First National Bank - Yorba Linda, CA

Episode Information

Episode UID: 1090501629
Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 109050 national
Charter Number: 10905
Start Date: September 11, 1935
Location: Yorba Linda, California (33.889, -117.813)

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: 646f66024ecd30f0

Response Measures

None

Receivership Details

Depositor recovery rate: 72.3%
Date receivership started: 1932-01-12
Date receivership terminated: 1937-11-27
Share of assets assessed as good: 58.8%
Share of assets assessed as doubtful: 17.3%
Share of assets assessed as worthless: 23.9%

Description

Article names the bank as one of eight banks under a national bank receiver but gives no date of suspension or specific dividend details for Yorba Linda.

Events (3)

1. September 29, 1916 Chartered

Source: historical_nic

2. January 12, 1932 Receivership

Source: historical_nic

3. September 11, 1935 Receivership

Newspaper Excerpt: These banks are National Bank of Pico, West Hollywood First National Bank of Olive, South Gate National Bank, First National Bank of Artesia, First National Bank of Yorba Linda, First National Bank of Carlsbad and First National Bank of Oceanside.
Source: newspapers

Newspaper Articles (1)

1. September 11, 1935 Daily News Los Angeles, CA

Article Text

Bank Receivership Costs Lower Under Supervision Of Comptroller O'Connor By J. W. WARD Financial Editor Illustrated Daily News THE manner in which receiverships of closed banks has been conducted under direction of J. F. T. O'Connor, comptroller of the currencies, is one of the outstanding features of that office's management. In the past, receiverships of banks were considered by many as an opportunity for enrichment of receivers at the expense of the depositors of these institutions. Those placed in charge of affairs often devoted more of their energies to seeing that no chances for fees were overlooked than they did to the interests of depositors, whom they were supposed to protect. In this matter Comptroller O'Connor has made an outstanding record. Nowhere is it more apparent than in banks of this vicinity. One of the innovations introduced by him is the consolidation of a number of defunct banks under one receiver and one management, thus greatly reducing the costs of liquidation. RECEIVER FOR EIGHT How this plan, in conjunction with others introduced by O'Connor, has worked out, is illustrated best in reports of several banks, the depositors of which have received dividend checks within the past several days. These checks were received by G. E. Ellingson, national bank receiver for eight banks in Los Angeles and vicinity. These banks are National Bank of Pico, West Hollywood First National Bank of Olive, South Gate National Bank, First National Bank of Artesia, First National Bank of Yorba Linda, First National Bank of Carlsbad and First National Bank of Oceanside. 95 PER CENT PAID Dividend checks representing a third dividend of 18 per cent are now being mailed to creditors of the First National Bank of Olive. This makes a total of dividends paid to creditors of this bank of 95 per cent. The bank was placed in receivership in January, 1934. A 40 per cent dividend is also being disbursed to creditors of the National Bank of Pico. This represents a total in dividends of 82 per cent which has been disbursed to depositors. A 12 per cent dividend is being distributed to the depositors of the First National Bank of Oceanside. Receiver Ellingson states that he anticipates being able to pay substantial dividends in all the other banks under his supervision in the near future. Ellingson points out that the average cost of liquidation to date in all of the eight banks for which he is receiver amounts to only about 6 per cent of total collections made. In other words, the depositors and creditors are receiving approximately 94 cents out of every dollar collected by the receiver. This low cost of liquidation and large percentage of returns is undoubtedly very gratifying to the depositors of these closed banks. The Wilshire National Bank, which is being liquidated by Receiver J. C. Scully, recently paid a dividend of 15 per cent, making a total of dividends paid to depositors and creditors of 100 per cent.