First National Bank (Smithfield, PA)

View Charter #6642 on SPMC View balance sheet

Episode Information

Episode UID
664201577
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
66420 national
Charter Number
6642
Start Date
May 26, 1931
Location
Smithfield, Pennsylvania (39.803, -79.808)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
b939cef6b0830565

Response Measures

Full suspension

Other: Closed by the state banking department and placed in receivership; receiver authorized to sell or refinance securities and pay dividends to depositors.

Receivership Details

Depositor recovery rate
48.9%
Date receivership started
1931-05-27
Date receivership terminated
1938-09-26
OCC cause of failure
Economic conditions
Share of assets assessed as good
17.4%
Share of assets assessed as doubtful
74.5%
Share of assets assessed as worthless
8.1%

Description

Newspaper closure dates vary by a day (May 25–26) versus known receivership date 1931-05-27.

Events (5)
1. February 24, 1903 Chartered
Source
historical_nic
2. May 26, 1931 Run
Cause
Bank Specific Adverse Info
Cause Details
Heavy withdrawals by depositors led directors to close the bank to conserve assets; specific trigger not described.
Measures
Directors closed the bank to conserve assets.
Newspaper Excerpt
The First National bank Smithfield near here, was closed today, following heavy withdrawals by depositors.
Source
newspapers
3. May 27, 1931 Receivership
Source
historical_nic
4. May 27, 1931 Receivership
Newspaper Excerpt
J. W. Emigh, receiver for the First National Bank of Smithfield. The bank was closed on May 25 last.
Source
newspapers
5. May 27, 1931 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank suspended payments/closed after heavy depositor withdrawals; later placed in receivership.
Newspaper Excerpt
The First National bank Smithfield near here, was closed today, following heavy withdrawals by depositors.
Source
newspapers

Newspaper Articles (3)
1. May 27, 1931 The Tribune Scranton, PA

Article Text

Appropriation Bill Ready for Senate Huge Increase Granted Service Commission HARRISBURG, May 26 (P).-The general bill, carrying $153,123 017.62 for the expenses of the state government in the next biennium was reported for passage in the senate As reported the bill carries an increase of $752,000 for the public service over the original estimates of the budget and the sum allocated in the house of representatives. This increase was as reflecting testimony before the senate and house investigating committees that the commission was handicapped in its work by lack of funds and an inadequate personnel. The public service commission increase, amended in the senate committee was from $1 .000 to 000 for the 1931-32 biennium. The total increase in the bill made in senate committee was from $149,558,117 to or slightly than three and onehalf millions. RUN BREAKS BANK Pa., May 26 The First National bank Smithfield near here, was closed today, following heavy withdrawals by depositors. Directors said the bank was closed in order to conserve assets of the institution.

2. February 14, 1932 The Pittsburgh Press Pittsburgh, PA

Article Text

UNIONTOWN BANK TO PAY 10 PER CENT DIVIDEND UNIONTOWN, Pa., Feb. 13—More than 1,000 depositors will benefit by the 10 per cent dividend just declared by J. W. Emigh, receiver for the First National Bank of Smithfield. The bank was closed on May 25 last. This is the first dividend and is payable on Tuesday of next week. The distribution will total $42,000. Other dividends are expected within a few months.

3. May 17, 1932 The Evening Standard Uniontown, PA

Article Text

EMIGH IS NAMED BANK RECEIVER Judge Henderson Authorizes Appointment Today NEXT WEEK Judge D. W. Henderson today authorized J. W. Emigh, receiver for the First National Bank of Somerfield, the Peoples National Bank of Point Marion, and the First National Bank of Smithfield, all closed during the past year by the state banking department, to sell at reasonable prices listed stocks and bonds or become a party to any refinancing plans that might effect savings for depoistors of the respective To reach banks. your Many bonding companies, financing FRIENDS holdings of defunct banks, have themselves experienced financial difficulties, and as result it becomes necessary to lift the securities and either sell or TELEPHONE refinance them, in many instances, it is pointed out. your Petitions presented today revealed that securities in question amount to you about $100,000 in the case of the Som- have one field bank, approximately $100,000 in than the Point Marion bank, and $250,000 in the Smithfield bank. dime The papers were presented by Attorney William J. Crow, counsel for the receiver.