First National Bank (Trafford, PA)

View Charter #6962 on SPMC View balance sheet

Episode Information

Episode UID
696201583
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
69620 national
Charter Number
6962
Start Date
November 1, 1931*
Location
Trafford, Pennsylvania (40.386, -79.759)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
9afd82efe19623c8

Response Measures

None

Receivership Details

Depositor recovery rate
60.9%
Date receivership started
1932-03-02
Date receivership terminated
1940-09-25
Share of assets assessed as good
32.8%
Share of assets assessed as doubtful
54.7%
Share of assets assessed as worthless
12.5%

Description

Receivership is referenced in later articles; suspension preceded receivership within weeks.

Events (5)
1. September 23, 1903 Chartered
Source
historical_nic
2. November 1, 1931* Run
Cause
Local Banks
Cause Details
Heavy withdrawals coinciding with closures of nearby Highland Trust Co. and Medford Trust Co.; 90-day clause was invoked.
Measures
90-day clause invoked
Newspaper Excerpt
subject to a heavy run at the time the Highland Trust Co. and the nearby Medford Trust Co. closed their doors last fall
Source
newspapers
3. February 3, 1932 Suspension
Cause
Local Banks
Cause Details
Failed to open amid withdrawals and general local banking distress; directors closed to protect creditors and examiner took charge.
Newspaper Excerpt
Three banks—the First National of Pitcairn, the People's National of Pitcairn and the First National of Trafford—failed to open today. Directors took the action to protect creditors. B. J. Bleakley, national bank examiner, took charge of the closed institutions.
Source
newspapers
4. March 2, 1932 Receivership
Source
historical_nic
5. March 2, 1932 Receivership
Newspaper Excerpt
John H. Feather, receiver of the First National Bank of Trafford (receiver named in later litigation articles).
Source
newspapers

Newspaper Articles (4)
1. February 3, 1932 The Brattleboro Reformer Brattleboro, VT

Article Text

The principal offices of the bank in East Somerville and its Steele Square branch were taken over by John F. Rich, a bank examiner, in the name of Arthur Guy, state banking commissioner. The bank was subject to a heavy run at the time the Highland Trust Co. and the nearby Medford Trust Co. closed their doors last fall but at that time managed to weather the storm. Shortly thereafter, however, the 90-day clause was invoked. Fred P. Stockwell is president and Harriet Osborne, treasurer. In announcing the closing Commissioner Guy said: "The trustees of the bank were unable to turn their assets into cash fast enough to meet the demands for withdrawals, and for the protection of the depositors requested me to take over their affairs." Three Banks Fail to Open. PITTSBURGH, Feb. 3 (AP).—Three banks—the First National of Pitcairn, the People's National of Pitcairn and the First National of Trafford—failed to open today. Their deposits approximate $1,600,000. Directors took the action to protect creditors. B. J. Bleakley, national bank examiner, took charge of the closed institutions.

2. February 3, 1932 Evening Express Portland, ME

Article Text

Canadian Discount Canadian this City this afternoon was the same Tuesday Checks per cent 14% per Pittsburgh Banks Close Feb. INS) national the Fittsburgh metwere the First National the National and the First National Trafford City banks protect creditors totaled approximately

3. June 8, 1933 The Daily American Somerset, PA

Article Text

CHANGED WASHINGTON, June 7-(P)Senator Reed tonight promised new deal for veterans whose compensation has been cut. new regulations are so cruunfair that they will have elly modified,' he said in letter be in answer to thousands of veterpleas for relief ans' "If the President doesnt deal justly with the veterans, Congress will am satisfied that In the meantime can only ask you to be patient, and to believe that tue men who suffered in the nation's wars have friends in Washington who will fight for them whenever the need arises. Reed's office, as well as the offices the state's has been jammed with letters from veterans since the Veterans Administration started cutting compensation as a result of the onomy act. The first opportunity for action in the Senate came with consideration the Independent Offices Appropriation bill, the measure to supply funds to the Veterans' AdReed Limits Cuts After signing Round Robin which criticized the service-connected cuts as "indefensible and brutal," Reed undertook to limit them per cent After that move failed, Reed voted for a 25 per cent. limitation as provided by the Connally (D-Tex) amendment. With that amendment passed, President Roosevelt ordered modifications in the cuts in direct service-connected cases, bringing the average cut to about 18 per cent The amerdment is awaiting action by the House Reed assured the veterans he would give attention to individual cases as soon as all the modifications are made will do my level best to see that you receive substantial jushe said Reed has been a firm opponent of the immediate payment of the bonus. His first speech in the Senate decade ago was to oppose it. He was an artillery major in the World War and saw service TRAFFORD BANK RECEIVER CANT GET SCHOOL FUNDS missal of a suit to recover $46.256.27 from the moreland Trust Company of Greensburg, and the Trafford School District, was ordered today Judge F. P. Schoonmaker in federal The action was brought by John H. Feather, receiver of the First National Bank of\Trafford Assets had been transferred from the bank to the trust company, before the bank was closed, to guarantee the deposits of the school district. The transfer was made with the stipulation that the assignment be not recorded until the bank was able to make payments on the school district accounts. The receiver claimed that since teh assignment was not recorded until the bank became insolvent. the assets should be returned to him.

4. October 21, 1933 The Pittsburgh Press Pittsburgh, PA

Article Text

SCHOOL DISTRICT WINS BANK SUIT Trafford Fund Deposit Guarantee Upheld An order directing that the suit for the recovery of $45,000 in mortgages posted as surety for the Trafford School District funds be dismissed was handed down late yesterday by Federal Judge F. P. Schoonmaker. John J. Feather, receiver for the First National Bank of Trafford, had instituted the suit, contending that at the time the agreement covering the posting of the mortgages had been entered into, Sept. 28, 1931, the bank directors knew, or should have known, of the impending solvency. The bank suspended business four months after the agreement and the court held there was nothing to indicate either party to the agreement knew of the prospective receivership. The mortgages were posted to cover the Trafford School District's sinking fund deposits. The receiver was directed to pay the costs.