First National Bank - Venice, CA

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 10233
Charter Number: 10233
Start Date: December 19, 1931
Location: Venice, California (33.991, -118.460)

Metadata

Model: gpt-5-mini
Short Digest: 8309c494

Response Measures

None

Receivership Details

Depositor recovery rate: 59.2%
Date receivership started: 1931-12-23
Date receivership terminated: 1937-06-18
Share of assets assessed as good: 26.0%
Share of assets assessed as doubtful: 59.3%
Share of assets assessed as worthless: 14.8%

Description

The First National Bank of Venice had closed (doors closed ~two weeks before 1932-01-02) and a federal receiver (H. Thomsen) was in charge; subsequent articles through 1934 reference receivership actions and a successor receiver in 1934. There is no description of a depositor run in the articles; the bank was closed and under receivership (permanent closure). Article 2 hints the Venice condition related to the closing of another local bank (Santa Monica), so cause classified as local_banks. OCR errors in Article 1 corrected (e.g., 'receiver' and timing).

Events (6)

1. July 24, 1912 Chartered

Source: historical_nic

2. December 19, 1931 Suspension

Cause: Local Banks
Cause Details: Closure occurred in the wake of other local bank failure(s); article notes effects after the closing of another bank (Santa Monica) and lists assets/liabilities under receiver review
Newspaper Excerpt: the bank's ceiver, H. Thomsen was today ginning the compilation of report on the bank's condition when closed its doors here two weeks ago
Source: newspapers

3. December 23, 1931 Receivership

Source: historical_nic

4. January 2, 1932 Receivership

Newspaper Excerpt: National Bank Venice Thursday by Federal Bank iner Donahue, the bank's ceiver, H. Thomsen was today ginning the compilation of report on the bank's condition ... prepared for the Treasury Department ... Thomsen stated ... depositors are notified to file their claims. Meanwhile the affairs of the VenSavings Bank, affiliated institution ... were in charge state receiver, and the period for filing claims now open.
Source: newspapers

5. March 17, 1934 Other

Newspaper Excerpt: The First National Bank Venice and Thomsen, receiver, show cause ... they should not permanently enjoined from executing sale the old Los Anhall property to satisfy judgment for $6,945. The hearing ... when he issued temporary straining order blocking the ... sale.
Source: newspapers

6. November 17, 1934 Other

Newspaper Excerpt: William Prentiss, Jr., will take office as receiver of the closed First National Bank of Culver City and of the First National Bank of Venice tomorrow, Nov. 17 ... He succeeds E. M. Thomsen, receiver for the past three years ... will make public an official statement early next week dealing with the condition of the defunct Venice ... banks.
Source: newspapers

Newspaper Articles (5)

1. January 2, 1932 Evening Vanguard Venice, CA

Article from Evening Vanguard, January 2, 1932

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Article Text

Report Bank on Status Compiled National Bank Venice Thursday by Federal Bank iner Donahue, the bank's ceiver, H. Thomsen was today ginning the compilation of report on the bank's condition when closed its doors here two weeks ago, This report, which will be ready week, being prepared for the Treasury Department at Washing ton, D. C., and must be completed before Receiver Thomsen will able to make any formal or official statement to the public concerning the bank's affairs As soon as the report compiled, Thomsen stated this morning, summary of outlining the bank's condition, will posted the bank's doors, and copy will be leased for publication. Thomsen stated that he believes will be days yet before the depositors are notified to file their claims Meanwhile the affairs of the VenSavings Bank, affiliated institution with the First National were in charge state receiver, and the period for filing claims now open. Depositors have already will receive blanks which are asked to take to the Marine Bank at Fourth and Wilshire Santa Monica, and fill in before notary period of four months is allowed in this case filing of claims, after which the process of and the payment of dividends will begin,

2. January 15, 1932 The Los Angeles Times Los Angeles, CA

Article from The Los Angeles Times, January 15, 1932

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Article Text

CONDITION OF VENICE TOLD Receiver Tells Findings; Chest Hard Hit by Loss in Santa Monica Closing SANTA Jan. first public statement made by Federal receiver charge the affairs the First National Bank Venice, now and other assets liabilities listed aftermath the recent closing another bank, Santa the local Chest rallied support the charitorganization, which had funds tied up the defunct reported committee. headed collected enough cash from installment tributors permit disbursement 70.6 per of the January budget.

3. March 17, 1934 Evening Vanguard Venice, CA

Article from Evening Vanguard, March 17, 1934

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Article Text

BANK RECEIVER WILL FACE COURT Judge's Convict Beer Parlor On Rum Operator Charges Halts Sale Of 'FIRST IT City Property LINDY REJECTS 'INVITE' LADY' APPROVES Find 'Parlor' And Hepburn Venice First National and H. A. Thomsen Must Testify The First National Bank Venice and Thomsen, receiver, show cause in Superior Judge Emmett Wilson's court Wednesday morning they should not permanently enjoined from executing sale the old Los Anhall property to satisfy judgment for $6,945. The hearing the order yesterday by Judge Wilson when he issued temporary straining order blocking the that arises from old unpaid the former city of Venice. The case dates Venice $9000 one H. Mayer struction and failed pay than $555. The bank whom claim was assigned eventually judgment against Venice cent interest effective from Because of the merger of the Venice with the city geles the beach community again able to avoid payment. Efforts to compel payment revived by the bank in 1931 Superior court order the city of Los Angeles for the city of Venice the responparty. Early this monun another supercourt order was obtained directSheriff Eugene Biscalluz ecute sale of the old hall on Broadway, used ing lot since the city hall molished in In injunction the sale. City Attorney Chesebro that the city needs the rent from the the city government, that the of the der would cloud the title and sale and the same manner prevent the city from building center buildings thereon, should it decide to

4. March 21, 1934 Evening Vanguard Venice, CA

Article from Evening Vanguard, March 21, 1934

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Article Text

DELAY COURT HEARING ON BANK ACTION A temporary restraining sued to prevent Thomsen, ceiver, and the First National Bank of Venice from executing sale old Los Angeles city hall property to satisfy $6,945 judgment, will main in effect until March which time superior court hearing into the matter will be held. That was agreement reached today before Superior Judge Emmett H. Wilson, who postponed hearing, slated for today, until next Wednesday Sale of the property, North Broadway sought by the bank ceiver to satisfy agains: the old city Venice before anhas been opposed by Atty. Ray Chesebro.

5. November 16, 1934 Evening Vanguard Venice, CA

Article from Evening Vanguard, November 16, 1934

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Article Text

Report To Be Made Soon On Banks' Assets Wm. Prentiss, Jr., Is to Take Charge of Institutions William Prentiss, Jr., will take office as receiver of the closed First National Bank of Culver City and of the First National Bank of Venice tomorrow, Nov. 17, he announced today. He succeeds E. M. Thomsen, receiver for the past three years, who resigned last Nov. Mr. Prentiss said he would immediately arrange to analyze assets of the Venice and Culver City banks and prepare definite plans for the conduct of the receivership in line with the policy of the comptroller of the currency. The new receiver, widely known in Southland financial circles, is also receiver for the closed United States National Bank in Los Angeles and of the First National Bank of Beverly Hills Mr. Prentiss said he would make public an official statement early next week dealing with the condition of the defunct Venice and Oulver City banks.