Mahaffey National Bank (Mahaffey, PA)

View Charter #7610 on SPMC View balance sheet

Episode Information

Episode UID
761001578
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
76100 national
Charter Number
7610
Start Date
June 16, 1931
Location
Mahaffey, Pennsylvania (40.873, -78.724)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
6582915fcb061a55

Response Measures

None

Receivership Details

Depositor recovery rate
53.0%
Date receivership started
1931-06-16
Date receivership terminated
1939-08-29
OCC cause of failure
Economic conditions
Share of assets assessed as good
37.0%
Share of assets assessed as doubtful
59.6%
Share of assets assessed as worthless
3.4%

Description

Receivership references across 1931–1934 indicate permanent closure; no article describes a depositor run.

Events (6)
1. February 15, 1905 Chartered
Source
historical_nic
2. June 16, 1931 Receivership
Source
historical_nic
3. June 16, 1931 Receivership
Newspaper Excerpt
Mahaffey, Mahaffey National Bank (receiver) 68,000.
Source
newspapers
4. June 16, 1931 Suspension
Cause
Government Action
Cause Details
Bank closed and placed in receivership by federal authorities (Comptroller/receiver appointed).
Newspaper Excerpt
receiver for the closed banks Clymer, Glen Camps bell and Mahaffey
Source
newspapers
5. October 26, 1931 Other
Newspaper Excerpt
the day after the bank was clos- (clerk pleaded guilty to misapplication of about $4,000)
Source
newspapers
6. May 7, 1934 Other
Newspaper Excerpt
Tomb ... to take over the remaining assets ... National Bank of Mahaffey
Source
newspapers

Newspaper Articles (4)
1. October 26, 1931 The Punxsutawney Spirit Punxsutawney, PA

Article Text

MAHAFFEY BANK CLERK PLACED ON PROBATION Pleads Guilty to Misapplication Job by Commissioner Forsythe. PITTSBURGH, Oct. 26 (U.P.) William Lisle Stephenson, former clerk Mahaffey National Bank, Mahaffey Clearfield County, today pleaded guilty to misapplicaabout $4,000 bank funds placed on probation for In gaining the probation, Stephenson pleaded that he supported his parents, wife and three children on of $125 month. His plea him probation but job from the man who had issued the for his arrest, John Forsythe, Commissioner Federal Judge Schoonmaker heard the plea and pronounced sentence. The day after the bank was clos- (Continued Two. Col.

2. September 14, 1932 The Indiana Gazette Indiana, PA

Article Text

NOBLE NAMED BANK RECEIVER L. C. Noble, receiver for the closed banks Clymer, Glen Camps bell and Mahaffey, has been named receiver for the Citizens Na. tional Bank of Indiana. Mr. Noble has been located in Indiana for some two years. He was recently married to Miss Florence Huber, former member of the faculty Indiana State Teachers College, Mr. and Mrs. Noble have apartment the Moore Hotel.

3. October 22, 1932 Warren Times Mirror Warren, PA

Article Text

Farrell, Colonial Trust Co. of Farrell 19,500. Glen Campbell, First National Bank of Glen Campbell (receiver) 45,000. Indiana, Farmers Bank & Trust Co., of Indiana 154,000. Jersey Shore, Jersey Shore Trust Company 60,000. Lebanon, Farmers Trust Co. of Lebanon 90,000. Mahaffey, Mahaffey National Bank (receiver) 68,000. Mahonoy City, American Banking Trust Company 95,000. Mahonoy City, Union National Bank 235,000.

4. May 7, 1934 The Indiana Gazette Indiana, PA

Article Text

Tomb Named Bank Receiver Milford Tomb of Indiana received from the Comptroller of Currency, to take over the remaining assets the First National Bank and act as ceiver in This five banks for which Mr. Tomb The Citizens National Bank, Indiana; the Clymer National Bank, Clymer; Glen CampNational Bank, Glen Campbell; and National Bank of Mahaffey. Mr. Tomb has not received word as where will handle the affairs of the Indibank. He stated this morning that he had begun take over the assets the bank and that would require about two weeks time. This arrangement nothing with the new First National Bank in Indiana. Because the fact that the bank bought old building. probable that Mr. Tomb will have the affairs taken care some other banking room.