Santa Rosa National Bank - Santa Rosa, CA

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 3558
Charter Number: 3558
Start Date: May 1, 1919
Location: Santa Rosa, California (38.447, -122.706)

Metadata

Model: gpt-5-mini
Short Digest: 6c8df1c2

Response Measures

None

Receivership Details

Depositor recovery rate: 61.5%
Date receivership started: 1918-10-18
OCC cause of failure: Fraud
Share of assets assessed as good: 49.2%
Share of assets assessed as doubtful: 30.8%
Share of assets assessed as worthless: 20.0%

Description

Articles report large embezzlement/defalcations by the cashier and reference property delivered to receivers of the bank and an examiner's report showing over $1,036,000 missing. No mention of depositor runs in the articles. Indicates bank-specific adverse information led to receivership and closure.

Events (4)

1. September 15, 1886 Chartered

Source: historical_nic

2. October 18, 1918 Receivership

Source: historical_nic

3. May 1, 1919 Receivership

Newspaper Excerpt: He told the court he delivered to receivers of the bank property he considered worth more than $400,000 to cover speculations.
Source: newspapers

4. May 1, 1919 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Large embezzlement/defalcations by cashier Frank Brush and others; examiner reported defalcations aggregating $1,036,000 since 1916.
Newspaper Excerpt: He told the court he delivered to receivers of the bank property he considered worth more than $400,000 to cover speculations.
Source: newspapers

Newspaper Articles (2)

1. May 1, 1919 Tonopah Daily Bonanza Tonopah, NV

Article from Tonopah Daily Bonanza, May 1, 1919

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Article Text

TEN YEARS FOR A BANK CASHIER By Associated Press SACRAMENTO, May 1.-Frank Brush, cashier of the Santa Rosa National bank pleaded guilty in the United States district court today on the charge of embezzling $240,000 funds of the bank. He was sentenced to ten years in a Federal penitentiary He told the court he delivered to receivers of the bank property he considered worth more than $400,000 to cover speculation losses. Fernando Somozav, son-in-law of the late former president of Honduras, Harold Loughery and William Grant, the latter two asistant cashier's pleaded not guilty to similar charges. The federal attorney told the court that the report of the bank examiner showed a defalcation aggregating $1,036,000 since 1916. Defendant's attorneys claimed some of these losses were caused by "poor banking judgment that could not be construed as criminal."

2. May 1, 1919 Imperial Valley Press El Centro, CA

Article from Imperial Valley Press, May 1, 1919

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Article Text

SENTENCE SANTA ROSA BANKER TO PENITENTARY (By Associated Press) Sacramento, May 1.-Frank Brush, cashier of the Santa Rosa National Bank, pleaded guilty in the United States District court here today to a chargé om embezzling $204,000 of the funds of the bank and was sentenced to ten years in the federal penitentiary. He told the court he delivered to receivers of the bank property he considered worth more than $400,000, to cover speculations. Fernando Somoza, Brush's son-inlaw and son of a former president of Honduras; Harold Lougery, William Grant, the latter two assistant cashiers, pleaded not guilty to similar charges. The federal atterney told the court the report of the bank examiner showed defalcations aggregating $1,036.000. The Defendant's attorney claimed that some of this loss was caused by "poor banking judgment and could not be construed as criminal."