Bank of Perris (Perris, CA)

Episode Information

Episode UID
6557775391441
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
655777539 hash
Start Date
January 1, 1920*
Location
Perris, California (33.783, -117.229)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
57e001c7920b0b84

Response Measures

None

Description

Articles state the bank failed about three years before 1923 (approx. 1920) but give no formal receivership date.

Events (1)
1. January 1, 1920* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Failure cited with a shortage (~$41,000) and association with financier Joseph Marcino; payments by others to cover losses.
Newspaper Excerpt
About three years ago the bank of Perris, Cal., near Los Angeles, failed
Source
newspapers

Newspaper Articles (3)
1. February 23, 1923 The Daily Times Davenport, IA
Article from The Daily Times, February 23, 1923

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Article Text

short $248,000, is the son of an Italian baker of Chicago. While in Buffalo, Marcino extended his holdings, buying the controlling interests in the Merchants and Mechanics bank of Philadelphia, which failed last week, and the First National bank of Warren, Mass., where the discovery of an alleged shortage of $213,000 caused officers to start a search for Marcino and brought about the arrest of Taylor here. "I have always helped him," Mr Goldman said, in referring to the spectacular rise of the former barber. "I got him out of trouble. He ran away with my daughter four years ago. When they eloped I had to make the best of it." Wrecked California Bank About three years ago the bank of Perris, Cal., near Los Angeles, failed, and Marcino's name was named in connection with the collapse. After that he disappeared with his wife, going first to South America and thence to Italy, where he was a purchasing agent for the Italian government during the war. Of his return Mr Goldman said: "They returned to this country about 18 months ago and came to my home. Then I discovered about this California trouble. He begged me to help him and for my daughter's sake I did. Mrs Goldman, my wife, went to California. She paid $5,000 in cash and took notes for $6,000 more to get him out of trouble. "That was the bank of Perris. I understood it failed for $41,000 and A. L. Greenburg of Los Angeles paid $30,000 and we the $11,000." Then Mr Goldman told of his son-in-law's connection with the Warren institution and the Buffalo Insurance Co. "I thought he was on the road to success, and when he asked me to be honorary vice president of the Warren bank, I accepted the position and signed some papers for him." Mr Goldman denied that he had paid large sums of money for his son-in-law, asserting the only money paid to him or for him was in connection with the California episode. Associated with Worthington On the Pacific coast Marcino was reported to have connected with banking institutions at San Pedro, Beaumont, Banning, Venice and Perris. Later he was mentioned in connection with banks in Cedar Point, Ill., where he was said to have been associated with John Worthington, termed "the Wolf of La Salle street," who was sentenced here yesterday to two years in the federal prison, Fairmount, Ind., and Weyauwega, Wis. Eleven years ago Marcino, then 16 years old, donned a barber's coat in a Chicago shop. Subsequently he became an insurance salesman. In 1914 he was said to have been employed by the Globe Insurance Co. Later he was reported to have organized the Public Life Insurance Co., selling policies among Italians. His career as a banker, according to investigations here, started with the Atlas Exchange bank, eventually closed by a bank examiner. From this start he went from one bank to another, the number of which investigators are now bending their efforts to ascertain.

2. February 23, 1923 The Courier Waterloo, IA
Article from The Courier, February 23, 1923

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Article Text

FUGITIVE WRECKER OF BANKS MAY BE DEAD, NOTE HINTS Investigators Follow Marcino's Spectacular Career Thru High Finance. NATIONWIDE SEARCH ON FOR CROOKED FINANCIER Son of Italian Baker Astonishes Police With Magnitude of His Operations. (By the Associated Press) Chicago, Feb. 23.—While authorities in various parts of the United States today continued checking up the operations of Joseph M. Marcino, alias Joseph B. Biata, who rose from a barber to a buyer of banks and whose financial deals were reported to have caused losses approximating $591,000, reports here indicated that he might have committed suicide. That theory found its inception in a letter written by Marcino from some point in Texas or Mexico to Abraham Goldman, Chicago, his father-in-law, and who, according to investigators, supplied the missing man with funds in a greater or lesser amount. The letter, said to contain a minute account of the fugitive's financial career since its beginning here in Chicago, was reported to indicate that Marcino might end his life so that creditors could realize on his life insurance policies, totaling $100,000. "The only thing that remains for me to do," he was reported to have written, "is to disappear from the face of the earth into oblivion, or endure a life of suffering. I only hope within a few years, thru the proceeds of my insurance, to repay creditors." Taylor Faces Arraignment. Today Frank L. Taylor, a former railroad fireman, finally advanced to president of the First National bank of Warren, Mass., by the fugitive, at a salary of $50 a week, faced arraignment in the federal court here following the reported discovery of a $213,000 shortage in accounts of the Warren institution. Marcino, as he was known in Buffalo, N. Y., where he acquired the controlling interest in the Bison Holding corporation, the holding concern of the Niagara Insurance company, the accounts of which investigators have declared are short $248,000, is the son of an Italian baker of Chicago. While in Buffalo Marcino extended his holdings, buying the controlling interests in the Merchants and Mechanics bank, Philadelphia, which failed last week, and the First National bank, Warren, Mass., where the discovery of an alleged shortage of $213,000 caused officers to start a search for Marcino and brought about the arrest of Taylor here. "I have always helped him," Goldman said, in referring to the spectacular rise of the former barber. "I got him out trouble. He ran away with my daughter four years ago. When they eloped I had to make the best of it." Trouble in California. About three years ago the Bank of Perris, Cal., near Los Angeles, failed and Marcino's name was mentioned in connection with the collapse. After that he disappeared with his wife, going first to South America and thence to Italy, where he was a purchasing agent for the Italian government during the war. Of his return, Goldman said: "They returned to this country about 18 months ago and came to my home. Then I discovered about this California trouble. He begged me to help him and for my daughter's sake I did. Mrs. Goldman, my wife, went to California. She paid $5,000 in cash and took notes for $6,000 more to get him out of trouble. "That was the Bank of Perris. I understand it failed later." Then Goldman told of his son-in-law's connection with the Warren institution and the Buffalo Insurance company: "I thought he was on the road to success, and when he asked me to be honorary vice president of the Warren bank I accepted the position and signed some papers for him." With Many Banks. Goldman denied that he had paid large sums of money for his son-in-law, asserting the only money paid to him or for him was in connection with the California episode. On the Pacific coast Marcino was reported to have been connected with banking institutions in San Pedro, Beaumont, Banning, Venice and Perris. Later he was mentioned in connection with banks in Cedar Point, Ill., where he was said to have been associated with John Worthington, termed "the wolf of LaSalle street," who was sentenced here yesterday to two years in the federal prison; Fairmount, Ind., and Weyauwega, Wis. Eleven years ago Marcino, then 16 years old, donned a barber's coat in a Chicago shop. Subsequently, he became an insurance salesman. In 1914 he was said to have been employed by the Globe Insurance company. Later he was reported to have organized the Public Life Insurance company, selling policies among Italians. His career as a banker, according to investigations here, started with the Atlas Exchange bank, eventually closed by a bank examiner. From this start he went from one bank to another, the number of which investigators are now bending their efforts to ascertain."

3. February 23, 1923 The Muscatine Journal Muscatine, IA
Article from The Muscatine Journal, February 23, 1923

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Article Text

CHICAGO BANK 'PONZI' IS GONE; (Continued from Page One.) controlling interest in the Bison Holding corporation, the holding concern of the Niagara Insurance company, the accounts of which investigators have declared are short $248,000, is the son of an Italian baker of Chicago. Investigate Shortage While in Buffalo Marcino extended his holdings, buying the controlling interests in the Merchants and Mechanics bank of Philadelphia, which failed last week and the First National bank of Warren, Mass., where the discovery of an alleged shortage of $213,000 caused officers to start a search for Marcino and brought about the arrest of Taylor here. About three years ago the bank of Perris, Calif., near Los Angeles failed and Marcino's name was mentioned in connection with the collapse. After that he disappeared with his wife, going first to South America and thence to Italy where he was a purchasing agent for the Italian government during the war. Father-in-Law Aids Of his return Mr. Goldman said: "They returned to this country about 18 months ago and came to my home. Then I discovered about this California trouble. He begged me to help him and for my daughter's sake I did. Mrs. Goldman, my wife, went to California. She paid $5,000 in cash and took notes for $6,000 more to get him out of trouble. "That was the bank of Perris. I understood it failed for $41,000, and A. L. Greenburg of Los Angeles paid $30,000 and we the $11,000." Then Mr. Goldman told of his son-in-law's connection with the Warren institution and the Buffalo insurance company: "I thought he was on the road to success; and when he asked me to be honorary vice president of the Warren bank, I accepted the position and signed some papers for him." Failures In California Mr. Goldman denied that he had paid large sums of money for his son-in-law, asserting the only money paid to him or for him was in connection with the California episode. On the Pacific coast Marcino was reported to have been connected with banking institutions in San Pedro, Beaumont, Banning, Venice and Perris. Later he was mentioned in connection with banks in Cedar Point, Ill., where he was said to have been associated with John Worthington, termed "The Wolf of LaSalle Street," who was sentenced here yesterday to two years in the federal prison; Fairmount, Ind., and Weyauwega, Wis. Starts As Barber Eleven years ago Marcino, then 16 years old, donned a barber's coat in a Chicago shop. Subsequently he became an insurance salesman. In 1914 he was said to have been employed by the Globe Insurance company. Later he was reported to have organized the Public Life Insurance company, selling policies among Italians.