760. First National Bank (Blythe, CA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
10944
Charter Number
10944
Start Date
August 12, 1931
Location
Blythe, California (33.610, -114.596)

Metadata

Model
gpt-5-mini
Short Digest
aa09c3a4

Response Measures

None

Receivership Details

Depositor recovery rate
9.4%
Date receivership started
1931-08-12
Date receivership terminated
1935-03-08
OCC cause of failure
Economic conditions
Share of assets assessed as good
35.3%
Share of assets assessed as doubtful
58.2%
Share of assets assessed as worthless
6.5%

Description

The First National Bank of Blythe closed August 12, 1931 and was placed in receivership (W. M. Gray). Articles in 1932 describe the receiver disbursing the first dividend; 1933 article describes sale of bank-owned property. No article describes a depositor run prior to suspension—closure appears permanent with receiver and asset dispositions.

Events (5)

1. January 26, 1917 Chartered
Source
historical_nic
2. August 12, 1931 Receivership
Source
historical_nic
3. August 12, 1931 Suspension
Cause
Local Shock
Cause Details
Bank examiners closed the bank because of frozen assets and depreciation of the cotton market reducing deposits and liquidity.
Newspaper Excerpt
The First National bank closed August 12, 1931
Source
newspapers
4. July 1, 1932 Receivership
Newspaper Excerpt
National Bank Receiver W. M. Gray and disbursing dividend checks to a line of ex-depositors. These checks represent the first dividend. The amount is seven per cent, and places $12,000 in circulation in Palo Verde valley, ... at the time the bank closed, deposits totaled ... the First National bank closed August 12, 1931, and these checks represent the first dividend.
Source
newspapers
5. July 1, 1933* Other
Newspaper Excerpt
E. B. Trent bought the equity of the First National Bank in the Bowles Building through Bank Receiver W. M. Gray. Mr. Trent took possession July ... Another recent transfer ... purchase of the building occupied by the Palo Verde Chevrolet Co. by M. Farrage from the First National Bank.
Source
newspapers

Newspaper Articles (3)

Article from Riverside Daily Press, July 16, 1932

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Article Text

CLOSED BLYTHE BANK FIRST DIVIDEND Receiver Places $12,000 in Circulation in Palo Verde Valley (Special Correspondence) July First National bank did booming business Friday and Saturday, with National Bank Receiver W. M. Gray and disbursing idend checks to a line of ex-deposThe First National bank closed August these checks represent the first dividend. The amount seven cent, places $12,000 circulation in Palo Verde valley, with Palo irrigation district heading the with dividend check of approximately $1000. At the time the bank closed, deposits totaled the smallest history the institution. The First National the FarmMerchants had consolidated several months Bank examiners closed previously the bank because "frozen sets," according statement, depreciation the cotton market. They stated that the date closing was the lowest ebb deposits, and fected depositors than would closing of the bank in fall. Nearest banking facilities for this community people is miles distant any direction.


Article from The Perris Progress, July 21, 1932

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Article Text

HERE AND THERE Reappointed to Board-M. French Gilman of Banning, and Joy G. Jameson of Corona were reappointed to t hecounty board of forestry, on recommendation of County Forester Oscar Ford. To Vacate Road-Petition for vacation of a road in the Box Springs district by Garat, P. C. Gernert and others was received by the supervisors Monday. Hearing on any protests will be held Monday, August 8. Complete Recording-With the receipt Saturday by County Recorder Jack A Ross of approximately 900 tax deeds to the Palo Verde Irrigation district, covering lands taken by the district for delinquent assess ments, the filing of such deeds for the present is completed. This was the second instalment of deeds to the county recorder from the district, there being about 1600 parcels in al Freezing Temperatures-It may be mid-July and mid-summer, but nevertheless freezing temperatures were recorded twice this week in the resort area of teh San Jacinto mountains, an dnaturally the mercury dropped still lower on the high peaks. At the Herkey creek camp ground the mercury reached the low summer mark of 32 degrees on Wednesday and Thursday mornings, and other places in the mountains also felt the nip of unseasonable frost. Fifth Avenue Highway-Bids for the grading and paving of Fifth avenue from the west city limits of Pomona to Brea canyon will be opened at Sacramento Wednesday, August 3. Considerable work preliminary to the actual construction of the road is no wbeing done, including the laying of a ten-foot irrigation pipe across the full length of the S. W. Beasley property, just west 0 fthe Pomona city limits. The length of the proposed improvement is 6.17 miles. This is the first section of the proposed Fifth avenue highway from Pomona to Los Angeles West of the Brea canyon road the highway will be built by Los Angeles county and actual construction work is under way at the present time. The state will grade Fifth avenue from Pomona to the Brea canyon road to a width of 50 feet. The concrete pavement will be 20 feet wide with earth shoulders on either side of the concrete, which will be oiled under separate contract. Reject Police District-Supervisors Monday rejected the petition for formation of a police protection district at Norco, when protests were brought in at th ehearing. Despite the statement of one of the proponents of the plan that apparently many had signed the protest under a misapprehension as to the cost of sue ha district, Chairman T. C. Jameson pointed out the overwhelming majority of protests, and the matter was rejected. Advance in Rates-Fees for domestic postoffice money orders were increased slightly on Wednesday, July 20. Rates for money orders up to $20 will increase one cent and for larger sums in the same ratio. The higher rates were enacted by congress to increase Uncle Sam's revenues. The ne wschedule on domestic postal money orders is as follows: One cent to $2.50, 6 cents; $2.51 to $5, 8 cents; $5.01 to $10, 11 cents; $10.01 to $20, 13 cents; $20.01 to $40, 15 cents; $40.01 to $60, 18 cents; $60.01 to $80, 20 cents; $80.01 to $100, 22 cents. Bank Pays Dividends-The First National Bank of Blythe did a booming business last Friday and Saturday, with National Bank Receiver W. M. Gray and assistant disbursing dividend checks to a line of ex-depositors. The First National bank closed August 12, 1931, and these checks represent the first dividend. The amount is seven per cent, and places $12,000 in circulation in Palo Verde valley, with Palo Verd eirrigation district heading the list with a dividend check of approximately one thousand dollars. Contest on Beach Frontage-The city of Newport Beach is waging a battle to save approximately five acres of beach for use of the public and is now seeking a court decision on the ownership of the land built up during recent years at Corona del Mar. The city's claim, as contended by City Attorney Roland Thomson is that the accretions to the beach were caused by the building of the east jetty in 1927, which was done by a bond issue of the city. Since it was completed the beach, which was then narrow, has gradually built up until it is one of the finest in the southland. The law appears to be that if accretion is from natural causes, the accretion belongs to the owners of the adjoining land. The private owners maintain that it is a natural accretion, and whether the increased beach was from "natural causes' 'or because the jetty was built, is one of the chief question to be settled in the suit. Valley Ice & Laundry Company, also Dry Cleaning. Ph. 172 or 441. able as yet to make a definite announcement of specific examples, State Highway Commissioner Frank A. Tetley declared on his return last Saturday from a meeting of the state highway commission at Sacramento that a considerable mileage of roads in Riverside and San Bernardino counties will be added to the state secondary highway system on August 1 when 330 miles of additional roads will be included in the secondary system. Of the 330 miles or roads scheduled to be added, 259 will be in Southern California, Tetley said. Answer Received-County Clerk D. G. Clayton has received the answer of Lake Hemet Water company in the condemnation proceeding instituted by the county of Riverside to obtain right of way for a road in the San Jacinto mountains from the Herkey Creek public camp ground to the shore of Lake Hemet. The company alleges that the taking of the right of way would greatl ydamage the property, most of the damage accruing to the large parcel of land owned by Lake Hemet Water company but not sought for the actual roadway. Levee Hearing Postponed-Hearing on the proposed Valle Vista Levee district for which a petition was received recently, Monday was continued for two weeks. A single protestant, W. R. Price of Los Angeles, owne rof land i nthe district, based an objection on his opinion that the area in the district, as proposed, is not large enough to offer protection. Price was advised to get in touch wit hpetitioners and make an effort to have the area enlarged. According to Price, the levee as planned, would take care of the portion of land on the east side of the wash, but the west side would still be at the mercy of the flood waters. Valley Ice & Laundry Company, also Dry Cleaning. Ph. 172 or 441. Try Progress Classified Ads.


Article from Palo Verde Valley Times, July 6, 1933

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Article Text

Trent Buys Bowles Building From One of the outstanding local real state transfers of the season occurred his month when E. B. Trent bought the equity of the First National Bank in the Bowles Building. through Bank Receiver W. M. Gray. Mr. Trent took possession July The building is 25 feet wide and 150 feet deep. There are four apartments and six "apartmentets" upstairs, and store building with a long storage room at the rear. The building is of concrete and brick construction. and was built in 1918 by T. P. Bowles at cost of $16,000. Another recent transfer of importance was the purchase of the build ing occupied by the Palo Verde Chevrolet Co. by M. Farrage from the First National Bank. This structure was built in 1920 to house the Farmers Merchants National Bank. and of excellent construction. The building also includes the office of Dr. H. Smith.