Articles report heavy withdrawals after the bank invoked the 90-day rule, leading to suspension (Jan 27–29, 1908). A receiver was appointed April 4, 1908. Stockholders assessed and depositors agreed to installment repayment; receiver paid two 10% dividends. Permission to reopen granted Nov 1909 and full powers restored Sept 2, 1910. Classification: run precipitated suspension, later reopened.
Events (7)
1.January 27, 1908Run
Cause Details
Bank invoked 90-day withdrawal requirement; following expiration of the restricted period withdrawals surged and became too heavy to meet.
Measures
Invoked 90-day requirement for depositors prior to heavy withdrawals; later stockholders proposed assessments to make good impairment.
Newspaper Excerpt
The raising of the 90-day requirement of depositors caused withdrawals too heavy for the bank to stand.
Source
newspapers
2.January 27, 1908Suspension
Cause Details
Suspension announced after heavy withdrawals following enforcement/expiration of 90-day withdrawal restriction.
Newspaper Excerpt
The Citizens Savings Bank today announced suspension. The raising of the 90-day requirement of depositors caused withdrawals too heavy for the bank to stand.
Source
newspapers
3.April 4, 1908Receivership
Newspaper Excerpt
Frank M. Kelsey to-day was appointed receiver for the Citizens Savings Bank of Long Beach ... amount to the credit of the depositors of the bank was $449,993 and the actual cash assets ... only $21,219.
Source
newspapers
4.May 17, 1908Other
Newspaper Excerpt
Receiver Kelsey announced a 10 per cent dividend to depositors; second dividend expected soon; clearing house plan in city being worked out.
Source
newspapers
5.January 1, 1909Other
Newspaper Excerpt
Stockholders plan to levy 25% assessment ($62,500) to make up deficit and reopen bank; two 10% dividends have been paid by the receiver.
Source
newspapers
6.November 12, 1909Other
Newspaper Excerpt
Superintendent of Banks Alden Anderson gave permission to the Citizens' savings bank of Long Beach to reopen yesterday, the institution having made good the impairment of its capital.
Source
newspapers
7.September 2, 1910Reopening
Newspaper Excerpt
Court dissolved the injunction against the Citizens Savings bank and restored it to its old position with full banking powers; institution adjudged solvent and has permission to resume business.
Source
newspapers
Newspaper Articles (22)
1.January 28, 1908The Marion Daily MirrorMarion, OH
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MINOR MENTION. The Citizens' Savings bank, of Long Beach, Cal., has announced its suspension. The plant of the American Car and Foundry Co. at Detroit, which had been shut down for some time, has reopened, giving employment to 3,000 men. Nearly 200 employes at the Herreshoff boat building plant at Bristol, R. I., are back to work on full time after working for several months on a 4½hour basis. One fireman was killed, more than 20 were injured and property valued at $500,000 was destroyed in a fire which devastated the Mayer building, a seven-story brick building, and the Hotel Florence at Chicago. Franklin B. Lord, of the law firm of Lord, Day & Lord, who brought an unsuccessful suit against the Equitable Life Assurance society to prevent its transformation into a mutual company, is dead at his home in New York City.
2.January 28, 1908Pine Bluff Daily GraphicPine Bluff, AR
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BANK SUSPENDS IN CALIFORNIA Hearst News Special to the Graphic. Long Branch, Cal., Jan. 27-The Citizens Savings Bank today announced suspension. The raising of the 90-day requirement of depositors caused withdrawals too heavy for the bank to stand.
3.January 28, 1908The Seattle StarSeattle, WA
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Savings Bank Suspends. LONG BEACH, Cal., Jan. 28.The Citizens' Savings bank of this city has announced its suspension.
4.January 28, 1908Los Angeles HeraldLos Angeles, CA
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CITIZENS SAVINGS BANK MAY PAY ALL DEPOSITORS Special to The Herald. LONG BEACH, Jan. 27.-The Citizens Savings bank closed its doors this afternoon. The bank had been out of business practically for three months, not paying out to depositors. D. M. Cate, the president, paid this afternoon if the securities held by the bank can be realized on the depositors would be paid dollar for dollar. The bank examiner is quoted as declaring the bank solvent. A receiver will probably be appointed soon.
5.January 30, 1908Mexico Weekly LedgerMexico, MO
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Bank Suspended. Special by Minor and Co's. Wire. Long Branch, California. The Citizens Saving bank of this city has suspended payment, capital $250,000, deposits $450,000.
6.January 31, 1908Twice-A-Week Plain DealerCresco, IA
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California Bank Suspends. Long Branch, Cal., Jan. 29.-The Citizens' Savings bank of this city Monday announced its suspension. About three months ago the bank took advantage of the 90-day requirement rule for depositors and since the expiration of that time, it is understood, the withdrawals have been greater than the bank has been able to meet.
7.February 6, 1908Los Angeles HeraldLos Angeles, CA
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BANK'S FORMER PRESIDENT MAY BECOME ITS RECEIVER Special to The Herald. LONG BEACH, Feb. 5.-The rumor was prevalent here today that Charles L. Heartwell, formerly president of the Citizens Savings bank, is to be appointed receiver for that institution. The rumor is to the effect that the governor and Walter Parker will work with him to secure the appointment. Mr. Heartwell is a member of the governor's staff. The depositors of the bank at a meeting held a few days ago voted in favor of asking the court to appoint a trust company, and the committee which was appointed to select a trust company has agreed upon the Los Angeles Trust company. The appointment of a man connected with the bank will, it is said, be displeasing to a large number of the depositors.
8.February 19, 1908Los Angeles HeraldLos Angeles, CA
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BANK STOCKHOLDERS TO HOLD MEETING President Tries to Learn Views of Depositors and Asks That Receiver Be Named-Directors Served with Court Order Special to The Herald. LONG BEACH, Feb. 18.-D. M. Cate, president of the Citizens' Saving bank, has called for a meeting of stockholders and depositors in the auditorium Thursday afternoon at 2 o'clock. The purposes of the meeting will be to explain the reasons why the bank has been compelled to suspend business and to see if arrangements can be made whereby the bank can resume business, and if not, to see whether the stockholders and depositors cannot agree upon some party to be recommended to the court for appointment as receiver. At a meeting of the directors, called today for that purpose, they were formally served with the court order restraining them from interfering with the affairs of the bank.
9.February 28, 1908Los Angeles HeraldLos Angeles, CA
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APPOINT COMMITTEE TO MEET BANK DEPOSITORS Stockholders of Citizens Savings Bank Select Eleven of Number to Arrange for Reopening of That Institution. Special to The Herald. LONG BEACH, Feb. 27.-At a meeting of the stockholders of the Citizens Savings bank a committee of eleven was appointed to interview the 1700 depositors and determine whether they will accede to the wish of the stockholders to let the bank reopen, the money due the depositors to be repaid within from one to three years. On the committee were named John E. Daly, G. O. Clark, C. E. Huntington, M. J. Ely, C. J. Dougherty, T. M. Todd, Mrs. Sarah Hunsaker, Mrs. Dr. A. J. Hermann, F. W. Stearns and John Wayer. Attorney Daly, counsel for the bank, and W. W. Lowe suggested the Merchants Trust company and former Bank Commissioner Blackstock as receivers. F. A. Knight, attorney for the depositors, had acquired six shares of stock in the bank and attended the meeting, although a vote was taken asking that he leave.
10.April 5, 1908New-York TribuneNew York, NY
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RECEIVER FOR A CALIFORNIA BANK. Los Angeles, April 4.-Frank M. Kelsey to-day was appointed received for the Citizens Savings Bank. of Long Beach !t was asserted that the amount to the credit of the depositors of the bank was $449,993 and the actual cash assets with which to meet this were only $21,219.
Bank Receiver Named, Los Angetes. April 4. Superior Judge James today made an order appointing Frank M. Kelsey, vice president of the Metropolitan Bank and Trust company, receiver for the Citizens' Savings bank of Long Beach, with a bond fixed at $200,000. It was shown that the amount to the credit of the depositors of the bank was $449,993. and the actual assets with which to meet this was only $21,219.
12.May 17, 1908Los Angeles HeraldLos Angeles, CA
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CITIZENS SAVINGS BANK TO PAY TEN PER CENT DIVIDEND LONG BEACH, May 16.-That the affairs of the Citizens' Savings bank have been brought into such shape that a 10 per cent dividend can be paid to the depositors is the announcement of Receiver Kesley, who, it is said, is preparing a statement and petition to be allowed to disperse this amount. This must be acted upon by the court. Owing to the improvement now noticeable in financial conditions it is expected that the second dividend will be paid within a short time. The officers of the various banks of this city have worked out a clearing house plan, and at a meeting to be held in the near future will effect an organization.
13.January 1, 1909Los Angeles HeraldLos Angeles, CA
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LONG BEACH No 4 Pino street Phone Home 260. STOCKHOLDERS WOULD OPEN SAVINGS BANK DEFUNCT INSTITUTION MAY RESUME OPERATIONS Plan to Raise $62,500 by Levying Twenty-five Per Cent Assess= ment to Make Up Deficit LONG BEACH, Dec. 31.-Steps for the opening of the defunct Citizens Savings bank was taken by the stockholders of that institution at a meeting held last night in the office of C. J. Walker. The plans include the levying of a 25 per cent assessment against the stockholders to raise $62,500, the amount in which the assets of the bank have been impaired. The stockholders would then take over the assets of the bank and reopen the institution, they plan, making an agreement with the depositors to pay them what is due in installments. C, J. Walker and Frank McCutchen were named as a committee of two to head the work of preparing a prospectus which shall be distributed to the depositors explaining the plan. The depositors will call a meeting to consider the matter. The bank has been closed for a number of months. A receiver has paid the depositors two 10 per cent dividends.
14.January 8, 1909Los Angeles HeraldLos Angeles, CA
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SUSPENDED BANK MAY BE REOPENED SOON Negotiations Between Citizens Sav= ings' Stockholders and Depositors Progress Favorably, Definite Program Being Outlined [Special to The Herald.} LONG BEACH, Jan. 7.-Negotiations between the stockholders and depositors of the Citizens' Savings bank looking to the reopening of that institution are progressing nicely. Figures as to the bank's condition were made public this afternoon as follows: Loans secured, $178,784.94; cash on hand, $23,914.95; bonds and interest, $141,620; real estate other than bank building, $20,000; total assets, $864,319.89; due depositors, $360,159.32. The plan of the stockholders is to assess themselves for $62,500 to make good the impairment of the bank's assets. With the reopening of the bank the depositors would be given time deposit certificates, their money to be paid as follows: Ten per cent in six months, 10 per çent in twelve months. 10 per cent in eighteen months and the balance due on all deposits in twentyfour months. Interest at the rate of 4 per cent from the date the bank opens would be paid.
15.March 31, 1909Los Angeles HeraldLos Angeles, CA
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Citizens Bank to Reopen LONG BEACH, March 30.-Depositors representing more than $275,000 having signed an agreement with the stockholders of the recently defunct Citizens Savings bank, that institution will be reopened shortly. The stockholders will make good the depletion in the assets of the bank, amounting to about $65,000, and the depositors will accept their money in installments. If signatures representing $300,000 can be secured the stockholders will give out a 10 per cent dividend at once. Two dividends of 10 per cent each have been paid by the receiver.
16.June 24, 1909Los Angeles HeraldLos Angeles, CA
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CITIZENS BANK MAY BE REOPENED SOON TO TRY TO GET INJUNCTION MODIFIED Directors of Savings Institution Decide to Employ Senator Hahn to Secure Change in Court Order [Special to The Herald.] LONG BEACH, June 23.-The directors of the Citizens Savings bank voted last night to employ Senator Hahn of Pasadena to petition the court to modify the injunction against the Citizens Savings bank, now in the hands of a receiver, so that the directors can reopen it, an assessment of 25 per cent to be made against the stock in order to make good the deficiencies in the assets. The bank is now in the hands of a receiver, the directors having been enjoined from managing the institution. All but a few of the stockholders have signed an agreement to pay the assessment, and it is believed the others can be forced to assent to its being levied.
17.October 21, 1909Los Angeles HeraldLos Angeles, CA
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CITIZENS SAVINGS BANK TO OPEN IN SHORT TIME LONG BEACH, Oct. 20.-More than $50,000 has been paid in by the stockholders of the Citizens Saving bank, and as $62,500 is all that is required to be on hand before the bank can be reopened, the officers are confident the bank will be ready for business in a few weeks. F. M. Kelsey, the receiver, will pay out about $70,000 to those depositors who were not willing to sign up the agreement looking toward the reopening of the bank. He is making preparations to close his connection with the affairs of the bank.
18.November 5, 1909Los Angeles HeraldLos Angeles, CA
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RECEIVER FINISHES REPORT AND WILL FILE IT TODAY LONG BEACH, Nov. 4.-Receiver Kelsey, who has been in charge of the Citizens Savings bank affairs since that institution closed its doors two years ago, completed his report today and will submit it to Judge James tomorrow in Los Angeles, at which time the receiver will be discharged. The bank will be reopened upon the arrival of a license, which has been asked for from the state superintendent of banking. The receiver's report shows that, including the $62,500 which has been raised by assessing the stockholders, the bank will have on hand when it opens $99,109.70. This does not include $58,646.42 which the receiver has on hand, but which is to be paid over 10 those depositors of the bank who refused to sign the agreement by which the bank is being reopened.
19.November 13, 1909The San Francisco CallSan Francisco, CA
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HOLLAND GOING TO CAPITAL CITY Vice President of Western Na= tional to Manage Sacramento Valley Trust Company New Institution Will Be Con= nected With the Fort Sut= ter National Bank F. L. Holland, vice president of the Western national bank, and at present acting cashier of the Metropolis trust and savings bank, was elected yesterday vice president and manager of the Sacramento valley trust company, a new $1,000,000 institution that will be opened in the capital city about the first of the new year. The new bank will be of national ala though the Fort separate Sutter institution. a connection bank, The Fort Sutter national bank is one of the largest banks in Sacramento, its business branching out to such an extent that a trust company seemed to be a its are H. W. L. George necessity. J. Bryte, Among Conger, officers E. Southworth and A. L. Darrow. These officers will be prominently affiliated with the new trust company. F. L. Holland, who leaves the Metropolis trust and savings bank to become vice president and manager of the new institution, nas been in the banking business in this city only since the fire of 1906. He was made a vice president, of the Western national bank at the time of the reorganization and pulled that bank through the financial panic of 1907. Superintendent of Banks Alden Anderson gave permission to the Citizens' savings bank of Long Beach to reopen yesterday, the institution having made good the impairment of its capital. John E. Fitzpatrick, for 20 years with the Donohoe-Kelly banking company, was appointed cashier of the bank at a meeting of the directors last Wednesday. The appointment was made to fill the vacancy caused by the death of Edward Donohoe, son of the founder of the institution. John Y. Dispaux was appointed assistant cashier to fill the vacancy caused by Fitzpatrick's promotion.
20.August 31, 1910Los Angeles HeraldLos Angeles, CA
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LONG BEACH ITEMS LONG BEACH, Aug. 30.-Mrs. Geo. Rinierson, wife of an Oregon City attorney, today visited her brother, Desk Sergeant McCown, at police headquarters. It was their first meeting in twenty-four years. Mrs. Emma Hamon has just built a group of three cottages at Twenty-first street and American avenue, which she will rent for nominal sums to afford outings for mothers and children who cannot afford to pay ordinary rates. In the superior court tomorrow Attorney Daly of this city will submit a motion that the court authorize the full resumption of its banking business by the Citizens' Savings bank, which was in a receiver's hands for some time. The officers, directors and employes of the Long Beach National bank and the Savings Bank and Trust company will hold an all-day picnic at Bixby park Labor day. A program of sports will be held and a picnic luncheon served at noon. Friday night of this week the second annual ball of the employes of Hotel Virginia will be held in the Gothic dining room of the hotel, the Virginia orchestra providing the music. Efforts are being made to match Miss Mabel Lawson and Miss Dorothy Newkirk of Santa Monica in a swimming race. Miss Newkirk claims the Southern California woman's championship. Miss Lawson swam from San Pedro to Long Beach Sunday morning over a course estimated to be seven miles in length.
21.September 3, 1910Los Angeles HeraldLos Angeles, CA
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COURT ORDER REOPENS BANK CLOSED 3 YEARS Dissolution of Injunction Restores Long Beach Institution to Full Powers LONG BEACH, Sept. 2.-The news from Los Angeles today that the court had dissolved the injunction against the Citizens Savings bank and restored it to its old position with full banking powers led to the congratulation this afternoon of the men whose work is said to have been responsible for the re-establishment of the bank. Under the court's order the receiver who wa's retained to pay the nonconsenting depositors their money will turn over to the bank the $3007.43 he has yet on hand, and with this action he will be relieved of his duties, the receivership becoming a matter of history. He will do this at once, The state bank superintendent and the court agreed that the bank should be empowered to pay out the rest of the money. The injunction against the bank caused the closing of its doors three years ago. The injunction was removed in part when practically all of the depositors agreed to a plan whereby the bank could reopen, the receiver being authorized to reimburse from money raised by an assessment of stockholders those depositors who did not agree to the reopening.
22.September 3, 1910Los Angeles HeraldLos Angeles, CA
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LONG BEACH BANK FOUND SOLVENT AND MAY RESUME Receiver Kelsey Finds Balance of $3007 in Institution's Favor Judge Houser of the superior court yesterday approved the report of Frank M. Kelsey, receiver of the Citizens' Savings bank of Long Beach, and discharged that official. The : institution was adjudged solvent and has permission to resume business. Kelsey's report, which was filed August 31, shows that the assets of the bank are $74,810.31 and that the claims against it amount to $71,802.88, leaving a balance in its favor of $3007.43. Kelsey states that he has paid to depositors $64.72 and on outstanding checks $21.70. That left a net balance of $2942.71 in favor of the institution. That amount has been paid over to officials of the bank and the depositors, whose claims remain unpaid, have been notified of the action. The state superintendent of banks has given his permission for the institution to resume business, as he has declared it solvent.
