1202. Walnut Park National Bank (Walnut Park, CA)

View Charter #12572 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
12572
Charter Number
12572
Start Date
January 2, 1932
Location
Walnut Park, California (33.968, -118.225)

Metadata

Model
gpt-5-mini
Short Digest
84633bfe

Response Measures

None

Receivership Details

Depositor recovery rate
50.7%
Date receivership started
1932-01-11
Date receivership terminated
1939-01-07
Share of assets assessed as good
45.5%
Share of assets assessed as doubtful
42.9%
Share of assets assessed as worthless
11.6%

Description

The Walnut Park National Bank closed its doors on/around 1932-01-02 and was placed in receivership (F. W. Heathcote). There is no clear description of a depositor run preceding the closing; the closure appears to be a suspension by authorities and the bank remained closed with a receiver making dividend distributions (Aug 1932, Mar 1933). OCR errors in articles were corrected (e.g., Comptroller/Comptrol references).

Events (6)
1. August 12, 1924 Chartered
Source
historical_nic
2. January 2, 1932 Receivership
Newspaper Excerpt
receiver for the Walnut Park National bank ... F. W. Heathcote has on hand ... the bank has been closed for approximately ... months and ... in the hands of Receiver F. W. Heathcote ('WALNUT PARK CLOSED BANK SUED BY PAIR')
Source
newspapers
3. January 2, 1932 Suspension
Cause
Government Action
Cause Details
Bank doors closed and placed under control of federal authorities/Comptroller; subsequently placed in receivership.
Newspaper Excerpt
WALNUT PARK NATIONAL BANK CLOSES DOORS ... dated January 2, 1932
Source
newspapers
4. January 11, 1932 Receivership
Source
historical_nic
5. August 17, 1932 Other
Newspaper Excerpt
$635,000 PAID OUT BY TWO BANK RECEIVERS ... F. W. Heathcote, receiver for the Walnut Park bank, paid $165,000, a 22 per cent dividend, to depositors ... loans from the Reconstruction Finance corporation were added to liquidated bank assets to make the payments possible ('Daily News', 1932-08-17).
Source
newspapers
6. March 24, 1933 Other
Newspaper Excerpt
F. W. Heathcote, receiver of Walnut Park National bank, yesterday announced the declaration of second dividend of 12½ per cent, payable to depositors on demand ... Approximately $92,000 will be paid out ('Daily News', 1933-03-24).
Source
newspapers

Newspaper Articles (9)
1. January 2, 1932 South Gate Daily Press-Tribune South Gate, CA
Article from South Gate Daily Press-Tribune, January 2, 1932

Click image to open full size in new tab

Article Text

Big Depositor In S. G. Bank Urges People To Keep Calm Absolute confidence in the soundness of the South Gate National bank was expressed today by Joseph Capps, one of the largest depositors in the financial institution, who urged depositors to refrain from hysteria because of the temporary closing of the doors of the Walnut Park National bank. "The South Gate National Bank is sound and I have absolute confidence in its financial stability, its officers and its Board of Directors, said Capps today. "One of the worst things that could happen would be for depositors to become hysterical over the temporary closing of the Walnut Park bank and start a run on the local institution. "This would do absolutely no good, but a lot of harm, and cause injury to the whole community. "In a case of this kind where another bank is closed, it is up to all the people to remain cool. No matter how sound an institution is if the people resort to hysteria and start a run on a bank, it can only cause damage and embarrassment to the bank. It is up to all of the people to remain cool, and this I cannot too strongly urge."

2. January 2, 1932 South Gate Daily Press-Tribune South Gate, CA
Article from South Gate Daily Press-Tribune, January 2, 1932

Click image to open full size in new tab

Article Text

WALNUT PARK NATIONAL BANK CLOSES DOORS the the No be one following bank morning bank bank the the the the the Comptrol in charge The dated January 2. 1932 and signed "W. H. BaldM Patterson is president: E president and K Jenkins IS cashier of the in stitution

3. May 28, 1932 South Gate Daily Press-Tribune South Gate, CA
Article from South Gate Daily Press-Tribune, May 28, 1932

Click image to open full size in new tab

Article Text

WALNUT PARK CLOSED BANK SUED BY PAIR Suit Designed to Force Receiver to Pay Dividend on Account Charging that the Walnut Park National bank, now in the hands of Receiver F. W. Heathcote has on hand at the present time considerable sum of money belong ing to depositors which could safely pay dividend on count, Mrs. Marie Louise Gerwig and E. Marin. Mrs. Gerwig's ther yesterday named the bank and Receiver F. W: Heathcote defendants in complaint for claratory relief equity The suit was filed in the superior court by Attorney Stanley Moffatt representing Mrs. Gerwig and Marin The complaint recites that the bank "has been closed for approx imately months and hand considerable of money belonging to depositors which it could safely pay as dividend on account It further recites "there great economic distress in this community where said bank is 10 cated and the payment of such dividend would greatly assist the business of said community, and matter of equity said divi dend should be paid at this time, and no good reason has been given by said receiver for not making such payment." Mrs. Gerwig and E. Marin have joint account in the bank tied up by the receivership.

4. July 9, 1932 South Gate Daily Press-Tribune South Gate, CA
Article from South Gate Daily Press-Tribune, July 9, 1932

Click image to open full size in new tab

Article Text

BANK RECEIVER SAYS PEOPLE HAMPER STAFF receiver Walnut Park National that he and his staff ing much hampered their very work reason the constant of entering the that have been dividend ing The receiver rumor points prohibited federal regulations from making or amount the that dividend depositors ample publicity this placed the doors bank pointed out that conditions make collect some the loans and that payments depositors collecting such being made the making effort something publication at the earliest possible date. In the is earnestly requested by Heathcote that deposrefrain from asking questions which cannot answered. This merely takes up the time of the receiver and his staff and impedes them their work of collecting

5. August 17, 1932 Daily News Los Angeles, CA
Article from Daily News, August 17, 1932

Click image to open full size in new tab

Article Text

$635,000 PAID OUT BY TWO BANK RECEIVERS Aided by the Reconstruction Finance corporation, receivers for the Walnut Park National and the South Gate National banks paid out a total of $635,000 to depositors and various creditors yesterday. F. W. Heathcote, receiver for the Walnut Park bank, paid $165,000, a 22 per cent dividend, to depositors, and $370,000 to secured creditors, while J. C. Yenny, receiver for the South Gate institution, announced a payment of $100,000 to depositors. Loans from the Reconstruction Finance corporation were added to liquidated bank assets to make the payments possible, it was said.

6. August 17, 1932 The Morning Press Santa Barbara, CA
Article from The Morning Press, August 17, 1932

Click image to open full size in new tab

Article Text

Fortune Smiles Upon 3 California LOS Aug. Financial good fortune blessed residents of three Southern Callfornia communities today Pasadena citizens received announcement their city taxes had been cut percent through vision of expenditures, while $635,000 tied up since early this year, was paid and creditors the Walnut Park National bank and the South Gate National Receivers of the banks said the loans from the Reconstruction corporation.

7. August 18, 1932 The San Bernardino County Sun San Bernardino, CA
Article from The San Bernardino County Sun, August 18, 1932

Click image to open full size in new tab

Article Text

Three Communities Good Fortune Enjoy Press) LOS ANGELES, Aug. cial good fortune blessed residents of three Southern California communities today. citizens received anPasadena their taxes nouncement through revibeen cut per cent while $635,000 of expenditures, since early this tied depositors creditors paid the Walnut Park National bank and South National bank. Receivers of the banks said the made possible payments reconstruction loans from nance corporation.

8. September 7, 1932 Imperial Valley Press El Centro, CA
Article from Imperial Valley Press, September 7, 1932

Click image to open full size in new tab

Article Text

Star Furniture - 449 Main St. Now open. Largest stock of used furniture in Imperial Valley. 6t5 Mortgage Suit Filed - F. W. Heathcote, as receiver for the Walnut Park National bank, yesterday afternoon filed suit in superior court against L. G. Singletary and others, seeking to foreclose a mortgage on 47 mules, one horse, harness and other equipment, or seeking $2000 as the value of the property. Special Low Price on gallon quantities of milk at New Sunland Dairy Plant. West Main St. 22tf N. Thompson yesterday afternoon returned judgment giving the First Securities Company, Ltd., possession of cattle and hogs held by W. Widmann and Mrs. Minnie R. Widmann, and $400 attorney's fees. Thomas Shade was given nothing on a complaint in intervention. The suit dealt with a promissory note. Finger Wave 25c. Machineless permanent $3.00. Coates ApartItf ments, 640 Adams. Hunters Jailed - Nick Neri, 20, and P. Baladad, 20, Filipinos, were sentenced by Judge I. Mayfield yesterday afternoon to pay fines of $25 or serve 12 days in jail for hunting doves without licenses. They were committed to jail when unable to pay the fines. Lower Milk Prices - Havekorst Guernsey Farms. Phone Holtville 23t20 8730-J-4. Hemstitching 5c-Laura Tiernan, 19tf 865 Olive. School To Open-Sunset Springs school will open Monday, September 12, according to an announcement made today by Mrs. Ida Little, school principal. A. B. Hanson, Dentist - Over Security First National Bank 13tf Phone 88, Building Permits-Building permits on file at the city engineer's office today were issued to T. Feora for alterations costing $45 at 442 Len Rey avenue, and to M. K. Hinds for repairs at 531 Commercial avenue, costing $50. Dr. Hooper - Dentist. X-Ray m,w,f service, 110 North 6th St.

9. March 24, 1933 Daily News Los Angeles, CA
Article from Daily News, March 24, 1933

Click image to open full size in new tab

Article Text

BANK RECEIVER TO MAKE DISTRIBUTION F. W. Heathcote, receiver of Walnut Park National bank, yesterday announced the declaration of second dividend of 12½ per cent, payable to depositors on demand. A prior dividend of 22 per cent already has been paid. Approximately $92,000 will be paid out to depositors as a result of the latest dividend.