gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e2ee3fdbd8a3bea6
Response Measures
Accommodated withdrawals, Borrowed from banks or large institutions, Full suspension, Books examined
Receivership Details
Depositor recovery rate
74.0%
Date receivership started
1930-07-31
Date receivership terminated
1941-05-31
OCC cause of failure
Economic conditions
Share of assets assessed as good
38.6%
Share of assets assessed as doubtful
58.7%
Share of assets assessed as worthless
2.7%
Description
Directors placed assets in hands of the Comptroller and a receiver was appointed the same day.
Events (5)
1.October 7, 1902Chartered
Source
historical_nic
2.July 2, 1930Run
Cause
Local Banks
Cause Details
Heavy withdrawals followed the earlier closing of the Title & Trust Company and the Union National Bank in early July, prompting depositors to withdraw from Citizens National.
Measures
Board later resolved to suspend business and conserve assets; notice posted that assets were placed in hands of Comptroller.
Newspaper Excerpt
it was believed the institution had experienced heavy demand for funds on July 2 and July 3
Source
newspapers
3.July 31, 1930Receivership
Source
historical_nic
4.July 31, 1930Receivership
Newspaper Excerpt
the bank had been placed in the hands of the comptroller of the currency, who has designated D. J. Bleakley, national bank examiner, to take charge.
Source
newspapers
5.July 31, 1930Suspension
Cause
Government Action
Cause Details
Directors voted to place the affairs/assets of the bank in the hands of the Comptroller of the Currency, who designated a national bank examiner to take charge.
Newspaper Excerpt
This bank ... is in charge of B. J. Bleakley national bank examiner. Closed by resolution of the board of directors.
Source
newspapers
Newspaper Articles (13)
1.July 31, 1930Wilkes-Barre Times Leader, the Evening NewsWilkes-Barre, PA
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Article Text
Connellsville Bank Closes Doors Today; Third Within Month
Pa., July Citizens Bank Connellsville failed open its doors, making the third bank closing here within 30 on the doors of notice posted the bank depositors that the had been closed by institution tion of the The notice further stated that the bank had been placed the hands of the comptroller of the currency who has D. Beakley, National Bank examiner, take charge eparations were immediately Second National Bank, by the banking instithe remaining for following the feared inevitable result of three banks Officials of the Secwithdrawals. ond National Bank that all demands be met, dolfor dollar. official statement as Although no to the condition of the Citizens National Bank was forthcoming it was believed the institution had experlenced heavy demand for funds on July and July following the closing Title Trust Company and Union National The Title and Trust Company and the Union National Bank discontinued business July and 2 respectively.
The Citizens National Bank was established years age and several years ago absorbed the First National Bank. It resources of surplus 000. Demand deposits $805.275 and savings of $1,958,620. stateJune Markell is president of the institution which was capitalized at $100,000.
2.July 31, 1930Republican and HeraldPottsville, PA
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Article Text
CONNELLSVILLE CLOSED DOORS
Heavy Runs Being Made Today on Remaining Bank.
THIRD CLOSED IN MONTH
Directors Placed Institution in Hands of Comptroller of Currency.
Connellsville. Pa., July 31. (U.P.) The Citizens' National Bank failed to open its doors for business today and "run" being made on the city's remaining bank-the Second The Citizens" National, after meeting of the board of directors last night, posted a notice on it today the effect that assets of the bank were in the hands of the Comptroller of It was reported the Second National Bank was ready meet heavy withdrawals and that money was received from Pittsburgh banks to aid it. It was believed that closing of two other banks here earlier this month was responsible for today's On July 1. the Title and Trust Company of Western Pennsylvania closed here and the next day onother national bank failed to open its doors. Heavy withdrawals were then said to have been made on the Citizens National and the Second National At meeting of the board of dlrectors of Citizens National Bank last night the following resolution was passed "Whereas. During the past month there have been made by the depositors of this bank unusually heavy withdrawals. whereas, in the best judgment of the board of directors of the best Interests of the loyal remaining depositors will be best subserved by suspending business and conserving asset. "Therefore. Be it resolved. that the doors he closed and the assets placed In the hands of the comptroller of the currency for liquidation as provided under the laws of the United States. The following notice was on the door of the Citizens bank today: "This bank under the direction of the of currency. is in charge of B. J. Bleakley national bank exam ner. Closed by resolution of the board of directors." Signed. B. J. Bleakley.
Anthracite ccal is an economical fuel. Buy and burn anthracite. President Takes Three. Holiday. Washington, July 31. (U.P)-Prestdent Hoover will leave tomorrow for a. three-day stay at his Virginia mountain camp. was announced at the White House today. Mrs. Hoover went to the camp today to prepare the lodge the Prestdential party. The President is ex pected to discuss the New York Republican situation over the week end with William H. Hill, Binghamton, N. Y., publisher, one of the State party leaders, who, with Mrs. Hill, will be among the guests, Other guests invited Rickard, mining engineeri York, and Mrs. the Hoovers, secretary of the
Treasury not the same da customs to that date
Anthracite fuel, Buy
3.July 31, 1930The Evening NewsHarrisburg, PA
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Article Text
THIRD BANK AT CONNELLSVILLE CLOSES DOORS
International News Service CONNELLSVILLE, July 31. The Citizens' National Bank of Connellsville today failed to open its doors, marking the third bank closing here within thirty days. A notice posted on the doors of the bank notified depositors that the institution had been closed by action of the directors. The notice further stated that the bank had been placed in the hands of the comptroller of the currency, who has designated D. J. Bleakley, national bank examiner, to take charge. Preparations were immediately taken by the Second National Bank, the only remaining banking institution, for a heavy run, which was feared inevitable following the failure of three banks as a result of withdrawals. Officials of the Second National Bank gave assur ances that all demands could be met, dollar for dollar. Although no official statement as to the condition of the Citizens' Na tional Bank was forthcoming, it was believed the institution had experienced heavy demand for funds on July 2 and July 3, following the closing of the Title and Trust Company of Western Pennsylvania and the Union National Bank. The Title and Trust Company and the Union National Bank discontinued business July and 2, respectively.
The Citizens' National Bank of Connellsville was e he twenty-five years ago and several years ago absorbed the First Na tional Bank. It had resources of $3,377,507, surplus of $200,000, demand deposits of $805,275 and savings deposits of $1,958,620, according to its statement of June 30. F. E. Markell is president of the institution, which was capitalized at $100,000.
4.July 31, 1930Shamokin News-DispatchShamokin, PA
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Article Text
CONNELLSVILLE BANK FAILS; THIRD MONTH
Citizens National Bank Failed to Open Its Doors Only One Bank Now Open
Special INS Leased Wire CONNELLSVILLE, Pa., July 31The Citizens National Bank of Connellsville today failed to open its doors, marking the third bank closing here within 30 days. A notice posted on the doors of the bank notified depositors that the institution had been closed by action of the directors. The notice further stated that the bank had been placed in the hands of the controller of the currency who has designated D. J. Bleakley, National Bank Examiner, to take charge. Preparations were immediately made by the Second National Bank, the only remaining banking institution, for a heavy run which was feared inevitable following the failure of three banks as a result of withdrawals. Officials of the Second National Bank gave assurances that all demands could be met, dollar for dollar. Although no official statement as to the condition of the Citizens National Bank was forthcoming it was believed the institution had experienced heavy demand for funds on July 2 and July 3. following the closing of the Title and Trust Company of Western Pennsylvania and the Union National Bank The Title ad Trust Company and the Union National Bank discontinued business July and 2 respectively.
The Citizens National Bank of Connellsville was established 25 years ago and several years ago absorbed the First National bank. It had resources of $33,377,507. surplus of $200,000. Demand deposits of $805,275 and saving deposits of $1,958,620, ac-
5.July 31, 1930Berwick EnterpriseBerwick, PA
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Article Text
CONNELLSVILLE
'Run' Made on Remaining Bank
After Notice Is Posted That Assets Were In Hands of Cur- rency Comptroller.
Connellsville Pa., July 31 (LP) Citizens' National Bank failed its doors for business here today and the city's remaining Second for increasdepositors. The Citizens' National, after meetthe board of directors night, posted notice its doors today to the effect that assets of the bank in the hands of the comptroller currency. was reported the Second NationBank heavy ceived from Pittsburgh banks was believed that closing of two other banks here earlier this month responsible for today's action. July the Title and Trust Co of Western Pennsylvania closed here and the next day another National Bank falled to open its doors, Heavy withdrawals were then said to have been made on the Citizens' National and the Second National.
6.August 1, 1930Evening StarWashington, DC
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Article Text
THIRD PENNSYLVANIA BANK CLOSES DOORS Citizens' National, at Connellsville, Suspends Business Because of Withdrawals. By the Associated Press. CONNELLSVILLE, Pa., August 1.The Citizens' National Bank, one of the two remaining banks in Connellsville, closed yesterday, within a month of the closing of the Title and Trust Co. of Western Pennsylvania and the Union National Bank here. Withdrawal of deposits was reported the cause of the closing The directors of the bank voted to place the affairs of the institution in the hands of the controller of currency. In its last statement, the bank reported savings deposits of $1,958,629 and check deposits of $805,275. Total resources were given as $3,375,507 and the surplus at that time as $200,000.
7.August 1, 1930Pittsburgh Sun-TelegraphPittsburgh, PA
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Article Text
Connellsville Bank Receiver in Charge The Citizens National which failed to open yesterday morning placed in the hands B. national bank aminer. who closed the There was heavy run on the Second National Bank. the city's remaining through the forenoon. but officials said they were able to pay every If necessary.
8.May 27, 1931The Daily CourierConnellsville, PA
Article Text
CITIZENS BANK RECEIVER MOVES PITTSBURG ST
George H. Smith of the Citizens National Bank and his clerlcal force moved last evening from the First National Bank Building in avenue '0 the Citizens Na. tional Building in No th Pittsburg street where the further liquidation of the bank's ashest carried on The National Building will he offered for sale June according by Mr. Smith
9.March 12, 1932The Daily CourierConnellsville, PA
Article Text
B. & 0. LOSES ITS CLAIM AS PREFERRED DEPOSITOR OF BANK
Circuit Court of Appeals Sustains Citizens National Bank Receiver.
$42,918.18 WAS SUM INVOLVED
In an opinion handed down in Phi adelphin on Thursday the United States Circu Appeals ained Judge Court Pittsburg refusing to permit National Bank Conneilaville proOhio Railroad totaling $42. the bank The bank had pledged of the rink to protection the rullroad receiver and hastman Hackney of nion ounse to the pleased the bank contention was upheld Cour at the company an peal to the of Appeals Hackn the case for be the bank In to Judge Dick Circuit Court of inpears opin on holds The railmad must and not theae the depos flors All ke It (the now who intage illegal agree Congres to prevent banks to pledge assots to ank power to pledge to secure the deposit of one private depositor nowledge other bility of be of would the he author of injurious un less fair construe policy the in language clearly requires Pittsburg Decision the district (ourt of the C'rcuit reach ng effec regarded upholding 43 the far of be bank reby his and the arguments prosen.ed th not to the Supreme proceeds ale ser iritie the deposit for to the of the school
10.May 27, 1932The Daily CourierConnellsville, PA
Article Text
Two Sue Citizens National for Missing Deposits
Special The Courier. that Citizens Bank of accepted three sums of money for purchase of Italian lire and never transmitted such money to Italy were made Friday customers defunct institution who filed bills in equity asking that George Smith, present receiver, account for missing funds. Tomaso Catullo, resident of Dunbar, that on June 11, 1927. he turned bank $565 for the purchase of 10.000 lire, and again June 30. 1927. gave the bank $351 6,000 lire. secured receipts for the signed Charles Schepis, but he finds that the lire were not purchased, he says. similar charge contained in the bill of Ankelo Amadori of Star Junction. asserts he gave the bank $1,057.95 for the purchase 30,000 lire June 14. 1930. The money never forwarded, he An odd part the transaction, the Amadori petition sets up. Is that he given receipt for his money the stationery of the First National Bank Connellsville although institution merged with the Citizens March 2S, 1928, and out business at the time his transaction. On July 30, 1930, the bank was closed and went into the hands government receiver. Attorney Goldsmith of Connellsville represents the two men.
11.June 8, 1932The Evening StandardUniontown, PA
Article Text
Sues Bank Receiver For Money Lost In Institution
George H. Smith, receiver for the Citizens National Bank of Connellsville, was m: defendant in suit filed in common pleas court today by Gregario Nazarre, Smock, who claims sum of $2,000 due him from the institution because of its failure to carry out four agreements during the past four years. On four different occasions the bank commissioned to convert sums of $500 into Italian lire and deposit the lire to the plaintiff's credit at the PostSevings Bank of Rome, Nazarre claimed charging that the agreements had never been carried out. In all lire was to have been The bank, closing, has retained his cash, the plaintiff declares in asking court order making mandatory for the bank to refund him his money. Attorney Samuel Goldsmith represents the plaintiff.
12.June 11, 1932The Daily CourierConnellsville, PA
Article Text
SUES CITIZENS BANK RECEIVER, ASKING $2,112
Special The Courier. UNIONTOWN, June George H. Smith, receiver the Citizens National Bank nellaville, were instituted by Nazzari, who alleges he has been defrauded to the extent $2,112 by officials of the closed institution. On four different occasions, Nazzari alleges, through his counsel Attorney R. Goldsmith, placed sums of with the bank to transmit money Italy for the purchase of Italian lire. He supposed that these purchases had been credited to his account the postal savings department at Rome, Italy. He now finds he has no such amount, say Nazzari. The money he suys given December sums 1928' March 27. 1929: September 20, 1929, and May 14, 1930. peculiar part transaction the orator sets forth that receipts are on the stationery of the defunct tioral Bank although that bank ceased to exist when these eceipts issued bill asks that receiver be called upon an accounting of the money the third of equity guits brought against
13.December 31, 1934The Daily CourierConnellsville, PA
Article Text
of Interest In Closing Year; Optimism for
Another year of the long depression passed into history, although all eyes are turned and toward future which seems to hold brighter promise there considerable of that can be gleaned from perusal of the past twelvemonth period To the very discerning there note of optimism at times breaking through the drab reports of events of the past year all which serve to lend cordiality to the welcome will be extended to at midnight tonight Connelleville, among the first to suffer in the bank crashes of 1930 found some comfort in the restoration of part of the funds to through third dividend by the Citizens Natinal Bank, totalling 70 per cent all, and also in the progbeing made toward substantial ress dividend the Title & Truet Company Western Pennsylvania, the largest local institution to fail As the year closes, apparent that only the machinery of the Federal- with similar requests from all over the Nation, delaying the payment of at least Approval of assets being furnished the Reconstruction Finance Corporation in return for the cash needed before the checks may drawn and issued The year opened with Mayor Minerd assuming his second term It has seen Council wrestling with the problem of financing costs and launching drive to get lower natural gas rates Another public figure reelected office was Superintendent of Schools B Smith Increased enrollment shown by the schools when the fall term opened, possibly indicating increase in population An outstanding scholastic event was the winning of the national championship by the High School strumental There were several major church activities, including the golden jubilee the Lutherans, the United Brethren Conference, the annual convention the Fayette County Sunday School Association, the county convention Christian Endeavorers, the annual convention of missionary societies of the Pittsburg Conference of the Evangelical Church, held here, and the Western Pennsylvania Eldership of the Church of God at Indian Head and the Monongabela Baptist AssociaOhiopyle Another event was the memorial Continued on Page Two
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
