American Bank - Pittsburg, PA

Episode Information

Episode UID: 8543181191612
Episode Type: Suspension → Closure
Bank Type: trust
Bank ID: 854318119 hash
Start Date: April 1, 1934
Location: Pittsburg, Pennsylvania (40.441, -79.996)

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: bb252ffc74364534

Response Measures

None

Description

Article lists 'Pittsburgh American Bank' with RFC loan approved but not disbursed; suggests state receivership processes. Name spelling/location variant present.

Events (1)

1. April 1, 1934 Receivership

Newspaper Excerpt: Pittsburgh American Bank, $420,000; collateral not all received; court order not received.
Source: newspapers

Newspaper Articles (1)

1. April 1, 1934 The Pittsburgh Press Pittsburgh, PA

Article Text

U. S. PUMPS FUNDS TO DEPOSITORS HERE SPRING OUTLOOK HERE SAID BEST IN YEARS Pay Cut? Not if McNair's Mathematics Is Followed (Continued from Page 1) not received" which according to Pittsburgh bank officials is an example of red tape that has delayed the loans for months. Under Pennsylvania laws, they explain, the state secretary of banking automatically becomes a receiver when a state bank closes and a court order appointing a receiver therefor is superfluous. But a majority of loans are still being withheld from depositors for this reason. The other main reason for delay, according to the letter, is "collateral exceptions not cleared." This pertains to instances where the RFC has examined the collateral for loans, found objections, and is waiting for them to be cleared up to the satisfaction of Washington lawyers. Bank receivers here say that in nearly every case these objections are trivial. Loans Were Approved The list of banks which have not been disbursed comprises those which have had loans approved by the RFC since December or January. The list, with the reasons given for the delays, with the amount of loan authorized, follows: Indiana County Deposit, $301,000; collateral exceptions not cleared; court order not received. Real Estate Savings & Trust, $1,555,000; collateral not all received; court order not received. Merchants Savings & Trust, $182,000; collateral exceptions not cleared; court order not received. Peoples State Bank, $30,000; collateral not all received; court order not received. Pittsburgh American Bank, $420,000; collateral not all received; court order not received. Valley Deposit, Belle Vernon, $443,000; collateral not all received. Court order not received. Monongahela City Trust, $588,000; collateral not all received. Court order not received. Federal Title & Trust, Beaver Falls, $340,000; collateral not all received. Court order not received. Homewood Peoples Bank, $480,000; collateral not all received. Court order not received.