First National Bank (Fresno, CA)

View Charter #11473 on SPMC View balance sheet

Episode Information

Episode Type
Run → Suspension → Closure
Start Date
July 6, 1930
Location
Fresno, California (36.748, -119.772)
Bank Type
national
Charter Number
11473
Alt. names
Growers National Bank

Metadata

Episode ID
Bank ID
City ID
60277606
Model
gpt-5-mini
Short Digest

Response Measures

Capital injected, Full suspension, Books examined

Receivership Details

Depositor recovery rate
95.9%
Date receivership started
1930-07-07
Date receivership terminated
1937-07-30
Share of assets assessed as good
42.6%
Share of assets assessed as doubtful
45.9%
Share of assets assessed as worthless
11.5%

Notes

Closing followed quiet runs driven by rumors tied to the president's connection with the Hollywood Dry (ginger-ale) concern.

Events (6)
1. October 6, 1919 Chartered
Source
historical_nic
2. July 6, 1930 Run
Cause
Rumor Or Misinformation
Cause Details
Quiet withdrawals and rumors linking the bank president to the collapsed Hollywood Dry (ginger-ale) concern triggered heavy withdrawals.
Newspaper Excerpt
rumors that finally led to the quiet run on the bank
Source
newspapers
3. July 7, 1930 Suspension
Cause
Rumor Or Misinformation
Cause Details
Board resolution to suspend followed the quiet run and circulating rumors despite the bank being described as solvent.
Newspaper Excerpt
the First National Bank of Fresno suspended operation on July 7 last by virtue of the resolution of its board of directors
Source
newspapers
4. July 7, 1930 Receivership
Source
historical_nic
5. July 8, 1930 Receivership
Newspaper Excerpt
E. Price, bank examiner, was appointed receiver of the institution by the federal comptroller of the currency
Source
newspapers
6. July 29, 1930 Other
Newspaper Excerpt
sale of the assets of the suspended First National Bank of Fresno to the Bank of Italy ... was approved by the Federal Court
Source
newspapers

Newspaper Articles (17)
1. July 8, 1930 Oakland Tribune Oakland, CA
Article from Oakland Tribune, July 8, 1930

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DEFUNCT BANK DEPOSITORS TO BE PAID, CLAIM Fresno Institution Will Pay Out, Officials Declare. FRESNO. July 8.-The or more depositors of the First National bank in Fresno will probably receive 100 cents for every dollar they had deposited, although may suffer. That appeared the concensus today of officials and others the $5,000,000 institution's affairs today. The bank closed its doors voluntarily yesterday after quiet withdrawals of deposits last week. W. Chandler, chairman of the bank's board directors, was authority for the statement that the bank was in sound condition. He was quoted as saying the closing resulted fro mno debut solely from situation within the bank itself. D. Harris, chief national bank examiner of the twelfth federal reserve district, is expected to place the Institution in the hands of E. Price, bank examiner, as reIt appeared probable that many of the bank's assets would be bought or more of the other three banks operting here, the Security-First National Bank of Los Angeles, the Bank of Italy and the Bank of America of California. The situation within the bank referred to by Chandler was believed to refer to the recent collapse of the Dry corporation. The bank had only $22,000 claim against the Hollywood Dry corporation but Williams' affiliation with it was recognized as the source of many of the rumors that finally led to quiet run on the bank and finally to its closing

2. July 8, 1930 Tulare Advance-Register Tulare, CA
Article from Tulare Advance-Register, July 8, 1930

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Dollar For Dollar Return Depositors Probable Cal., or more depositors of the First National Bank of Fresno probably will receive 100 cents for every dollar they had deposited, although stockholders may suffer. That appeared the concensus today officials and others close the institution's affairs today The bank closed its doors voluntarily yesterday morning after quiet withdrawals deposits last week. Chandler, chairman of the bank's board of authority for the statement that bank sound condition and had been profit-earner. He was quoted the closing resulted from business depression but solely from situation within the bank. itself Harris, chief national bank examiner the 12th Federal Reserve district, expected to place the stitution the hands bank examiner, receiver. OTHERS TO BUY appeared probable that many the bank's assets would bought one or more the other three banks operating the tional Bank Los Angeles, the Bank of Italy and the Bank of America The situation within the bank ferred to by Chandler was believed refer the recent collapse of the Hollywood Dry One the ganizers the beverage company Williams, president the Chandler president the beverfirm and large stockholder The bank had only $22,000 claim against the Hollywood Dry Williams' affiliation with recognized the source of many the rumors that finally to the quiet the bank and finally closing.

3. July 8, 1930 Visalia Times-Delta Visalia, CA
Article from Visalia Times-Delta, July 8, 1930

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FRESNO BANK PAY FULL, OF Chandler, Williams of Opinion Depositors Safe STOCKHOLDERS To HIT Situation Due To Trouble Within Bank, Not Outside FRESNO. Calif., July 8. 10,000 or more depositors of the First National Bank in Fresno probably will receive 100 cents for every dollar they had deposited, although stockholders may suffer. That appeared the concensus today of officials others close the $5,000,000 institution's af fairs today. The bank closed its doors volun tarily yesterday morning after quiet withdrawals of deposits last week. W. Chandler, chairman of the bank's board of directors, was authority for the statement that the bank was in sound condition and had been He was quoted as saying the closing resulted from no business depres sion but solely from situation within the bank, itself. D. Harris, chief national bank examiner of the 12th federal reserve district is expected place the institution in the hands E. Price, bank examiner, receiver. It appeared probable that many the bank's assets would be bought by or more of the other three banks operating here, the National Bank Los Angeles, the Bank of Italy and the Bank of America of California. The situation within the bank referred to by Chandler was be lieved to refer to the recent collapse of the Hollywood Dry corporation. One of the organizers of the beverage company was H. Williams, president the bank Chandler was president of beverage company firm and large stockholder in it. The bank had only $22,000 claim against the Hollywood Dry estate, but Williams' affiliation with was recognized as the source of many of the rumors that finally led to the quiet run on the bank and finally its closing.

4. July 8, 1930 The Sacramento Bee Sacramento, CA
Article from The Sacramento Bee, July 8, 1930

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Depositors Expected To Get Money In Fresno National Bank Closing FRESNO, July (UP) The 10,000 or more depositors of the First National Bank in Fresno probably will receive 100 cents for every dollar they had deposited although stockholders may suffer That appeared the opinion to-day of officials and others close to the $5,000,000 institution's affairs to day. The bank closed its doors voluntarily yesterday morning after quiet withdrawals of deposits last week W. F. Chandler, chairman of the bank's board of diretcors, was authority for the statement that the bank was in sound condition and had been profit-earner. He was

5. July 8, 1930 The Sacramento Bee Sacramento, CA
Article from The Sacramento Bee, July 8, 1930

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quoted as saying the closing result ed from no business depression, but solely from a situation within the bank itself. RECEIVER NAMED Bureau E. Price, national bank examiner in charge of the defunct First National Bank of Fresno, to-day was appointed receiver of the institution by the federal comptroller of the currency, W. Pole Chief Bank Examiner I E. Harris revealed several other banks are negotiating to purchase the bulk of the First National's assets at face value

6. July 8, 1930 Redlands Daily Facts Redlands, CA
Article from Redlands Daily Facts, July 8, 1930

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FULL WILL BE DEPOSITORS Fresno Institution Declared Solvent, but Rumors Have Caused Runs July 000 or more depositors of the First National Bank of Fresno probably will receive 100 cents for every dollar they had although stockholders may suffer. That appeared the concensus today of officials and others close the $5,000,000 institution's af fairs today. The bank closed its doors voluntarily yesterday after quiet withdrawals of deposits last week. Chandler, chairman the bank's board of directors, was authority for the statement that the bank was in sound condition. He was quoted saying the closing resulted from no business depression but solely from situation within the bank itself. T. Harris, chief national bank examiner of the 12th federal reserve district, is expected to place the institution in the hands of E. Price, bank exas receiver. appeared probable that many of the bank's assets would be bought by or more the other three banks operating here, the National of Los Angeles, the Bank of Italy and the Bank of America of CaliforThe situation within the bank referred to by Chandler believed refer the recent collapse of the Dry Corporation. One the organizers of the company was H. Williams, president the bank. Chandler president of the beverage firm and large stock holder The bank had only $22,000 claim against the Dry Corporation but Williams' affiliation with was recognized the source of many the that rumors finally led to the quiet run on the bank and finally to its closing.

7. July 8, 1930 Riverside Daily Press Riverside, CA
Article from Riverside Daily Press, July 8, 1930

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DRINK COLLAPSE Head of Institution Also President of BevFirm erage FRESNO. July or more of the First National bank in Fresno probably cents for every dollar they had deposited, although may suffer. That appeared the consensus today officials and others close to institution's affairs. bank closed its doors voluntarily yesterday after quiet withdrawals deposits last week. Chandler, chairman of the bank's board of directors, was thority for the statement that the bank was in sound condition. He quoted saying the closing resulted from business depression solely from situation within bank itself national bank examiner of the 12th Federal Redistrict, expected to place the institution the hands of Price, receiver. Sell that many bank's assets be bought by the three operating here, the SecurityFirst Angeles, the Bank Italy and the Bank of The within the bank ferred to by Chandler believed refer to the recent collapse of Dry corporation. One of the the beverWilliams, the Chandler beverage only claim against the Dry affiliation recogized the source finally led quiet run the bank finally to its closing.

8. July 9, 1930 The Los Angeles Times Los Angeles, CA
Article from The Los Angeles Times, July 9, 1930

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San Joaquin Valley News DEPOSITORS AGED PIONEER WOMAN DIES WILL NOT LOSE President of Closed Bank in Fresno Reassures Them Every Dollar Will be Given Back, He Declares Stockholders of Institution May Suffer, However FRESNO. July 8.-Belief that the 10,000 savings and commercial depositors of the First National Bank in Fresno will be paid 100 cents on the dollar, but that the 170 stockholders of the institution will face a loss, was expressed today by President Harry A. Williams in his first public statement since the doors of the institution failed to open yesterday and bank examiner was placed in charge of liquidation. How soon depositors might collect their doubt as negotiations reported on for the purchase of the assets of the First National various other banks. If purchase is effected. the bank might reopen within short time, in the opinion of A. E. Price, bank examiner, who was named as receiver today. If liquidation continues, it is expected to be some time claims be presented. "The bank is strong enough take care its depositors,' said Williams's statement. "There always some shrinkage of assets in the of bank, but we feel the depositors will receive dollar for dollar on their accounts. The stockholders will probably face a loss. Williams's revealed that one of the false rumors which started run on the bank, leading to heavy withdrawals was that the bank was involved the bankruptcy ginger-ale concern. The president also revealed that he had offered to resign his posttion because of his personal connection with the ginger-ale firm. Mrs. Georgiana Williams, Who Came W est in Covere Wagon Drawn by Oxen, Succumbs to Paralysis BAKERSFIELD July 8.-Mrs. Georgiana Williams, 78 years of age, who came. to California more than seventy years ago, via the covered wagon prairie route, died yesterday at a local hospital following an extended illness. Death resulted, from paralytic stroke suffered early last year. The pioneer Kern matron was born January 23, 1852, in Des Moines, Iowa. When years of age, in the company of her parents and other hardy pioneers of that day, she made the trying trip across the continent. Ox teams drawing the covered wagon was the only mode of transportation and months elapsed before the family reached the western +haven. In 1869 she was united in marUTILITIES' riage with Isaac B. Williams a native son of California, and for sevCOST HEARD eral decades had made her home in this district. She one of the AT FRESNO best known of women who came to California in the early days of its history City Officials Confer With She leaves, in addition to the husband, who lives at Granite Station. on Plans for three sons, W. A. Williams and Williams, both of Granite Station. Developing Power and Ben Williams. well-known Bakersfield resident, as well as several grandchildren, Engle Williams FRESNO, July 8.-Fresno could of James Williams develop its own gas supply and Taft, Georgiana and Leah Williams of Granite Station. one serve customers at cost of $1,737.Wallace Williams 500 while electric energy could be of Taft.

9. July 9, 1930 Porterville Recorder Porterville, CA
Article from Porterville Recorder, July 9, 1930

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FRESNO BANK PLANS TO PAY DEPOSITORS FRESNO. July The 10,000 or more depositors of the First National bank in Fresno probably will receive 100 cents for every dollar they had deposited. although stockholders may suffer. That appeared the concensus today of officials and others close to the $5000.000 institution's affairs. W. F. Chandler, chairman of the bank's board of diréctors. was au thority for the statement that the bank was in sound condition and had been a profit earner. He was quoted as saying the closing resulted from no business depression but solely from situation within the bank. itself. T. D. Harris. chief national bank examiner of the 12th federal reserve district today placed the instintion in the hands of A. F. Prfee. bank ex aminer. as receiver. It appeared probable that many of the bank's would be bought by one or more of the other three banks operating here. the Security First Na tional Bank of Los Angeles. the Bank of Italy and the Bank of America of California. The situation within the bank referred to by Chandler was believed to refer to the recent collapse of the Hollywood Dry corporation. One of the organizers of the beverage company was H. A. Williams. president of the bank. Chandler was president of the beverage company firm and a large stockholder in it. The bank had only a $22,000 claim against the Hollywood Dry estate. but Williams affiliation with it was recognized as the source of many of the rumors that finally led to the quiet run on the bank and finally to its closing.

10. July 23, 1930 The Fresno Morning Republican Fresno, CA
Article from The Fresno Morning Republican, July 23, 1930

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Sir Oliver Lodge To Speak On Radio Hookup Sir Oliver Lodge British selentist and leader in psychical in his will talk London over the casting from E. July His subject Destiny of Amer- The address will be carried by the service American and Telegraph to the Columbia key station New York and throughout the United States Bank Receiver Wins Deficiency Judgment A deficiency judgment of $13,869 was entered in the superior court yesterday against F. Whiton and Frank H. Buck in favor of for the First National in foreclose chattel on note was filed the Sale of four mules and horses for $150 liquidated part of the total debt of which included interest The First National bank recently doors KOMO KFSD. KGO market reports Miller Magazine market Man Sadye campaign movie James Helpful Slumber Tunes KNX, Los Angeles 285.5 Meters, 1050 Kilocycles -Setting of 9 to and Marie Jingle

11. July 30, 1930 Imperial Valley Press El Centro, CA
Article from Imperial Valley Press, July 30, 1930

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FRESNO BANK IS TAKEN OVER BY BANK OF ITALY LOS ANGELES, July 29. (U.P.)An order approving the sale of assets of the suspended First Nation al Bank of Fresno to the Bank of Italy National Trust and Savings Association of San Francisco was signed today by Federal Judge Wil. liam P. James. The order contained Judge James' approval on the petition of A. E. Price, receiver for the defunet bank. The sale price was $1,842, 962.59. In the petition of the receiver. Price declared that it was his intention to pay an immediate dividend of 70 percent to the creditors of the Fresno bank in event the court approved of the contract and the delivery of the purchased assets. The petition sets forth that the First National Bank of Fresno suspended operation on July 7 last by virtue of the resolution of its board of directors and that the receiver had entered into a contract with the Bank of Italy whereby the latter agreed to purchase for cash, "bill receivable, of and at a face value of $1,112,220.19 with adjustment of interest to date of delivery, and 'quick assets' of an estimated current market value of $730,742.40, with adjustment of interest and premium to date of delivery, constituting a total of $1,842,962.59."

12. July 30, 1930 Press-Telegram Long Beach, CA
Article from Press-Telegram, July 30, 1930

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Assets of Fresno Bank Are Sold to Trust Association LOS ANGELES, July Sale of the masets of the suspended First National Bank of Fresno to the Bank of Italy National Trust Savings Association of San Francisco for was proved by the Court today. The peticreditors the bank dividend of per cent after the court the sale. The petition the bank by tion of contract had made the cash at face with adjustment of to date 'quick an market value with adjustment of premium to date constituting total

13. July 31, 1930 The San Francisco Examiner San Francisco, CA
Article from The San Francisco Examiner, July 31, 1930

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BANK OF FRESNO DEAL APPROVED Federal Court Sanctions Purchase of Suspended Institution for Price of $1,842,962 LOS ANGELES, July Sale the assets of the suspended First National Bank of Fresno the Bank of Italy National Trust and Savings of San Francisco, for $1,842,962, was approved the Federal Court today. The court's approval was petitioned by Price, receiver the defunct bank. he formed Judge William James was intended to pay creditors the bank dividend of 70 per cent immediately after the court proved the The petition stated the bank suspended operations July by action its board of directors. The ceiver reported contract had been made with the purchaser to take for cash of and face value of $1,112,220 with of to date delivery, and "quick market value of with adjustment of interest and premium to date delivery, constituting total of $1,842,962."

14. August 23, 1930 The Fresno Bee Fresno, CA
Article from The Fresno Bee, August 23, 1930

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Bank Receiver To Sell $29,000 Note For $15,000 Superior Judge Church granted the tition of H. receiver the defunct First National Bank in Fresno, to $29,000 for $15,000 The which dated 18th 1929, was given by the Company bears terest at the rate of per cent offered $15,000 cash for the note and Schilling that that sum

15. December 23, 1930 The Fresno Morning Republican Fresno, CA
Article from The Fresno Morning Republican, December 23, 1930

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Bank Receiver Sues Stockholders For $2,000 for the First National Bank Fresno filed suit for against Gladys Bush the in Angeles last Saturday, it was learned and property attachment has already according Samuel Hollins, Schilling's attor-

16. April 29, 1931 The Hanford Sentinel Hanford, CA

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Fresno, April agement the cause the closing of the First National Bank in Fresno, institution that shut doors last July testimony in court yesterday cated. As early February 17, office of the national banks suggested change in management and warned against the frozen condition of the bank's sets, The ing particularly emphasized the visability of collecting loans made to bank officers and stockholders, it shown. The disclosures were made suit by Receiver Schilling collect $2000 from Williams, who was president and was paid them for crops on property Mrs. Williams nearly two months before the bank closed. Paul McCormick ruled Williams fraud in the that the money should the partial liquidation judgment against the based liability. trial general investigation of bank's affairs. revealed that the Bank two months the had offered $155 for the $100 value stock the bank. The the bank that eventually closing developed sessment stock meeting,

17. April 30, 1931 Enterprise-Record Chico, CA

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EXECUTIVE FRESNO, April management the the closing of the First National Bank in Fresno, $3,500,000 institution that closed its doors last testimony federal court yesterday indicated. As early as February 17, the office of the controller of ional banks a change and warned against the frozen condition of the bank's testimony showed. warning particularly the of made to bank officers and stockholders, it was shown. The disclosures were made in suit by Receiver H. Shilling collect $2,000 from H. Williams, of the bank, his wife. The money was paid for crops on ranch turned over by Williams to Mrs. Williams nearly two months before the closed. Federal Judge Paul McCormick ruled Williams had perpetrated fraud in transaction. but that the money should the ceiver in partial liquidation previous judgment against banker based on stockholder's bility. The trial yesterday developed general investigation of bank's affairs. It revealed that Bank of America two months fore the closure had offered for the $100 par value stock the bank. run on the that eventually caused its closing developed after an assessment stock considered at meeting was testified.