Source
newspapers
3. February 6, 1932 Receivership
Source
historical_nic
4. February 6, 1932 Receivership
Newspaper Excerpt
W. T. Marfield, receiver in charge of liquidation of the Peoples National Bank of Wellsville, requests depositors to file claims for their deposits.
Source
newspapers
5. September 17, 1932 Other
Newspaper Excerpt
A first dividend of 13 per cent, totaling $85,000, was declared today by the Peoples National bank at Wellsville, which has been in liquidation since January 25, and will be distributed at the bank Monday, Receiver W. T. Marfield, representing the comptroller of the currency, announced.
Source
newspapers

Newspaper Articles (6)
1. January 26, 1932 The Evening Review East Liverpool, OH

Article Text

WELLSVILLE BANK CASHIER FACES COURT Peoples' National in Charge of Currency Comptroller. By The Associated Press. CLEVELAND, Jan. 26. — Thomas A. Sheets, 45, cashier of the Peoples National bank of Wellsville, today entered a plea of not guilty to a charge of falsification of records. Sheets waived preliminary hearing and was arraigned before United States Commissioner B. D. Nicola. An argument developed over the amount of the bond between Hugh Wells, attorney for Sheets, and Assistant United States District Attorney William J. McDermott. Nicola finally set the bond at $10,000, which Sheets expected to provide later in the day. His case will be presented at the next session of the federal grand jury here. As an aftermath of the arrest of Cashier Thomas A. Sheets on a federal warrant charging falsification of records, the People's National bank of Wellsville did not open today. The directors, in a notice posted on the door, announced that "the bank is in the hands of the comptroller of the currency, National Bank Examiner G. R. Gaskell in charge."

2. March 19, 1932 The Evening Review East Liverpool, OH

Article Text

Bank Receiver Enjoins Sale of Wellsville Property. Judge W. F. Lones, in common pleas court at Lisbon, today granted temporary order to W. T. Marfield, of Cleveland, for the People's National bank at Wellsville, restraining Thomas A. Scheets, former cashier, from disposing of property owned by the late Mrs. Mary C. Donaldson, his mother-in-law.

3. June 8, 1932 The Evening Review East Liverpool, OH

Article Text

DEPOSITORS TO FILE CLAIMS Wellsville Bank Receiver Asks Patrons to Request Payment of Money Held By Institution. W. T. Marfield, receiver in charge of liquidation of the Peoples National Bank of Wellsville, requests depositors to file claims for their deposits. The deposit of pass books, Marfield said, is only the preliminary step to the filing of claims. To participate in the payments of dividends, these claims must be filed.

4. September 17, 1932 The Evening Review East Liverpool, OH

Article Text

Checks Held at Bank, Receiver Marfield Announces. A first dividend of 13 per cent, totaling $85,000, was declared today by the Peoples National bank at Wellsville, which has been in liquidation since January 25, and will be distributed at the bank Monday, Receiver W. T. Marfield, representing the comptroller of the currency, announced. The dividend will be paid from funds acquired by the receiver, supplemented by a loan from the Reconstruction Finance corporation, Marfield said. Dividend Checks Ready Dividend checks will be held at the bank until depositors call. Marfield's announcement follows: "The receiver of the People's National bank of Wellsville announce that a first dividend of 13 per cent, payable to all depositors who have proven claims, has been declared and he is now ready to deliver dividend checks. "This dividend is being paid from funds acquired by the receiver in the ordinary course of liquidation, supplemented by a loan from the Reconstruction Finance corporation. This loan, which is secured by a lien on the remaining assets of the bank, must, of course, be retired and until this loan is repaid, no further dividend disbursement can be made by the receiver. It is believed that with the cooperation of the borrowers, this loan can be repaid within a reasonable time and if so, the depositors will receive such further regular dividend payments as the collections made by the receiver will warrant. Funds to Aid Community. "The funds of the Reconstruction Finance corporation set aside for loans to receivers of insolvent banks are limited and the depositors of The Peoples National bank of Wellsville, are fortunate to have an application for a loan accepted at this early date. The funds released by this loan should be a material aid to the community in these difficult times. "These dividend checks will be held at the bank until called for at the convenience of the depositors."

5. September 27, 1932 The Evening Review East Liverpool, OH

Article Text

SUIT FILED BY BANK RECEIVER W. T. Marfield Institutes Action to Collect on Notes Given by S. H., W. M. Boyce. LISBON — W. T. Marfield, receiver for the People's National bank of Wellsville, has filed suit in common pleas court through his counsel, Charles Boyd, to recover $1,933.38 claimed to be due on notes discounted by the Wellsville bank between Oct. 7 and Dec. 6, 1931, signed by S. H. and W. M. Boyce. Judgment was entered by Judge W. F. Lones in favor of the receiver for the amount claimed due.

6. November 30, 1932 The Plain Dealer Cleveland, OH

Article Text

SENDS EX-BANKERS THE TREASURE TO ATLANTA PEN Judge Holds Violating Trust Is Worse Than Outright Stealing. Violation of a position of trust is reprehensible than outright stealing Federal Judge Paul Jones said from the bench yesterday in sentencing Thomas A Sheets cashter the People's National Bank of Wellsville O., to five years. and Ralph C. Merriam. assistant cashier to two and one-half years imprison ment in Atlanta Penitentiary do not share the popular philosophy that society is responsible for the criminal said Judge Jones "That is A philosophy of negation The individual is responsible for his We must down If hasn't the courage to enforce rules If punishment is sure and inevitable. the ex ample of your sentence will be deterrent to others Attorney R. C. Wheeler said that committed all his illegal acts hope of saving the bank and the collapse of the Instituthe depression Judge Jones said that could not believe all failures due to the depres that the depression precipitat ed many failures by showing up bank methods The total loss attributed to Sheets was former States attorney. admitted that Mer riam, his client, used bank funds to the stock but play everyone else in the bank did mosphere that those things The loss attributed to Merriam was $17,000, most of which has been be paid back Assistant United States Attorney William J. McDermott told the court the bank receiver reported dethat positors would recover about 60 cents the dollar. The bank was closed Jan