686. First National Bank (Baldwin Park, CA)

View Charter #10685 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
10685
Charter Number
10685
Start Date
October 19, 1931
Location
Baldwin Park, California (34.085, -117.961)

Metadata

Model
gpt-5-mini
Short Digest
e4c461ac6b6f125c

Response Measures

None

Receivership Details

Depositor recovery rate
42.0%
Date receivership started
1931-10-22
Date receivership terminated
1938-04-23
Share of assets assessed as good
51.1%
Share of assets assessed as doubtful
32.8%
Share of assets assessed as worthless
16.1%

Description

The First National Bank of Baldwin Park closed its doors Oct. 19, 1931 and the Comptroller of the Currency appointed F. W. Heathcote as receiver (article dated 1931-10-28). Newspaper copy (Nov. 4) states there is no probability the national bank would be reopened under its old charter and that liquidation is proceeding. No article describes a depositor run prior to suspension; closure was by regulatory action and led to liquidation/receivership.

Events (5)
1. January 20, 1915 Chartered
Source
historical_nic
2. October 19, 1931 Suspension
Cause
Government Action
Cause Details
Closed by the Comptroller of the Currency (regulatory seizure) on Oct. 19, 1931.
Newspaper Excerpt
First National Bank of Baldwin Park, which closed its doors on the 19th inst.
Source
newspapers
3. October 22, 1931 Receivership
Source
historical_nic
4. October 28, 1931 Receivership
Newspaper Excerpt
F. W. Heathcote has been appointed by the comptroller of the currency as receiver for the First National Bank of Baldwin Park.
Source
newspapers
5. November 4, 1931 Other
Newspaper Excerpt
Baldwin Park Savings Bank Opens Yesterday for Liquidation — liquidation of both banks...Heathcote stated that there [is] no probability that the national bank would be reopened here under its old charter.
Source
newspapers

Newspaper Articles (2)
1. October 28, 1931 The Los Angeles Times Los Angeles, CA
Article from The Los Angeles Times, October 28, 1931

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Article Text

HEATHCOTE NAMED BANK RECEIVER F. W. Heathcote has been appointed by the comptroller of the currency as for the First National Bank of Baldwin Park. which closed its doors on the 19th inst. Mr. Heathcote will liquidate this bank simultaneously with the other bank receiverships in his hands.

2. November 4, 1931 Monrovia News-Post Monrovia, CA
Article from Monrovia News-Post, November 4, 1931

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Article Text

Baldwin Park Savings Bank Opens Yesterday for Liquidation BALDWIN PARK, Nov. the reopening of the Baldwin Park Savings bank today for completion of its as required by law, the first step towards solution local banking problem was made since the taking over of the savings bank and the First National Baldwin Park by national and state banking departments two weeks special state uty bank superintendent, charge of the liquidation, assisted McBirney. recent mass meeting of depositors, Robinand Heathcote, national bank receiver, promised to work rapidly possible to effect liquidation of both banks. In answer to question, Heathcote stated that there no probability that the national bank would be reopened here under its old charter. new charter would be needed for reorganization, he said, of bank. According to H. president of the defunct institutions, new bank may be organized Baldwin Park in the near future.