778. Bank of Courtland (Courtland, CA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
January 23, 1933
Location
Courtland, California (38.331, -121.569)

Metadata

Model
gpt-5-mini
Short Digest
d232b8bf

Response Measures

None

Description

Multiple articles (dated Jan 23, 1933) report the Bank of Courtland 'failed to open their doors for business' after heavy withdrawals following the failure of the California National Bank in Sacramento. The board ordered closure after conferring with state banking officials. No article indicates the Bank of Courtland reopened, so classified as suspension leading to closure. Cause is contagion from other banks' failure (local_banks).

Events (1)
1. January 23, 1933 Suspension
Cause
Local Banks
Cause Details
Heavy withdrawals that followed news of the California National Bank's failure in Sacramento; boards felt institutions could not withstand threat of runs and closed preemptively after consulting state banking officials.
Newspaper Excerpt
The Bank of Willows, Bank of Courtland, Bank of Folsom, the Fair Oaks bank and the Colusa County bank failed to open their doors for business today
Source
newspapers

Newspaper Articles (5)
1. January 23, 1933 Imperial Valley Press El Centro, CA
Article from Imperial Valley Press, January 23, 1933

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Article Text

FIVE SMALL BANKS CLOSE SAN FRANCISCO, Jan. 23. U.P.) Reverberations of the failure of the California National bank in Sacramento were felt in other northern California towns today when five small banks were closed on orders of their boards of directors. The Banks of Willows, Bank of Courtland, Bank of Folsom, the Fair Oaks bank and the Colura County bank failed to open their doors for business today, according to word received by the state bank examiner's office here. Boards of directors of the five banks felt that their institutions were incapable of withstanding the threats of runs. Heavy withdrawals which followed news of the California National's failure were the direct cause of closing the banks. The action was taken after the boards had conferred with state banking officials who agreed it would be best to close the banks before runs might develop. Total assets of the institutions were not available here. State banking officials did not look upon the situation with alarm. They pointed out that after the first flare of hysteria in Sacramento, when the California National closed, depositors in other banks quieted down and deposits exceeded withdrawals. "Closing of the five small banks today was merely a reflex of the situation in Sacramento," said Edward Rainey, state bank examiner.

2. January 23, 1933 Appeal-Democrat Marysville, CA
Article from Appeal-Democrat, January 23, 1933

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Article Text

SAN Jan. 23, of the failure of the California National bank Sacramento were felt in other northern California towns today when five small banks were closed on orders of their boards of tors. The Bank of Willows, the Colusa County Bank, Bank of Courtland, Bank of Folsom and the Fair Oaks bank failed to their open doors for business today, according to word received by the state bank examiner's office here. Heavy withdrawals which followed news the California National's failure the direct cause of closing of the banks. The action was taken after the boards had conferred state banking officials who agreed would best close banks before runs might develop. State banking officials did not look upon the situation with alarm. They pointed out that after the first flare of hysteria in Sacramento, when the California depositors in other banks quieted down and deposits exceeded withdrawals.

3. January 23, 1933 Santa Maria Times Santa Maria, CA
Article from Santa Maria Times, January 23, 1933

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Article Text

More Close Doors SAN Jan. Reverberations of the failure of the California National bank in Sacramento were felt in other northern California towns today when five small banks were closed on orders of their boards directors. The Bank of Willows, Bank of Courtland Bank Folsom. the Fair Oaks and the Colusa County bank failed to open their doors for business today. according to word received by the state bank examiner's office Boards directors of the five banks felt that their institutions were incapable of withstanding the threats of runs. Heavy withdrawwhich followed news of the California National's failure were the direct cause closing the banks. The action was taken after the boards had conferred with state banking officials who agreed would be best to close the banks beruns might develop.

4. January 23, 1933 The Chico Enterprise Chico, CA
Article from The Chico Enterprise, January 23, 1933

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Article Text

Five Banks in Valley Closed By Withdrawals Ed Rainey. state superintendent of banks, announced today that five Sacramento Valley banks closed their doors today because of heavy withdrawals. due to closing of other banks in the district. The banks which failed to open for business today were the Bank of Courtland, the Colusa State Bank, the Bank of Folsom, the Bank of Willows and the Fair Oaks Bank. Saturday the California National Bank California Trust and Savings Bank of Sacramento among the oldest banking institutions of the state, closed their doors. Bank officers at Willows blamed frozen assets added to heavy withdrawals. The bank was established in 1882. Of the five towns where banks closed today. only Willows and Colusa have further banking facilities. There is also in Willows the Bank of America branch and the First National Bank of Willows. In Colusa there remained, Rainey said, First Savings Bank. Rainey said closing of the banks was more protective measure to safeguard deposits. Ht said he did not regard the situation "critical" and after telephonic survey of the situation Sacramento said banking conditions theer were "favorable.' According to reports received this afternoon, was the Colusa County Bank and not Colusa State Bank that closed its doors this morning following run.

5. January 26, 1933 The Glenn Transcript Willows, CA
Article from The Glenn Transcript, January 26, 1933

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Article Text

Bank of Willows Closed Its Doors Monday Morning Bank of Willows, one of the influential and largest banks In the Sacramento valley, closed its doors last Monday. notice was posted on the door by Edward State Bank Examiner, through Deputy aminer, which stated: have taken of the sets of the bank under provisions Section 136 of the Banking Act of the State of California". The closing naturally caused sation. Citizens gathered in groups Tehama street, discussing occurred even bordering on the hysteria which generally marks bank suspensions. The depositors were calm and hopeful. The directors of the bank the morning issued the following statement: "Owing to conditions caused by the recent suspension several well banks the Sucramento valley including the closing of The Calfornia National Bank and California Trust Savings Bank of Sacramento Saturday, January 21, the Board of Directors the Bark of Willows un. animously decided ask the State Banking charge of the Bank of Willows order to tect the interests of the deposi- On Monday as of the suspension operations the California National Bank and California Savings Trust company be. sides the Bank of Willows there were four other banks which closed: Bank of Courtland, Bank of Fair Oaks Bank of Folsom and Colusa County Bank. LOCAL BANKS MEET DEMANDS The Bank of America and the First National Bank were equal the casion. Their sound condition and sources were ready to meet any demands. The First National Bank in anticipation of withdrawal requests early in day received $15,000 from the Federal Reserve Bank of Sacramento. Up to today both local banks report proceeding nothing had happened." The First National reported only withdrawals of small accounts, and that there would be no occasion to use the $15,000 received from Sacramento. New accounts have been opened both banks, and more money deposited than paid out. Willows has shown its confidence the two remaining banking institutions and their management. They both have the resources to meet the situation in this locality. May Reorganize and Re-open The closing of the Bank of Willows most regrettable blow to the tire county. Organized in 1882 an stitution 80 large and extending its fluence into so many homes and busiestablishments could fall be acutely felt. The money, however, deposit will not lost. The closcreates and time must elapse to liquidate its affairs. At meeting of business men held on Monday evening confidence that the Bank Willows pressed would due time be in position to in dollar of its deposits. They pay every also expressed confidence that action would be taken within short time for and reopening. $450,000 in Capital Attorney Duard Geis at the meetthat ing on Monday night stated that the Bank Willows had approximately Glenn Rev. Glenn weeks Glenn 1900 the First where Glenn fortunate real estate valued $84,600 series owned on held Silver cashier. Dr. must this Joe work and information of the bank's county standing be given out as quickly served this consolation for the lows strong the lows: sit steady in the and Willows and $570,880; shape. Fair The the only lusa.