The First National Bank of Beverly Hills was closed by its board of directors on June 3, 1932, placed in receivership mid-June (receiver H. F. Schilling appointed June 13–14, 1932) and did not reopen; later events include receivership administration (dividend declared Dec 1932) and litigation/indictments. Articles describe alleged misapplication of funds and questionable stock transactions by management, indicating bank-specific adverse information and insolvency rather than a mere rumor-driven run.
Events (7)
1.September 23, 1919Chartered
Source
historical_nic
2.June 3, 1932Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed by board of directors amid insolvency and allegations of misapplication of funds and improper stock transactions by officers (Richard L. Hargreaves).
Newspaper Excerpt
the bank closed last June ... The First National Bank is ... closed June 3 by its board of directors
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newspapers
3.June 7, 1932Receivership
Source
historical_nic
4.June 14, 1932Receivership
Newspaper Excerpt
H. Schilling ... appointed receiver for First National Bank Beverly Hills ... appointment of Mr. Schilling to the receivership was made late yesterday by the comptroller of currency
Source
newspapers
5.August 5, 1932Other
Newspaper Excerpt
Mrs. Nellie E. Taylor ... sued H. F. Schilling, receiver for the closed First National Bank of Beverly Hills, for $200,000 ... alleges inducement to buy bank stock at inflated prices
Source
newspapers
6.December 13, 1932Other
Newspaper Excerpt
Schilling, receiver for the First National Bank of Beverly Hills, today announced a dividend of 15 per cent. the first declared since the bank went into receivership.
Source
newspapers
7.December 21, 1933Other
Newspaper Excerpt
Richard L. Hargreaves, president of the First National Bank of Beverly Hills, now in receivership, and John R. Scantlin, vice president, were charged with misapplication of funds and making false reports to the controller of the currency
Source
newspapers
Newspaper Articles (21)
1.June 14, 1932Pasadena Star-NewsPasadena, CA
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RECEIVERSHIP ANNOUNCED
LOS ANGELES June 14. (CNS) -Appointed as receiver for First National Bank Beverly Hills, H. Schilling, of the comptroller's division of the Treasury department, prepared today to speed up list of assets and liabilities of the institution with view to an early report to Washington and to creditors. Announcement of the pointment of Mr. Schilling to the receivership was made late yesterday by the comptroller of currency to Attorney George Farrand, counsel for the receiver. "While plans for reorganization have been under consideration by the board of directors since the bank suspended operations, and while it still is hoped that such plans may be accomplished, nevertheless the comptroller deemed advisable to appoint receiver in order to protect the assets and to take care matters arising in the trust department," Mr. Farrand stated.
2.June 14, 1932The TimesSan Mateo, CA
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Beverly Hills Bank Receiver Appointed
BEVERLY BILLS, June 14-(LP) -H. F. Schilling took charge of affuirs of the Beverly Hills First National bank today An receiver. No WAS appointed by Controller of the Currency J. W. Pole. Schilling also is receiver for the United States National bank. Controller Pole said plans for reorganizing the Beverly Hills bank. in which film stare, including Jean Horlow, Greta Garbo, Wallace fleery and others were depositors, were under way.
An automatic fire alarm has been invented that can be attoched to a telephone circuit.
3.June 14, 1932Los Angeles Evening Post-RecordLos Angeles, CA
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NAME SCHILLING AS BANK RECEIVER
Appointed in Closed Beverly Hills Institution's Affairs
Schilling today was the receiver for the First national bank of Beverly Hills, which ceased busioperations last June containing deposits of $4,200,000. Announcement of Schilling's pointment was made by John Pole, comptroller of currency.
4.June 14, 1932Enterprise-RecordChico, CA
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Hollywood Bank Receiver Named
BEVERLY HILLS. June 13. -(LP) -Film celebrities whose accounts were impounded when the Beverly Hills First National Bank closed last week breathed easier today when notified H. F. Schilling had been appointed receiver by Controller of Currency W. Pole. The comptroller said plans for reorganizing the bank were under way.
5.August 4, 1932Progress-BulletinPomona, CA
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SUES BANK RECEIVER LOS Aug. Taylor, executrix of the estate the late George Taylor. nephew Flagler, Florida pioneer. today brought in fedcourt seeking from Schilling, receiver for the First National bank of Beverly Hills,
6.August 5, 1932Los Angeles Evening Post-RecordLos Angeles, CA
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WIDOW SUES BANK RECEIVER
Says Banker Induced Mate to Squander
Sensational charges involving prominent figures in the financial world are contained in a complaint on file today in federal court. Mrs. Nellie E. Taylor, executrix for the estate of the late George W. Taylor, relative of H. M. Flagler, wealthy Florida promoter, has sued H. F. Schilling, receiver for the closed First National Bank of Beverly Hills, for $200,000. According to the complaint, Taylor before his death, had two trust funds, inherited from the Flagler family on deposit in the bank. Mrs. Taylor asserts that Richard L. Hargreaves, president of the bank, induced Taylor to buy the stock at $100 share with the funds when Hargreaves knew it was worth only $20 share.
7.August 5, 1932Los Angeles Evening Citizen NewsHollywood, CA
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BEVERLY BANK RECEIVER SUED
Nellie E. Taylor executrix of the estate of the late George W. Taylor. nephew of H. M. Flagier, Florida pioneer today had on file in fed. eral court suit seeking $200,000 from H. F. Schilling receiver for the First National Bank of Beverly Mrs. Taylor. who resides at 910 Roxbury Drive Beverly Hills charged that Richard Hargreaves former president of the First National Bank of Beverly Hills. induced her former husband whom she asserted to be man of limited education and an inebriate to transfer two trust funds, approximating $2,466,686 left to the Taylors by Mrs. Flagler from a New York bank to the Beverly Hills bank After the funds were transferred here. the complaint alleges Mr Hargreaves induced Mr Taylor to purchase out of the trust fund $200,000 worth of stock in the First National Bank of Beverly Hills at $100 per share when the actual value of the stock assertedly was only $20 per share Mr. Taylor received an injury which caused severe mental shock and left for Honolulu in Sept. 1931. to seek rest and quiet, the suit reveals "Shortly thereafter." the complaint charges "Hargreaves caused his wife, Helen Ferguson Hargreaves, former star of the stage and screen, to follow Tay lor to Honolulu to induce him to purchase an additional $800,000 work of stock In the bank. Taylor agreed to purchase the ad. ditional stock upon the representation by Mr. Hargreaves that the bank was in excellent condition, It further charged but Mrs. Taylor refused to consent to the additional purchase The First National Bank of Bev. erly Hills closed its doors several weeks ago by order of its board of directors Shortly thereafter Mr Schilling was named receiver for the bank which had many prominent motjon picture stars as deMr. Hargreaves' first wife was Grace Bryan daughter of William Jehnings Bryan, "the great com-
8.August 5, 1932Los Angeles Evening Citizen NewsHollywood, CA
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BEVERLY BANK Women's Full-Fashioned Pure Silk Hose, all perfect Dress Silks, values to 89c, 2 to 10-yd. lengths, yd. RECEIVER SUED
E Taylor executrix of the of the late George W file fed 80-Square Percales, lowest price for this quality, yd. today had in court suit seeking $200,000 from H. Schilling receiver for the First National Bank of Beverly Rayon and Cotton Dress Prints, regular 29c and 39c values 19c resides at 910 Beverly Hills Priscilla Curtains, Grenadine! Cornice Ruffles, pr Richard L former president the First National Bank of Beverly Hills induced her former husband 50-Inch Rayon-and-Cotton Drapery Damask, colors, yd. whom she asserted to be man of limited education and an to transfer trust 72x84-Inch All-Wool Blankets, plain pastel colors 466 the Taylors by Mrs. Flagier from New York bank to the Beverly Ironing Board Pad and Cover Sets, specially priced Hills bank After funds were transferred Mr Regular 79c Part Wool Blankets, 70x80-inch, each induced purchase out of the trust fund worth of stock in the First 81x99-Inch "Launderite" Sheets, very special, each National Bank of Beverly Hills at $100 per share when the actual value of the stock assertedly was per share 42x36-Inch Fully Bleached Pillow Cases, special, 12 for Taylor received an which caused severe mental shock and left for Honolulu Men's Plain Colored Broadcloth Shirts, Sanforized to rest and the suit "Shortly thereafter. the comMen's Better Quality Blue Chambray Work Shirts, only caused his wife, Helen Ferguson Hargreaves, former star of the Men's Broadcloth Shorts, Cotton Knit Shirts, 3 garments stage and screen. to follow Tay lor to Honolulu to Induce him to purchase an additional $800,000 Men's Cotton Handkerchiefs, large size, hemmed, each work of stock In the bank. Taylor agreed to purchase the ad ditional stock upon the representa that the Women's French Crepe Gowns, lace trimmed, special in excellent condition charged Mrs Taylor refused to consent to the additional Tiny Tots' Panty Frocks, broadcloth, embroidered purchase The First National Bank of Bev several Boys' Broadcloth Shorts, Cotton Knit Shirts, 5 garments by of board of Shortly named for Women's French Crepe Lingerie, values to $1.65 motion picture as
9.August 13, 1932Los Angeles Evening Citizen NewsHollywood, CA
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BANKRUPT PLEA
Financial difficulties of Richard First National Bank of Beverly Hills. climaxed action, on file today in federal petition Mr. Hargreaves availed himself of his privilege of taking days which file schedule assets and The petition was filed by his William H. the firm of McAdon Neblett and Clagett Mr. Neblett said that closthe bank last June. brought about by general conditions. swept away Mr. Hargreaves entire $750,000 in stock of the bank Since the bank Mr. Hargreaves devoted his to Hope this not In the Mr. Hargreaves' creditors that their be paid. He to meet their him other ternative than Hargreaves, husband Helen Ferguson. actress, recently by Nellie Euretta Taylor against the bank's seeking recovery which husband had invested which she been misrepresented by Mr.
10.September 24, 1932The Los Angeles TimesLos Angeles, CA
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HOPE STILL EXISTS BANK MAY REOPEN
Former Head of Beverly Hills Institution Gives Views as Creditors Meet
Hope that he may yet succeed in his efforts to obtain financial aid and reopen the First National Bank of Beverly Hills, closed June 3 by its board of directors, was expressed yesterday by Richard L. Hargreaves, formerly president of the institution. Hargreaves, now in the Federal bankruptcy court before Referee Moss, voiced this hope at the conclusion of the meeting of his creditors. He has passed the last three months in efforts to reorganize and reopen the bank, now being liquidated by Federal Bank Receiver Schilling. and has not yet given up hope. E. A. Lynch has been appointed trustee of the bankrupt estate and Ralph F. Bagley is counsel.
"In administering the estate of Hargreaves, everything possible will be done to assist the receiver of the First National Bank." said the attorney. 'An early payment to the depositors is of prime importance to them. and every asset of the bank should be collected.' Secured claims against the estate total $708,381. secured by stocks. Unsecured notes and claims amount to about $420,830. Most of the claims are loans from banks. Hargreaves said his receivables in the form of notes and memberships total about $122,562. most of which consists of stocks pledged to secure notes. The First National Bank is a creditor in the amount of $153,700 for assessments levied against him as stockholder Although carrying $197,000 life insurance, little equity will remain for the creditors, it was said
11.September 24, 1932Los Angeles Evening Citizen NewsHollywood, CA
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Reopening Of Bank In Beverly Sought will factor the reopening of the First National Bank of Hills, was indicated to day by Richard Hargreaves, president The bank being liquidated by Federal Bank Schilling and Mr. Hargreaves is in the fed eral bankruptcy Hargreaves said that he has financial aid reopen the bank, closed last June.
12.November 7, 1932Los Angeles Evening Citizen NewsHollywood, CA
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Elmer Hartz, Wife Face Suit by Bank
Elmer Har'z, Beverly Hills busiwife. Deane Hartz. today faced suit filed municipal court by Schilling. receiver First National Beverly Hills. bank receiver seeks possession Harez automobile. sertedly included collateral $1550 The complaint asserts that only $25 has on the signed on Possession judgment for asserted cash value. sought.
13.December 13, 1932The Chico EnterpriseChico, CA
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Bank Receiver Declares Dividend
BEVERLY HILLS. Dec. 13-(/P) -Motion picture folk have found a Santa Claus in the person of H. F. Schilling of the United States comptroller's division of the treasury department. Schilling, receiver for the First National Bank of Beverly Hills. today announced a dividend of 15 per cent. the first declared since the bank went into receivership. The dividend amounts to about $400,000.
14.January 1, 1933Muskogee Daily Phoenix and Times-DemocratMuskogee, OK
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Many Changes Hit Filmland in Year, New Stars Galore
Exchange of Players One of Innovations; Salaries Drastically Slashed
By LEICESTER WAGNER
Dec. turvy Hollywood went through another surprising series of upsets and innovachanges been recorded since the birthday talking pictures. There more new faces on the screen than any previous year More actors and actresses climbed stardom. Five distinctive types of started their inevitable cycles. Although film producer actually went The Christie Film company, others actually faced bankruptcy. frank mission by head of Warner brothers, that "unless cut penses 50 percent, all face precipitated almost studio ranging from salday weeks for the organized crafts.
Surprising Climb The most surprising climb of the registered by Pathe studios. Radio pictures picked publicized players other companies expired, and made strenuous drive the Turning to the films themselves distinct cycles developed during the year. They were divided roughly pictures 'em Back "Congorilla, of the Jungle,' Old Mummy." Jekyll Mr. etc. Blessed Event," "Is My Red." etc. "What Price Make Me Political Phantom President." "The Dark Horse, Merry
New Stars New stars? There lots of them. Stars industry, mean those leading have gained the billing the picture, and starrecognition by the public. They were Paul Muni, Lee Tracy, Jean Harlow. Jimmy Durante, Gibson, Miriam Hopkins, Joan BlonSidney Boris Karloff. New personalities who made during the Charles LaughHerbert Marshal, Miriam Jordan, Karen Morley, Robert Young, Dick Powell, Gloria Stuart, Carey Grant, Glenda Farrell, Linden. Aline Katharine Hepburn, George Brent, Bette George Meeker Johnny Weissmuller, Helen Hayes. Onslow Stevens, Lydia Roberti and Warren Williams. Several the "old timers" were launched on the comeback trail. They include Clara Bow, Alice White, Fatty Bebe Daniels, Tom Mix and Merna
Star Bank Rolls few Closing of the First National bank of Beverly Hills handicapped picture stars who posited weekly checks there widely rumored that the bank closed doors Greta Garbo suddenly withdrew than $300,000, without cash assets. Gilbert and Ina Claire two had large trust funds the bank, forced go get their funds out. Others found their and drawing deposits completely tied up since Studios forgot their attitude during year, and with loaned their tract players each other. Although the studios exceppaid the studios than the lenders paying the themfeeling that better for rival than continue paying for work Perhaps outstanding the "Grand "Maedchen in form' came America late the year receive praise critics. Other pictures of the Jekyll Sin of Madelon Guardsman. Farewell Arms, Me "Trouble in "Once Fugitive From Chain Gang
15.July 7, 1933Imperial Valley PressEl Centro, CA
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BANKERS SUED LIBEL CASE UHJL IN LOS ANGELES, July 7. (U.P.) Damages of $750,000 for asserted libel and slander were asked in a suit on file today by Richard Hargreaves, former conservator of the Park Savings bank of Washington, D. C., against former directors and officers of the defunct First National bank of Beverly Hills, Hargreaves, former president of the Beverly Hills institution, and husband of Helen Ferguson, actress, accused the defendants of circulating stories which promped an investigation by department of justice agents and Drought about his dismissal from the Washington post. The defendants include Albert M. Gardner, described in the complaint as a former Republican governor of Maine who "ostensibly changed sides in the last presidential campaign and supported a Democratic nominee." Others named included Emerson C. Eachel and A. A. Comfey, former directors; H. H. Schilling, the bank's receiver, and J. E. Henderson and Nellie E. Taylor, stockholders. The group was accused of blaming Hargreaves for collapse of the bank. Gardner was charged with having "joined the conspiracy" later as attorney for Henderson and Mrs. Taylor. The Beverly Hills bank. which numbered among its depositors Greta Garbo and Jean Harlow, closed its doors June 3, 1932.
16.July 7, 1933The Hanford SentinelHanford, CA
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$750,000 HARGREAVES
Los Angeles, July ages of $750,000 for asserted libel and slander were asked in suit on file today by Richard Hargreaves, conservator of the Park Savformer ings Bank of Washington, against former directors and officers of the defunct First National Bank of Beverly Hills. Hargreaves, former president of the Beverly Hills institution and husband of Helen Ferguson, actress, accused the defendants of circulatstories which prompted an investigation by department of justice agents and brought about his dismissal from the Washington Post. Hargreaves first wife was Grace Fryan, daughter of William Jenmings Bryan, whose sister, Ruth Bryan Owen, ambassador to Denmark Before entering the banking business in Beverly Hills, he was national bank examiner. The defendants include Albert M. Gardner, described in the complaint former Republican governor of Maine who "ostensibly changed sides in the last presidential campaign and supported Democratic nomineee." Others named included Emerson Eachel and Comey, former Schilling the bank's receiver, and Henderson and Nellie E. Taylor, stockholders. The group was accused of blaming Hargreaves for collapse of the bank. Gardner was charged with having "joined the conspiracy" later attorney for Henderson and Mrs. The Beverly Hills bank closed its doors June 1932.
17.July 7, 1933Ventura County StarVentura, CA
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Former Banker Asks Damages
By United Press LOS ANGELES, July Damages of $750,000 for asserted libel and slander were asked in suit on file today by Richard Hargreaves, former conservator of the Park Savings Bank of Washington, D. C., against former directors and officers of the defunct First National Bank of Beverly Hills. Hargraves, former president of the Beverly Hills institution, and husband of Helen Ferguson, actress, accused the defendants of circulating stories which prompted an investigation by department of justice agents and brought about his dismissal from the Washington post. The defendants include Albert M. Gardner, described in the complaint as a former republican governor of Maine who "ostensibly changed sides in the last presidential campaign and supported a democratic nominee Others named included Emerson C. Eachel and A. A. Comey, former directors; H. F. Schilling, the bank's receivers, and J. E. Henderson and Nellie E. Taylor, stockholders. The group was accused of blaming Hargreaves for collapse of the bank. Gardner was charged with having "joined the conspiracy" later as attorney for *Henderson and Mrs. Taylor. The Beverly Hills bank, which numbered among its depositors Greta Garbo and Jean Harlow, closed its doors June 3, 1932.
18.July 7, 1933Imperial Valley PressEl Centro, CA
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BANKERS SUED IN LIBEL CASE
LOS ANGELES July 7. (U.P.)Damages of $750,000 for asserted libel and slander were asked in a suit on file today by Richard Hargreaves, former conservator of the Park Savings bank of Washington, D. C., against former and officers of the defunct First National bank of Beverly Hills. Hargreaves, former president of the Beverly Hills institution, and husband of Helen Ferguson, actress, accused the defendants of circulating stories which promped an investigation by department of justice agents and brought about his dismissal from the Washington post. The defendants include Albert M. Gardner, described in the complaint as former Republican governor of Maine who "ostensibly changed sides in the last presidential campaign and supported a Democratic nominee.' Others named included Emerson C Eachel and A. Comfey, former directors; H. H. Schilling, the bank's receiver, and J. E. Henderson and Nellie E. Taylor, stockholders. The group was accused of blaming Hargreaves for collapse of the bank. Gardner was charged with having "joined the conspiracy" later attorney for Henderson and Mrs. Taylor. The Beverly Hills bank. which numbered among its depositors Greta Garbo and Jean Harlow, closed its doors June 3, 1932.
19.July 7, 1933The Ventura Weekly Post and DemocratVentura, CA
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Former Banker Asks Damages
By United Press
LOS ANGELES, July Damages of $750,000 for asserted libel and slander were asked in a suit on file today by Richard Hargreaves, former conservator of the Park Savings Bank of Washington, D. C., against former directors and officers of the defunct First National Bank of Beverly Hills. Hargraves, former president of the Beverly Hills institution, and husband of Helen Ferguson, actress, accused the defendants of circulating stories which prompted an investigation by department of justice agents and brought about his dismissal from the Washington post. The defendants include Albert M. Gardner, described in the complaint as a former republican governor of Maine who "ostensibly changed sides in the last presidential campaign and supported a democratic nominee Others named included Emerson C. Eachel and A. A. Comey, former directors; H. F. Schilling, the bank's receivers, and J. E. Henderson and Nellie E. Taylor, stockholders. The group was accused of blaming Hargreaves for collapse of the bank. Gardner was charged with having "joined the conspiracy" later as attorney for Henderson and Mrs. Taylor. The Beverly Hills bank, which numbered among its depositors Greta Garbo and Jean Harlow, closed its doors June 3, 1932.
20.December 21, 1933Evening StarWashington, DC
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BANK HEADS INDICTED LOS ANGELES, December 21 (AP).Richard L. Hargreaves, president of the First National Bank of Beverly Hills, now in receivership, and John R. Scantlin, vice president, were charged with misapplication of funds and making false reports to the controller of the currency by the grand jury yesterday. It was disclosed that Hargreaves and Scantlin had been indicted secretly last July on a charge of misapplying $25,000 of bank funds and that this indictment will be consolidated for trial with the one returned today. The bank closed in June, 1933.
21.April 4, 1934The Long Beach SunLong Beach, CA
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Banker Trial to on
LOS ANGELES, April Richard Hargreaves, former President the Beverly Hills First National Bank, went trial before Federal Court jury today charged with misapplying some $70,000 bank funds Myerson, Department Justice agent, opened the State's case with testimony based bank records reports Comptroller Currency, whereby the Government attempt to show false reports the bank's condition were made. Other witnesses were bank receivers, Federal Reserve agents and others who laid the foundation for the Government's lengthy Hargreaves jointly accused with John Scantlin, former President of the defunct bank.
