Seaside National Bank (Long Beach, CA)

View Charter #12819 on SPMC View balance sheet

Episode Information

Episode UID
1281901586
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
128190 national
Charter Number
12819
Start Date
February 1, 1932*
Location
Long Beach, California (33.767, -118.189)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
d7057b2dc2b22fff

Response Measures

None

Receivership Details

Depositor recovery rate
84.0%
Date receivership started
1932-02-17
Date receivership terminated
1940-12-20
Share of assets assessed as good
68.1%
Share of assets assessed as doubtful
31.2%
Share of assets assessed as worthless
0.7%

Description

Article saying the bank closed last February is interpreted as Feb 1932.

Events (6)
1. September 15, 1925 Chartered
Source
historical_nic
2. February 1, 1932* Receivership
Newspaper Excerpt
E. Wailes, receiver for the Seaside National Bank of Long Beach...payments in the liquidation of the institution which closed last February was started yesterday.
Source
newspapers
3. February 1, 1932* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank became insolvent and suspended operations (closed in February 1932; entered liquidation)
Newspaper Excerpt
deposit of public funds in the Seaside National bank, which suspended operations few months
Source
newspapers
4. February 17, 1932 Receivership
Source
historical_nic
5. September 8, 1932 Other
Newspaper Excerpt
Seaside Bank Receiver to Pay $272,000 as Initial Dividend
Source
newspapers
6. October 7, 1932 Other
Newspaper Excerpt
Seaside National bank (receiver), $165,000, 5 per cent (Reconstruction Finance Corporation loan listed)
Source
newspapers

Newspaper Articles (10)
1. June 21, 1932 The Long Beach Sun Long Beach, CA
Article from The Long Beach Sun, June 21, 1932

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Article Text

Long Beach's city coffers were riched to the extent of result of liquidation' the municdeposit of public funds in the Seaside National bank, which suspended operations few months The city had some $110,000 worth of bonds security for the and Treasurer Herbert Morse reported to City Manager Dobbin that has Mr. succeeded in selling the bonds $103,000. The $3,000 will to the bank the $100,000 will be tributed among the various city funds for general government poses, the city manager states. thought you would be glad to know that we have closed the city account with the Seaside bank withCity Treasurer Morse wrote the manager. The amount deposit turned over to Morse by receivers for the bank Saturday.

2. September 8, 1932 The Long Beach Sun Long Beach, CA
Article from The Long Beach Sun, September 8, 1932

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Article Text

Seaside Bank Receiver to Pay $272,000 as Initial Dividend Distribution of more than $250,000 among depositors of the Seaside National Bank as the first dividend in the liquidation of the institution which closed last February was started yesterday. C. E. Wailes, receiver for the bank, announced that checks totaling $272,000 have been received from the Comptroller of the Treasury in Washington for distribution. The initial dividend is equivalent to 40 per cent of the total individual deposits in the bank. Other obligations, such as city and county deposits secured by bonds, $56,000 loan from the Chase National Bank of New York secured by collateral valued at $159,000 and loan of $100,000 from the National Credit Corporation secured by $150,000 worth of collateral, have been paid and the bank receiver has repossessed securities, it was reported. Receiver Wailes' statement follows: E. Wailes, receiver for the Seaside National Bank of Long Beach, announces that a first dividend of 40 per cent. payable to all depositors who have proven claims, has been declared and he is now ready to deliver dividend checks "This dividend is being paid from funds acquired by the receiver in the ordinary course of liquidation, supplemented by loan from the Reconstruction Finance Corporation. This loan, which is secured by a lien on the remaining assets of the bank, must, of course, be retired, and until this loan is repaid no further dividend disbursements can be made by the receiver. It is believed that with the co-operation of the borrowers this loan can be repaid within reasonable time, and if SO, the depositors will receive such further regular dividend payments as the collections made by the receiver will warrant. "The funds of the Reconstruction Finance Corporation set aside for loans to receivers of insolvent banks are limited and the depositors of Seaside National Bank are fortunate to have an application for a loan accepted at this early date. The funds released by this loan should be a material aid to the community at this time. "I have had splendid co-operation from the insolvent division of the Comptroller's office, depositors, former officers of the bank and Long Beach citizens generally," said Receiver Wailes yesterday. "This has helped to make possible the "payment of 40 per cent dividend within about seven months from the date of the bank's closing Seaside National is the sixth bank to be liquidated by C. W. Wailes in recent years. Since he has taken charge, rental has been cut from $1250 a month to $150 and liquidation have been conducted with a minimum number of employes. Total private deposits at the time the bank went into receivership were about $700,000 of which $272,000 is to be paid to depositors immediately.

3. September 9, 1932 The Long Beach Sun Long Beach, CA
Article from The Long Beach Sun, September 9, 1932

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Article Text

More than $50,000 was paid to depositors the last part the first dividend of the Seaside NationBank. E. Wailes mounced on Wednesday that 40 cent dividend had been declared payable. The sum of $272,000 will disbursed immediately. Only 3200 out of claims have filed far, understood Residents Long Beach who have filed claims should call the ceiver's office at 223 East Broadway.

4. October 7, 1932 The San Diego Sun San Diego, CA
Article from The San Diego Sun, October 7, 1932

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Article Text

n. REPORT MADE PUBLIC Loans To California Banks Listed By United Press WASHINGTON, Oct. of the House South Trimble today announced he had decided to make public the August report of the Reconstruction Finance Corporation. Trimble's decision was announced after several days of consideration of brief in which Chairman Pomerene of the corporation protested publication. The statement of loans authorized in August included: Glendale, First National bank, $75,000; Park, Huntington Park City National bank, $10,000: Long Beach. Seaside National bank (receiver), $165,000, 5. per cent; Marysville, bank, $40,000; Madera, First National bank. $27,500; Pasadena, Citizens, Commercial Trust and Savings bank, $221,000; Salinas, Monterey County Trust and Savings bank, $130,000; Santa Ana, Farmers and Merchants Savings bank, $84,000. The following were included loan among the loans to building and Long Beach, Commonwealth Building & Loan association, $87,221.91; Oakland, Prudential Guarantee Building & Loan association, $86,000; Pasadena, California Security-Loan corporation. $90,000; Crown Building and Loan association,

5. October 7, 1932 Salt Lake Telegram Salt Lake City, UT
Article from Salt Lake Telegram, October 7, 1932

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Article Text

$186,209,310 LOANED BY R.F.C. (By Press) WASHINGTON. Oct. 7-The Reconstruction corporation report for August, made public today by South Trimble, clerk of the house of representatives, showed loans totaling $186,209,310 authorized during that month. The report, in part, follows: Banks and trust companies: First National bank, Holbrook, $7300; First National-bank, Holbrook, $5250; Helper State bank, Helper, $56,500; First State bank of Alamosa, Alamosa, $10,000; Nogales National bank (receiver). Nogales, $40,000; Valley Bank & Trust Co., Phoenix, $280,000; Boulder National bank, Boul der, erdinand State bank, Ferdinand, $3100; First Security bank of Gooding: First Savings Bank & Trust Co. of Albuquerque, $150,000; McFarland Brothers' bank, Logan, $10,000; First National bank of Nephi, $15,000; Bank of Arizona, Prescott, $51,250: Yavapai "County Savings, Prescott, $32,500: First Savings bank of Ogden, $171,933 19: Anderson Brothers' bank, Idaho Falls, $296,235; United Bank & Trust Co., Tucson, $20,000; Modoe County bank, Alturas, $30,000; Sandy City bank, $21,100; First Security bank of Jerome, $30,000; Modoc County bank, Alturas, $15,000: Anaheim First National bank, Anaheim. $18,000; Bank of Cambria, sold $50,000; People's Savings & Commer ciol bank, Chico, $42,000; The Com mercial bank of Spanish Fork, $26, 300; Moscow State bank, Moscow, First National bank of Coachella, $40,000; First National bank of Cor coran, $20,000; New Plymouth State bank, New Plymouth, $5600; Menden hall Banking company, Springville, 5 $19,000; First National of Cucamonga, $10,000; Bank of Folsom, $27, 500; First National bank in Glendale, $75,000; First National bank, Hermosa Beach, $10,000; Bank of Orofino, $8110; Farmers' State bank, Woods Cross, $9850: First Bank of Hermosa December Beach, $8250; City National bank of May Huntington Park, $10,000; First National of Laton, $15,000; Farmers & Merchants of Laverne, $30,000; First Security ban $44,500; Lindsay bank, Lindsay, $75, 000; Seaside National bank of Long Beach (receiver $165,000; Decker Jeweit bank, Marysville, $40,000; Lumbermen's Bank & Trust Co., St. Maries, $22,630; First National of Madera, bank, Maywood, $15,000: First National bank of Monterey, $65,800; Farmers bank, Star, $5800; First National bank of Newport Beach (receiver), $19,000; Citizens' Commerce Trust & Savings bank, Pasadena, Twin Falls Bank & Trust Co., Twin Falls, $33,000; First National bank of Craig (receiver), $13,000; J. Harris & Co., Bankers, Dolores, $15,000; First National of Pacific $25,000; Monterey County Trust & Savings bank, Salinas, $130,000: Douglas County bank, Parker, $13,000; Farmers' & Merchants' bank of Santa Ana, $84,000; Platteville National bank, Platteville, $10,000; Citizens' Commercial & Savings bank, Sequel, $10,000; Colorado bank, Pueblo, $45,000; First National of Torrance, $13,000; State bank of Ramah, $5000; First National bank. Vacaville, $20,000; Simla State bank, Simla, $3000.

6. October 7, 1932 Los Angeles Evening Post-Record Los Angeles, CA
Article from Los Angeles Evening Post-Record, October 7, 1932

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Article Text

R.F.C.LOANS 122 MILLION IN AUGUST Figures Revealed Over Protests of Chairman Pomerene WASHINGTON. Oct. 7.-New Reconstruction Finance Corporation loans aggregating $111,596,631.90 were authorized in August, it was revealed today in the report of the corporation made public by Clerk of the House South Trimble. Previously authorized loans were increased during August by $10,681.010, the report said, making an age gregate of $122,277,641.90. The report was made public by Trimble over protest of the finance corporation. Chairman Atlee Pomerene of the corporation on Sept. 29 protested to Trimble that publication was interfering with operation of the relief project and should be stopped. Trimble issued a printed statement explaining his position and saying: "The corporation has protested my recent action permitting inspection of their first monthly reports by letter of its chairman, Honorable Atlee Pomerene, submitting brief by their general counsel, Norton G. Bode." "The law does not give me any discretion to withhold these reports,' Trimble concluded. In the summary of loan operations made public today the aggregate of $122,277,641 was divided as follows: BANKS GET $85,000,000 Banks and trust companies, $85.057,605. including $7,773,900 to aid in reorganization or liquidation of closed banks. Building and loan associations, $5,696,499 to railroad receivers. Insurance companies, $3,708,700. Mortgage loan companies, $2,101,720. Federal land bank, $3,000,000. Joint stock land bank, $55,000,000 Agricultural credit corporations, $394,021.63. Livestock credit corporations, $2,-1 1100 NEW LOANS The number of new loans totalled 1110 and during the August period the corporation received 1151 loan applications. The corporation made $13,931,699 available for relief work during August. Repayments to the corporation during the month of August totalled $35,241 The corporation allocated $10,000,000 during August to the Secretary of Agriculture. The statement of loans authorized in August included: First National Bank, $75,000; Huntington Park, Huntington Park City National Bank, $10,000; Long Beach, Seaside National Bank (receiver), $165,000, 5 per cent; Pasadena, Citizens Commercial Trust and Savings Bank, $225,000: Santa Ana, Farmers' and Merchants' Savings Bank, $84,000. The following were included among the loans to building and loan associations: CALIFORNIA-Long Beach, Com. monwealth Building Loan Association, $87,221.95; Pasadena, Callfornia Security Corporation, $90,000; Crown Building Loan Association, $57,500.

7. October 8, 1932 Modesto News-Herald Modesto, CA
Article from Modesto News-Herald, October 8, 1932

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Article Text

PAGE EIGHT VALLEY BANKS ON LIST REVEALED BY CLERK OF HOUSE Repayments During August Total $35,241,799; Many Applications (Continued From Page 1) of his counsel "contains all have to sav on the matter said that "The publication of the Reconstruction Finance Corporation 10port furnishes the depositors the additional information that their bank adequate security to meet all governmental requirements necessary to obtain a loan. "That this assurance to the depositors of great value is recognized by many banks in deliberately giving publicity to the fact that they have obtained loan from the Reconstruction F1nance Corporation. The publication of July report of the Reconstruction Finance Corporation, during the month of August did not have the bad effect upon the banks a3 predicted by the opponents of the provision "This shown by the greatly decreased number of bank suspensions that have occurred since the report was published "During the month of July there were 131 suspensions During the month of August eighty five suspensions, and during the month of September sixty-three suspensions. "All of the other objections laised in the brief as to the wisdom of policy of requiring a public monthly report of the corporation's activities were presented to congress by the corporation 01 other persons before the act was passed. The statement also took issue with Pomerenes contention that Timble should await the December session of cong to permit the house to act on the publication question California loans included in the report follows Banks and trust companies Altuias, Modoc County Bank. $30,000 $50,000, Chico, Peoples Savings, $42,000; Coschella, First National. $40,000; Corcoian, First National, $20,000; Cucamonga, First National. $10,000, Folsom, Bank of Folsom. $27,500; Glendale, First National, $75,000; Hermosa Beach, First National, $10,000: Hermosa Beach, First Bank of Hermosa Beach tional, $10,000, Laton, First Na tional. $15,000: Laverne, Farmers and Merchants, $30 000, Lindsay. Lindsay Savings, $75.000. Long Beach. Seaside National (receiver) $165,000; Marysville, Deckei-Jew$27,500; Maywood, Maywood Bank, $15,000; Monterey, First National, $65,000, Newport Beach, First National (receiver), $19,000. Pasadena, Citizens Commercial $225,000: Pacific Giove, First National, $25,000 Salinas, Monterey County, $130,000, Santa Ana, Farmers and MerCommercial, $10,000 Torrance, First National, $20,000.

8. October 8, 1932 Tulare Daily Times Tulare, CA
Article from Tulare Daily Times, October 8, 1932

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GOVERNMENT'S LOANS IN STATE ARE ANNOUNCED Madera, Salinas, Glendale Banks Among Those Aided WASHINGTON, Oct. 7. (UP) -New reconstruction Finance corporation loans aggregating $111,596,631.90 were authorized in August, it was revealed today in the report of the corporation made public by Clerk of the house South Trimble. Previously authorized loans were increased during August by $10,681,010, the report said, making an aggregate of $122,277, The statement of loans authorized in August included: California-Glendale, First National Bank, $75,000; Huntington Park, Huntington Park City National Bank, $10,000; Long Beach, Senside National Bank (receiver), $165,000, 5 percent ;Marysville, Decker-Jewett Bank, $40,000; Madera, First National Bank, $27.500; Pasadena, citizens, commercial Trust and Savings Bank, $225,000; Salinas, Monterey County Trust and Savings Bank, $130,000; Santa Ana, Farmers and Merchants Savings Bank. The following were included among the loans to building and loan associations: California: Long Beach, Commonwealth Building & Loan assn., $87,221.95. Oaksland, Prudential Guarantee Building & Loan assn., $86,000; Pasadena, Colifarnia Security-Loan Corp., $90,000; Crown Building Loan Association, $57,500.

9. June 21, 1933 Press-Telegram Long Beach, CA
Article from Press-Telegram, June 21, 1933

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Hubbards Named in Foreclosure of Apartments Omar H. Hubbard and his wife Didama L Hubbard, today were named defendants in a Los Angeles Superior Court suit in which the Seaside National Bank receiver. of Long Beach, seeks to foreclose mortgages on portions the Omar Hubbard Building to satisfy terms of defaulted notes amounting to $34,972. E. bank receiver. asks foreclosure on ten apartments to satisfy note of given vember 1928, and asks foreclosure on two apartments to satisfy note of $4500 given the bank October 31. 1929. The Title Insurance & Trust Company of Los Angeles also is made defendant but the receiver asks only that the trust company's claim on the property be made sec. ondary to the bank's Interest. The apartments involved are Nos 102 702 and 802, The action asks "that the usual decree be made for sale of said premises by the Sheriff: that proceeds of the sale be applied in pay. ment of the amount due. Attorney Michael G. Luddy of Los Angeles filed the action asking $1800 legal fees for collection of $34,972 the total amount due including interest.

10. June 22, 1933 The Long Beach Sun Long Beach, CA
Article from The Long Beach Sun, June 22, 1933

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Hubbards Sued for $24,972 Over Defaulted Notes A Los Angeles Superior Court suit was filed yesterday by the Seaside National Bank receiver of Long Beach against Omar H. Hubbard and his wife, Didama L. Hubbard. The plaintiff seeks to foreclose mortgages on portions of the Omar Hubbard Building to satisfy terms of notes amounting to $24,972. C. E. Wailes is the bank receiver. on twelve apartments is asked. The chain of office worn by the mayor of Middlesborough, England. although bought fifty years ago, is not paid for yet. Only $885 have been paid of the original price of $1250.