1199. First National Bank (Victorville, CA)

View Charter #11005 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
11005
Charter Number
11005
Start Date
December 19, 1931
Location
Victorville, California (34.536, -117.291)

Metadata

Model
gpt-5-mini
Short Digest
7e5aa580

Response Measures

Full suspension

Other: Receiver appointed and liquidation/consolidation of receiverships followed; RFC later made small loan requests to the receiver (listed as to 'First National Bank (receiver)') in RFC reports.

Receivership Details

Depositor recovery rate
50.7%
Date receivership started
1931-12-21
Date receivership terminated
1936-02-06
Share of assets assessed as good
27.9%
Share of assets assessed as doubtful
71.4%
Share of assets assessed as worthless
0.7%

Description

Articles report the First National Bank of Victorville closed in December 1931 after steady withdrawals and depreciation of securities, suspended operations, and subsequently was in receivership (receiver mentioned by mid‑1932 and repeatedly referred to as receiver through 1934). No evidence of reopening; liquidation/consolidation of receivership followed.

Events (6)
1. May 25, 1917 Chartered
Source
historical_nic
2. December 19, 1931 Run
Cause
Bank Specific Adverse Info
Cause Details
Steady withdrawals driven by depletion of reserves and depreciation in value of securities held by the bank (falling bond prices); bank officers cited depreciation of securities and assessment on stockholders.
Measures
Assessment levied on stockholders; depositors met and arranged cash clearing during suspension; bank officers voted to suspend to permit orderly marketing of bonds for recovery.
Newspaper Excerpt
First National bank Victorville closed its doors this morning, notice being placed at the entrance ... steady withdrawals of deposits, depleting the reserves ... voted to suspend.
Source
newspapers
3. December 19, 1931 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suspension was voted because of steady withdrawals and depreciated securities values; intended to permit orderly marketing of bonds and recovery of values.
Newspaper Excerpt
steady withdrawals of deposits, depleting the reserves, together [with] depreciation in bond prices, voted to suspend.
Source
newspapers
4. December 21, 1931 Receivership
Source
historical_nic
5. June 19, 1932 Receivership
Newspaper Excerpt
K. Newhall, receiver for the First National bank of Victorville, attended superior court in San Bernardino Friday business.
Source
newspapers
6. December 27, 1934 Other
Newspaper Excerpt
Appointment as receiver of the First National Bank of Victorville completes the plan for the consolidation of the liquidation of three institutions. John E. King will be in charge as the receiver.
Source
newspapers

Newspaper Articles (8)
1. December 19, 1931 The San Bernardino County Sun San Bernardino, CA
Article from The San Bernardino County Sun, December 19, 1931

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Article Text

Victorville Depositors Express Confidence in Institution's Ability to Pull Out (Special Staff Correspondence) Dec. First National bank Victorville closed its doors this morning, notice being placed at the entrance which stated that in the hands of the United States national bank examiner. Officers that the closing the institution count the depreciation value of securities held by bank. An assessment recently levied on stockholders cover the value the securities pared former manager cashstated believed that depositors would paid in full within reasonable This be opinion business of community, who Tuesday confidence the bank and Mr John Turner, and large property this director and president the bank. Other Marsh, Clay Garrison and Godshall. Depositors in the bank met this afternoon discuss the and in the ability pull itself out sisting Walter Robert, Frank Hubbard appointed devise cash clearing during the bank's suspenstatement signed by all the steady withdrawals of deposits, depleting the serves, together deprebond prices, voted to suspend. We believe parrecovery in values derly marketing bonds assure payment all positors.'

2. June 19, 1932 The San Bernardino County Sun San Bernardino, CA
Article from The San Bernardino County Sun, June 19, 1932

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STARTS (Special Staff Correspondence) VICTORVILLE, June club members visited with the Barstow Kiwanians Thursday evening. The delegation consisted of Humphrey, president; G. M. Moon, Dr. L. W. Gilliland, Walter Robert, R. M. Willson and Walker Jones. This was accordance with the custom of exchanging visits two clubs. The petition nominating Supervisor Arthur Doran for reelection being signed by Victorville Barstow electors. It will be circulated Needles other also. So far other candidate has signified intention of entering race. K. Newhall, receiver for the First National bank of Victorville, attended superior court in San Bernardino Friday business. and Nello Greer have moved Ariz., where Mr. Greer will engaged in operating ranch summer. John and Harvey Irwin of Victorbe charge the ranch. Hunter Howe will spend the Kansas. and Mrs. Niles Turner of San spent the last week visVictorville. Mr. and Mrs. Wallace Ford are making their home in Alhambra. Mrs. Marjorie McIntosh, newly elected principal Victor schools, attend mer the University of Mullen, of the school and charge of Eva Dell school for the past by Mrs. Mullen, will spend the vacation visiting with relatives Arizona.

3. August 22, 1932 Los Angeles Evening Citizen News Hollywood, CA
Article from Los Angeles Evening Citizen News, August 22, 1932

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$46,000,000 IN TEN DAYS California Firms Helped Under Federal Relief Bill's Provision During the ten day period from July to July 31. the ReconstrueFinance Corporation loaned $46,711,056 to banks, building and loan railroads and other agencies. The first report of the corpora tion, made public today by South Trimble clerk of the House of Representatives. was accompanied by letter signed by Chairman Atlee Pomerene showing that 437 loans totalling had been made during the 10 day period and increases in loans authorized prior to July 21 had totaled $1,653,500 The letter said the total amount loaned. $32,990,180 was authorized to banks and trust companies including $284,900 to aid in reorganization of closed banks $104,309 to agriculture credit corporations: and surance companies $90,000 to joint stock land bank $580.716 to 000 to mortgage loan companies, and $6,862 railroads "No Other Choice" Trimble In making public the rehis decision last Thursday that he had no other choice under the law took exception to statement by Representa conferee on the relief bill that his decision to make public the reports was gain favor with Speak John N. Garner "Such charge is ridiculous," Trimble said. "The law gives me no discretion in the matter Speaker Garner has never attempted to influence me in the discharge of my duties. Chairman Pomerene's letter said that by the close of the period all except $25,000,000 of the $250,000.000 second series 3rd per cent notes authorized by the board of direct ors on June 13. 1932 had been sold to the of the treasury "On July 23, the board of directors the issuance of third series of up an ag gregate amount of maturing October 27. 1932. and bearing interest at the rate of 3% per cent per he "The notes will be purchased by the sec retary of the treasury as the funds are required by the California Loans The statement of loans authorized during the 10 day period at rate of interest of 5% per cent includes California Long Beach, First National Bank of Long Beach, $200,000 Los Angeles, Wilshire National Bank of Los Angeles, $15,000 Monrova. Citizens Bank of Mon$25,000 Rialto, First National Bank, $25, 000 Sacramento, California National Sacramento California Trust and Savings Bank $850,000 San Francisco National Trust and Savings Bank of America. $3.Santa Ana Farmers and Mer $275,000 chants Bank of Santa Ana Santa Ana, First National Bank Victorville First National Bank (receiver), Building and loan associations California Inglewood People's Bldg and Loan Association. $35,000 San Francisco, Home Mutual De posit Loan Co., $80,000

4. August 22, 1932 The Modesto Bee Modesto, CA
Article from The Modesto Bee, August 22, 1932

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Article Text

TRIMBLE HITS BACK Official Denies He Sought To Gain Favor With Speaker John Garner During the ten-day period from July to July 31, the reconstruction corporation to banks, and loan ciations, and other agencies. The first report of the corporapublic to-day by South Trimble, of house representatives, accompanied letter signed by Chairman Atlee Pomerene showing that loans totaling $45,057,556 had been made during the ten-day riod and loans thorized prior July 21 had totalled Banks Get Most The letter the total amount loaned, authorized banks and trust companies, including to the closed banks; $104,309 to agriculture credit corporations; $3,088,650 building and loan $2,247,500 $90,000 joint stock land bank; $580,716 livestock credit porations; $747,000 mortgage companies, and $6,862,700 railroads. Trimble in making public the following his decision last Thursday that he had no other choice the law, took exception Representaconferee on the relief bill, that his decision to make public the reports gain favor with Speaker John Garner. Chairman Pomerene's letter said the close the period except $25,000,000 of the $250,000,000, second series 3½ per cent notes authorized by of June 1932, had been sold the secretary of Loans In California The statement of loans authorized California during the tenperiod under section the of interest per includes Long Beach, First National Bank Long Beach, $200,000. Los Angeles, Wilshire National Bank of Los Angelees, Monrovia, Citizens' Bank of MonRialto, First National Bank, $25,- Sacramento, California National Bank of Sacramento, California Trust and Savings Bank, $850,000. Francisco, National Trust and Bank of America, $3,800,000. Santa Ana, Farmers and Merchants Savings Bank of Santa Ana, $275,000. Santa Ana, First National Bank of, Santa Rosa, Exchange Bank, $58,000. Victorville, First National Bank of, (receiver) Willows, Bank of Willows, $140,000.

5. September 7, 1933 The Humboldt Times Eureka, CA
Article from The Humboldt Times, September 7, 1933

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LOANS MADE TO BANKS BY GOVERNMENT California Institutions Receive Aid From Loan Act (By Associated Press) WASHINGTON Sept. 6. The Reconstruction Corporation in report to congress on its activities during July, made public today by South Trimble, clerk of the house, showed that during the month it authorized loans totaling $137,445. 973. Of this amount $100,908,844 was authorized to banks and trust companies, including $93,892,523 to aid in the reorganization or liquidation of banks that were closed or in process of liquidation: $264.821 to building and loan associations: $329,697 to insurance companies: $12,341,551 to mortgage loan companies; $124,500 to joint stock land banks; $197,866 to agricultural credit corporations, and $23,278,692 rediscounts to regional agricultural credit corporations. Under the act of congress authorizing it to make loans to finance sales of agricultural surpluses in foreign markets, the corporation authorized four loans aggregating Acting under the emergency relief act of 1932, the corporation authorized loans of $262,250. Loans authorized during July included the following to California concerns: National Bank of Compton, $5,000 First National Bank, Culver City, $27,000. Oxnard, Bank of A. Levy, Inc., Mortgage Guarantee Company, Los Angeles, $825,000 Withdrawn or cancelled: Victorville, First National Bank (receiver) $8,500. Withdrawn or cancelled in part Woodlake. First National Bank Newport Beach, First National Torrance Mutual Building Association $255.58.

6. March 11, 1934 The Los Angeles Times Los Angeles, CA
Article from The Los Angeles Times, March 11, 1934

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R.F.C. TALLIES LOANS IN STATE Figures Offered in Report on December Business Banks of Numerous Cities Named as Borrowers Stock Subscriptions Also Set Forth in Accounting WASHINGTON, March 10. (A)The Reconstruction Finance Corporation, in its report of the business transacted in December, lists a long series of loans made in CallThe loans were authorized as follows: First National Bank (receiver,) First National Bank, $30,000. First National Bank (receiver,) First National Bank. Newport Beach San Diego-Two loans to the San Diego and Savings Farmers $200,000 and Merchants Venice Bank. First National Bank (receiver,) Victorville First National Bank (reMortgage Guaranty Los Company. $345,000 at 4½ per cent interBerkeley Federal Land Bank. $1.cent interest. California Grape The San Products at per Francisco Reliance Securities The San Pacific National Bank was taken. $500,000 stock in banks were reported Southern follows: Bank. County $100,000. Antioch- The Bank of Savings. $25.000 Colusa- First National Bank. $50.000 Bank Fortuna State Bank, $25.Fullerton- The First National Trust and Garden Grove-First National -Commercial and Savings Bank, Farmers' and Merchants' Bank. of $50,000. Montrose Valley Crescenta-Canada National Mountain View-First National Bank Pasadena Pleasanton- Savings National Bank, $25.Monterey County Trust and Bank, $250.000 San National Trust and Bank. San Diego Trust Exchange of San Bank. Pedro. $100,000. Bank $17,500 Savings Bank Mendocino of Willitts. $40.000 withdrawn canby California Trust and Savings Long receivers. $177,781 Building and Loan Association, Lobingier Packing Cem-

7. October 26, 1934 The San Bernardino County Sun San Bernardino, CA
Article from The San Bernardino County Sun, October 26, 1934

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County Treasurer to Collect County Funds in Defunct Banks, Make Profit By taking what he termed the "sensible route" in liquidating securities held for county deposits in defunct banks, County Treasurer M. W. H. Williams not only will collect all of the county deposits, with full interest, but will return large surplus in these security bonds to banks for the benefit of their depositors, he said yesterday Many county treasurers offered their securities at forced sales im mediately after the banks closed and consequently realized only few cents on the dollar, said Mr Williams. "The appellate court has ruled that county treasurers may hold their bonds until the market enables them to realize the best re turns on such security, so we adopted the sensible route in San Ber nardino Figures were compiled by the treasurer to show the final settlement just made with the San Bernardino County Savings bank. The county's deposits and interest in full have been paid the county. Mr. Williams collected $6,724.18 in interest coupons on bonds securing county deposits in that bank Sale of securities offered by this bank when county deposits were made has earned for the bank depositors $2,954 on coupon collections alone, in addition to paying the county its interest. On Oct. 15. the bank receiver paid the county $11,539.89 as dividends for the return of $44,000 unsold bonds previously given by the bank to the county to secure deposits Mr. Williams explained that had he sold these bonds immediately after the bank closed in July 1932 there would have been loss of more than $12,000 to the bank stockholders or depositors. Under present market values, the bonds returned by the county treasurer mean a saving of approximately $25,000 to the bank depositors, according to Mr. Williams. The San Bernardino National bank year ago likewise completed its settlement with the county, the deposits of the county treasurer being paid in full with interest, and the county receiving an additional $2,719.43 from collection of bond coupons, returning to the bank $157.65 in interest coupons and $70,000 in bonds. By this system of liquidation, the county earned $2,548.85 in bond interest for depositors of the First National bank of Victorville, which closed in December, 1931. This was achieved after the county's deposits were returned in full with interest After selling the Victorville bank securities, the treasurer returned a surplus of $6,721.74 in $30 in matured coupons and $3,800 par valtie bonds, total of $10,551.74 to the bank, after the bank had paid the county dividends totaling $7,540.33, according to Mr. Williams The San Bernardino Valley bank, now being liquidated. owed the county $157,430.85 including interest, for county deposits. This was secured by bonds having a par value of $275,000, but which were estimated to return from $30,000 to $50.000 less the sum due the county if sold at forced sale. Mr Williams' plan of disposing of these bonds, however, has reduced the balance due the county to $17,021.50 and he still holds bonds having par value of $87,250 to secure that sum. Under present market values, Mr. Williams said, he can clear the debt owed the county and have approximately $45,000 in bonds to return to the bank. When the First National bank of Rialto, the last to close, became insolvent, that bank owed the county $75,000. secured by $100,175 par value bonds. The balance now due the county from this bank is $57,531.27 and the treasurer holds $82,000 par value bonds to secure this. In this case the treasurer also has surety bond from individuals guaranteeing the county against any loss,

8. December 27, 1934 The San Bernardino County Sun San Bernardino, CA
Article from The San Bernardino County Sun, December 27, 1934

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PRIZE POSTER KING APPOINTED AWARDS ISSUED TO NEW OFFICE Senior and Junior High School Students Are Honored by Housing Committee Winners of the better housing program poster contest in the senior high school and Sturges junior high school were announced yesterday. Junior college winners were announced last week. In the senior high school art class, Grace Olds took first prize as well as the award for second grand prize in the whole contest, Virginia Bussey, junior college student having won first grand prize Other winners in the high school were: second place Joe G. Samudio third place Antonio Navore. fourth place Johnny Collier, fifth place Don Cochrane, sixth place Orville Douglas Melba Martinell, Vernon Game and J. Gaffney received honorable mention. In the junior high school class. Mary Thomas won first prize. Other winners were: second place, Marshall Craw: third place. Jeanne Kelley: fourth place, Jack Shorten: fifth place, Bill Hughes: sixth place, Doris Garrett. George Kakara and Mary Jane Wright received honorable mention. Bank Receiver to Take Over Affairs of Institution At Victorville Consolidation of the receiverships for the three closed national banks in San Bernardino county will take effect on Jan. 1, it was announced at Washington yesterday. John E. King will be in charge as the Appointment as receiver of the First National Bank of Victorville completes the plan for the consolidation of the liquidation of three institutions. Mr. King was appointed receiver of the San Bernardino National bank several weeks ago. Previously he had been in charge as receiver of the First National Bank of Rialto. Consolidation of receiverships has been made in the interest of economy of liquidation. Films of the assassination of King Alexander were barred from the Netherlands.