First National Bank (Port Chicago, CA)

View Charter #11561 on SPMC View balance sheet

Episode Information

Episode Type
Suspension → Closure
Start Date
March 17, 1932
Location
Port Chicago, California (38.046, -122.021)
Registered Place
Bay Point
Bank Type
national
Charter Number
11561

Metadata

Episode ID
Bank ID
City ID
61659423
Model
gpt-5-mini
Short Digest

Receivership Details

Depositor recovery rate
38.4%
Date receivership started
1932-03-18
Date receivership terminated
1937-10-21
Share of assets assessed as good
11.8%
Share of assets assessed as doubtful
76.5%
Share of assets assessed as worthless
11.7%

Notes

Some articles in the set refer to a different nearby Bay Point bank; Article 1 clearly concerns Port Chicago.

Events (4)
1. December 29, 1919 Chartered
Source
historical_nic
2. March 17, 1932 Suspension
Cause
Government Action
Cause Details
Examiner/government assumed direction of the bank and the bank was closed due to shortage of ready cash.
Newspaper Excerpt
Businessmen of Port Chicago declined today to be discouraged over the assumption the national government of the First National Bank ... that government direction of the institution is not deterrent to revival ... One official of the bank said today that the institution has plenty of resources but that was short of ready cash.
Source
newspapers
3. March 18, 1932 Receivership
Newspaper Excerpt
the institution has plenty of resources but that was short of ready cash. He declared, however, that every depositor will receive full payment upon deposits. (receiver/examiner in charge referenced; known receivership date 1932-03-18).
Source
newspapers
4. March 18, 1932 Receivership
Source
historical_nic

Newspaper Articles (3)
1. March 17, 1932 Martinez News-Gazette Martinez, CA

Article Text

Bank's Closing Not Deterrent To Its Revival

Businessmen of Port Chicago declined today to be discouraged over the assumption the national government of the First National Bank and by the state. ment of Leo Shapirer, examiner in charge, that government direction of the institution is not deterrent to vival reported this after. noon taking steps looking toward meeting discuss reorganization or formation of bank. One official of the bank said today that the institution has plenty of resources but that was short of ready cash. He declared, however, that every depositor will ceive full payment upon deposits.

2. August 13, 1932 Martinez News-Gazette Martinez, CA

Article Text

PERMISSION TO SELL PLEDGES BANK GIVEN

Receiver of Bay Point Bank Given Requested Permit On Plea To Superior Judge McKenzie.

Permission to sell $35,500 worth of personal property and securities, which was pledged as collateral by the first National Bank of Bay Point to various corporations, was granted by Superior Judge A. B. McKenzie today. An application was filed this morning by H. P. Hilliard, receivof the bank, for an order giving him permission to sell the property. He listed the $35,500 in securities which were pledged as collateral to the Anglo California Trust company, to the Contra Costa treasurer to secure public funds and to the Fresno county treasurer, to secure public funds. Hilliard stated in his application that he had the authorization of the comptroller of the currency apply for the permit.

3. December 6, 1932 Martinez News-Gazette Martinez, CA

Article Text

BANK ASSESSMENT SUITS ARE FILED

SAN FRANCISCO, Dec. 6. Seeking to enforce an assessment of $100 a share against twelve shareholders in the Bay Point First National Bank, H. T. Hillard, bank receiver. today had filed suit in United States district court here. An assessment of $100 a share, with interest, which is equal to the par value of the stock was levied May 31. and Hillard is suing for payment. The bank became insolvent last March, and Hillard was appointed receiver. The bank was capitalized at $250,000 and 2,500 shares of stock issued. Defendants are N. O. Raglin, Harry Barton, W. H. Foster, Bernhart Hoffman, Harry D. Rupp. Fred G. Hoffman, Angelo Notis, Harry Parsons, D. C. Sengrave, R. N Burgess, Alfred H. Feasey and Burdette Cantrell.