Union National Bank (Oakland, CA)

View Charter #2266 on SPMC View balance sheet

Episode Information

Episode UID
226601276
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
22660 national
Charter Number
2266
Start Date
April 25, 1906
Location
Oakland, California (37.804, -122.271)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
d48b0ce0cde011a3

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1909-04-14
Date receivership terminated
1918-10-31
OCC cause of failure
Losses
Share of assets assessed as good
22.4%
Share of assets assessed as doubtful
30.2%
Share of assets assessed as worthless
47.4%

Description

Bank reopened after April 1906 quake; acquired August 1906 and soon after suspended and later failed (by 1909 indictments).

Events (5)
1. May 20, 1875 Chartered
Source
historical_nic
2. April 25, 1906 Reopening
Newspaper Excerpt
All the banks of the city opened today, by direction of the State Bank Commissioners. Savings bank depositors were permitted to withdraw small amounts.
Source
newspapers
3. August 1, 1906* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Acquired in Aug 1906 by California Safe Deposit & Trust; that institution failed and the Oakland bank suspended business.
Newspaper Excerpt
The bank in which the alleged frauds were committed, was acquired in August, 1906 by the California Safe Deposit and Trust company. Shortly after that institution failed the Oakland bank suspended business.
Source
newspapers
4. April 14, 1909 Receivership
Source
historical_nic
5. November 9, 1909 Receivership
Newspaper Excerpt
As a result of the failure of the Union National bank of Oakland... indictments were returned ... charging them with misapplying the funds of the bank.
Source
newspapers

Newspaper Articles (6)
1. April 22, 1906 The Sun New York, NY
Article from The Sun, April 22, 1906

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Article Text

holidays "in the interest of public welfare, and in consequence no legal business can be transacted and all banks will remain closed. Another important meeting in Oakland to-day was that of the San Francisco Clearing House, which discussed the financial question and prepared plans which will be submitted to the State Clearing Association in Oakland Tuesday. While the State bank report shows all the banks throughout the State in good condition yet a large majority of the smaller institutions had large deposits with the San Francisco banks and the situation is very grave. A general suspension of banking business throughout the State until the monetary condition is readjusted was the general idea of the bankers attending the meeting. WASHINGTON, April 21.-The Treasury Department to-day received several telegrams relating to the condition of banking property and the financial outlook in San Francisco. Supt. Leach of the San Francisco Mint reported that every bank in the devastated city was buried in ruins, but banks in Oakland, Berkeley and Ala= meda were able to resume business. The telegrams to Secretary Shaw follow: "Thanks for your complimentary despatch. Every bank in San Francisco buried in ruins. All banks in Oakland, Berkeley and Alameda able to resume business, including First National, Oakland; Union National, Oakland; First National, Berkeley, and Berkeley National, Berkeley. "It looks as if Oakland must be temporarily the banking centre for California north of Tehachapi. State Banking Commissioners have located office in Oakland to meet this condition. "The suburban banks ought to have free and prompt telegraphic transfer of funds. In view of the ruined condition of SubTreasury, advise making the transfers direct through the Mint. "The Sub-Treasury went down in the fire early, and is now surrounded by blocks of ruins. "The fire is still burning, but it is thought to be confined to a few blocks of residences somewhat isolated. No foundation for published statement of attack on Mint. "Will do what I can about bureau of information of refugees. Have received to-day Meline's order for transfer of funds to Bank of California, San Francisco. "LEACH, Superintendent U.S. Mint." "My temporary address is 3147 Clay street, San Francisco. All San Francisco banking houses destroyed. None destroyed in Oakland. Cannot report at present as to condition of suburban banks. "Sub-Treasury roof caved in. Vaults apparently intact, but blocked with débris. After consultation with leading bankers, will report as to best plan of procedure. "JULIUSJACOBS, 'Assistant Treasurer, U.S." "Plenty water at Unalaska wharf. All business portion of San Francisco burned except Appraiser's building. Crew of Thetis and Bear have done guard duty since the earthquake Can'tsay when they can resume ships' duty. City burning. HUMMEL, "Official Treasury Department. OMAHA, Neb., April 21.-Joseph Tobin, president of the Hibernia National Bank, San Francisco, en route from New York, received a telegram in Omaha to-day reading: "Bank destroyed; every dollar in vaults gone." After reading the telegram President Tobin said: "Our deposits were up in the millions of dollars. We will pay dollar for dollar to all depositors."

2. April 26, 1906 The Sun New York, NY
Article from The Sun, April 26, 1906

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Article Text

the regular ten cent pay fare were who had it but persons unable who to are getting free. The welcomed this, the about half the into men service as laborers. caught collected, passed streets cleared them soldiers in taken the inflowing thought and to press has trade. small It on crowd The is the their relief subject intention as committee of possible opening to put on a up as self-sustaining many retail of work, plans. shop and basis. a keepers sub-committee This is a gigantic is already piece discussing five OF MEAT TO BE HAD. four PLENTY the first or South The is meat over. famine The were slaughter of not touched, houses consign- in either days Francisco Immense by San fire or earthquake hoof have been com- of ments of meat on south, the where the string Jose from the run from San Mexican border, The to ing Miller the in and Lux from ranches the east. and still more relief manager comes comevery day houses told there the are 3,000 of this morning 300 hogs in the mittee the slaughter cattle and that present uses. yards. sheep, 1,500 seems ample for San Francisco The So supply much food is that coming the Oakland send relief no from the Houth decided yesterday provisions to to San more committee wagonloads of present the hungry GovFrancisco. Just will at be fed from the Howof ernment San Francisco Commissary retail stores Department. began from to open, one ever, since the got legitimately little money got itself into quarter with supplies or another circulation and since there is less real startOakland money. dependence on banks pharity. have helped in So far coin. The a supply of ready them $8,000,000 to in do 80, mint has not bound they ing Although the they sent are of legal holidays, each of have passed this being a period out a little cash to their depositors. 60,000 SENT OUT. Southern There Company was a time was when unpopular likely the to in live San Pacific The road The is Southern Pacific pasFrancisco. down in this crisis. Fé have put on all they the can and the accommodations Santa are rushing that the people get senger scrape together, is and only necessary they to give East free. In issuing It the children passes and weak- full preference pass. to passes women, are issued road to has the issued lings, but train the service. Right Each of way over limit 30,000 passes. paid about of trains carrying carrying passengers refugees. men regular the trains able bodied is given to will not permit direct charge The guards unless they are too in badly needed to get out, These are Labor is quoted of families. clearing of the city. all the advertising of at in the Klondike prices, newspapers consisting carried wanted" by the advertisements. ARRIVE. help PLUMBERS Three hundred 300 of a the call plumbers even and when for are which the at the Mayor burning issued have sewer mains. arrived flushed They got is This yesterday. work city was several on the water newers and good cleared news and to the sanireported that tary corps. the Board of list Health but little has greater the In fact, finds the sick conditions. It has report the cases mild a than it under of only normal one of death sickness due in directly which form. to hard- Such mild exship posure; has brought disease on are as there more is exists of it in than in contagious and there is no Francisco was a all city to form; when San board lays it former days The sanitary measures. and not a camp. of the pays its tribute are the army. Here the promptness again San Three Francisco hundred wagons By water mains disposing to the end of garbage. of two all weeks over the the city. in a Some Bcare will Eastern be working experts have of thrown contagion sensible people in the about the possibilities supply; and is the prinpolluted their water. but San Francisco from danger in this; immune always cipal are boiling been water singularly coroner's Typhoid office were have has typhoid. deputies of the Twenty-five ruins more south The bodies. from the Teleburied 300 yesterday Chinatown and for of Market have not been there recovered street. especially searched may graph in Hill Chinatown the ruins. An accurate death SMALL PAYMENTS dead; be many list still is still under an impossibility. FROM BANKS. banks, following Francisco have the lead opened in sums The San of the Oakland the Post banks, Office Building, out to up for business begin paying Francisco small banks limit will and The San depositor. is pay only $500 deposits at with small for the present at to commercial scale depositors. for savings will payments to each $30, Oakland small accounts. The discre- run- and set tionary idea is to start the on a city gets to preThe increase same as time, the the banks gradually ning. to At receive the deposits. bankers there To was surprise Prob- more of pared the deposited Oakland than funds withdrawn. which have money comes from the disaster business in the reached ably this the Easterners city since arriving containing on bills. time and in cannot continue long: for This it be mainly pockets registered of outgo. letters BY MAIL. some had must TELEGRAMS SENT OUT which piled were Seven up thousand without much despatched telegrams, hope by of East getting mail from to- on the wire, Union office on from different the Western They will be wired catch a free wire. that day. where they can is through, seeing and Post Office hurried giving places these The messages are Department reach the anxious East, friends, in they will probably than 7,000 waited their turn and the relief much sooner to crush more than of Government, if they business

3. April 26, 1906 The San Francisco Call San Francisco, CA
Article from The San Francisco Call, April 26, 1906

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Article Text

OAKLAND BANKS RESUME AND DEPOSITS ARE LARGE Funds Received Reported to Exceed Those That Are Paid Out to Creditors. OAKLAND, April 25.-All the banks of the city opened today, by direction of the State Bank Commissioners. Savings bank depositors were permitted to withdraw small amounts. Commercial business is receiving attention in the usual manner. A committee of bankers is formulating a plan for reopening all the interior banks at the earliest possible moment. The limit put upon savings bank patrons who desired to withdraw money today was set at $30. No limit was put upon commercial bank business, although the understanding prevailed that no large sums should be taken out except in cases of great necessity. The money will be released in larger amounts from day to day. Despite the supposed scarcity of cash in circulation, a large amount of money was brought in for deposit It is estimated that ten times the amount of money taken out was brought in for deposit. W. W. Garthwaite of the Oakland Bank of Savings said: "Up to last night the local banks had received from the U. S. Mint about $2,000,000. Today about $2,000,000 more came from the mint. If deposits continue to be made as they were today we shall not require much more money from the mint. Each bank has received a share of the gold from the city. The banks will hold meetings daily at 4 o'clock to insure harmony of action."

4. April 27, 1906 The Barre Daily Times Barre, VT
Article from The Barre Daily Times, April 27, 1906

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Article Text

PARDEE TO CALL EXTRA SESSION. To Pass Laws Demanded by the San Francisco Situation. Oakland. Cal., April 27.-It was said yesterday on the best of authority that a special session of the Legislatura would be called at once to provide for laws demanded by the situation. A conference of insurance men will be held here today to decide on a policy of paying losses. The bank vaults in San Francisco will not be opened for at least thirty days. The Oakland banks opened today and are paying off savings deposits and commercial accounts. There was no run and no excitement, and the strange part of it all was that customers put in more money than was withdrawn. Complete communication has been restored be. tween Oakland and San Francisco. Local trains are running again on their regular schedule The refugees that have come to this city have been placed in reconcentrado camps so that the relief work may be systematized. San Francisco firms are scrambling to obtain permanent locations on this side of the bay. In the meantime building operations in the stricken city are being pressed forward with great energy.

5. November 10, 1909 Tonopah Daily Bonanza Tonopah, NV
Article from Tonopah Daily Bonanza, November 10, 1909

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Article Text

CHARGED WITH MISAPPLYING FUNDS OF OAKLAND BANK By Associated Press. ) The indictments were returned secretly several days ago, but no atSAN FRANCISCO, Nov. 9.-As a tempt was made to serve the warresult of the failure of the Union rants until today. Both @were reNational bank of Oakland, Thomas leased under $5000 bonds. Prather, formerly president of the institution, and former Congressman The bank in which the alleged Warren English, who was a direcfrauds were committed, was actor of the bank, surrendered themquired in August, 1906, by the Calselves to a United States marshal ifornia Safe Deposit and Trust comhere today when they learned that pany. Shortly after that instituhe held warrants against them on tion failed the Oakland bank susindictments drawn by the federal pended business. The two bankers grand jury charging them with miswere jointly indicted on a charge of applying funds -of the bank. making various dummy loans.

6. November 10, 1909 Los Angeles Herald Los Angeles, CA
Article from Los Angeles Herald, November 10, 1909

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Article Text

BANKERS DENY BEING GUILTY INDICTED FINANCIERS SURRENDER THEMSELVES MISAPPLICATION OF FUNDS OF INSTITUTION CHARGED Arrest Due to Failure of Union National Bank at Oakland - Both Prisoners Released on $5000 Bonds Each [By Associated Press.1 SAN FRANCISCO, Nov. 9.-As a result of the failure of the Union National bank of Oakland, Thomas Prather, who was president of the bank, and former Congressman Warren B. English, a former director of the defunct institution, surrendered themselves to the United States marshal here this afternoon when they learned he held warrants against them on indictments drawn by the federal grand jury charging them with misapplying the funds of the bank. The indictments were returned secretly several days ago, but no attempt was made to serve the warrants until today. The accused men were notified they were wanted early in the day and when they appeared at the office of United States Marshal Elliott they were provided with bondsmen, who put up $5000 for the release of each of the bankers, The bank in which the alleged frouds were committed was acquired in August, 1906, by the California Safe Deposit and Trust company. and shortly after that institution failed the Oakland bank suspended business. At the time an investigation was begun by the comptroller of the currency, but no formal charges were made against the officials of the bank until the last session of the federal grand jury for the northern district of California. When the jury adjourned at the end of October the two indictments against Prather and English were returned secretly. The two bankers are jointly indicted on the charge of making various dummy loans. The first count charges Prather with making a loan of $2,203.50 to English on insufficient security and without the knowledge or consent of the directors. The count charges that Prather knew at the time the note was not and that good the bank for the lost amount the sum borrowed, loaned. Notes Said to Be Kited The second count is a repetition of the first, except that the sum of $1100 is involved. The third count charges that Prather loaned $34,000 to I. Harrison Clay on the agreement that the money was to be for the use and investment of the bank president. It is further alleged that subsequently, without the knowledge or consent of the directors, he compelled the bank to accept $19,000 and the promissory note of I. H. Clay for $15,000 in full satisfaction of the sum of $34,000. When arrested Prather declined to make a formal statement and contented himself with declaring he did not know any cause for his arrest. After he had completed the formality of giving bonds former Congressman English said: "I am not guilty of any wrongdoing. The indictment against me is wholly unwarranted and unjustiflable. "Immediately upon being notified of the charges I hurried home from the east to meet the accusations. I ask my friends to suspend judgment in the matter until the facts are known and I assure them of my vindication. I do not know what the charge is and am not conscious of having violated any laws of the United States." Both of the indicted men are well known in financial and political circles. English was elected to congress on the Democratic ticket, and he has been an active worker in the national councils of his party. Besides having of Nais with tional held the bank, presidency Prather connected the Union some of the largest corporations in this