gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
2de5b4c9f002e43c
Response Measures
None
Description
Source articles clearly refer to the Bank of Pittsburgh (OCR/typing variant of provided name).
Events (4)
1.September 21, 1931Receivership
Newspaper Excerpt
The Bank of Pittsburgh...was declared suspended and the Comptroller of the Currency took over the bank.
Source
newspapers
2.September 21, 1931Suspension
Cause
Correspondent
Cause Details
Drain from withdrawal of deposits by banks in other sections of the country, per Clearing House vice-president
Newspaper Excerpt
PITTSBURGH banks and subsidiary of one failed to open today...the Bank of Pittsburgh
Source
newspapers
3.August 26, 1932Other
Newspaper Excerpt
Bank of Pittsburgh Pays New Dividend...second dividend for depositors of the closed Bank of Pittsburgh, amounting to about $2,700,000 or 10 per cent, was announced today by C. O. Thomas, receiver.
Source
newspapers
4.November 2, 1934Other
Newspaper Excerpt
Closed Bank of Pittsburgh To Give Depositors 12 1-2 Per Cent...made possible through a loan of $2,300,000 from the Reconstruction Finance Corporation.
Source
newspapers
Newspaper Articles (19)
1.September 21, 1931The Evening TimesSayre, PA
Article Text
PITSBURGH, Sept. Two Pittsburgh banks and sidiary of one failed their doors today, the board directors taking the action in the case one bank and its subsidiary and the state closing the second stitution. he bonk of Pittsburgh, and subsidiary, the Highland tional bank, failed open for iness. The action followed nouncement by the boards that the institutions would closed serve assets and protect deposit-
The Franklin Savings and Trust company, capitalized $175,000 closed by the state banking department, in the interests of the depositors, announced. The bank Pittsburgh, organized 1810 capitalized $3,000,000. Its last statement 1931, showed total assets $53,343,953 and deposits $46,921,065. The Highland bank had deposits $3,857,318 and assets of $4,889,according statement 1931. Member banks of the Pittsburgh Clearing House association nounced they would pay cent the receivers' certificates the Bank of Pittsburgh, when issued. The general banking situation Pittsburgh one of the best city the country due largePittsburgh's old fashioned conservatism and caution" ment issued by James Chaplin, vice chairman the Pittsburgh Clearing House said following closing the Bank Pittsburgh,
2.September 21, 1931The Evening NewsHarrisburg, PA
Article Text
PITTSBURGH
Sept. Pittsburgh financial institutions closed their doors today. In all cases, the of depositors and stockholders assigned the cause. The banks affected Bank of Pittsburgh. The Bank (subsidiary of the Bank of Pittsburgh) The Franklin Savings and Trust Company and its produce yards branch. James Chaplin, the Pittsburgh Clearing House Association, issued statement stressing that "the general bankPittsburgh among the best of any city the country due largely Pittsburgh's caution and servatism."
GRAF ENDS SEA FLIGHT BRAZIL, Sept. Graf Zeppelin arrived Pernambuco at 6:50 last night to complete its third over the South Atlantic. big Friday
PITTSBURGH BANKS CLOSE PITTSBURGH, Sept. Pittsburgh banks and subsidiary of one failed to open today. They were the bank of Pittsburgh, its subsidiary, the Highland National Bank. Franklin Trust
4.September 22, 1931The Pittsburgh PressPittsburgh, PA
Article Text
SPEEDS ACTION IN BANK CLOSING
Receiver Hastens Work of Straightening Out Institution's Affairs
Thomas of the the Comptroller Currency, receiver for Bank of Pittsburgh today promised hasten preliminary work in straightening the bank's affairs. believed by bank officials that least 30 must elapse before receivers' certificates. upon which be The Clearing House offer through able receivers' certificates at member banks may extended the Highland National Bank the Frank lin Trust Company which closed yesterday was ported The had protected deposit the three banks.
5.September 22, 1931The Daily WorkerNew York, Chicago, NY
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Article Text
PITTSBURGH BANK IN HEAVY CRASH PITTSBURGH, Pa., Sept .21.-The Bank of Pittsburgh, with reported assets of $53,343,953, was declared suspended and the Comptroller of the Currency took over the bank. It is one of the oldest financial institutions here, having been founded in 1810. The deposits, as of record of July 1, 1931, was reported at $46,921,065. The vice-president of the Pittsburgh Clearing House Association declared "the suspension was due to a drain which has arisen most largely from withdrawal of deposits by banks in other sections of the country." The Bank of Pittsburgh has the following branches: The Merchants and Manufacturers National Bank, I 1 City National Bank and the Columbia National Bank.
6.September 23, 1931The Palm Beach PostWest Palm Beach, FL
Article Text
Pittsburgh Closed Bank Will Get Aid
Pittsburgh, Sept. 22. Member ber banks the Pittsburgh Clearing House Association Tuesday began preparations aid the Bank Pittsburgh, (National sociation) suspended Monday. Members the Clearing House agreed to pay 50 per cent on the deposits of the closed institu tion Deposits the closed bank July were Assets $53,343,953. The bank was in 1810. reason the suspension was given deposits banks in other sections the country.
There are 10,000 villages America without without resident pastors, and 400,000 are receiving no religious instructions.
7.October 2, 1931The Producers NewsPlentywood, MT
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Article Text
PITTSBURGH BANK CRASHES Forty Oone Millions of Dollars in in Deposits are Lost-Drain Due to Withdrawal by Other Banks. Pittsburgh, Pa.- The Bank of Pittsburgh, with reported assets of $53,343,953, was declared suspended and the comptroller of the currency took over the bank. It is one of the oldest financial institutions here having been founded in 1810. The deposits as of record of July 1, 1931 were reported at $43,921,065. The vice-president of the Pittsburgh clearing house association declared "the suspension was due to a drain which has arisen most largely from withdrawal of deposits by banks in other sections of the country."
8.January 25, 1932The Pittsburgh PressPittsburgh, PA
Article Text
Receivers of closed banks in this district are as yet uncertain whether or not the $2,000,000,000 United States Reconstruction Finance Corporation will help free frozen bank credits here.
C. O. Thomas, receiver of the Bank of Pittsburgh, said today he did not believe the corporation would aid his bank as liquidation had progressed to an extent where a loan would not be feasible. Receivers of other national banks stated that they were awaiting word from the Comptroller of the Currency in Washington and no applications for loans had been made. State bank receivers asserted it was too early to make a definite statement.
The Reconstruction Finance bill sets aside $200,000,000 for the relief of closed banks. There is about $200,000,000 in 37 closed banks in Western Pennsylvania alone.
9.August 26, 1932The Pittsburgh PressPittsburgh, PA
Article Text
BANK OF PITTSBURGH PAYS NEW DIVIDEND
Latest 10 Per Cent Clears Three-Fifths of Deposits
The second dividend for depositors of the closed Bank of Pittsburgh, amounting to about $2,700,000 or 10 per cent, was announced today by C. O. Thomas, receiver.
Today's dividend declaration will be payable through the First National Bank at Pittsburgh, making a total of almost $15,000,000 or 60 per cent of total deposits made available through First National, selected by the Comptroller of Currency for the accumulation of liquidated funds of the closed bank.
10.August 26, 1932The Pittsburgh PressPittsburgh, PA
Article Text
Today's dividend declaration will be payable through the First National Bank at Pittsburgh, making a total of almost $15,000,000 or 60 per cent of total deposits made available through First National, selected by the Comptroller of Currency for the accumulation of liquidated funds of the closed bank.
Facilities are being arranged to pay 2,000 depositors daily at the Bank of Pittsburgh. They must call to claim their dividend checks. These checks can be deposited through the First National in temporary offices at the Bank of Pittsburgh. Receiver Thomas asked claimants to call at the bank for their checks only as they received notices by mail.
11.August 26, 1932Latrobe BulletinLatrobe, PA
Article Text
Bank to Make Payment
Aug. per cent payment, totaling approximately $2,700,000, will be made soon to the 14,000 depositors of the closed Bank of Pittsburgh, Receiver Thomas announced today. The payment will bring the amount paid approximately $15,700,000. per cent payment having been made last December through liquidation arrangement with the First National Bank, Pittsburgh.
12.August 26, 1932The Daily HeraldMonongahela, PA
Article Text
PITTSBURGH TO PAY DIVIDEND
Pittsburgh. Aug. per cent payment. totaling approximately be made soon to the depositors of the closed Bank of Pittsburgh, Receiver Thomas announced today. The payment will bring the amount paid depositors to approximately 50 per cent payment having been made last December through liquidation arrangement with the First National Bank, Pittsburgh.
13.August 29, 1932Pittsburgh Post-GazettePittsburgh, PA
Article Text
EXCHANGE BANK READY TO MAKE FIRST PAYMENT
More Than $1,200,000 Will Be Put In Circulation.
MANY WILL BENEFIT
Closed Institutions in Washington, Pa., McKeesport Also to Pay Dividends.
More than $1,200,000 additional funds will go into general circulation in Pittsburgh within the next few weeks as the result of an announcement of a 33 1/2 per cent dividend to be paid depositors of the closed Exchange National Bank. Approximately 5,000 persons will benefit as this will be the first dividend to be paid by the bank.
Robert R. Gordon, receiver, said Saturday he had been authorized to pay the dividend by the comptroller of the currency at Washington. The checks are now in preparation and will be ready for distribution in the near future.
Bank of Pittsburgh Pays.
Approximately $2,700,000 will have been disbursed to 13,000 depositors of the Bank of Pittsburgh by the end of the current week as a second dividend of 10 per cent. Distribution of checks started Saturday and will continue all week. The Bank of Pittsburgh by then will have paid out 60 per cent.
William D. Gordon, state secretary of banking, announced the Pittsburgh American Bank and Trust Company will pay 10 per cent to 10,000 depositors Wednesday, amounting to $198,342.
A total of 35,000 depositors will get $1,078,991 in Washington, Pa., today, the first payments by two closed banks there.
A first payment of 10 per cent today to 3,390 depositors of the Pennsylvania Deposit Bank, McKeesport, will release $113,227.
Only One Exception.
With the disbursement of the announced payments by the downtown Pittsburgh banks, depositors in all closed institutions in that area will have received dividends with the exception of the Monongahela National Bank. That institution has been in a position to pay 33 1-3 per cent or more for some time, but due to the numerous plans of reorganization that have been presented to the comptroller of the currency, disbursement has been held up.
All the details for the opening of the new bank in Homewood have been arranged. According to J. C. Chaplin, president, Second District Realization Corporation, agreements and orders have been received from the secretary of banking at Harrisburg, and September 7 is the day on which the Homewood Bank at Pittsburgh will open for business. Directors and officers have been approved and the financial statement will make this bank a strong liquid institution, Chaplin declared.
Chaplin also lauded Secretary of Banking Gordon for the manner in which he has handled the closed banks in the state and the early distributions to depositors.
The percentage of deposits taken over from the closed Homewood Peoples Bank will be immediately available through the Homewood Bank at Pittsburgh, which has purchased and will occupy the banking room of the Homewood Peoples Bank.
14.October 8, 1932Pittsburgh Post-GazettePittsburgh, PA
Article Text
The Bank of Pittsburgh borrowed funds from the Reconstruction Finance Corporation to assist in paying the second dividend of 10 per cent to depositors late in August. A total of $2,660,000 was made available in July to C. O. Thomas, receiver, but collections during the quarter proved sufficient to permit reduction of the loan to $2,000,000 by September 30. Bank of Pittsburgh depositors have received a total of 60 per cent in dividends.
Thomas' collections are reflected in a decline of a little more than $800,000 in remaining assets uncollected at the end of the quarter, which then amounted to $21,402,674. Cash account at the end of the period was small due to loan repayments.
15.April 12, 1933Pittsburgh Sun-TelegraphPittsburgh, PA
Article Text
C.T. Luntz, Injured In Auto Crash, Dies
Charles Luntz president of the Iron & Steel ComInc of Canton and resident Pittsburgh for yesterday in Canton He seriously injured Saturday in an automobile accident in Cuyahoga He leaves his Mrs. Vera Luntz. two daughters Miss Marilyn and Miss Constance and collected James Luntz his two brothers and sister
The closed Bank of Pittsburgh 483 cash on hand on March Arthur R. Atwood public Since the closing of institution September 1931 056 in secured and preferred have been paid off has been paid to unsecured in the form of totaling 60 per and in nance Corporation have paid off Out of the total assets with book value of the rehas collected for losses and offto in assets remain The National Bank had cash on March 31 after in secured preferred liabilities. No paid unsecured Out of assets of receiver has collected allowing for offsets to assets and charged off 300 in assets remained un-
16.January 7, 1934Pittsburgh Sun-TelegraphPittsburgh, PA
Article Text
Enjoins Stock Sale By Bank Receiver
A temporary restraining order was made yesterday in Federal Court Arthur R. Atwood receiver of the Bank of Pittsburgh A., from selling or transferring 2.000 shares of capital stock of the National Steel Corporation, pending hearing on an application for preliminary injunction, filed by William K. Frank. of The bill of complaint avers Frank on January 31, 1931. at request of W. Davidson. vice president of the bank. tendered the stock collateral on loan by the bank to S. E. Bramer Frank alleged the loan was larger than the $84,640 represented to him.
17.August 12, 1934Evening StarWashington, DC
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Article Text
RECEIVER RESIGNS TO TAKE BANK POST C. 0. Thomas Leaves Government Service to Accept Presidency Job. By the Associated Press. DETROIT, August 11.-The resignation of C. O. Thomas as receiver for the First National Bank, Detroit, was announced today. It becomes effective August 15, when B. C. Schram, receiver for the Guardian National Bank of Commerce, will take over Thomas' duties, as well as his own. Thomas announced he was leaving the Government service to become vice president of the First Wisconsin National Bank of Milwaukee. Thomas became receiver for the First National March 21, 1933. During his receivership 50 per cent has been paid to all depositors, and at least 22 per cent more is expected to be paid soon. Before coming to Detroit he had been receiver for the Bank of Pittsburgh, the largest national bank in the country to close its door when it closed in 1931.
18.November 2, 1934The Pittsburgh PressPittsburgh, PA
Article Text
ANGRY INSULL SHOUTS DENIALS
Bank To Pay $3,318,852 In New Dividend
PRISONER QUAILS
LOAN OBTAINED FOR PAYMENTS TO DEPOSITORS
Closed Bank of Pittsburgh To Give Depositors 12 1-2 Per Cent
Stop-Sinclair Drive Gripping Los Angeles In Reign Of Unreason
Hysterical Move Becomes Phobia, Lacking Humor, Fairness and Even a Sense of Reality as Nation's Ugliest Campaign Approaches Zero Hour
19.November 2, 1934The Pittsburgh PressPittsburgh, PA
Article Text
Made Possible By Loan
The new dividend, which follows a 10 per cent dividend paid last November, was made possible through a loan of $2,300,000 from the Reconstruction Finance Corporation, the bank receiver having collected $1,000,000 for dividend purposes.
Checks for the new dividend were received in the bank today. At the same time the First National Bank was named to handle the funds and cash the checks.
The organization of the Bank of Pittsburgh immediately began preparing receipts, necessary before the checks can be distributed. The first receipts will go out to all banks which had deposits in the local institution and then will come the list of 14,000 ordinary depositors. The checks for the dividend will go out immediately after the receipts are returned.
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.
