Biography:

The Franklin Trust Company of Philadelphia was established in 1903 and joined the Philadelphia Clearing House on September 25, 1930. After Philadelphia's Bankers Trust Company failed to open on December 22, 1930, customers of Franklin Trust rushed to its branches to withdraw their money, fearing that it too was in danger of closing. Franklin Trust Company president C. Addison Harris, Jr. assured the public that the bank was solvent and had no direct connection with Bankers Trust Company. The institution survived that brief panic, but over the next few months, Franklin Trust continued to bleed deposits. Despite the support of other local banks, Franklin Trust Company eventually turned over its operations to the state Banking Department on October 6, 1931.
By June 1932, the state Banking Department estimated that depositors would eventually be able to regain their deposits at about 50 cents on the dollar. In late 1934, three prominent executives of the bank, including Harris, were arrested and convicted of misappropriation of funds at Franklin Trust, totaling some $234,000.
Sources: 
"Closed Bank to Pay Half." New York Times. June 20, 1932.
"Heavy Drain Close Quaker City Banks." New York Times. October 6, 1931.
"Three Bankers Convicted." New York Times. December 12, 1934.