Bank of San Pedro - San Pedro, CA

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: March 1, 1933*
Location: San Pedro, California (33.741, -118.298)

Metadata

Model: gpt-5-mini
Short Digest: f5d4b45e

Response Measures

None

Description

Articles describe a suspension of the Bank of San Pedro (suspended around March 1933) and subsequent reorganization efforts in mid-1933 (raising $200,000 new stock) that apparently failed; by mid-1934 petitioners were circulating requests for appointment of a receiver. There is no description of a depositor 'run' in the articles. Cause of suspension is bank-specific insolvency/need for new capital. Date of suspension is inferred from 'since the suspension eight months ago' in a Nov 22, 1933 article (approx March 1933).

Events (5)

1. March 1, 1933* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank suspended due to insolvency/need for reorganization and recapitalization; required $200,000 new common stock to reopen and had been unable to raise full amount; depositors previously wrote off 40% to avoid receivership.
Newspaper Excerpt: Since the suspension of the Bank of San Pedro eight months ago, rumors and publications have been made...
Source: newspapers

2. July 1, 1933 Other

Newspaper Excerpt: The depositors' volunteer committee has virtually exhausted its list of available stock prospects... $65,000 to be added remains of the new common $200,000, vital to the reopening of the institution.
Source: newspapers

3. July 10, 1933 Other

Newspaper Excerpt: Negotiations being carried on today with George Peck founder and largest depositor in the Bank of San Pedro, vital to the success of the proposed bank re-organization.
Source: newspapers

4. November 22, 1933 Other

Newspaper Excerpt: He has not been a stockholder or director for the last twenty years; only a depositor. Four months ago to prevent a bank receiver taking charge and liquidating the bank, he, with other depositors, wrote off forty per cent of their accounts.
Source: newspapers

5. June 28, 1934 Other

Newspaper Excerpt: Petitions asking the immediate appointment of receiver for the Bank of San Pedro were being circulated... Request for receivership for the local bank has already been made in letter from George H. Peck to Friend Richardson.
Source: newspapers

Newspaper Articles (5)

1. July 1, 1933 News-Pilot San Pedro, CA

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Article Text

monster that has been poised unfortunate Bank of San the Pedro for many weeks, for few more days by strained of State Banking Suconcession There still perintendent Rainey. about $65,000 to be added remains stock issue of to the new common $200,000, vital to the reopening of the institution. The depositors' volunteer committee has virtually its list of available exhausted Their efforts stock prospects. have been titanic even if the result meagre in dollars subscribed. There is little more they except to remain on the can do, job the bank and all who desire to help in saving situation. The committee has the all the citizens volunteered can; will have to do the from now San Pedro gardens will be judged shortly after Augand the best front yard, ust back yard and all-around that group. Last lected from the contest, which an tries in sponsored by the annual event San Pedro garden club, were taken yesterday. Appropriateness and comfort, not extensiveness, to be the deciding factor in the judging of the gardens. Hence small yard garden has an chance with the big place, equal according to Mrs. dynamic general chairman of the contest. The scheme to saddle Cabrillo beach with parking fee to help pay for the cost of life guards at Santa Monica has failed. The county proposal to control life service has dwindled to acguard by Manhattan ceptance Hermosa. Long Beach was and to frown on the plan. the first Then the Los Angeles beaches catch. It not clear whether the parking fee will be established Redondo, Manhatand Hermosa for the benefit of becoming part of the county control system. any rate they can be expected to produce some revto offset the life guard enue deficit, which greatest in the Santa Monica Fort MacArthur will come little closer Monday to being the center United States Army activities Los Angeles county. The station maintained at Los Angeles will be for business under the open command of Colonel Paul Galleher. Civilian corps work focused much attention on the harbor defense post, which some day fated to become the anti-aircraft training headquarters the nation. The importance the fort major link in national defense becoming to be realized and the time arriving when military authorities in Washington will begin to see as something more than sub-station of San Francisco. "The Key to the Sea" has swing that judges in the 0-30 club contest for San Pedro slogan could resist. With it, Mrs. H. B. Kirkpatrick, 3037 Kerckhoff avenue, wins $10 prize and the appreciation of the sponsoring club and friends of the harbor community. The slogan plies shipping, the Navy and the fishing significant San Pedro. It is the hope of the and others that the slowill soon be seen on letterheads, cards, envelopes and all forms of advertising sent out from San Pedro.

2. July 1, 1933 News-Pilot San Pedro, CA

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Article Text

$65,000 and New Waivers Needed to Prevent Liquidation Chance has favored the Bank of San Pedro. Because Tuesday July holiday, and because July is also virtually holiday, State Banking Supervisor Rainey will not place receiver in the San Pedro bank until July FOUR EXTRA DAYS That meant that the reorganization committee has four extra days, one of them Sunday and one of them legal holiday it is true, but four extra days in which to complete the sale of the $200,000 new common stock necessary for the opening of the institution. Today the of new stock stood at $135,000, $65,000 short of the required amount. Approximateone and one-half million dollars walvers had been received, with $2,000,000 necessary. The stock had been purchased by 404 subscribers over the day before. Hope that by some means the funds can be raised fore next was expressed Gilbert Van Camp, chairman the volunteer citizens' reorganization committee, today. Mr. Van Camp pointed out that the committee members have done everything within their power and that they can do now is hope for the support of the citizens of the city. TIME IS SHORT support should be assured by the importance of the thing stake, to the city at large, by the fact that depositors will be saved large portion of the money that they will unquestionably lose the bank receiver, the organization plan can be put into effect, but the time is short," he said. Four days remain. Wednesday morning the Bank of San Pedro be taken over by state bank ceiver.

3. July 10, 1933 Press-Telegram Long Beach, CA

Article from Press-Telegram, July 10, 1933

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Article Text

Support of Peck Needed to Open San Pedro Bank SAN PEDRO July Negotia tions being carried on today with George Peck founder and largest depositor in the Bank of San Pedro. vital to the success of the proposed bank re-organization Chairman Van Camp and members the depositors committee stated that the organization plan will be accepted by the State Bank Department until the co operaof Peck is obtained The com nuttee has been working for two months in attempting to re-organize reopen this bank formerly one the largest in Man Pedro

4. November 22, 1933 News-Pilot San Pedro, CA

Article from News-Pilot, November 22, 1933

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Article Text

To Whom It May Concern: Since the suspension of the Bank of San Pedro eight months ago, rumors and publications have been made from time to time, without the consent or knowledge of Geo. H. Peck, which are misleading the depositors to infer that he, Geo. H. Peck, was in some way instrumental in closing the bank and a stumbling block in the way of its opening, if otherwise possible. He has not been a stockholder or director for the last twenty years; only a depositor. Four months ago to prevent a bank receiver taking charge and liquidating the bank, he, with other depositors, wrote off forty per cent of their accounts. The other sixty per cent he was to receive in good Trust Deeds, leaving the cash to the other depositors.

5. June 28, 1934 News-Pilot San Pedro, CA

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Article Text

Initiates Move to ry Dividend to San dro Depositors Petitions asking the immediate appointment of receiver for the Bank of San Pedro were being circulated in this today. This fact was made known folconference between George Peck, the bank's largest depositor, R. Dupuy, San Pedro realtor, and other San Pedrans. INDEPENDENT MOVE Appointment of receiver at this time would not interfere with litigation pending before the state supreme court in with the proposed sale of Bank of San Pedro assets the Bank of Amerwas claimed. On the other hand. would pave the way for declaration of dividend within four months, under ceivership procedure, in the event of an adverse decision being handed down in connection with the sale, Mr. Dupuy said. Receivership, if declared at once, will require four months for necessary legal steps, advertising, and other details before any money can paid out, was said. In the meantime, favorable supreme court decision handed down, and the Bank America sale proved. payment on that basis could be made, was brought out at the conference. WRITES RICHARDSON Request for receivership for the local bank has already been made in letter from George H. Peck to Friend Richardson, newly pointed state superintendent of banks. While Edward M. Rainey is still acting in that capacity, the petitions being circulated are addressed to the office of the state superintendent. Copies of the petition are being held at the office of Dupuy, 301 Seventh street, where they may be signed by any depositor creditor of the bank, was nounced.