Bank of San Luis Obispo - San Luis Obispo, CA

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: May 30, 1896
Location: San Luis Obispo, California (35.283, -120.660)

Metadata

Model: gpt-5-mini
Short Digest: ab9fb462668f8774

Response Measures

None

Description

Article (May 30, 1896) reports a stockholder's court complaint seeking removal of directors, liquidation of the bank, and appointment of a receiver because of alleged mismanagement and depleted assets. No run is mentioned; the action is judicial/receivership-driven, indicating closure.

Events (2)

1. May 30, 1896 Other

Newspaper Excerpt: The complaint alleges ... that the business of the bank has been gradually destroyed by the mismanagement of James Crittenden ... Bills receivable have run down from $600,000 to $43,000; time deposits from $250,000 to $20,000; and in open account from $310,000 to $18,000.
Source: newspapers

2. May 30, 1896 Receivership

Newspaper Excerpt: A complaint was filed ... asking for a decree removing ... directors ... to close up the business of the bank by liquidation and, for that purpose, to appoint a receiver to take charge of the assets of the bank, convert them into money, discharge all liabilities and distribute the balance to the stockholders.
Source: newspapers

Newspaper Articles (1)

1. May 31, 1896 The San Francisco Call San Francisco, CA

Article from The San Francisco Call, May 31, 1896

Click image to open full size in new tab

Article Text

TROUBLE IN A SAN LUIS BANK. Stockholders Petition in Court for a Decree Removing Three of the Directors. SAN LUIS OBISPO, CAL., May 30.-A complaint was filed in the Superior Court yesterday by I. G. Wickersham of Petaluma against James L. Crittenden, S. W. Wilson, Thomas T. Crittenden and the Bank of San Luis Obispo, asking for a decree removing James L. and Thomas T. Crittenden and S. W. Wilson from the office of directors of the bank, to close up the business of the bank by liquidation and, for that purpose, to appoint a receiver to take charge of the assets of the bank, convert them into money, discharge all liabilities and distribute the balance to the stockholders. The complaint alleges that the bank is a corporation with a capital stock of $100,000 divided into 1000 shares of $100 each; that the plaintiff is the owner of 334 shares and James L. Crittenden owns a small majority of the stock, and has since October 14, 1890; that the defendants, S. W. Wilson and T. T. Crittenden, have each ten shares transferred to them by James L. Crittenden to enable them to act as directors, but James L. Crittenden is the actual owner; that at one time the bank was doing a large and profitable business. It had assets of about $600,000 in bills receivable, bank premises valued at $17,000, other real estate valued at $28,000. cash $31,000, and overdrafts of $100,000. It had a paid-up capital of $100,000, and a surplus of $260,000, and deposits on open account of $210,000, and it was the leading bank in San Luis Obispo. It is also charged that Crittenden, having control of the board of directors, draws a salary of $250 per month, pays a cashier $175. and his brother as bookkeeper $150 for wholly unnecessary services, and that the business of the bank has been gradually destroyed by the mismanagement of James Crittenden, and that no recuperation is possible. Bills receivable have run down from $600,000 to $43.000; time deposits from $250,000 to $20,000; and in open account from $310,000 to $18,000.