Farmers & Drovers National Bank (Waynesburg, PA)

View Charter #839 on SPMC View balance sheet

Episode Information

Episode UID
83901079
Episode Type
Run Only
Bank Type
national
Bank ID
8390 national
Charter Number
839
Start Date
November 28, 1889
Location
Waynesburg, Pennsylvania (39.896, -80.179)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
88c8197ff19f6b0a

Response Measures

Accommodated withdrawals, Public signal of financial health

Receivership Details

Depositor recovery rate
77.3%
Date receivership started
1906-12-12
Date receivership terminated
1938-05-11
OCC cause of failure
Fraud
Share of assets assessed as good
27.5%
Share of assets assessed as doubtful
68.1%
Share of assets assessed as worthless
4.4%

Events (4)
1. February 25, 1865 Chartered
Source
historical_nic
2. November 28, 1889 Run
Cause
Bank Specific Adverse Info
Cause Details
Report that ex-Sheriff Sprigg made an assignment implicating the cashier, sparking depositor withdrawals.
Measures
Directors assured depositors the bank was able to pay; officers reorganized leadership (new president/cashier mentioned).
Newspaper Excerpt
An assignment yesterday ... involved W. T. Wantz, cashier of the Farmers' and Drovers' National bank and the report caused a small run on the bank.
Source
newspapers
3. November 30, 1889 Other
Newspaper Excerpt
The Farmers and Drovers' National Bank opened its doors again this morning, and notwithstanding it is considered safe, there was a rush made at once by depositors which lasted all day.
Source
newspapers
4. December 12, 1906 Receivership
Source
historical_nic

Newspaper Articles (2)
1. November 29, 1889 The Cheyenne Daily Leader Cheyenne, WY
Article from The Cheyenne Daily Leader, November 29, 1889

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Article Text

An Ex-Sheriff's Failure. WAYNESBURG, Pa., Nov. 28,-ExSheriff Sprigg made an assignment yesterday which involved W. T. Wantz, cashier of the Farmers' and Drovers' National bank and the report caused a small run on the bank. The directors assured the depositors that the bank was perfectly able to pay deposits. Reverses in cattle ventures in the West was the cause of the failure. The liabilities will reach many thousands of dollars.

2. December 1, 1889 Wheeling Sunday Register Wheeling, WV
Article from Wheeling Sunday Register, December 1, 1889

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Article Text

WAYNESBURG'S PANIC. Dozens of Business Men are Practically Ruined. WAYNESBURG, PA., November 30.During the last three days and nights judgment notes amounting to $500,000 have been entered in the Prothonotary's office at this place, and many of the formerly prominent business men are rained financially. The Farmers and Drovers' National Bank opened its doors again this morning, and notwithstanding it is considered safe, there was a rush made at once by depositors which lasted all day. The newly elected President, G. L. Wyly, says the bank is safe and has plenty of money to pay all the depositors. A. L. Lindsay, formerly Assistant Cashier, was elected Cashier at a meeting of the directors yesterday morning, vice W. T. Lantz. At least twenty of the most wealthy men of the county will be ruined by being bail for those who have failed. Among them are Robt. Smith, County Treasurer; all he has and likely his bondsmen also are heavy losers. W.P. Lautz's liabilities are about $100,000 more than his assets. W. Bradens, ex-Treasurer, and D. A. Spragg, $50,000 each. Gen. J. F. Temple and ex-Collector John Dowlin about $125,000 each. Many farmers all over the county are in for bail money. Much talk is heard against Lautz & Spragg, and they may be arrested, At this time it is not possible to tell who are hurt, but there never was such a failure here before, and a general panic may follow. Money could not be obtained here to-day for less than 20 per cent.