Anaheim First National Bank (Anaheim, CA)

View Charter #10228 on SPMC View balance sheet

Episode Information

Episode UID
1022801598
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
102280 national
Charter Number
10228
Start Date
February 27, 1933
Location
Anaheim, California

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e09fea2412cf2406

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Clearinghouse loan, Fed/other loan, Capital injected, Full suspension

Clearinghouse involved: Yes (loan, examination, or other measures)

Receivership Details

Depositor recovery rate
59.0%
Date receivership started
1934-01-15
Date receivership terminated
1941-03-31
Share of assets assessed as good
41.6%
Share of assets assessed as doubtful
53.8%
Share of assets assessed as worthless
4.5%

Description

Bank closed during the March 1933 California banking holiday and later placed in receivership; liquidation/dividend activity continued through 1934.

Events (6)
1. July 17, 1912 Chartered
Source
historical_nic
2. February 27, 1933 Run
Cause
Macro News
Cause Details
Runs in California triggered by publicity of banking moratoria and unfavorable banking situations in other states (e.g., Michigan), producing statewide heavy withdrawals Feb 27–Mar 1, 1933.
Measures
Banks borrowed from Federal Reserve Bank of San Francisco and drew on reserves; actions culminated in governor proclaiming a three-day banking holiday.
Newspaper Excerpt
a substantial run on California banks developed ... lasted for three days -February 27, February 28 and March 1-
Source
newspapers
3. March 2, 1933 Suspension
Cause
Government Action
Cause Details
Governor Rolph proclaimed a statewide three-day banking holiday (moratorium) beginning March 2, 1933, closing banks temporarily to halt runs.
Newspaper Excerpt
The proclamation of Gov. Ralph ... makes mandatory the closing of California banks (for three-day period ending Saturday)
Source
newspapers
4. January 15, 1934 Receivership
Source
historical_nic
5. January 18, 1934 Receivership
Newspaper Excerpt
Since the bank was placed under receivership last week, these bonds appreciated $28,000 ... Receiver Hogan ... issued call for all depositors of new accounts ... to appear this week and get federal reserve bank checks for their entire balance. (Anaheim Gazette, 1934-01-25).
Source
newspapers
6. November 26, 1934 Other
Newspaper Excerpt
The Reconstruction Finance Corporation announced ... The Anaheim First National Bank (receiver). $110,000. (Peninsula Times Tribune, 1934-11-26).
Source
newspapers

Newspaper Articles (11)
1. March 2, 1933 Las Vegas Daily Optic East Las Vegas, NM
Article from Las Vegas Daily Optic, March 2, 1933

Click image to open full size in new tab

Article Text

SEVENTEEN STATES CHECK RUNS ON BANK Seven More Join Movement to Restrict Withdrawals of Deposited Moneys THREE AND FOUR DAYS TO BE TEMPORARY HOLIDAYS Situation Easing in Some States as Legislatures Planned Curb Laws Mississippi, Arizona, Nevada and in Oregon today joined the states. which there are limitations placed on the withdrawals of deposits from banks. in which limitations on withdrawals now exist. The proclamation of Gov. Ralph at San Francisco makes mandatory the closing of California banks (or three-day period ending Saturday The three-day holiday called Gov. Murray in Oklahoma for same period also is mandatory. The of Gov. Allen of Louisiana provides for the sation until the end of the week "all public business including Banks and other public enterprises." Mississippi the decree of state banking called only (Continued On Page Two)

2. March 2, 1933 Daily Times-Advocate Escondido, CA
Article from Daily Times-Advocate, March 2, 1933

Click image to open full size in new tab

Article Text

BANK CLOSING'S EFFECTS Thousands of theories are being voiced as to the causes and effects of the closing Thursday morning of all of the banks in California. Wise men who stand high in the financial world differ in their opinions on these two angles of the great crisis, so one guess is just about as good as another. But the fact remains that the three-days' holiday of closed banks will surely prevent any "run" on the banks which might come at this time. And "run" on bank is the worst thing that can happen, financially, to any community. It means, if carried far enough, that the bank must close permanently, and that means loss to the depositors as whole and the men who stand back of the bank stockholders. By the time the banks re-open next Monday it is thought the frenzy of withdrawal will have been overcome either in the minds of the people or through legislation making it compulsory. Other states that have declared similar banking holidays are now re-opening their banks with satisfactory results and business resumed in the normal channels. Let us have faith that this will be the outcome in California. Meanwhile, efforts to continue trade and business activity as usu will be made in Escondido. with an exchange worked out on confidence in the integrity of the merchants, business men and all citizens whose promises to pay are regarded as "good." So the whole thing sifts down to the matter of confidence, which is really the ultimate need and necessity of the situation, all the way from Escondido to New York, or even to Washington.

3. March 5, 1933 Nevada State Journal Reno, NV
Article from Nevada State Journal, March 5, 1933

Click image to open full size in new tab

Article Text

California Bank Extended Holiday Until Thursday Few Institutions Expected to Open Tuesday Morning SAN FRANCISCO, March Federal Reserve Bank of San Francisco closed today for the duration of California's banking holiday. Rolph tonight proclaimed an extension of the Callfornia bank holiday until Thursday, March The new three-day period will begin Monday with general holiday similar to the one now in effect. the governor said. The holiday Tuesday and Wednesday will be effective under terms of the special holiday bill passd today by the legislature. Provisions of the bill affect only banks and permit them to open or remain closed, it was explained. The action was taken by the governor after the assembly had approved the special holiday bill by vote of 54 or by exactly the required two-thirds vote. The senate passed the measure with only one opposition vote. The holiday extension will be fective for the three-day period re. gardless of what action is taken on specific bank bill now before the legislature, the governor said. Action on this measure was delayed until Monday. SAN FRANCISCO, March officials were bit puzzled tonight as they tried to determine course of action to follow Tuesday, when "special holiday," proclaimed by Governor Rolph, becomes effective. Under bill passed by the state legislature late today, the governor was permitted to proclaim special as well as general holidays. The banking moratorium was extended until March with the understanding that Monday would be general and Tuesday and Wednesay a cial holiday On special holiday banks may close or be opened as their officers desire. It was believed some banks would open Tuesday and Wednesday while most of them would remain closed until the legislature approves bill permitting restriction of withOfficials of the Bank of America discussed the situation tonight but said they probably would not reach decision or have an announcement to make until Monday. Wells Fargo Bank and Trust Company officials were understood to be desirous of opening Directors of other banks preferred to follow along with the majority and wait for some protective legislation.

4. March 7, 1933 The Minneapolis Journal Minneapolis, MN
Article from The Minneapolis Journal, March 7, 1933

Click image to open full size in new tab

Article Text

Clearing House Scrip Plan Starting Friday Approved Continued from page in this situation was "no meeting surprise other country would have taken the situation calmly said. manner people has and to the out the has been lant New Regulation Waited The reopening made banks many states hastened take vantage At the treasury, the White House and on Capitol Hill participated in by RooseSecretary Woodin etal forward the fort to bring an orderly passage the muddled economic situation In some quarters. another bank Ing regulation was expected which would permit with draw one-third their deposits Roosevelt Thanks Hoover President Roosevelt today gland hurriedly through an tion mail telegrams before of again devoting his attention to the banking crisis. chief executive remained the White House the ing and the Early, of Mr. Roosevelt's was done the President's convenience. Through Early. the chief expressed his the issuance by former President Hoover in New of statement urging co-operation for Mr. Roosevelt's policy in the bank. ing emergency. Roosevelt planned today begin drafting his message the special session of congress which meets day after tomorrow though he already formulated the outlines of the proposals will the White House had had time to work on the itself and intended considerable portion the day to Bans Currency Withdrawals The regulation issued "Any institution lawful engaged in serving registrar of stocks or bonds. transfer agent. guardian estate signee. receiver. committee of in any other fiduciary capacity. may transact such business the mal and usual manner: provided that in the said busi except may permitted by other regulations of the secretary, such banking institution shall not pay out or the withdrawal coin withdraw any trust fiduciary funds deposit any other department the bank quiries, it was said at the treasury regulations issued by Secre Woodin are being communicat ed through federal reserve order permitting the use of cash food being interpreted by bankers in the west permitting them furnish funds for market which are to be used for bank closed by both state federal would about easing the situation under the new treasury would depend upon their state regulations. OHIO BANKS UNDER March The majority Ohio's 800 banks opened today almost the Identical regulations placed them week ago. In largest than under state law permitted banks on old deposits cent Febru27 balances, stipulated that new deposits must held subject on mand without restriction or limita few Ohio banks which placed last and did not segrenew were forbidden pay out money though received new deposits for BANKS REOPEN ON RESTRICTED Koeneke, Kansa. state bank authorized the im. mediate reopening of state banks for business on restricted basis outlined by Secretary of the Treasury Woodin. Deposits made the banks Saturday may returned the depositors in full Koeneke the banks but per cent deposits books previous March may not withdrawn. CALIFORNIA MOVES TO RESUME BANKING San March Far and state today such as permitted issue scrip generally conform with national provisions. Clearing house certifictes ready printed in Seattle and Los Angeles, from eujation pending receipt detailed rules from the secretary of the Gold reported appearing trade channels. Bankers said hoarders apparently were being forced by currency turn loose the yellow coins. FLORIDA TO RESUME RESTRICTED BANKING March Banks Miami Tampa planned to reopen treasury department restrictions today make change and carry other limited functions while state conferred the Florida ing situation. Circuit Judge Frank Birdseye View of Banking Situation Over the Country Associated State after state announced the of today in line with ruling Secretary the treasury permitting the transaction of essential business. Each institution may "meet the needs Its community for other necessities life. for the relief of distress, for usual salarles' and for other similar enbe made, currency may be changed, but gold gold certificates shall paid out. States which had given their governors regulate Included York and The New York executive net up corporation for the issustatewide Scrip manufacturers said they had little to fear from counterfeiters because an design they are employing. Chicago's medium will pic. ture Abraham Lincoln: New York's will Its coat arms, and Philadelphia's boast likeness of Benjamin Smith signed an order providing on fore closure sales in Orange and Osceresult of the banking situation. QUICK RETURN NORMAL BANKING SOUGHT New March certed efforts to transfuse enough life into nation's money teries to finance ordinary breadbusiness hastened the day America' mobanking holiday And nation which had develhighly organized and efficient system of settling per cent business with checks found that. the highcomplex procedure was not easTrue, bankers pointed out, scrip clearing certificates have in this country before. In the banking groups quickly ganized and the supplemenmedium exchange But to with much more of the country's conducted on national scope, many executives feel banking must be restored quickly national basis. Most the leading corporations the today do business almost every Therefore, form emergency used City, must be so drawn by furniture Grand Rapids, unless the manufacturer is prepared extend almost credit distributors Kansas City and points. the banking problem being dealt far Individual ies states on separate schemes, while Washington authorities are trying to piece them together. Governor Lehman has worked out statewide plan for New York the New York has New city plan which may plan. the Governor Lehman explained his state plan might absorbed by national What banking authorities particularly anxious avoid foreign exchange market in the commanding would make business costly and uncertain. CHICAGO'S LARGEST BANK OPENS: OTHERS TO FOLLOW Chicago March Chicago's National Bank and Trust Company, opened to operate authorized by the the treasury. some other banks they would do later The other banks their decision because the belief the restrictions conflicted the Illinois holiday declared by Governor Henry Horner Layburn bank examiner announced after telephonall national banks should obey the orders and disregard state bank orders. HOARDS REPORTED March New York banks today hardships among their millions of depositors Immediately upon receipt of Secretary mitting reopening accounts funds cient to and food needs they were open for such busi- Hoarded gold is being deposited Irving Trust Company announced shortly But the from Woodin meant technical difficulties for the banks means one banker said, "that some responsible officer each branch must interview each person to determine there the funds different Each case probably will Among the major banks open der the provisions Morgan Bankers Trust Bank Corn Ex Bank Trust Company Bank Trust Company Irving Company jungle plant intensively Brazil manufacturers of insecti-

5. March 30, 1933 Auburn Journal Auburn, CA
Article from Auburn Journal, March 30, 1933

Click image to open full size in new tab

Article Text

BUSINESS CONDITIONS IN 12TH DISTRICT Banking developments in the 12th district, as in the United States generally, were of dominant importance during late February and the first half of March.- No outstanding changes in the general business or financial situation had been apparent during the first six weeks of the year, although the failure of two rather large and several smaller banks in January had been followed by withdrawals of deposits from other banks. About the time that the force of this adverse influence appeared to be coming to an end, however, widespread publicity given to the Michigan banking moratorium and to other unfavorable banking situations began to have an effect in the 12th district, and immediately following announcement of banking holidays or restrictions in other eastern states on February 25 a substantial run on California banks developed. This relatively heavy run lasted for three days -February 27, February 28 and March 1-when it was brought to an end by a proclamation of the governor of California closing all banks in the state for a three-day period. This action in California was followed by runs on banks in other far western states and by March 3 emergency banking restrictions had been placed in effect in all 12th district states. Withdrawal of currency during the week ending March 1, while at a re. cord rate, was SO short-lived that its effect upon district banks deposits was relatively small. Currency payments by banks to depositors were about 30 million dollars during the week ending March 1, compared with deposits in those banks of considerably more than three billion dollars at the beginning of this year. Banks met the unusual demand for currency by borrowing from the Federal Reserve bank of San Francisco and by drawing upon their reserve balances, which had been built up during the first half of February through transfers of funds from other parts of the United States. Reopening of banks under licenses issued by the secretary of the treasury and by state authorities commenced on March 13 and proceeded 20 most 12th district banks had resumed customary operations, although a good many were either in the hands of conservators or had been closed for liquidation. Currency which had been withdrawn prior to the closing of banks on March 2 was redeposited in large amounts between March 13 and March 20 and considcrably more gold coin was turned in to the Federal Reserve bank of San Francisco than had been withdrawn from January 1 to March 4. 1933. Redeposited currency was sent in to the reserve bank to repay borrowings and to increase reserve balances. Volume of production was slightly smaller in February than in January. Department store sales and intercoastal trafic through the Panama canal increased, but the number of cars of freight loaded on district railroads during the month decreased. Other trade measures changed little. Petroleum production during February approximated that of the preceding month. The cut of lumber declined contrary to the seasonal movement and the volume of engineering construction decreased sharply. Employment conditions remained about the same in February as in January. Commodity prices declined slightly during February, but advanced considerably during and immediately following the banking holiday in March. Non-statistical reports inicate that the banking restrictions during the first half of March reduced business activity. particularly retail sales volume. The engagement of Miss Edna May Bradbury and Willis Cruse has been anounced. Miss Bradbury, laughter of Mr. and Mrs. Lou Bradbury. was the incentive for a surprise party one recent evening given by a number of friends. During the evening she was presented with a shower of gifts for her new home.

6. January 25, 1934 Anaheim Gazette Anaheim, CA
Article from Anaheim Gazette, January 25, 1934

Click image to open full size in new tab

Article Text

BANK DIRECTORS APPROVE OF REORGANIZATION Stockholders to Consider New Plan Monday Evening; $25,000 Paid Tentatively approved by the board of directors, plan to reorganize the Anaheim First National bank will be submitted to stockholders by the at joint meeting to be held Monday evening the bank. This decision was reached at meeting Tuesday evening when directors threshed several plans reorganize, deciding upon one which will call for raising of a substantial amount of additional capital. If the stockholders approve this plan, it will be sent to Washington for approval of the comptroller of currency. "We have high hopes of successful reorganization," President William A. Dolan states. "Depreciation of certain bonds is what caused all trouble. Since the bank was placed under receivership last week, these bonds appreciated $28,000 by Wednesday. This increase in capital, plus additional capital which believe we can raise in the community, would put us on what believe would be solid financial footing. Of course, if our bank is reorganized and thus opened, all accounts under $2500 would be guaranteed by the govWe still retain our national ernment. charter." In the advent that the bank is not reorganized soon, Receiver Hogan will speed up liquidation, according to Dolan. At the time the comptroller of currency placed the bank under a receiver, it was carrying an average of $50,000 in new accounts, all held in cash, government bonds or as deposits with the federal reserve bank. Receiver Hogan issued call for all depositors of new accounts (those who have deposited money or opened accounts since the bank holidaye) to appear this week and get federal reserve bank checks for their entire balance. During Monday and Tuesday approximately $25,000 were issued to about half the new debalance must be positors. All the drawn out, with indications Wednesday pointing to the necessity of sending out to new depositors additional warnings come and get their money in full.

7. July 10, 1934 Anaheim Bulletin Anaheim, CA
Article from Anaheim Bulletin, July 10, 1934

Click image to open full size in new tab

Article Text

Bank Receiver Moves to Southern County With the moving of the Southern County bank to the former quarters of the Anaheim First National bank on West Center, J. V. Hogan, receiver for the latter bank has transferred his office to the quarters formerly occupied by the Southern County bank Depositors may receive blanks for filing their on the First National bank from Mr Hogan at the building on the corner of Center and Claudina

8. November 26, 1934 The Peninsula Times Tribune Palo Alto, CA
Article from The Peninsula Times Tribune, November 26, 1934

Click image to open full size in new tab

Article Text

CALIFORNIA BANKS GIVEN RFC LOANS WASHINGTON, Nov. 26 (P)The Reconstruction Finance Corporation announced that during October it had authorized two loans totaling $210,000 to California banks. They were: The Anaheim First National Bank (receiver). $110,000. The First National Bank of Madera, $100,000. The report disclosed that $65,000 had been loaned to the United States Building and Loan Association (receiver) of Los Angeles. Three loans to private industrials were authorized during October in the state. These loans carry interest of per cent. They were: Kinner Airplane and Motor Corporation of Glendale, $200,000. Wesix, Incorporated, San Francisco, $10,000. Hovden Food Products Corporation of Monterey, $40,000. Two California irrigation districts also received loans: Reclamation District No. 108 of Colusa, $24,000. Littlerock Creek Irrigation District of Little Rock, $102,500. The corporation announced it had withdrawn subscription for $300,000 of preferred stock in the Security Trust and Savings Bank of San Diego. It also withdrew $1,371.03 of a loan to the First National Bank of Corcoran, and $15,000 of a subscription for the preferred stock in the First National Bank of Loma Linda. Fulfilling childhood desire, J. Quilla Ward, farmer of Douglas, Ga., recently completed a month's cruise down the Suwannee river on a raft made by his own hands.

9. November 27, 1934 Redwood City Tribune Redwood City, CA
Article from Redwood City Tribune, November 27, 1934

Click image to open full size in new tab

Article Text

California Banks Given RFC Loans WASHINGTON, Nov. 27 The Reconstruction Finance poration announced that Con October it had authorized during loans totaling $210,000 to Califor nia banks. They were: The Anaheim First National Bank (receiver), $110,000 dera, The $100,000. First National Bank of Ms. The report disclosed that had been loaned to the $65,900 States Building and Loan Associa United tion (receiver) of Los Angeles. Three loans to private industrials were authorized during October the state. These loans carry terest of per cent. They were: Kinner Airplane Motor $200,000. Corporation of Glendain and cisco, Wesix, $10,000. Incorporated, San FranHovden Food Products tion of Monterey, $40,000. Two California irrigation. tricts also received loans: Reclamation District No. Colusa, $24,000. Littlerock Creek Irrigation trict of Little Rock, $102,500. corporation announced it drawn its subscription for 000 of preferred stock in curity Trust and Savings San Diego. It also withdrew $1,371.03 loan to the First National of Corcoran, and $15,000 scription for the preferred in the First National Bank Loma Linda.

10. November 27, 1934 Anaheim Bulletin Anaheim, CA
Article from Anaheim Bulletin, November 27, 1934

Click image to open full size in new tab

Article Text

$40,000 GAMBLING EQUIPMENT LOST STOCKHOLDERS DELAY FUNDS Bank Receiver Indicates Early Payment on Deposits Looms Claims of stockholders the in Anaheim First National gave contributions in effort to repair the impaired capital the bank before became funct, and which considered and recommended by Receiver Hogan and his attorney. Benjamin Chipkin having no legal status, will delay the payment of first perhaps after Christmas Mr. who has been making every possible effort to surprise the depositors with sizeable dends before the reports that. although he feels these claims on the part the stockholders no still they be and definitely rejected approved by the federal office before the for vidends can be taken up. Haste In an effort the matter out the way soon as possible Hogan and his lawyer have sent telegrams airmail letters Washington bearing their epinions matter statements contend action on the bearing legal standing Mr Hogan says that his sympathy the depositors and he will go to whatever necessary to gather legal data support of his against the stockholders' claims in an effort have these claims tabled in prefer to Loan Obtained loan from the Reconstruction Finance corporation recently effected to absorb the $39 000 remaining on the original loan, the to be paid out dividends. Mr. Hogan for some time has hoped to pay the first dividend before the of stock holders which now are preventing such payment are based upon contention special for money extended to the bank in effort to bolster credit Should the federal office dispose of the stockholders' claims promptly still may be possible make the dividend payment planned, Hogan prompt recommendation for payment be made by Mr. Hogan as soon as the matter settled, he said. The necessary form for the recommendation prepared and will be rushed to Washington soon can be considered. As soon as this done an announcement will be made through The Bulletin. There are 1800 depositors in Anaheim who have looked ward to dividend since the bank closed in March, 1933.

11. December 27, 1934 Anaheim Gazette Anaheim, CA
Article from Anaheim Gazette, December 27, 1934

Click image to open full size in new tab

Article Text

Defunct Bank Pays Out $56,476 in Two Days; 1st Dividend Depositors Fill Lobby Monday and Wednesday; Receiver Praises Aides Scores of depositors in the defunct Anaheim First National bank received a gladsome Christmas present Monday when they received a 32 per cent payment on their deposits in the bankthe first money paid out since it was closed nearly two years ago. On Monday depositors took out a total payment of $38,540.38 and on Wednesday secured another $17,926.67. making a total of $56,467 in two days out of the for this payment. When the bank closed it had $282,322 on deposit. sum considerably lower than usual because of heavy withdrawals in the run on banks current just before the bank holiday was declared. Signed checks were returned from Washington, D C., Sunday for distribution to depositors of the bank Receiver J. V Hogan. Mrs. Dorothy Barnett and Roy DeLamare worked nearly through the night to get receipts and reports in readiness to begin distribution of the checks Monday Word of the payment was first announced at 8 o'clock and, although there was no printed statement until late that day announcements of the dividend telephoned and told by word-of-mouth to residents of the city, resulting in the lobby being crowded all day long with happy groups drawing the first money they had received from the bank since it was closed on March 2. 1933 "We exerted every effort possible to get the money to the depositors before Christmas," Receiver Hogan stated "Legal complications set us back, and other problems arose Officials at Washington certainly co-operated to the full. est extent. and when the decision was made to pay the dividend now the checks were rushed through in record time. They were received here late Sunday. We worked nearly through the night to get everything in readiness for payments Monday because we realized the influence such dividends would make toward contributing to the happiness of many families, as well as to business conditions generally cannot praise the efforts of Mrs Barnett and Mr. DeLamare too highly They gladly worked overtime and on a holiday at that, in order that we could start paying the day before Christmas.' Receiver Hogan declares he doesn't know when any further payments will be made.