1045. West Hollywood First National Bank (West Hollywood, CA)

View Charter #11025 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
11025
Charter Number
11025
Start Date
December 1, 1932*
Location
West Hollywood, California (34.090, -118.362)

Metadata

Model
gpt-5-mini
Short Digest
813c185f72eed370

Response Measures

None

Receivership Details

Depositor recovery rate
94.6%
Date receivership started
1932-06-28
Date receivership terminated
1937-10-29
Share of assets assessed as good
28.3%
Share of assets assessed as doubtful
64.3%
Share of assets assessed as worthless
7.4%

Description

Newspaper items (Dec 1932 and Jan 1934) list the West Hollywood First National Bank as a receiver/receiver of the bank, indicating it had been closed and placed in receivership. No article describes a depositor run; references are to RFC loans or to funds for the bank's receiver. Therefore this is a suspension that resulted in permanent closure/receivership.

Events (4)
1. June 30, 1917 Chartered
Source
historical_nic
2. June 28, 1932 Receivership
Source
historical_nic
3. December 1, 1932* Suspension
Cause
Government Action
Cause Details
Bank appears to have been closed and placed in receivership (listed as 'receiver' in RFC loan lists).
Newspaper Excerpt
Los Angeles: West Hollywood, First National Bank (receiver), $33,000;
Source
newspapers
4. December 22, 1932 Receivership
Newspaper Excerpt
Los Angeles: West Hollywood First National Bank (receiver) $33,000; ... the West Hollywood First National Bank receiver (withdrawn or cancelled $8,100). (RFC listings, Dec 1932 and Jan 1934.)
Source
newspapers

Newspaper Articles (3)
1. December 22, 1932 The Sacramento Bee Sacramento, CA
Article from The Sacramento Bee, December 22, 1932

Click image to open full size in new tab

Article Text

Four-Man Power, Self-Starting went to three Morgan, Van Sweringen and Pennsylvania Railroad interests. Loans Made. Loans authorized to banks and trust companies during November California: Beverly Hills (receiver). $515,000; Colton, Citizens National Bank of Colton, $25,000 Corona, Citizens Bank. $25,000; Fullerton, First National Trust and Savings Bank of Fullerton, $85,000; Laguna Beach, Citizens Bank of Laguna Beach, $17,500. Los Angeles: West Hollywood, First National Bank (receiver), $33,000; Los Angeles, Wiltshire National Bank of Los Angeles, $10,000. Marysville, Decker-Jewett Bank $49,467; Ontario, Citizens National Bank of Ontario, $30,000 Rio Vista, The Delta Bank, $35,000 Vista, First National Bank of cial and Savings Bank, $9,134.

2. December 23, 1932 The Los Angeles Times Los Angeles, CA
Article from The Los Angeles Times, December 23, 1932

Click image to open full size in new tab

Article Text

R.F.C. INQUIRY ASKED IN SENATE Report of $107,653,587 in November Loans Made Norris Wants Country to Know Where Millions Go Banks and Governors of States Named in List WASHINGTON, Dec. 22. (P)-A suggestion for investigation of the Reconstruction Finance Corporation was made today in the Senate at about the same time that a report reached Congress that the corporation had authorized advances of in November. Senator Norris of Nebraska made the suggestion after he had read magazine article in the Senate telling of operations of the corporation. He did not offer resolution for the investigation but said such study should be made to let the country know what was being done with the millions of dollars of taxpayers' money. LOANS REPORTED ON The corporation's report related that $71,541,854 of loans had been authorized to banks in November and that of the remainder of the total advances authorized during the month, $18,687,373 had been to Governors for relief work in different States. Of the $71,541,854 authorized to financial institutions, the report said, $22,258,996 was for banks and trust companies, including $2,836,500 to aid in the reorganization or liquidation of closed banks; $3,376,199 to building and loan associations; $2,151,000 to insurance companies; $2,730,800 to mortgage loan companies; $66,746 to credit union; $2,126,000 to joint stock land banks; $132,547 to agricultural credit corporations; $473,565 to livestock credit corporations; $38,226,000 to railroads, including $1,500,000 to railroad receiver. INTEREST 5½ PER CENT Most of the loans to the financial institutions were at 5½ per cent interest, with some to receivers of banks at per cent, The report showed cash balance of $5,824,931 in the corporation's treasury at the close of business November 30, and that during the month it sold to the United States Treasury $25,000,000 in notes. During November, the report said, the corporation paid in $6,000,000 as capital of regional agricultural credit corporations During November, the corporation's of $2,500,000 to the Secretary of Agriculture for crop production loans brought the total authorized advances for this purpose to $120,000,000. The report said $15,000,000 of this amount had been returned. PUBLICITY DEFEATED Norris told the Senate those favoring complete publicity of the corporation activities had been "defeated" in that purpose. He quoted from the article to the effect that "hundreds of millions had been passed around" without Congress knowing who received it. The article from which the Nebraskan read said of $264,000,000 loaned to railroads, $156,000,000 went to three groups-" Morgan, Van Sweringen and Pennsylvania Railroad interests. Loans authorized to banks and trust companies during November included: California: Beverly Hills (receiver) $515,000; Colton, Citizens National Bank of Colton $25,000; Corona, Citizens Bank $25,000; Fullerton, First National Trust and Savings Bank of Fullerton $85,000; Laguna Beach, Citizens Bank of Laguna Beach $17,500. Los Angeles: West Hollywood First National Bank (receiver) $33,000; Wilshire National Bank of Los Angeles $10,000.

3. January 22, 1934 Los Angeles Evening Citizen News Hollywood, CA
Article from Los Angeles Evening Citizen News, January 22, 1934

Click image to open full size in new tab

Article Text

N. Y. COTTON persistent profit taking finally succeeded in hammering the stock market down today. with losses of fractions to more than points in late trading Only the oil division managed to move against the trend. Two important factors aided profit taking in breaking the recent uninterrupted rise. One was the statement of Prof. George Warren before the Senate banking and cur rency committee which dampened enthusiasm of many traders who have been hedging against real inflation The second was that many in the Street feared of the Commerce Department tomorrow night might include rules against short selling and marginal There was firmness at the open ing. but prices slipped off steadily during the day Western Union dropped more than points to around 5916 U. Steel lost almost point to around 55. American Telephone was off point at 1171/2 Chrysler was more than point lower 53% General Motors eased almost point to around 37 Repeal stocks were carried under the previous close. U. Industrial Alcohol was off point at 58 while National Distillers was fractionally lower at 26. Rails dropped below Saturday's close. New York Central was more than point lower at 37% Pennsylvania was fractionally Utilities held fairly steady. American Can held gain of more than 2 points around 102. Great Interest was shown in Socony Vacuum, Seaboard Oil and the Standard Issues. NEW YORK the complete official transactions on the estimated New York indicates preferred : rants: without dividend: first sales including payable paid eight loans to seven California banks during November of 1933 The loans included $475,000 to the of the First National Bank of Beverly Hills, $90,000 to the the Seaside National Bank Long Beach and $156,000 the Sap Bernardino National Bank receivers The corporation authorized two loans in California under the Emergency Relief Construction Act of 1932. one of $120,000 to the Mt. Tivy Winery Inc., of Fresno. and the other of $70,000 to the California Medicinal Wine Co. of Los Angeles The corporation subscribed for capital stock the following amounts in California banks: $15,000 in the Burbank State Bank at Bur. bank: $100,000 in the Farmers and Merchants' Bank of Watts. The stock will hear interest at 5 per cent. The corporation announced It had withdrawn or cancelled the follow ing of loans previously made to California banks $14,000 to the receiver of the Seaside National Bank of Long Beach and $8100 the West Holly wood First National Bank receiver