728. First National Bank (Fresno, CA)

View Charter #11473 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
11473
Charter Number
11473
Start Date
July 7, 1930
Location
Fresno, California (36.748, -119.772)

Metadata

Model
gpt-5-mini
Short Digest
1e5046e294def975

Response Measures

Capital injected, Full suspension, Books examined

Other: Receiver appointed and assets sold to Bank of Italy (purchase to provide funds to pay depositors — effectively a takeover/asset purchase to protect depositors).

Receivership Details

Depositor recovery rate
95.9%
Date receivership started
1930-07-07
Date receivership terminated
1937-07-30
Share of assets assessed as good
42.6%
Share of assets assessed as doubtful
45.9%
Share of assets assessed as worthless
11.5%

Description

Multiple articles (July 8, 1930) report quiet withdrawals / a run that prompted the bank to voluntarily close its doors; a national bank examiner was expected/placed a receiver (A. E. Price) and the bank was put in liquidation. Assets were later sold to Bank of Italy (court approved sale, July 29–31, 1930) and depositors received a dividend (70%). Cause of the run/suspension was rumors stemming from the president's affiliation with the collapsed Hollywood Dry (ginger-ale) company — a bank-specific adverse matter that generated rumors. Dates reconstructed from newspaper publication dates. No evidence the original First National reopened as the same institution; assets were sold and receivership proceeded, so classified as closure.

Events (6)
1. October 6, 1919 Chartered
Source
historical_nic
2. July 7, 1930 Receivership
Source
historical_nic
3. July 7, 1930 Run
Cause
Bank Specific Adverse Info
Cause Details
Quiet withdrawals/rumors triggered by President H. A. Williams' affiliation with the collapsed Hollywood Dry (ginger-ale) corporation.
Measures
Bank closed its doors voluntarily after heavy/quiet withdrawals; chairman and officers publicly reassured depositors; receiver later appointed.
Newspaper Excerpt
The bank closed its doors voluntarily yesterday morning after quiet withdrawals of deposits last week.
Source
newspapers
4. July 8, 1930 Receivership
Newspaper Excerpt
bank examiner A. E. Price named as receiver; receiver later petitions court and sells assets to Bank of Italy; dividend to depositors arranged by receiver/court.
Source
newspapers
5. July 8, 1930 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Following the run caused by rumors about the bank president's connection to the Hollywood Dry collapse, the bank's board resolved to suspend and a federal bank examiner placed the bank in receivership.
Newspaper Excerpt
T. D. Harris, chief national bank examiner of the twelfth federal reserve district, is expected to place the institution in the hands of E. Price, bank examiner, as receiver.
Source
newspapers
6. July 30, 1930 Other
Newspaper Excerpt
Sale of the assets of the suspended First National Bank of Fresno to the Bank of Italy National Trust and Savings Association ... The sale will permit a dividend of 70 per cent to depositors after approval by the court and delivery of the purchased assets. (Court approved sale, July 29.)
Source
newspapers

Newspaper Articles (16)
1. July 8, 1930 Merced Sun-Star Merced, CA
Article from Merced Sun-Star, July 8, 1930

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BANK DEPOSITS TO BE PAID IN FULL FRESNO CRASH Internal Conditions, Not Business Depression, Is Cause for Closing Only Stockholders To Suffer, Says Statement by Chairman of Board FRESNO, July 8 (UP)-The 10,000 or more depositors of the First National Bank in Fresno probably will receive 100 cents for every dollar they had deposited, although stockholders may suffer. That appeared the opinion today of officials and others close to the $5,000,000 institution's affairs. The bank closed its doors voluntarily yesterday morning after quiet withdrawals of deposits last week. W. F. Chandler, chairman of the bank's board of directors, was authority for the statement that the bank was in sound condition and had been a profit-earner. He was quoted as saying the closing result ed from no business depression but solely from a situation within the bank itself. To Name Receiver T. D. Harris, chief national bank examiner of the twelfth federal re. serve district, is expected to place the institution in the hands of E. Price, bank examiner, as receiver. It appeared probable that many of the bank's assets would be bought by one or more of the other three banks operating here, the Security-First National Bank of Los Angeles, the Bank of Italy and the Bank of America of California. In Recent Collapse The situation within the bank referred to by Chandler was believed to refer to the recent collapse of the Hollywood Dry corporation. One of the organizers of the beverage company was H. A. Williams, president of the bank. Chandler was president of the beverage firm and a large stockholder in it. The bank had only a $22,000 claim against the Hollywood Dry estate, but Williams' affiliation with it was recognized as the source of many of the rumors that finally led to the quiet run on the bank and finally to its closing.

2. July 8, 1930 Oakland Tribune Oakland, CA
Article from Oakland Tribune, July 8, 1930

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DEFUNCT BANK DEPOSITORS TO BE PAID, CLAIM Fresno Institution Will Pay Out, Officials Declare. FRESNO. July 8.-The or more depositors of the First National bank in Fresno will probably receive 100 cents for every dollar they had deposited, although may suffer. That appeared the concensus today of officials and others the $5,000,000 institution's affairs today. The bank closed its doors voluntarily yesterday after quiet withdrawals of deposits last week. W. Chandler, chairman of the bank's board directors, was authority for the statement that the bank was in sound condition. He was quoted as saying the closing resulted fro mno debut solely from situation within the bank itself. D. Harris, chief national bank examiner of the twelfth federal reserve district, is expected to place the Institution in the hands of E. Price, bank examiner, as reIt appeared probable that many of the bank's assets would be bought or more of the other three banks operting here, the Security-First National Bank of Los Angeles, the Bank of Italy and the Bank of America of California. The situation within the bank referred to by Chandler was believed to refer to the recent collapse of the Dry corporation. The bank had only $22,000 claim against the Hollywood Dry corporation but Williams' affiliation with it was recognized as the source of many of the rumors that finally led to quiet run on the bank and finally to its closing

3. July 8, 1930 Tulare Advance-Register Tulare, CA
Article from Tulare Advance-Register, July 8, 1930

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Dollar For Dollar Return Depositors Probable Cal., or more depositors of the First National Bank of Fresno probably will receive 100 cents for every dollar they had deposited, although stockholders may suffer. That appeared the concensus today officials and others close the institution's affairs today The bank closed its doors voluntarily yesterday morning after quiet withdrawals deposits last week. Chandler, chairman of the bank's board of authority for the statement that bank sound condition and had been profit-earner. He was quoted the closing resulted from business depression but solely from situation within the bank. itself Harris, chief national bank examiner the 12th Federal Reserve district, expected to place the stitution the hands bank examiner, receiver. OTHERS TO BUY appeared probable that many the bank's assets would bought one or more the other three banks operating the tional Bank Los Angeles, the Bank of Italy and the Bank of America The situation within the bank ferred to by Chandler was believed refer the recent collapse of the Hollywood Dry One the ganizers the beverage company Williams, president the Chandler president the beverfirm and large stockholder The bank had only $22,000 claim against the Hollywood Dry Williams' affiliation with recognized the source of many the rumors that finally to the quiet the bank and finally closing.

4. July 8, 1930 Visalia Times-Delta Visalia, CA
Article from Visalia Times-Delta, July 8, 1930

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FRESNO BANK PAY FULL, OF Chandler, Williams of Opinion Depositors Safe STOCKHOLDERS To HIT Situation Due To Trouble Within Bank, Not Outside FRESNO. Calif., July 8. 10,000 or more depositors of the First National Bank in Fresno probably will receive 100 cents for every dollar they had deposited, although stockholders may suffer. That appeared the concensus today of officials others close the $5,000,000 institution's af fairs today. The bank closed its doors volun tarily yesterday morning after quiet withdrawals of deposits last week. W. Chandler, chairman of the bank's board of directors, was authority for the statement that the bank was in sound condition and had been He was quoted as saying the closing resulted from no business depres sion but solely from situation within the bank, itself. D. Harris, chief national bank examiner of the 12th federal reserve district is expected place the institution in the hands E. Price, bank examiner, receiver. It appeared probable that many the bank's assets would be bought by or more of the other three banks operating here, the National Bank Los Angeles, the Bank of Italy and the Bank of America of California. The situation within the bank referred to by Chandler was be lieved to refer to the recent collapse of the Hollywood Dry corporation. One of the organizers of the beverage company was H. Williams, president the bank Chandler was president of beverage company firm and large stockholder in it. The bank had only $22,000 claim against the Hollywood Dry estate, but Williams' affiliation with was recognized as the source of many of the rumors that finally led to the quiet run on the bank and finally its closing.

5. July 8, 1930 The Hanford Sentinel Hanford, CA
Article from The Hanford Sentinel, July 8, 1930

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DEFUNCT MAY INSTITUTIONS STOCKHOLDERS LIABLE FOR ASSESSMENTS TO MEET DEMANDS OF DEPOSITORS IN $5,000,000 CONCERN. Fresno, July 8-(LP)-The 10,000 or more depositors of the First National Bank in Fresno probably will receive 100 cents for every dollar they had deposited, although stockholders may suffer. That appeared the concensus of opinion today of officials and others close to the $5,000,000 institution's affairs. The bank closed its doors voluntarily yesterday morning after quiet withdrawals of deposits last week. W. F. Chandler, chairman of the bank's board of directors, was authority for the statement that the bank was in sound condition and had been profit-earner. He was quoted as saying the closing resulted from no business depression but solely from a situation within the bank. itself. Harris, chief national bank examiner of the 12th federal reserve district, is expected to place the institution in the hands of A. E. Price, bank as receiver. It appeared probable that many of the bank's assets would be bought by one or more of the other banks operating here, the Security-First National Bank of Los Angeles, the Bank of Italy and the Bank of America of California. The situation within the bank referred to by Chandler was believed to refer to the recent collapse of the Hollywood Dry Corporation. One of the organizers of the Beverage company, was H. A. Williams, president of the bank. Chandler was president of the beverage firm and large stockholder in it. The bank had only $22,000 claim against the Hollywood Dry estate, but Williams' affiliation with it was recognized as the source of many of the rumors that finally led to the quiet run on the bank and finally to its closing.

6. July 8, 1930 The Sacramento Bee Sacramento, CA
Article from The Sacramento Bee, July 8, 1930

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Depositors Expected To Get Money In Fresno National Bank Closing FRESNO, July (UP) The 10,000 or more depositors of the First National Bank in Fresno probably will receive 100 cents for every dollar they had deposited although stockholders may suffer That appeared the opinion to-day of officials and others close to the $5,000,000 institution's affairs to day. The bank closed its doors voluntarily yesterday morning after quiet withdrawals of deposits last week W. F. Chandler, chairman of the bank's board of diretcors, was authority for the statement that the bank was in sound condition and had been profit-earner. He was

7. July 8, 1930 Redlands Daily Facts Redlands, CA
Article from Redlands Daily Facts, July 8, 1930

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FULL WILL BE DEPOSITORS Fresno Institution Declared Solvent, but Rumors Have Caused Runs July 000 or more depositors of the First National Bank of Fresno probably will receive 100 cents for every dollar they had although stockholders may suffer. That appeared the concensus today of officials and others close the $5,000,000 institution's af fairs today. The bank closed its doors voluntarily yesterday after quiet withdrawals of deposits last week. Chandler, chairman the bank's board of directors, was authority for the statement that the bank was in sound condition. He was quoted saying the closing resulted from no business depression but solely from situation within the bank itself. T. Harris, chief national bank examiner of the 12th federal reserve district, is expected to place the institution in the hands of E. Price, bank exas receiver. appeared probable that many of the bank's assets would be bought by or more the other three banks operating here, the National of Los Angeles, the Bank of Italy and the Bank of America of CaliforThe situation within the bank referred to by Chandler believed refer the recent collapse of the Dry Corporation. One the organizers of the company was H. Williams, president the bank. Chandler president of the beverage firm and large stock holder The bank had only $22,000 claim against the Dry Corporation but Williams' affiliation with was recognized the source of many the that rumors finally led to the quiet run on the bank and finally to its closing.

8. July 8, 1930 Riverside Daily Press Riverside, CA
Article from Riverside Daily Press, July 8, 1930

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DRINK COLLAPSE Head of Institution Also President of BevFirm erage FRESNO. July or more of the First National bank in Fresno probably cents for every dollar they had deposited, although may suffer. That appeared the consensus today officials and others close to institution's affairs. bank closed its doors voluntarily yesterday after quiet withdrawals deposits last week. Chandler, chairman of the bank's board of directors, was thority for the statement that the bank was in sound condition. He quoted saying the closing resulted from business depression solely from situation within bank itself national bank examiner of the 12th Federal Redistrict, expected to place the institution the hands of Price, receiver. Sell that many bank's assets be bought by the three operating here, the SecurityFirst Angeles, the Bank Italy and the Bank of The within the bank ferred to by Chandler believed refer to the recent collapse of Dry corporation. One of the the beverWilliams, the Chandler beverage only claim against the Dry affiliation recogized the source finally led quiet run the bank finally to its closing.

9. July 9, 1930 The Los Angeles Times Los Angeles, CA
Article from The Los Angeles Times, July 9, 1930

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San Joaquin Valley News DEPOSITORS AGED PIONEER WOMAN DIES WILL NOT LOSE President of Closed Bank in Fresno Reassures Them Every Dollar Will be Given Back, He Declares Stockholders of Institution May Suffer, However FRESNO. July 8.-Belief that the 10,000 savings and commercial depositors of the First National Bank in Fresno will be paid 100 cents on the dollar, but that the 170 stockholders of the institution will face a loss, was expressed today by President Harry A. Williams in his first public statement since the doors of the institution failed to open yesterday and bank examiner was placed in charge of liquidation. How soon depositors might collect their doubt as negotiations reported on for the purchase of the assets of the First National various other banks. If purchase is effected. the bank might reopen within short time, in the opinion of A. E. Price, bank examiner, who was named as receiver today. If liquidation continues, it is expected to be some time claims be presented. "The bank is strong enough take care its depositors,' said Williams's statement. "There always some shrinkage of assets in the of bank, but we feel the depositors will receive dollar for dollar on their accounts. The stockholders will probably face a loss. Williams's revealed that one of the false rumors which started run on the bank, leading to heavy withdrawals was that the bank was involved the bankruptcy ginger-ale concern. The president also revealed that he had offered to resign his posttion because of his personal connection with the ginger-ale firm. Mrs. Georgiana Williams, Who Came W est in Covere Wagon Drawn by Oxen, Succumbs to Paralysis BAKERSFIELD July 8.-Mrs. Georgiana Williams, 78 years of age, who came. to California more than seventy years ago, via the covered wagon prairie route, died yesterday at a local hospital following an extended illness. Death resulted, from paralytic stroke suffered early last year. The pioneer Kern matron was born January 23, 1852, in Des Moines, Iowa. When years of age, in the company of her parents and other hardy pioneers of that day, she made the trying trip across the continent. Ox teams drawing the covered wagon was the only mode of transportation and months elapsed before the family reached the western +haven. In 1869 she was united in marUTILITIES' riage with Isaac B. Williams a native son of California, and for sevCOST HEARD eral decades had made her home in this district. She one of the AT FRESNO best known of women who came to California in the early days of its history City Officials Confer With She leaves, in addition to the husband, who lives at Granite Station. on Plans for three sons, W. A. Williams and Williams, both of Granite Station. Developing Power and Ben Williams. well-known Bakersfield resident, as well as several grandchildren, Engle Williams FRESNO, July 8.-Fresno could of James Williams develop its own gas supply and Taft, Georgiana and Leah Williams of Granite Station. one serve customers at cost of $1,737.Wallace Williams 500 while electric energy could be of Taft.

10. July 9, 1930 Porterville Recorder Porterville, CA
Article from Porterville Recorder, July 9, 1930

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FRESNO BANK PLANS TO PAY DEPOSITORS FRESNO. July The 10,000 or more depositors of the First National bank in Fresno probably will receive 100 cents for every dollar they had deposited. although stockholders may suffer. That appeared the concensus today of officials and others close to the $5000.000 institution's affairs. W. F. Chandler, chairman of the bank's board of diréctors. was au thority for the statement that the bank was in sound condition and had been a profit earner. He was quoted as saying the closing resulted from no business depression but solely from situation within the bank. itself. T. D. Harris. chief national bank examiner of the 12th federal reserve district today placed the instintion in the hands of A. F. Prfee. bank ex aminer. as receiver. It appeared probable that many of the bank's would be bought by one or more of the other three banks operating here. the Security First Na tional Bank of Los Angeles. the Bank of Italy and the Bank of America of California. The situation within the bank referred to by Chandler was believed to refer to the recent collapse of the Hollywood Dry corporation. One of the organizers of the beverage company was H. A. Williams. president of the bank. Chandler was president of the beverage company firm and a large stockholder in it. The bank had only a $22,000 claim against the Hollywood Dry estate. but Williams affiliation with it was recognized as the source of many of the rumors that finally led to the quiet run on the bank and finally to its closing.

11. July 11, 1930 The Fresno Bee Fresno, CA
Article from The Fresno Bee, July 11, 1930

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TWO BANKS MAY JOIN TO SALVAGE FIRST NATIONAL Bank Of Italy And Bank Of America Consider Buying Assets The Bank of America. of Califorwill co-operate with the Bank of Italy in plan under tion to salvage the depositors' accounts of the closed First National Bank in Fresno, It became known with the arrival here to-day of Will Morrish, vice president of the Bank of America. Morrish revealed that two deals are under by the large banks one the outright purchase of the defunct bank. including both assets and liabilities, and the other of only the bankable leaving the remaining assets to be liquidated by the He said the banks will be unable to determine until Monday or later which deal will be Carl Wente of San Francisco vice of the Bank of Italy, and G. McClerkin vice president of the Transamerica are at the First Bank going over the assets of the institution with Price, national bank receiver in charge, preparatory to definite action by the two large taking over the the First May Pay Dollar For Dollar "Our bank to ate with the Bank of Italy and help in the purchase of the assets of the First National Bank in Fresno in order protect the said believe it may be possible to pay the positors hundred cents the dollar but of course an assessment of the stockholders may be neces* "Our bank with its $400,000,000 of assets and the Bank of Italy, with billion back the closed First National Bank to salvage the depositors accounts. The Bank America will do its share the of the assets and will use every effort to make the funds available to the depositors at the earliest possible date." Two Weeks Time Indicated Morrish indicated that with the two banks co-operating may be that the of depositors in the First National Bank may be within two weeks, although he would make no definite to that effect. Morrish expressed faith the future of the San Joaquin Valley with the of the grape drive and urged residents of the valley to forget the unrest and prepare for return of "The general outlook over the San Joaquin Valley shows 8 toward said Morrish "There is for the unrest that to prevail in Fresno, because the general opinion is that conditions throughout the nation are improving, and with the success of the grape drive the the $3,500,000 in the closed First National Bank, should be on the upgrade.' "If the deal goes through the banks will just the bank, said E. Harris, chief national bank of San Fran-

12. July 23, 1930 The Fresno Morning Republican Fresno, CA
Article from The Fresno Morning Republican, July 23, 1930

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Sir Oliver Lodge To Speak On Radio Hookup Sir Oliver Lodge British selentist and leader in psychical in his will talk London over the casting from E. July His subject Destiny of Amer- The address will be carried by the service American and Telegraph to the Columbia key station New York and throughout the United States Bank Receiver Wins Deficiency Judgment A deficiency judgment of $13,869 was entered in the superior court yesterday against F. Whiton and Frank H. Buck in favor of for the First National in foreclose chattel on note was filed the Sale of four mules and horses for $150 liquidated part of the total debt of which included interest The First National bank recently doors KOMO KFSD. KGO market reports Miller Magazine market Man Sadye campaign movie James Helpful Slumber Tunes KNX, Los Angeles 285.5 Meters, 1050 Kilocycles -Setting of 9 to and Marie Jingle

13. July 30, 1930 Merced Sun-Star Merced, CA
Article from Merced Sun-Star, July 30, 1930

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PERMISSION GIVEN BANK OF ITALY TO BUY FRESNO BANK Deal Declared To Insure Immediate Payment of 70 Per cent Depositors of Closed Institution Said To Be Protected In Purchase LOS ANGELES July 29 An order the of of suspended First National Bank of Fresno to the Bank of Italy National Trust and Savings association of San Francisco signed today by Federal Judge William The containing Judge James' the petition of Price, receiver the defunct bank. The price In the petition of the receiver, Price that was his intention immediate divicreditors Fresno bank in event the contract and the delivery of the purchased as- To Buy Assets The forth that the First National Bank of Fresno suspended on July last virtue the resolution of its board of directors and that the entered a contract the Bank Italy whereby the latter agreed to purchase for cash, "bills of and at value of $1,112,220. with adjustment of interest to date of delivery. and 'quick assets' of an estimated current market value of with adjustment of interest and premium to date of delivery constituting total of The petition set forth that "Said price in amount to 70 per estimated known liability of and is the of your petitioner to pay an of 70 per to said creditors the upon approval of and the delivery of the purchased assets Interest of Creditors In approving assets James declared that it apto the court that the sale for the best interest creditors and authorized the receiver to execute the necessary of transfer and to steps to transthe assets to the purchaser and perform the provisions The entered into was with Zimmerman, United States district Judge shortly be-

14. July 30, 1930 Press-Telegram Long Beach, CA
Article from Press-Telegram, July 30, 1930

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Assets of Fresno Bank Are Sold to Trust Association LOS ANGELES, July Sale of the masets of the suspended First National Bank of Fresno to the Bank of Italy National Trust Savings Association of San Francisco for was proved by the Court today. The peticreditors the bank dividend of per cent after the court the sale. The petition the bank by tion of contract had made the cash at face with adjustment of to date 'quick an market value with adjustment of premium to date constituting total

15. July 31, 1930 The Fresno Morning Republican Fresno, CA
Article from The Fresno Morning Republican, July 31, 1930

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BANK OF ITALY, FIRST DEAL APPROVED Part Of Assets Taken Over On $1,842,962 Purchase 70 Per Cent Payment Depositors Is Made Available of portion of the assets of the First National Bank in Fresno for $1,842,962 to the Bank of Italy National Trust and Savings asso. ciation approved by the federal court in Los Angeles yesterday, according to Associated Press dispatches. the time G. L. Swendsen. chief engineer for the Fresno Irrigation district. announced that the district yesterday received check for 47 from the Aetna Cas. ualty and Surety through Speed R. Leas the full amount of the district's deposits in the defunct bank under the deposi. tary bond carried by the district Under payment, the bonding company take over the district's claim against the bank, Swendsen stated added that the district carries depositary bonds 70 PER CENT PAYMENT sale the Bank of will permit A. an ate of 70 per cent of positors' against the bank Payments be made the Bank Italy as soon proof of claims has been filed and receiver's cerThe to the federal court stated the bank suspended opera July by of its board of The reported contract had made with purchaser to take for cash receivable face of 112 adjustment of terest to of delivery quick of an estimated market

16. April 30, 1931 Enterprise-Record Chico, CA
Article from Enterprise-Record, April 30, 1931

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EXECUTIVE FRESNO, April management the the closing of the First National Bank in Fresno, $3,500,000 institution that closed its doors last testimony federal court yesterday indicated. As early as February 17, the office of the controller of ional banks a change and warned against the frozen condition of the bank's testimony showed. warning particularly the of made to bank officers and stockholders, it was shown. The disclosures were made in suit by Receiver H. Shilling collect $2,000 from H. Williams, of the bank, his wife. The money was paid for crops on ranch turned over by Williams to Mrs. Williams nearly two months before the closed. Federal Judge Paul McCormick ruled Williams had perpetrated fraud in transaction. but that the money should the ceiver in partial liquidation previous judgment against banker based on stockholder's bility. The trial yesterday developed general investigation of bank's affairs. It revealed that Bank of America two months fore the closure had offered for the $100 par value stock the bank. run on the that eventually caused its closing developed after an assessment stock considered at meeting was testified.