gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
213b883f9c574882
Response Measures
Full suspension, Books examined
Receivership Details
Depositor recovery rate
100.0%
Date receivership started
1891-10-07
Date receivership terminated
1900-01-29
OCC cause of failure
Fraud
Share of assets assessed as good
27.8%
Share of assets assessed as doubtful
19.2%
Share of assets assessed as worthless
52.9%
Description
Embezzlement charges against the president and prior sale of vice-president's stock are reported as contributing factors.
Events (5)
1.January 30, 1865Chartered
Source
historical_nic
2.September 30, 1891Run
Cause
Bank Specific Adverse Info
Cause Details
Continuous runs since December after sale of VP Boynton's stock created distrust; later embezzlement allegations against president surfaced.
Measures
Suspended payment after heavy withdrawals
Newspaper Excerpt
An unprecedented run on Saturday, Monday and Tuesday, amounting to nearly $40,000
Source
newspapers
3.September 30, 1891Suspension
Cause
Bank Specific Adverse Info
Cause Details
Could not meet heavy withdrawals from continuous run and underlying distrust/embezzlement allegations
Newspaper Excerpt
The First National Bank of Clearfield closed its doors this morning... the bank suspends payment.
Source
newspapers
4.October 7, 1891Receivership
Source
historical_nic
5.October 7, 1891Receivership
Newspaper Excerpt
The controller of the currency has appointed Benjamin J. Haywood receiver of the First National Bank of Clearfield, Pa.
Source
newspapers
Newspaper Articles (23)
1.October 1, 1891The Record-UnionSacramento, CA
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Article Text
BANK CLOSED DOWN. Unable to Stand the Strain of a Heavy Run. CLEARFIELD (Pa.), Sept. 30.-The First National Bank of Clearfield closed its doors this morning. An unprecedented run on Saturday, Monday and Tuesday, amounting to nearly $40,000, made it impossible to continue business, and therefore the bank suspends payment. It is thought that the bank will pay in full. HOUTZDALE (Pa.), Sept. 30.-There is intense excitement here to-night over the closing of the Dill Bank at Clearfield and trouble here with the Houtzdale Bank. The wildest rumors are floating about regarding the latter institution, though Cashier McGrath is quoted as stating that the bank will pay dollar for dollar. Hundreds of miners are parading the streets or gathering at street corners, and trouble is feared every moment with the Huns and Slavs who had their all in the bank. The deposits at the First National Bank at the time of the suspension were about $100,000. President Dill says the depositors of both institutions will be paid dollar for dollar. The Houtzdale Bank trouble was caused by the defalcation of Teller Hamilton, a short time ago.
2.October 1, 1891Richmond DispatchRichmond, VA
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Article Text
The First National Bank of Clearfield, Pa. of which William H. Dill is president, suspended yesterday because of a three-days' past continuous un and a more or less continuous run since December last. At 3 o'clock yesterday afternoon, at Ottaws, Governor-General Stanley proceeded in state to the Parliament buildings and prorogued the first session of the Seventh Canadian Parliament.
3.October 1, 1891The Morning NewsSavannah, GA
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Article Text
A Clearfield Bank Suspends. CLEARFIELD, PA., Sept. 30.-The First National Bank of Clearfield, of which Will. iam H. Dill is president, suspended to-day because of a three day's continuous run and a more or less continuous run since December last.
SPARKS FROM THE WIRES. Armv officers attribute little importance to the Indian scare in the Pend D'Oreille country. Maj. William McKee Dunn, 3d artillery, United States army, died at Cushing Island, Me., yesterday, aged 48. He was a veteran of the late war. He was a son of Gen. Dunn, late judge advocate of the United States army. The National Civil Service Reform league re-elected George M. Curtis president. The Chrisman bank of Paris has failed. Officers disappeared. Small assets; about $75,000 liabilities. The First National bank of Clearfield, Pa., closed its doors. It had a run of about $40,000. Believed it will pay out in full.
5.October 1, 1891Wheeling RegisterWheeling, WV
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Article Text
Couldn't Stand the Run. CLEARFIELD, PA., September 30.-The First National bank, of Clearfield, of which William H. Dill, is president, closed its doors this morning. An unprecedented run on Saturday, Monday and Tuesday amounting to nearly $40,000, made it impossible to continue business, and therefore the bank suspended payment. The best informed think the depositors will get dollar for dollar.
6.October 1, 1891Pawtucket TribunePawtucket, RI
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Article Text
MINERS OUT OF POCKET. Closing of a Bank Creates a Big Sensation in a Mining Town. HOUTZDALE, Pa., Oct. 1.-The Houtzdale bank was closed yesterday. The president, W. H. Dill, is also president of the First National bank of Clearfield. Many secret and beneficial associations, the borough and several township treasurers are depositors in various sums aggregating many thousands of dollars. The savings of Hungarian and Swede miners that are locked up in the bank aggregate $70,000. Deposits were received as late as yesterday morning. The excitement is intense and were it believed that any considerable amount of money was in the bank, nothing could prevent the excited Slavs from breaking in its doors. The streets were thronged with miners. Yesetrday was also pay day and a package of about $30,000, sent from Philadelphia by the Berwind Coal company, havIng been sent in the name of the Houtzdale bank, the company's paymaster could not get possession of the money. This added greatly to the excitement. CLEARFIELD, Pa., Oct. 1.-The First National bank of this place closed its doors yesterday. There has been a run on it for a long time.
7.October 1, 1891Evening StarWashington, DC
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Article Text
The First National Bank of Clearfield, Pa., suspended yesterday. The suspension was caused $40,000. by & heavy ran, amounting to nearly
8.October 1, 1891The Seattle Post-IntelligencerSeattle, WA
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Article Text
MINERS HOWLING FOR MONEY. A Pennsylvania Bank Fails, With Heavy Deposits-Violence Threatened. HOUTZDALE, Pa., Sept. 30.-There is intense excitement here tonight over the closing of the bank at Clearfield, and trouble is feared here with the Houtzdale bank. The wildest rumors are floating about regarding the latter institution, though Cashier McGarth is quoted as stating that the bank will pay dollar for dollar. Hundreds of miners are parading the streets or gathering at the street corners, and trouble is feared at any moment with Heasians and Slave, who had their all in the First National bank at the time of the suspension-about $100,000. President Dill says the depositors of both institutions will be paid dollar for dollar. The Houtzdale bank trouble was caused by the defalcation of Teller Hamilton a short time ago. CLEARFIELD, Pa., Sept. 30.-The First National Bank of Clearfield closed its doors this morning. Unprecedented runs Saturday and Monday and Tuesday, amounting to nearly $40,000, made it impossible to continue, and therefore the bank suspended payment. It is thought the bank will pay in full.
9.October 1, 1891Los Angeles HeraldLos Angeles, CA
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Article Text
EMBARRASSED BANKS. Two Related Institutions in Pennsylvania on the Verge of Ruin. CLEARFIELD, Pa., Sept 30 -The First National bank of Clearheld closed its doors this morning. An unprecedented run on Saturday, Monday and Tuesday. amounting to $40,000, made it impossible to continue business, and the bank suspends payment. It is thought the bank will pay in full. HOUTZDALE, Pa., Sept. 30.-There is intense excitement here tonight over the closing of the Dill bank at Clearfield and trouble here with the Houtzdale bank. the wildest rumors are floating about regarding the latter institution, though Cashier McGrath is quoted as stating that the bank will pay dollar for dollar. Hundreds of miners are parading the streets or gathering at street corners, and trouble is feared every moment with the Huns and Slavs who had their all in the bank. The deposits of the bank at the time of its suspension were about $100,000. President Dill says the depositors of both institutions will be paid dollar for dollar. The Houtzdale bank trouble was caused by the defalcation of Teller Hamilton a short time ago.
A Bank Suspends Payment. CLEARFIELD, Pa., Sept. 30.-The First national bank of Clearfield, of which H. Dill is president, closed its doors this morning. An unprecedented run of Saturday, Monday and Tuesday, amounting to nearly $40,000, made it impossible to continue business, and therefore the bank suspended payment. The best informed think the depositors will get dollar for dollar.
11.October 1, 1891The Morning CallSan Francisco, CA
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Article Text
DOORS CLOSED. The First National Bank of Clearfield, Pa., Forced to Suspend. CLEARFIED (Pa.), Sept. 30.-The First National Bank of Clearfield, closed its doors this morning. An unprecedented run on Saturday, Monday and Tuesday, amounting to nearly $40,000, made it impossible to continue business, and therefore the bank suspends payment. It is thought the bank will pay in full.
12.October 2, 1891Evening StarWashington, DC
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Article Text
A RECEIVER TO BE APPOINTED.-Mr. Lacey, controller of the currency, received a telegram from Bank Examiner Miller recommending that the First National Bank of Clearfield, Pa., be placed in the hands of a receiver. The examiner, Controller Lacey says, will appoint a receiver as BOOM as he MA and . suitable mea
13.October 3, 1891The Morning NewsSavannah, GA
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DILL IN A CELL. The National Bank Examiner Swears Out a Warrant. CLEARFIELD, PA., Oct. 2.-W. H. Dill, president of the suspended First National Bank of this place, and of the private bank at Houtzdale, which also suspended, and John B. McGrath, cashier of the latter bank, who were arrested last night on a charge of embezzlement, entered bail this morning. Dill was at once rearrested on a warrant sworn out by National Bank Examiner Miller, who is in charge of the First National Bank, and held in $25,000 bail. He has as yet been unable to obtain bondsmen.
14.October 3, 1891Los Angeles HeraldLos Angeles, CA
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Article Text
The Clearfield Bank Trouble. CLEARFIELD, Pa., Oct. 2.-W. H. Dill, president of the suspended First National bank of this place, and John McGrath, cashier of the private bank at Houtzdale, who were arrested last night and charged with embezzlement, entered bail this morning. Dill was at once re-arrested on a warrant sworn out by the national bank examiner. WASHINGTON, Oct. 2.-Lacey, comptroller of the currency, received a telegram today from Bank Examiner Miller, recommending that the First National bank of Clearfield, Pa., be placed in the hands of a receiver. The comptroller says he will appoint a receiver.
15.October 8, 1891Evening StarWashington, DC
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Article Text
RECEIVERS APPOINTED.-The controller of the currency has appointed Benjamin J. Haywood receiver of the First National Bank of Clearfield, Pa., and Henry M. Hall, jr., receiver of the Farley National Bank of Montgomery, Ala.
16.October 8, 1891The Morning NewsSavannah, GA
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Appointed Bank Receivers. W ASHINGTON, Oct. 7.-The - controller of the currency to-day appointed Benjamin J. Hay wood receiver of the First National National Bank of Clearfield, Pa.. and Henry M. Hail, Jr., receiver of the Farley National Bank of Montgomery, Ala.
17.October 8, 1891The Roanoke TimesRoanoke, VA
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Two Bank Receivers'Appointed. WASHINGTON, Oct. 7.-[Special|-The comptroller of the currency to-day appointed Benjamin J. Haywood receiver of the First National Bank of Clearfield. Pa., and Henry M. Hall, Jr., receiver of the Farley National Bank of Montgomery, Ala.
18.October 8, 1891The Wilmington Daily RepublicanWilmington, DE
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Receiver of the Clearfield Bank. W ASHINGTON. Oct. 8.-Comptroller of the Currency Lacey has appointed Benjamin J. Haywood, of Mercer, receiver of the First National bank of Clearfield, Pa. He was not an applicant for the position, but was strongly urged by prominent business men.
19.October 9, 1891The Cambria FreemanEbensburg, PA
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Article Text
A Clearfield Bank Closes. The First National Bank, of Clearfield, of which William H. Dill is president, closed its doors on Wednesday of last week. This institution was one of the oldest, and, for years, considered among the strongest banks of the state. President Dill submitted the following for publication: "An unprecedented run on Saturday, Monday and Tuesday on the First National Bank of Clearfield, Pa., amounting to nearly $40,000, made it impossible to continuè business, and therefore the bank suspends payment." There has been a continuous run on this bank since December last. This was occasioned by the fact A.F. Boynton, formerly vice-president of the bank, sold his stock. As a brother-in-law of the presideut, this, of course, created distrust and made a run. The bank has helped a number of business men financially during the past two years, and has lost considerable in this way, The Houtzdale bank, a branch of the Clearfield bank, also closed the same day. Warrants ha ve been sworn out and President Dill is now in jail, charged with embezzling $85,000,
20.October 10, 1891Evening JournalWilmington, DE
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Dill Gives Ball Twice. CLEARFIELD, Pa., Oct. 10.-At the hearing of President Dill, of the suspended First National bank, the United States commissioner required bail in $40,000 for Dill's appearance before him at Altoona, on Friday of next week. The bail was furnished. Dill was also brought before Judge Krebs on a writ of habeas corpus and released on $97,500 bail. This bail was furnished to satisfy Houtzdale parties.
21.January 1, 1892Pittsburg DispatchPittsburgh, PA
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A big crocodile takes possession of Lebanon's water works. The Senate will make but 8 limited inquiry into the Boyer-McCamant matter. Ohio miners will oppose foreign labor. Two of R. E. Hoe's sons, the printing press mannfacturer, of New York, marry without giving previous notice. 80-General Boulanger commits sensational suicide on the grave of his mistress in Brussells. The First National Bank of Clearfield succumbs to a run, and a Houtzdale Bank is suffering from a similar cause. The title to $3,000,000 worth of property at East Liverpool is contested by the McKinnon heirs. The funeral of the late William H. Kemble is largely attended in Philadelphia. Three men are killed and 25 injured on the New York. Lake Erie and Western Railroad near Kent, O., by a collision caused by inexcusable blunder.
22.August 18, 1892The Wilmington Daily RepublicanWilmington, DE
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Clearfield Bank Paying Up. CLEARFIELD, Pa., Aug. 18.-The defunct First National bank, of Clearfield, has just declared another dividend to its depositors, which makes a total dividend of 50 per cent. paid by the bank. It is said by the receiver, B. J. Haywood, that every depositor has a reasonable hope of getting his money in full by January next. The bank's ex-president, William H. Dill, and his family are now living in West Philadelphia.
23.July 6, 1893The Evening HeraldShenandoah, PA
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ONE of the most successful instances of financiering on record is that made by B. J. Haywood, receiver of the First National Bank of Clearfield, who has just completed paying to depositors the last of $149,699 on deposit hen the bank collapsed. Mr. Hayood is a Mercer county man, and is being urged in some quarters for the Republican nomination for State Treasurer next month.
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.
