Fifth Avenue Bank (Pittsburg, PA)

Episode Information

Episode UID
8470702591605
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
847070259 hash
Start Date
September 1, 1933*
Location
Pittsburg, Pennsylvania (40.441, -79.996)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
c228479ca1b94bc9

Response Measures

None

Description

Newspaper texts use the spelling Pittsburgh while the prompt gives Pittsburg. No article indicates the bank reopened.

Events (3)
1. September 1, 1933* Suspension
Cause
Government Action
Cause Details
Bank was among 14 restricted or shut banks under state Department of Banking restrictions (Sordoni act) and subject to state-imposed limits on withdrawals
Newspaper Excerpt
Fifth Ave. Bank, Pittsburgh, and the State Bank of Beaver
Source
newspapers
2. May 5, 1934 Other
Newspaper Excerpt
Fifth Avenue Institution Committee Reports ... protest in Common Pleas Court ... William D. Gordon, Secretary of Banking for the state and receiver for the Fifth Avenue Bank of Pittsburgh, is a waste of money and not warranted by law, several officers, stockholders and a depositor registered their protest in Common Pleas Court yesterday.
Source
newspapers
3. September 12, 1934 Receivership
Newspaper Excerpt
An order permitting Secretary of Banking William D. Gordon, as receiver in charge of the Fifth AveBank, to borrow $440,000 from the Reconstruction Finance Corporation ... will permit payment of 40 per cent dividend to depositors in the near future
Source
newspapers

Newspaper Articles (3)
1. October 12, 1933 The Philadelphia Inquirer Philadelphia, PA

Article Text

14 of Shut Banks Pay New Deposits Continued From First Page partment to wait 120 days before returning any of the new funds to the depositors. Schnader also stressed that the Sordoni act, under which the banks restricted withdrawals, did not guarantee full repayment of new deposits. Checks Go Into Mails A total of approximately $1,045,000 is being paid from the "new deposit" accounts in the 14 banks at once, Dr. Gordon said. Checks were placed in the mails for depositors from these institutions yesterday and today. The 14 institutions from which the 100 per cent. checks have been mailed for the new deposits are: North City Trust Company, Philadelphia; Media-69th St. Trust Company; Conshohocken Trust Company: Miners State Bank, Minersville; Victory Banking Trust Company, Girardville; State Bank of Bank Citizens' Bank of St. Clair; Indiana County Deposit Bank, Indiana; Erie Trust Company and the American State Bank. both Erie: Coraopolis State Bank; Fifth Ave. Bank, Pittsburgh, and the State Bank of Beaver Opinion Is Clarified The statement of Attorney General Schnader follows wish to clarify the opinion of this department regarding new deposits in restricted banks. seems have been misunderstood in certain quarters. opinion relates only to the distribution deposits after restricted bank has closed has nothing whatever to do with the handling new deposits in restricted bank which still open. "The outstanding feature of our opinion of October was to permit the Secretary of Banking to make immediate payment to new depositors the amounts due them. 'When restricted banks closed on September the Department of Banking felt that could not make immediate distribution to new depositors unless this department rendered an opinion authorizing to do The banking laws provide that the Secretary of Banking must weit 120 days after bank closes before making any tribution. The Serdoni act did not expressly contradict this provision Our opinion construes the Sordoni as permitting distribution That is the vital point of the opinion. "The Department of Banking also asked number questions concerning the the amount due to new after a bank has closed its doors. Our opinion answered these questions. Couldn't Run Bank "The Secretary of Banking could not honor checks outstanding when a bank closed. He is allowed by law

2. May 5, 1934 The Pittsburgh Press Pittsburgh, PA

Article Text

BANK RECEIVER'S REPORT ATTACKED Fifth Avenue Institution Committee Reports Contending that the first and partial account filed by William D. Gordon, Secretary of Banking for the state and receiver for the Fifth Avenue Bank of Pittsburgh, is a waste of money and not warranted by law, several officers, stockholders and a depositor registered their protest in Common Pleas Court yesterday. C. C. Kohne, a depositor, C. F. Nieman and A. Pafenbach, officers and stockholders, and Charles W. Scarborough and Edward Reismeyer, stockholders, acting as a committee and in their own right, claim the action taken by Secretary Gordon was done solely for the purpose of securing the court's approval of a loan from the RFC. They further contend this approval is not required by the banking act of 1933. The committee also objects to the $639 expenses used for salaries and the bank's proportionate share of the administrative expenses.

3. September 12, 1934 Pittsburgh Post-Gazette Pittsburgh, PA

Article Text

Bank Receiver Permitted To Get Loan From RFC An order permitting Secretary of Banking William D. Gordon. as receiver in charge of the Fifth AveBank, to borrow $440,000 from the Reconstruction Finance Corporation was made by Judge Frank P. Patterson, in common pleas court yesterday The loan, according to Attorney Kenneth L. Leydic, who presented the petition, will permit payment of 40 per cent dividend to depositors in the near future It is to be secured by a deposit of assets of the bank