1030. South Gate National Bank (South Gate, CA)

Bank Information

Episode Type
Suspension โ†’ Closure
Bank Type
national
Bank ID
12807
Charter Number
12807
Start Date
January 1, 1932*
Location
South Gate, California (37.433, -122.151)

Metadata

Model
gpt-5-mini
Short Digest
ea8cd6d8d5da81ca

Response Measures

None

Receivership Details

Depositor recovery rate
62.3%
Date receivership started
1932-02-06
Date receivership terminated
1937-12-11
Share of assets assessed as good
34.8%
Share of assets assessed as doubtful
64.1%
Share of assets assessed as worthless
1.0%

Description

The articles consistently report that the South Gate National Bank suspended operations in early 1932 and was placed in receivership (J. C. Yenny). Receivers made dividend payments to depositors in Aug 1932 and subsequent years with RFC assistance. No article describes a depositor run prior to suspension; the bank remained closed and was liquidated via a receiver, so classified as suspension leading to closure/receivership.

Events (6)

1. August 22, 1925 Chartered
Source
historical_nic
2. January 1, 1932* Suspension
Cause Details
Articles state the bank 'closed since early 1932' but do not specify a discrete cause in the provided texts; likely failure during Depression but not explicitly stated.
Newspaper Excerpt
the closing of the Firestone Park State bank and the South Gate National Bank
Source
newspapers
3. February 6, 1932 Receivership
Source
historical_nic
4. August 17, 1932 Receivership
Newspaper Excerpt
Aided by the Reconstruction Finance corporation, receivers for the Walnut Park National and the South Gate National banks paid out a total of $635,000 ... J. C. Yenny, receiver for the South Gate institution, announced a payment of $100,000 to depositors.
Source
newspapers
5. August 16, 1933 Other
Newspaper Excerpt
SOUTH GATE. Aug. 16. depositors the South Gate National Bank, closed since early in 1932, today anticipated ... dividend following the announcement of Yenney, the bank's receiver, that Reconstruction Finance Corporation loan had made such action possible.
Source
newspapers
6. September 6, 1934 Other
Newspaper Excerpt
South Gate Bank Receiver to Pay Third Dividend ... This represents third dividend ... The bank suspended business 1932 and has heretofore paid two ... dividends.
Source
newspapers

Newspaper Articles (6)

Article from South Gate Daily Press-Tribune, January 14, 1932

Click image to open full size in new tab

Article Text

CITY OFFICERS DISCUSS FUNDS A meeting of the finance committee of the South Gate City Council, the city treasurer and the city attorney was held this morn ing at the city hall to discuss the financial situation the city brought about by the closing of the Firestone Park State bank and the South Gate National Bank Ways and means of starting another city banking account were discussed at the meeting. it was reported The finance committee of the city includes Mayor H. Ralph Middlemiss and Councilmen Tweedy and Poteet


Article from Daily News, August 17, 1932

Click image to open full size in new tab

Article Text

$635,000 PAID OUT BY TWO BANK RECEIVERS Aided by the Reconstruction Finance corporation, receivers for the Walnut Park National and the South Gate National banks paid out a total of $635,000 to depositors and various creditors yesterday. F. W. Heathcote, receiver for the Walnut Park bank, paid $165,000, a 22 per cent dividend, to depositors, and $370,000 to secured creditors, while J. C. Yenny, receiver for the South Gate institution, announced a payment of $100,000 to depositors. Loans from the Reconstruction Finance corporation were added to liquidated bank assets to make the payments possible, it was said.


Article from The Morning Press, August 17, 1932

Click image to open full size in new tab

Article Text

Fortune Smiles Upon 3 California LOS Aug. Financial good fortune blessed residents of three Southern Callfornia communities today Pasadena citizens received announcement their city taxes had been cut percent through vision of expenditures, while $635,000 tied up since early this year, was paid and creditors the Walnut Park National bank and the South Gate National Receivers of the banks said the loans from the Reconstruction corporation.


Article from The Los Angeles Times, August 1, 1933

Click image to open full size in new tab

Article Text

PART OF METEOR FALLS IN PHOENIX FRONT YARD PHOENIX, July 31. (AP) A fragment of a meteor which flashed out of the sky last night was found today in the front yard of the Fred Sullivan residence at the outskirts of the city. Mrs. Sullivan who was sitting on the front porch when the meteor fell, said it resembled a "shooting star.' When it was about forty feet above the to $49,842,643, compared with $5,417,458 in May. Advances authorized for self-liquidating employment-pr programs and storm and earthquake reconstruction projects aggregated $25,772,613 while the corporation turned over to the Federal Emergency Relief Administration $37,910.142 to be distributed among the States to care for the destitute. The Great Northern Railway Company was authorized to borrow $6,000,000 and the Denver and Rio Grande Western Company $950,000, Besides authorizing loans totaling $3,350,000 on preferred stock of banks, the corporation purchased preferred stock in similar institutions totaling $4,838,000. The largest loan authorized in June was $35,000,000 to the Progress Mortgage Company of San Francisco. A loan of $1,320,000 went to the Pacific Coast Joint Stock Land Bank of San Francisco: $1,400,000 to the San Antonio Joint Stock Land Bank of San Antonio, Tex., and $410,000 to the Fremont Joint Stock Land Bank at Lincoln, Neb. LOANS CANCELED Another item considered in the report was the cancellation or withdrawal in full during June of $65,168,619 in loans authorized since July 21, 1932. In addition, in the same month parts of authorized loans aggregating $1,728,352 were canceled or withdrawn. Loans for four banks in California were authorized. They were: Bank of Carmel, $50,000; First National Bank of Cucamonga $7500; Citizens Bank of Monrovia. $5000, and South Gate National Bank (receiver,) $43,000 (not yet disbursed.) Other loans authorized included: Pacific States Savings and Loan Company, San Francisco, $833,123 Five million dollars was disbursed ground, she said, it took on the appearance of a fireball. It was smoking when it hit the ground, she said. The fragment, which is dark brown and apparently lighter than other pieces of meteors found in the northern part of the State, is about an inch and a half long and an inch in diameter. Its edges appeared burned black. to the Unified Rehabilitation Corporation of Los Angeles for earthquake repair.


Article from Pasadena Star-News, August 16, 1933

Click image to open full size in new tab

Article Text

DIVIDEND PENDING SOUTH GATE. Aug. 16. positors the South Gate National Bank. closed since early in 1932. today anticipated per cent dividend following the announcement of Yenney. the bank's receiver, that Reconstruction Finance Corporation loan had made such action possible. previous dividend was paid to depositors several months ago.


Article from The Los Angeles Times, September 6, 1934

Click image to open full size in new tab

Article Text

South Gate Bank Receiver to Pay Third Dividend Checks from the Comptroller the Currency Washington have been Yenny receiver the South Gate National Bank. among the depositors and creditors. This represents third dividend of 15 cent of the claims filed. current dividend has been made through the assistance the Reconstruction Finance Corporation granting loan the receiver portion of the quired necessary to The bank suspended business 1932 and has heretofore paid two aggregating Mr Yenny receiver for the First National Bank which has paid two dividends to cent.