1187. South Pasadena National Bank (South Pasadena, CA)

View Charter #12852 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
12852
Charter Number
12852
Start Date
June 27, 1929
Location
South Pasadena, California (34.116, -118.150)

Metadata

Model
gpt-5-mini
Short Digest
b5a7c839

Response Measures

Full suspension, Books examined

Receivership Details

Depositor recovery rate
89.0%
Date receivership started
1929-07-02
Date receivership terminated
1934-01-11
OCC cause of failure
Governance
Share of assets assessed as good
65.1%
Share of assets assessed as doubtful
16.5%
Share of assets assessed as worthless
18.4%

Description

A mild run occurred the afternoon before the board/examiner closed the bank (June 28, 1929). The federal bank examiner ordered the doors closed and a receiver was appointed in July 1929. The institution did not reopen; it went into liquidation and receivership with dividends distributed later.

Events (5)
1. November 21, 1925 Chartered
Source
historical_nic
2. June 27, 1929 Run
Cause
Bank Specific Adverse Info
Cause Details
Frozen (illiquid) assets and discovered financial difficulties / shortages prompted depositor withdrawals (mild run). Later investigations and indictments suggest internal misapplication/defalcations contributed to the loss of confidence.
Measures
None to avert withdrawals; directors and examiner moved to close the bank and hand it to the national bank examiner.
Newspaper Excerpt
Frozen assets and mild run on the bank yesterday afternoon culminated in the decision of the directors...
Source
newspapers
3. June 28, 1929 Suspension
Cause
Government Action
Cause Details
Board voted to close and federal bank examiner ordered the bank closed because it was unable to meet payments and had frozen/illiquid assets.
Newspaper Excerpt
South Pasadena National bank, which closed its doors this morning by vote of the board of directors because inability to meet payments ... The doors ordered closed by the examiner until he completes his work.
Source
newspapers
4. July 2, 1929 Receivership
Source
historical_nic
5. July 12, 1929 Receivership
Newspaper Excerpt
Heathcote ... was appointed receiver of the South Pasadena National Bank ... by the comptroller of the currency Washington July 12, since when he has been busy ... getting the affairs of the bank into proper condition for the receiving claims.
Source
newspapers

Newspaper Articles (19)
1. June 28, 1929 The Pasadena Post Pasadena, CA
Article from The Pasadena Post, June 28, 1929

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BANK CLOSES DOORS TODAY South Pasadena Institution To Repay All Depositors 100 Cents on Dollar South Pasadena National bank, which closed its doors this morning by vote of the board of directors because inability to meet payments, will be re-opened within one week as branch of chain bank system. repaying to all depositors 100 cents on the dollar, it was learned at the institution today. Assets Frozen Frozen assets and mild run on the bank yesterday afternoon culminated in the decision of the directors turn control of the bank over to Chorpening. national bank examiner. who with the aid of two assistants. going over the bank's books. The doors dered closed by the examiner until he completes his work. The bank has enjoyed an excellent record of growth since opening three years ago. Deposits from the latter part February, 1928, January, 1929, increased almost 100 per cent over the preceding year. Bank Solvent Particular stress was directed on the fact that the bank is solvent. has sufficient amount of assets to cover liabilities. but those assets are difficult to negotiate under present market and banking condiDeposits in the institution at the time of closing were approximately $700,000. reported. Of this total. about $250,000 is invested in marketable stocks. No depositor will lose money either by having the institution's assets and liabilities in

2. June 29, 1929 The Los Angeles Times Los Angeles, CA
Article from The Los Angeles Times, June 29, 1929

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BOARD CLOSES DOORS OF BANKS Pasadena National in Hands of Examiner Promise Payment be Reopened Branch as of Chain Institution SOUTH PASADENA, June deposits in excess of $700,000 its books, the South PasaNational Bank, one of the largest banks in this city, its doors today because meet payments. that all deOfficials be paid cents dollar and the institumay within branch of large chain SMALL RUN OCCURS Frozen assets and small run bank afternoon directors' decision doors and place bank charge the deposits, $250,000 to seucrities and the directors that depositor either through assets totaling than absorbed chain bank. the bank charge the the board directors." ASSURANCE GIVEN groups worried depositgathered sidewalk the the southcorner Fair Oaks avenue Mission None bank's could issue no statement the bank combooks. about four the bank has board Gates, chairman the board: Burgess, president; Hoag, and Parslow, local water department has deposit in the postoffice about $1600. ddition to these deposits, the local reported to total $11,200.

3. July 15, 1929 The Pasadena Post Pasadena, CA
Article from The Pasadena Post, July 15, 1929

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NAME NATIONAL BANK RECEIVER Outlook Hopeful for South Pasadena Financial Reorganization SOUTH PASADENA, July Though neither Chorpening. federal bank examiner, by whose order the South Pasadena National bank was recently closed, nor any former officials of the institution will give any statement for publicawas learned that latest development in the case is the pointment of receiver. Heathcote, assistant vice-president the National bank has been selected for this post. With this appointment, Mr. Shorpening has affairs of the closed bank over to the new receiver. Outlook Is Hopeful A feeling of optimism. and of for the future the bank now the and others directly interested. Adding to this hopeful outlook the unoffithat an influential group citizens are formulating plans whereby the institution will reopened. said that if this plan materializes, the bank start business again stronger and better condition than before, ample capital will be placed disposal to make such condition Business Better In the meantime, whose money was up by the closing bank, some whom were business men of the city, are making desperate struggle to keep going. Fortunately none these themselves forced In few rolls were seriously effected, all these have covered, at least temporarily, and should the bank resume business within time, business conditions South Pasadena will be normal

4. August 12, 1929 Pasadena Star-News Pasadena, CA
Article from Pasadena Star-News, August 12, 1929

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Receiver Tells Creditors' Procedure For Obtaining Claims South Pasadena National Official Makes Plain Steps Necessary SOUTH PASADENA, Aug. made Heathcote, receiver of the South Pasadena National Bank, which closed its doors on June 1929, that he now prepared to receive claims from depositors and other creditors. claims must be prepared upon the special forms which will be furnished by the receiver application. Each claim upon must be sworn to before notary and must be accompanied by pass-book other documentary evidence the debt," explains receiver. Mr. formerly assistant of National Bank Los Angeles, was appointed receiver the South PasaNational Bank, by the comptroller of the currency Washington July 12, since when he has been busy staff of assistants. getting the affairs of the bank into proper condition for the receiving claims. Mr. Heathcote explains that after claims have been filed, must be proven and verified by the receiver and upon completion such proof, ceivers will be issued the various creditors. These certificates indicate the amount claim which been allowed, while not negotiable, will be transferable assignment, but such assignment must recorded upon books receivership. Thereafter, dividends will paid to holders certificates, but impossible say when such dividends will be paid, what amounts, this question pends entirely upon the success otherwise the receiver the collection debts due to the bank.

5. August 27, 1929 Pasadena Star-News Pasadena, CA
Article from Pasadena Star-News, August 27, 1929

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RE-OPENING RUMOR DISMISSED Bank Receiver Declares Such Move Impossible SOUTH Aug. 27. Heathcote, the South National Bank, little possibility the bank under cirand predicted that liquidation, progress for the closed institution, would be carried completion. He that he had not yet been by any sound group ready to make towards the 'Depositors of the bank can be great service the declared, filing their claims now fast We the claims did not too during the few that the bank was open for this purpose, and are ready many daily. Depositors the bank are since August 16, file their claims. They have right make any claims after this date, according the estimated than of the bank not yet funds the liquidation proceedings wound up.

6. September 11, 1929 The Pasadena Post Pasadena, CA
Article from The Pasadena Post, September 11, 1929

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DEPOSITORS Court Action Promised If Roberts Case Does Not Untangle Problem SOUTH PASADENA, Sept. Because no reports have been made to them, depositors of the former South Pasadena National bank are becoming nervous, according to reports. Court action has been promised if the Richard Roberts case, scheduled to be held October does not clear matters up. "It would seem only fair." said one man, "that we, the depositors. be furnished some kind of periodical report from the board of directors or from the bank examiner, who makes the statement that "gossip around town hinders him in his work. "A statement would quash all gossip. We want to know where Two reports were received concerning the trouble released upon several individuals who since all their money in the bank are in want food and clothing. From the second source comes the report that the Community Chest unable to help the unfortunate because this the time of the year when no funds are available all has been given out the previous spring and the fall drive has not yet began. Charges have been leveled at the head of Bank Receiver Heathcoate concerning his actions on claim papers. From another group of depositors comes the word that action against directors probably will be taken within short period of time. The outcome of the Roberts case October will decide whether such action necessary or not. An attorney already has been employed in this case. Charles W. Hill. 426 Fremont avenue, chairman of the meeting of positors which was held during the first part of the month of August, could not be reached for statements because of his absence in Oregon where he will remain for three weeks.

7. November 1, 1929 The Los Angeles Times Los Angeles, CA
Article from The Los Angeles Times, November 1, 1929

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DEPOSITORS TO BACK Comptroller Orders Payment of 50 Per Cent South Pasadena Bank Pay in Few More Promised Funds Are Collected SOUTH PASADENA, Oct. Depositors other creditors the South Pasadena National Bank, closed by Federal bank examiners last June, receive dividend checks within few weeks, the vealed today. The dividend ment today by the Comptroller Currency. Heathcote issued following statement afternoon: stock 100 levied against the stockholders the bank on September 21, last. Acting favorably upon receiver's the Comptroller now authorizes tribution and creditors whose claims have filed and proven, an initial dividend per dividend payable only those holding cannot paid until the dividend checks received, for three weeks. meantime, attempt obtain dividend checks prior the nouncement these ready, merely the work. ceeding be as funds are collected."

8. November 8, 1929 Foothill Review South Pasadena, CA
Article from Foothill Review, November 8, 1929

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Bank Receiver Urges Depositors to Prompt Action to Secure Funds As recently announced in the press, a fifty per cent dividend will be paid shortly to creditors of the South Pasadena National Bank, but only to those holding receiver's certificates. It has been pointed out by Mr. Heathcote, the receiver, that a considerable number of people filed their claims but failed to come back to the bank to obtain their certincates, and it might be well for any persons whose claims were filed prior to November 1 to call at the bank and obtain their certificates. Several hundred dividend checks have already been made out and forwarded to Washington for signature. Upon their return they will be distributed. Those persons who neglected to file their claims before November 1 will not be included in the first distribution of dividend checks. It is further pointed out by Mr. Heathcote that commencing on August 14, 1929, legal notification was published that claims must be filed by creditors within ninety days. This time has almost expired, but many people have neglected to file their claims. Forms for this purpose can be obtained upon application at the bank, and tnese must be completed, sworn to before a notary public, and lodged with the receiver before November 15. Many people are asking when the distribution of the fifty per cent dividend will be made. It is pointed out by Mr. Heathcote that it is impossible to answer this question. Distribution of checks will be made and proper announcement given as soon as these are returned to the receiver from the Tederal authorities at Washington.

9. January 22, 1930 The Pasadena Post Pasadena, CA
Article from The Pasadena Post, January 22, 1930

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BANK RECEIVER MOVES OFFICES The offices of Receiver F. W. Heathcote of the South Pasadena National bank were moved Monday from the former banking rooms at Fair Oaks and Mission street 619 Beaux Arts building. Eighth and Beacon streets, Los Angeles. The move was made expedite liquidation of the defunct institution, Mr. Heathcote explained. and in the best interests of depositors and other creditors.

10. April 7, 1930 The Pasadena Post Pasadena, CA
Article from The Pasadena Post, April 7, 1930

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NEWS OF SOUTH PASADENA, ALTADENA, LA CANADA, SIERRA MADRE AND SAN MARINO BOY ESCAPES AUTO INJURY SOUTH PASADENA, April 7. Narrowly escaping death or severe injury, three and one-half-year-old Akio Kishiro of 915 Meridian avenue, yesterday was grazed by an automobile driven by Fred Taylor of 97 Ventura street, Altadena. The accident to the little Japanese child happened at the intersection of El centro avenue and Meridian street. Taylor was not arrested by police and was absolved of al blame in the near casualty. Thed river declared that the little child ran directly in front of his car from behind a parked car. The parents of the child stated that little Akio had wandered away without being seen by them. P.-T. A. SPONSORS DANCE SOUTH PASADENA, April 7. With large attendance of students, the second Parent-Teachers association dance was held Saturday evening in the Woman's clubhouse The dances are sponsored by the South Pasadena high school ParentTeachers asociation, of which Mrs. Earle Walker is the president. The reception committee included Lester Sanson, student body commissioner general, who was chairman of the group: Valerie Easterbrook, of the Girls' league; and Robert Keedy, Boys' league prexy. Proceeds of the affair will be divided among the Girls' and Boy's leagues of the senior high school. BOND VOTE POSTPONED SAN MARINO, April -Re-vote on the $75,000 school bond issue will be held on April 30, according to the of Superintendent of Schools Elmer C. Neher, yesterday. The date was assigned by the county council. The re-vote is necessary because of the stinging defeat in the election last Tuesday, when the measure was defeated by vote of 36 to 27. The bond issue will provide for the landscaping of the Stoneman school on Granada and Huntington drive, in the course of construetion, and the allotting of funds for the construction of further new buildings in the local school system. HORSE STOLEN SOUTH PASADENA, April 7. The days of horse stealing are far from being over. according to police reports, although the days of hanging for the offense are in the past. A horse was stolen Friday evening from the Huntington Riding stables. A description of the rider was not given by the police. The horse was branded on the left though with the initials "G. M. C." The animal according to its owners, was six years old and weighed 1150 pounds. It was brown with black mane and tail. Stolen with the horse was dark red western saddle with pockets. SCOUT WINS AWARD SOUTH PASADENA, April 7. Formal presentation of the gold medal for heroism will be made to Eagle Scout Bruce Estey, popular South Pasadena Boy Scout, at the annual field day jamboree, April 12 of the South Pasadena council Awarding of the medal, the highest honor paid by the National council of the organization, resulted from the act last September of Scout Estey, who saved the life of Miss Grace Clark at Manhattan Beach. Miss Clark, having given up all hope of being saved, was disappearing for the third time, when rescued by Estey. She and a companion swimmer were caught in strong rip tide and were being swept out to sea. The award was accompanied by a letter of commendation from Daniel Carter Beard, national scout commissioner. BANK ASSETS TOLD SOUTH PASADENA, April 7. Total assets of the former South Pasadena National bank now amount to $338,559.42 according to the announcement of F. W. Heathcote, federal receiver. Total liabilities amount to $417,760.73. The figures represent sums accounted for on March 31 of this year. Listed under the heading of assets, $229,764.96 are for bills receivable. $16,115.78 for other than bills receivable, $36,541.85 for stock $10,030.84 for additional assets acquired, $292,453.43 for total uncollected assets, $46,105.99 for cash on hand. Under liabilities, $386,279.56 are for total unsecured claims proved. for total unsecured claims not proved, total rediscounts unpaid, total secured claims unpaid, and total bills payable unpaid are not listed while total additional claims proved amounted to $15,Dividend paid during the last quarter, to March 31, amounted to $36,138.50. and total dividend paid to date amounted to $200,786.67 In his comments upon the condition of the former bank, Receiver Heathcote said, "I am sorry that it is not possible for me to give any indication at this time, as to when or in what an other dividend will be paid. Up to this time, there has been but one dividend of 50 per cent. and most of this already has been paid out. While the cash on hand, as shown in the statement, might indicate the posibility of another early dividend, considerable pending litigation makes it essential that a sufficient cash reserves shall be maintained to cover possible emergencies. LEASE FLINTRIDGE HOME LA CANADA, April 7.-Mrs. P. J. Carroll and sister of La Porte drive have returned from a short vacation at Catalina Island. Mr. and Mrs. Robert Carroll and family, who have been residing in Los Angeles, have located in Flintridge, leasing the Walker estate, on Keswick road. The Carrolls are recent arrivals from Ohio.

11. April 21, 1930 The Long Beach Sun Long Beach, CA
Article from The Long Beach Sun, April 21, 1930

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SOUTH PASADENA EX-BANKER FACES SWINDLE CHARGE LOS ANGELES April the defunct South Pasadena president National bank, indicted yesterday the federal grand charges of of the bank funds and false entries in its books, will render Monday morning to United marshal. This today by his attorney, Michwho said that Roberts surrenders on the indictment morning tions he will also deny all of the against The South Pasadena National bank suspended operations June following an investigation bank reported to be position liquidate losses basis of cent. The entire may liquidated 100 cents the dollar result of stock holders, according United States Attorney John Layng. Roberts was arrested plaint the time bank pended but the case was held abeyance pending the report of ernment accountants the indictment he quired post $5000 for his release, Layng

12. May 9, 1930 The Pasadena Post Pasadena, CA
Article from The Pasadena Post, May 9, 1930

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of Closed Bank Depositors for Organize Investigation SOUTH PASADENA, May investigate sensational charges on reasons for the closing on June 28, last, of the South Pasadena National bank, organization of the association of depositors the funct bank was completed last night mass held Southwestern Military academy San Marino. Major Maurice Veronda, commandant of the academy San Marino, was elected permanent president organization, termed the South Pasadena National Bank association, and Mrs. Maud McGivney was chosen Both were heavy in the bank. Attorney Hurls Charges The lid of the was blown off when Attorney Prather tained by Roberts, indicted by the federal grand for misapplication hurled charge that the United States merely trying to convict his client, former executive vice-president of the institution, order to satisfy desire "revenge" on the part irate positors, whether Mr. Roberts guilty not of the wrecking the bank. "The real causes for the closing the bank have not been investigated, it my opinion, declared the "and the present receiver, Heathcote, for some reason not interested in bringing to light this angle of the case. Bank Had $900,000 The bank time of its closhad deposits amounting $900,000 said the while the out 26 counts being pressed especially for conviction Mr. Roberts names Roberts as having misapplied only enough. said Attorney to cause the failure of the The misapplication of the $12,000, observed the supported by Major Veronda (who recently turned from an extended trip Washington, C., where the comptroller of the currency, SenaShortridge and Hiram and Swing were appealed to for aid) was but minor thing in the closing of the bank. Numerous loans times when the reserve of the bank, contrary to laws of the United States, were low required levels, were knowingly made, was asserted. Accuse Bank Directors The sensational charges fired by Attorney Prather and Major included that the board directors the former bank, made up men prominent in nancial and circles members the board had huge sums money and doing the bank came Procedure Discussed In order force the board the federal into open with the facts the the advised civil tive suit should filed. In the records of the failed can be The federal Mr. Heathcan asked proceed in suit against the but refuses, Prather advised, any bonafide may bring the mainder the depositors and creditors. On other the common loan liability law states that any act resulting the loss faith and insolvency makes the director or directors liable, he asserted. Lose Confidence In opening the meeting, Veronda, acting temporary man, South tional bank closed its doors on the evening of June 28, last, and who, not even an American citizen, appointed federal His method of the defunct bank's since that time has caused loss of series of shrewd and said Major Veronda, meeting depositors, held the closing of the bank, "the and the board of have managade to over that the people have become less in their That was 'farcical of the first order, was the said the major. Committee Appointed An executive committee, having

13. October 24, 1930 The Pasadena Post Pasadena, CA
Article from The Pasadena Post, October 24, 1930

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Defunct South Pasadena Bank to Have Settlement Of SOUTH PASADENA, Oct. With dividend view during month, was today Major Maurice Veronda, president the South Pasadena National Bank that are under way with an end tlement the defunct bank's fairs. The are being undertaken by Bank Receiver who also has released Major the of the former bank. The executive handling the bank affairs for the association, on of the favorable statement by Heathcoate on the of the defunct bank, met this week and tabulated the following official concerning the bank's affairs: Statement Affairs "The undersigned committee of the South Pasadena National Bank Depositors' association has many times since the this in the SouthwestMilitary four months ago. Several of these meetings have been held with the receiver the South Pasadena National bank. has been gained. "It the conclusion of this ganization that much good work has been accomplished in the collection of money from notes, secured notes. assessed bank and through law suits. present, there are certain negotiations under way, which, successful, may expedite settlement the bank's affairs. Upon the success failure of these plans depends the further action of this committee. therefore lowing reasonable time to complete the deal before calling general meeting. (Signed) Major Veronda Maud McGivney Paul K. Armstrong Private Investigation Unofficially, various members of the committee, feeling that unnecessary time being expended by the bank receiver, have announced themselves favor delving into the present affairs of the receiverthe former bank by law probut in their desire to grant Receiver Heathcoate, who has held this expensive office as mediator for approximately year and onehalf, time return to depositors as much their original deposits able. Furaction by law after that period of time deemed ended may be The statement by Receiver Heathcoate released to Major Veronda as the official the association because, as the receiver wrote to the head, he had any in the defunct by was given by Major Veronda as follows: Assets Assets: Bills receivable June 28, 1929, the date suspension, $391,027, the 1930, of other than bills on suson September 30, this stock ber 30, this year, additional on ber 30, 1930, $11,648.62; total on to September 30, last; cash hand on date with on September 1930. The assets September 30, to the $796,904.23 on the date of suspension. Liabilities Liabilties: Total claims on 30, last, 519.74; unsecured not September 30, last, $11,753.99; total secured on date, with on September 30, 1930; total unpaid being naught for both periods; total bills unpaid being naught for both periods; total additional being naught date compared with the sum of total liabilities on the date suspenwith on September 30, The total dividends paid to date amount There were no dividends paid during the quarIt is explained that another dividend apparent within short period the total of cash $38,762.67. nearing the total cash, set $42,000, for dividend. This statement unofficial one the executive committee the depositors' association.

14. February 28, 1931 The Pasadena Post Pasadena, CA
Article from The Pasadena Post, February 28, 1931

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Bank Receiver Sends Notices To Depositors F. Heathcote, receiver of the South Pasadena National bank, today had mailed to each depositor other creditor, notice regarding payment of third dividend at the rate of 20 A few of these notices are being returned undelivered, apparently due to the fact that the depositors have moved without notifying the receiver of their change of address. It is suggested that any depositor or other creditor of the bank in question, who not individual notice through the mail, should communicate the at his office in the Beaux Arts building, Los Angeles. TIGERS LOSE SOUTH PASADENA, Feb. Reaching the of the Hollywood class "B" basketball tournament, Coach James G. Carpenter's Tiger middleweights were defeated their tough opponents from Whittier high school by the count of 34 to 41. Whittier finally won the by beating Alhambra with decisive victory The Tigers showed fine brand of basketball in defeating Palos Verdes 38 to and Oceanside 41 to 26. In the game with Whittier, the South Pasadena boys came close to beating their opponents, but were finally nosed out. Blaine Chamberlain took total high scoring honors with 35 points to his credit. Packer was second with 32 digits. MANY NEW STUDENTS SOUTH PASADENA Feb. With the new semester under way in the South Pasadena senior high school, gain of 47 girls and 58 boys shown over last term's enrollment. Of the girls, 35 came from the junior high and 12 from other schools, while 12 of the boys are from outside schools. Mary Frances Fisher, Phyllis Chivers and Margaret Allen are three postgraduates whose names have been added to the roll. New girls coming from outside of California are Elena Trejo from Guatemala, Dorothy Uruine from Canada, and Mabel from Japanese high school in San Diego. on the paving plan, originally set for March 11, was postponed to Wednesday, March 25. COOKED FOOD SALE SIERRA MADRE, Feb. American Legion plans hold food sale at Solury and Davies' store March according to made Friday by Mrs. Florence D. Jensen. DICKENS FELLOWSHIP Feb. Mrs. H. A. N. Addis of 320 West Grand View avenue, will be hostess to the Dickens Fellowship club next Thursday, March LEGION AUXILIARY SIERRA MADRE, Feb. nouncement has been made that members of the American Legion auxiliary will hold their next regular on March 12 the home of Mrs. Louise Roe, 288 Mariposa avenue.

15. March 11, 1931 Pasadena Star-News Pasadena, CA
Article from Pasadena Star-News, March 11, 1931

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CASE Richard Roberts Charged With South Pasadena Fund Manipulation LOS ANGELES, March (United RichRoberts, former dent of South Pasadena National Bank, charged application $12,000 the bank's funds, proceeded today in Federal Judge George Cosgrove's Court with W. Parslow, former cashier, the witness stand The bank suspended June 1929, and now hands Federal Receiver H. Heathcote. Roberts, charged the ernment, manipulated bank funds attempt make Greenshields, another former cashier, who sentenced in prison for embezzleyear ment. There were counts in the Roberts to have turned he lowing arrest. money was followed by Robarrest. Under supervision Mr. Heathcote, cent dividends have been paid depositors bank. Assets, they can collected, said be sufficient cover remaining liabilities. recent meeting depositors. accord reached between group Heathcote in handling the bank's affairs.

16. March 11, 1931 Burbank Daily Evening Review Burbank, CA
Article from Burbank Daily Evening Review, March 11, 1931

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Former Banker Of Pasadena On Trial Los Angeles, March 11. (UP) The trial of Richard Roberts, 46, former vice president of the South Pasadena National bank, who is charged with misappropriating $12,000 of the bank's funds, is on in Judge George Cosgrove's court. There were 26 counts in the indictment Assistant U. S. Attorney Jack Laying, in outlining the government's case, said Roberts borrowed $12,000 from other banks to cover defalcations S. J. Greenshields, former cashier. Roberts is reported to have returned the $12,000 he borrowed following Greenshield's arrrest Return of this money was followed by Roberts "arrest. Greenshields was convicted and sentenced year and day in McNeill's Island federal prison after shortage of $62,000 was discovered in accounts. The bank was suspended on June 28 and is now in the hands of a receiver,

17. March 11, 1931 The Pasadena Post Pasadena, CA
Article from The Pasadena Post, March 11, 1931

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SOUTH PASADENA BANKER TESTIFIES W. L. Parslow, former cashier of the South Pasadena National bank, took the stand today in the trial of Richard Roberts, 46, former vice president of the bank, and identified records of transactions which resulted in Roberts being charged with misapplication of $12,000 of the bank's funds. The trial is being held before Federal Judge George Cosgrave. The bank was suspended June 28, 1929, and is now in the hands of receiver. The government charges that that Parslow manipulated funds of the bank in an attempt to make good shortage of S. J. Greenshields, former cashier of the bank, who sentenced to a prison term following conviction on charge of embezzlement of $62,000.

18. March 11, 1931 Redlands Daily Facts Redlands, CA
Article from Redlands Daily Facts, March 11, 1931

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TRIAL OF BANKER NOW UNDER WAY LOS ANGELES. March 11. (U.P.) -The trial of Richard Roberts, 46. former vice-president of the South Pasadena National Bank, charged with misapplication of $1200 of the bank's funds, proceeded today in Federal Judge George Cosgrave's court. with W. L. Parslow, former cashier, on the witness stand. The bank suspended June 28, 1929, and is now in the hands of the receiver. Parslow, it is charged by the government, manipulated bank funds in an attempt to make good shortage of S. J. Greenshields, former cashier, who was sentenced to one year in prison for embezzlement of $6200.

19. March 21, 1931 The Pasadena Post Pasadena, CA
Article from The Pasadena Post, March 21, 1931

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FACES NEW TRIAL Richard former vicepresident of the South Pasadena National bank, must again face trial on seven counts of an indictment charging him with of $12,000 the bank's funds, according United States Attorney Samuel W. McNabb. His trial date will be set by Federal Judge George Roberts was acquitted of 10 counts an charging counts, The jury disagreed on the other The charge against Roberts grew of certain transactions shortly before the bank was suspended by the bank examiner Roberts denied knowledge of the transactions.