West Hollywood First National Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 11025
Charter Number: 11025
Start Date: November 1, 1932*
Location: West Hollywood, California (34.090, -118.362)

Metadata

Model: gpt-5-mini
Short Digest: f08a3997

Response Measures

None

Receivership Details

Depositor recovery rate: 94.6%
Date receivership started: 1932-06-28
Date receivership terminated: 1937-10-29
Share of assets assessed as good: 28.3%
Share of assets assessed as doubtful: 64.3%
Share of assets assessed as worthless: 7.4%

Description

Article (LA Times, 1932-12-23) lists West Hollywood First National Bank as '(receiver)' and reports an RFC advance authorized in November to aid in reorganization or liquidation. No run or suspension event is described in the text; the bank is reported in receivership, consistent with permanent closure.

Events (3)

1. June 30, 1917 Chartered

Source: historical_nic

2. June 28, 1932 Receivership

Source: historical_nic

3. November 1, 1932* Receivership

Newspaper Excerpt: Loans authorized to banks and trust companies during November included: ... Los Angeles: West Hollywood First National Bank (receiver) $33,000
Source: newspapers

Newspaper Articles (1)

1. December 23, 1932 The Los Angeles Times Los Angeles, CA

Article from The Los Angeles Times, December 23, 1932

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Article Text

R.F.C. INQUIRY ASKED IN SENATE Report of $107,653,587 in November Loans Made Norris Wants Country to Know Where Millions Go Banks and Governors of States Named in List WASHINGTON, Dec. 22. (P)-A suggestion for investigation of the Reconstruction Finance Corporation was made today in the Senate at about the same time that a report reached Congress that the corporation had authorized advances of in November. Senator Norris of Nebraska made the suggestion after he had read magazine article in the Senate telling of operations of the corporation. He did not offer resolution for the investigation but said such study should be made to let the country know what was being done with the millions of dollars of taxpayers' money. LOANS REPORTED ON The corporation's report related that $71,541,854 of loans had been authorized to banks in November and that of the remainder of the total advances authorized during the month, $18,687,373 had been to Governors for relief work in different States. Of the $71,541,854 authorized to financial institutions, the report said, $22,258,996 was for banks and trust companies, including $2,836,500 to aid in the reorganization or liquidation of closed banks; $3,376,199 to building and loan associations; $2,151,000 to insurance companies; $2,730,800 to mortgage loan companies; $66,746 to credit union; $2,126,000 to joint stock land banks; $132,547 to agricultural credit corporations; $473,565 to livestock credit corporations; $38,226,000 to railroads, including $1,500,000 to railroad receiver. INTEREST 5½ PER CENT Most of the loans to the financial institutions were at 5½ per cent interest, with some to receivers of banks at per cent, The report showed cash balance of $5,824,931 in the corporation's treasury at the close of business November 30, and that during the month it sold to the United States Treasury $25,000,000 in notes. During November, the report said, the corporation paid in $6,000,000 as capital of regional agricultural credit corporations During November, the corporation's of $2,500,000 to the Secretary of Agriculture for crop production loans brought the total authorized advances for this purpose to $120,000,000. The report said $15,000,000 of this amount had been returned. PUBLICITY DEFEATED Norris told the Senate those favoring complete publicity of the corporation activities had been "defeated" in that purpose. He quoted from the article to the effect that "hundreds of millions had been passed around" without Congress knowing who received it. The article from which the Nebraskan read said of $264,000,000 loaned to railroads, $156,000,000 went to three groups-" Morgan, Van Sweringen and Pennsylvania Railroad interests. Loans authorized to banks and trust companies during November included: California: Beverly Hills (receiver) $515,000; Colton, Citizens National Bank of Colton $25,000; Corona, Citizens Bank $25,000; Fullerton, First National Trust and Savings Bank of Fullerton $85,000; Laguna Beach, Citizens Bank of Laguna Beach $17,500. Los Angeles: West Hollywood First National Bank (receiver) $33,000; Wilshire National Bank of Los Angeles $10,000.