745. Modoc County Bank (Alturas, CA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
April 1, 1934*
Location
Alturas, California (41.487, -120.542)

Metadata

Model
gpt-5-mini
Short Digest
c7c725d2

Response Measures

None

Description

Articles from 1934 refer repeatedly to the Modoc County Bank as a closed institution under liquidation with a receiver appointed and acting. No articles describe a depositor run prior to suspension. The cause appears to be closure by banking authorities and subsequent receivership/liquidation. I infer 'state' bank from the name 'County Bank' (no explicit 'National' or 'Trust'). Dates of original suspension aren't given; receivership and liquidation activity is reported April–August 1934.

Events (4)
1. April 1, 1934* Suspension
Cause
Government Action
Cause Details
Closed and placed in liquidation with a court-appointed receiver and actions coordinated with the state commissioner of banks.
Newspaper Excerpt
closed Modoc County bank
Source
newspapers
2. April 26, 1934 Receivership
Newspaper Excerpt
Permission was granted the Modoc County Bank receiver to accept bonds ... for the closed institution. Court Order Gives Right to Bank Receiver (Modoc County Times, 1934-04-26).  Also references to Mitchell Tillotson in charge of liquidation and later resigning (1934-07-16).  The appointment of Carl Kober succeed Mitchell Tillotson in charge of liquidation of the closed Modoc County Bank... (1934-08-01).  Tillotson, receiver for the closed Institution...checks which had been held up by him...were immediately mailed to stockholders. (1934-07-19). (Excerpts consolidated.)
Source
newspapers
3. July 19, 1934 Other
Newspaper Excerpt
Tillotson Authorised to Pay Dividend Checks To Stockholders A court decision authorizing the payment of dividends to stockholders of the closed Modoc County bank ... checks which had been held up by him pending the receipt of the court order were immediately mailed to stockholders. (Modoc County Times, 1934-07-19). (excerpt).
Source
newspapers
4. August 1, 1934 Other
Newspaper Excerpt
The appointment of Carl Kober succeed Mitchell Tillotson in charge of liquidation of the closed Modoc County Bank was announced last week ... Mr. Kober ... in his capacity as receiver will be in a position to aid Modoc county materially by speeding up the liquidation of the institution. (Alturas Plaindealer and Modoc County Times, 1934-08-01). (excerpt).
Source
newspapers

Newspaper Articles (5)
1. April 26, 1934 Modoc County Times Alturas, CA
Article from Modoc County Times, April 26, 1934

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Article Text

Bank May Take Bonds in Payment Court Order Gives Right to Bank Receiver Permission was granted the Modoc Countk Bank receiver to accept bonds of the Federal Farm Mortgage corporation as settlement of indebtedness, by Superior Judge Francis M. Jamison Monday. The bonds are issued by the Federal and banks in lieu of cash. They are selling at slightly above par and receivers for the closed institution feel that the proposal will afford a satisfactory settlement for the sums due the bank. Bonds of the Home Owners' Loan corporation are also acceptable at the local bank, Mitchell is expected that the acceptance of these bonds will materially in putting some of the closed banks in a more liquid condition. Federal Land Bank Bonds The latest quotation on Federal Farm Mortgage corporation bonds selling on the San Francisco market was: Bid 101; asked 101%, according to a communication received from the Berkeley Federal Lank Bank. These bonds are used by the bank in closing its own and commissioner's loans on farm property and are guaranteed by the government, both as to principal and interest.

2. July 16, 1934 The Sacramento Bee Sacramento, CA
Article from The Sacramento Bee, July 16, 1934

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Article Text

Modoc Man Takes Position As Cashier ALTURAS (Modoe Co.). July 16. Mitchell Tillotson, for the last nineteen months in charge of the liquidation of the Modoc County Bank and its branches in Cedarville and Fort F'dwell, has resigned to accept the position of cashier of the First National Bank of Klamath Falls. Tillotson, before entering the banking business in this city, was engaged in the newspaper business here, founding the Modoc County Times in the Summer of 1929. He is president of the local Rotary Club and prominent in American Legion work

3. July 19, 1934 Modoc County Times Alturas, CA
Article from Modoc County Times, July 19, 1934

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Article Text

Court's In Ruling Modoc Bank Case Releases Moneys Tillotson Authorised to Pay Dividend Checks To Stockholders A court decision authorizing the payment of dividends to stockhelders of the closed Modoc County bank has been handed down by the state supreme court. The decision was recelved Monday by Mitchell Tulotson, receiver for the closed Institution, and checks which had been held up by him pending the receipt of the court order were immediately mailed to stockholders. The telegram which authorized Mr. Tillotson to release the impounded checks was sent by George A. Stockfleth, an attorney for Sullivan Roche, Johnson and Barry, attorneys for the commissioner of banks. The message follows: "Case involving right of stockholders to share in dividends decided. Mr. Rainey desires checks mailed to stockholders forthwith in the cases where stockholder in no wise indebted to bank. Contact Judge Jamison and obtain his verbal permission to do so. Petition and order for same will be mailed Monday because former order for dividend required payment to stockholder be deferred pending further order of court. "GEORGE A. STOCKFLETH." In many cases where the dividend check is issued to some one who is indebted to the bank, the receiver is asking that the check be applied on the assessment. Mr. Tillotson states that the court order releases several additional thousand dollars to Modoc county.

4. August 1, 1934 Alturas Plaindealer and Modoc County Times Alturas, CA
Article from Alturas Plaindealer and Modoc County Times, August 1, 1934

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Article Text

The appointment of Carl Kober succeed Mitchell Tillotson in charge of liquidation of the closed Modoc County Bank was announelast week Friend Wm. Richardson. newly head of the State Banking Department. Mr. Richardson stated in several letters the effect that he had acted mostly upon the whose record been good and that he the best interests the bank and all concerned was the appointment one familiar with the routine and the work done and to be done. Mr. Kober, former employee of has been working with Tillotson since liquidation The appointment brought stinging rebuke letter to Richardson from Walt Rea of the depositors committee on the ground that Tillotson's appointment had been the wishes of all but three the several hundred depositors that they had expected hearto recommend their Chas. Renner, also formerly einployed in the bank. Resentment by great many that should have been ignored and retiring man with no money terests stake should have fluenced the appointment. The has no money terests in the bank and nothing against Carl Kober, but we do feel should have been possible have appeased concerned. Mr. Kober do great deal toward eliminating this disappointment by consulting with both stockholders and depositors whenpossible to do They doubt could of great help in making sales and helping in dation. All factions were against an outside preferring home

5. August 9, 1934 Modoc County Times Alturas, CA
Article from Modoc County Times, August 9, 1934

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Article Text

CARL KOBER The appointment of Carl Kober as receiver of the Modoe County bank should be a glowing example of the reward for hard work. Mr. Kober, through his efforts in the past in the bank, has proven highly efficient; he combines a sound knowledge with the principles of banking with a thorough understanding of the methods Mitchell Tillotson has so efficiently used in the liquidation of the closed institution and in his capacity as receiver will be in a position to aid Modoc county materially by speeding up the liquidation of the institution. Unjust criticism of the Kober appointment made by Friend William Richardson, superintendent of banks, on the part of some people appears to us not only silly, but extremely futile. Certain people appear to believe that the office of a bank receiver should be filled by a good politician without regard to qualifications and capabilities, and that is a pretty wrong slant to take. A receiver of an institution should be a man who will efficiently get the most out of the post for his clients. That was the reason for the selection of Mr. Kober. He merited that consideration by the efficient manner in which he has aided Mitchell Tillotson. The Modoc County Times congratulates not only Mr. Kober upon his appointment, but also Modoc county. He rides into his new post with the endorsement of a number of business and civic leaders of the county. He is entitled to the co-operation of the depositors of the closed bank, for it is his task to bring order out of chaos; to salvage all he can for the depositors and stockholders of the institution, and criticism of his appointment, which is none of his doing, can have no good effect upon the ultimate liquidation. $2.00