746. Anaheim First National Bank (Anaheim, CA)

View Charter #10228 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
10228
Charter Number
10228
Start Date
March 1, 1933*
Location
Anaheim, California (33.835, -117.915)

Metadata

Model
gpt-5-mini
Short Digest
976839cb

Response Measures

Borrowed from banks or large institutions, Capital injected, Full suspension

Other: Receiver appointed by Comptroller; RFC loan to receiver; dividends paid by receiver during liquidation.

Receivership Details

Depositor recovery rate
59.0%
Date receivership started
1934-01-15
Date receivership terminated
1941-03-31
Share of assets assessed as good
41.6%
Share of assets assessed as doubtful
53.8%
Share of assets assessed as worthless
4.5%

Description

Newspapers describe heavy withdrawals in the run just before the bank holiday and the bank closing March 2, 1933, followed by the Comptroller placing the bank under a receiver (J. V. Hogan). The bank did not resume normal operations; it remained in receivership and paid dividend distributions in late 1934. Classification: run led to suspension/receivership and permanent closure.

Events (5)
1. July 17, 1912 Chartered
Source
historical_nic
2. March 1, 1933* Run
Cause
Macro News
Cause Details
Heavy withdrawals associated with the broader bank holiday/panic just prior to March 1933 bank holiday.
Measures
Receiver later issued federal reserve bank checks to new depositors; bank sought reorganization and additional capital.
Newspaper Excerpt
sum considerably lower than usual because of heavy withdrawals in the run on banks current just before the bank holiday was declared.
Source
newspapers
3. March 2, 1933 Suspension
Cause
Government Action
Cause Details
Bank closed during the bank holiday and was placed under a receiver by the Comptroller of the Currency.
Newspaper Excerpt
since the bank was placed under receivership last week ... Of course, if our bank is reorganized and thus opened, all accounts under $2500 would be guaranteed by the government. We still retain our national charter.
Source
newspapers
4. January 1, 1934* Receivership
Newspaper Excerpt
Receiver Hogan issued call for all depositors of new accounts ... to appear this week and get federal reserve bank checks for their entire balance. ... Receiver J. V Hogan. Mrs. Dorothy Barnett and Roy DeLamare worked nearly through the night to get receipts and reports in readiness to begin distribution of the checks Monday. ... the defunct Anaheim First National bank received a 32 per cent payment on their deposits in the bank1the first money paid out since it was closed nearly two years ago. (Dec 1934 article notes closure March 2, 1933). (combined excerpts).
Source
newspapers
5. January 15, 1934 Receivership
Source
historical_nic

Newspaper Articles (6)
1. January 25, 1934 Anaheim Gazette Anaheim, CA
Article from Anaheim Gazette, January 25, 1934

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Article Text

BANK DIRECTORS APPROVE OF REORGANIZATION Stockholders to Consider New Plan Monday Evening; $25,000 Paid Tentatively approved by the board of directors, plan to reorganize the Anaheim First National bank will be submitted to stockholders by the at joint meeting to be held Monday evening the bank. This decision was reached at meeting Tuesday evening when directors threshed several plans reorganize, deciding upon one which will call for raising of a substantial amount of additional capital. If the stockholders approve this plan, it will be sent to Washington for approval of the comptroller of currency. "We have high hopes of successful reorganization," President William A. Dolan states. "Depreciation of certain bonds is what caused all trouble. Since the bank was placed under receivership last week, these bonds appreciated $28,000 by Wednesday. This increase in capital, plus additional capital which believe we can raise in the community, would put us on what believe would be solid financial footing. Of course, if our bank is reorganized and thus opened, all accounts under $2500 would be guaranteed by the govWe still retain our national ernment. charter." In the advent that the bank is not reorganized soon, Receiver Hogan will speed up liquidation, according to Dolan. At the time the comptroller of currency placed the bank under a receiver, it was carrying an average of $50,000 in new accounts, all held in cash, government bonds or as deposits with the federal reserve bank. Receiver Hogan issued call for all depositors of new accounts (those who have deposited money or opened accounts since the bank holidaye) to appear this week and get federal reserve bank checks for their entire balance. During Monday and Tuesday approximately $25,000 were issued to about half the new debalance must be positors. All the drawn out, with indications Wednesday pointing to the necessity of sending out to new depositors additional warnings come and get their money in full.

2. July 10, 1934 Anaheim Bulletin Anaheim, CA
Article from Anaheim Bulletin, July 10, 1934

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Article Text

Bank Receiver Moves to Southern County With the moving of the Southern County bank to the former quarters of the Anaheim First National bank on West Center, J. V. Hogan, receiver for the latter bank has transferred his office to the quarters formerly occupied by the Southern County bank Depositors may receive blanks for filing their on the First National bank from Mr Hogan at the building on the corner of Center and Claudina

3. November 26, 1934 The Peninsula Times Tribune Palo Alto, CA
Article from The Peninsula Times Tribune, November 26, 1934

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Article Text

CALIFORNIA BANKS GIVEN RFC LOANS WASHINGTON, Nov. 26 (P)The Reconstruction Finance Corporation announced that during October it had authorized two loans totaling $210,000 to California banks. They were: The Anaheim First National Bank (receiver). $110,000. The First National Bank of Madera, $100,000. The report disclosed that $65,000 had been loaned to the United States Building and Loan Association (receiver) of Los Angeles. Three loans to private industrials were authorized during October in the state. These loans carry interest of per cent. They were: Kinner Airplane and Motor Corporation of Glendale, $200,000. Wesix, Incorporated, San Francisco, $10,000. Hovden Food Products Corporation of Monterey, $40,000. Two California irrigation districts also received loans: Reclamation District No. 108 of Colusa, $24,000. Littlerock Creek Irrigation District of Little Rock, $102,500. The corporation announced it had withdrawn subscription for $300,000 of preferred stock in the Security Trust and Savings Bank of San Diego. It also withdrew $1,371.03 of a loan to the First National Bank of Corcoran, and $15,000 of a subscription for the preferred stock in the First National Bank of Loma Linda. Fulfilling childhood desire, J. Quilla Ward, farmer of Douglas, Ga., recently completed a month's cruise down the Suwannee river on a raft made by his own hands.

4. November 27, 1934 Redwood City Tribune Redwood City, CA
Article from Redwood City Tribune, November 27, 1934

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Article Text

California Banks Given RFC Loans WASHINGTON, Nov. 27 The Reconstruction Finance poration announced that Con October it had authorized during loans totaling $210,000 to Califor nia banks. They were: The Anaheim First National Bank (receiver), $110,000 dera, The $100,000. First National Bank of Ms. The report disclosed that had been loaned to the $65,900 States Building and Loan Associa United tion (receiver) of Los Angeles. Three loans to private industrials were authorized during October the state. These loans carry terest of per cent. They were: Kinner Airplane Motor $200,000. Corporation of Glendain and cisco, Wesix, $10,000. Incorporated, San FranHovden Food Products tion of Monterey, $40,000. Two California irrigation. tricts also received loans: Reclamation District No. Colusa, $24,000. Littlerock Creek Irrigation trict of Little Rock, $102,500. corporation announced it drawn its subscription for 000 of preferred stock in curity Trust and Savings San Diego. It also withdrew $1,371.03 loan to the First National of Corcoran, and $15,000 scription for the preferred in the First National Bank Loma Linda.

5. November 27, 1934 Anaheim Bulletin Anaheim, CA
Article from Anaheim Bulletin, November 27, 1934

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Article Text

$40,000 GAMBLING EQUIPMENT LOST STOCKHOLDERS DELAY FUNDS Bank Receiver Indicates Early Payment on Deposits Looms Claims of stockholders the in Anaheim First National gave contributions in effort to repair the impaired capital the bank before became funct, and which considered and recommended by Receiver Hogan and his attorney. Benjamin Chipkin having no legal status, will delay the payment of first perhaps after Christmas Mr. who has been making every possible effort to surprise the depositors with sizeable dends before the reports that. although he feels these claims on the part the stockholders no still they be and definitely rejected approved by the federal office before the for vidends can be taken up. Haste In an effort the matter out the way soon as possible Hogan and his lawyer have sent telegrams airmail letters Washington bearing their epinions matter statements contend action on the bearing legal standing Mr Hogan says that his sympathy the depositors and he will go to whatever necessary to gather legal data support of his against the stockholders' claims in an effort have these claims tabled in prefer to Loan Obtained loan from the Reconstruction Finance corporation recently effected to absorb the $39 000 remaining on the original loan, the to be paid out dividends. Mr. Hogan for some time has hoped to pay the first dividend before the of stock holders which now are preventing such payment are based upon contention special for money extended to the bank in effort to bolster credit Should the federal office dispose of the stockholders' claims promptly still may be possible make the dividend payment planned, Hogan prompt recommendation for payment be made by Mr. Hogan as soon as the matter settled, he said. The necessary form for the recommendation prepared and will be rushed to Washington soon can be considered. As soon as this done an announcement will be made through The Bulletin. There are 1800 depositors in Anaheim who have looked ward to dividend since the bank closed in March, 1933.

6. December 27, 1934 Anaheim Gazette Anaheim, CA
Article from Anaheim Gazette, December 27, 1934

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Article Text

Defunct Bank Pays Out $56,476 in Two Days; 1st Dividend Depositors Fill Lobby Monday and Wednesday; Receiver Praises Aides Scores of depositors in the defunct Anaheim First National bank received a gladsome Christmas present Monday when they received a 32 per cent payment on their deposits in the bankthe first money paid out since it was closed nearly two years ago. On Monday depositors took out a total payment of $38,540.38 and on Wednesday secured another $17,926.67. making a total of $56,467 in two days out of the for this payment. When the bank closed it had $282,322 on deposit. sum considerably lower than usual because of heavy withdrawals in the run on banks current just before the bank holiday was declared. Signed checks were returned from Washington, D C., Sunday for distribution to depositors of the bank Receiver J. V Hogan. Mrs. Dorothy Barnett and Roy DeLamare worked nearly through the night to get receipts and reports in readiness to begin distribution of the checks Monday Word of the payment was first announced at 8 o'clock and, although there was no printed statement until late that day announcements of the dividend telephoned and told by word-of-mouth to residents of the city, resulting in the lobby being crowded all day long with happy groups drawing the first money they had received from the bank since it was closed on March 2. 1933 "We exerted every effort possible to get the money to the depositors before Christmas," Receiver Hogan stated "Legal complications set us back, and other problems arose Officials at Washington certainly co-operated to the full. est extent. and when the decision was made to pay the dividend now the checks were rushed through in record time. They were received here late Sunday. We worked nearly through the night to get everything in readiness for payments Monday because we realized the influence such dividends would make toward contributing to the happiness of many families, as well as to business conditions generally cannot praise the efforts of Mrs Barnett and Mr. DeLamare too highly They gladly worked overtime and on a holiday at that, in order that we could start paying the day before Christmas.' Receiver Hogan declares he doesn't know when any further payments will be made.