779. First National Bank (Culver City, CA)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
11732
Charter Number
11732
Start Date
December 1, 1931*
Location
Culver City, California (34.021, -118.396)

Metadata

Model
gpt-5-mini
Short Digest
27bc9b52

Response Measures

Full suspension

Other: Receiver appointed; RFC loan helped dividends to ex-depositors in 1934. Bank remained closed and in receivership through 1934.

Receivership Details

Depositor recovery rate
58.8%
Date receivership started
1932-01-23
Date receivership terminated
1939-01-31
Share of assets assessed as good
21.2%
Share of assets assessed as doubtful
73.4%
Share of assets assessed as worthless
5.4%

Description

Article (Jan 1, 1932) reports heavy runs and that the bank closed its doors recently to conserve assets by board resolution. Later articles (1934) show a federal receiver (Thomsen) paying dividends and a new receiver appointed, indicating the bank remained closed and in receivership — permanent closure. Cause of run/suspension is not attributed to a specific rumor or correspondent failure; closure was a board resolution to conserve assets after heavy withdrawals, so I classify cause as 'other'.

Events (5)

1. May 28, 1920 Chartered
Source
historical_nic
2. December 1, 1931* Run
Cause Details
Heavy withdrawals / runs on the bank prompted board action; no specific rumor or external bank failure is identified in the text.
Measures
Bank closed its doors by resolution of the board to conserve assets; directors met daily and depositors called mass meeting to discuss reopening.
Newspaper Excerpt
the First National Bank of Culver City, which closed its doors recently to conserve assets and safeguard the depositors... by closing the doors after heavy runs
Source
newspapers
3. December 1, 1931* Suspension
Cause Details
Board resolution to conserve assets and safeguard depositors following heavy runs; a voluntary closure rather than an immediate regulatory seizure.
Newspaper Excerpt
closed its doors recently to conserve assets and safeguard the depositors by resolution passed by the board of directors
Source
newspapers
4. January 23, 1932 Receivership
Source
historical_nic
5. March 2, 1934 Receivership
Newspaper Excerpt
Many thousands of dollars this week went into the hands of former depositors of the First National Bank of Culver City, closed for sev[eral years]... Checks were distributed by Thomsen, federal receiver, upon their receipt from the U. S. comptroller of the currency. Payment of the dividend this week brings the total percentage returned to depositors to 43 per cent. (Mar 2, 1934 article). Also: William Prentiss, Jr., will take office as receiver of the closed First National Bank of Culver City... Nov. 17 (Nov 16, 1934).
Source
newspapers

Newspaper Articles (3)

Article from Evening Vanguard, January 1, 1932

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Article Text

Confidence Vote Is Given to Ritt Culver City Bank Depositors Discuss Plans for Bank's Future Depositors having the largest on deposit in the First National Bank of Culver City, which closed its doors recently to conserve assets and safeguard the depositors by resolution pased by the board of rectors, met at the Culver City chamber of yesterday atternoon for the purpose of discussing tentative plans for the reopenof the bank. Charles Ritt. of the bank. in brief statement, assured each depositor present that the bank was sound, and that by closing the doors after heavy runs the bank, victim of directors met daily for four days, making every effort to withhold the closing the doors, but decided that the movement to protect those had deposits, to close the doors. more Mr. Ritt the bonds and the bank could have quickly turned into ready cash have prevented the closthe was said by several of the terested depositors of large amounts that independent bank is an asset city, and the reopening the First National Bank would be one of the greatest boosts that could happen to Culver City. Call Mass Meeting rising vote was given by the depositors present Charles Ritt. each assuring him implicit faith. President Robert Wankowski assured all depositors that the board of directors and present stockholders in the bank would sacrifice every cent of their holdings in an effort to meet any possible plan submitted for the opening of the bank. meeting was adjourned with vote being passed that meeting of all Its depositors in the bank be called for the first part January


Article from Evening Vanguard, March 2, 1934

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Article Text

OF DOLLARS SENT EX-DEPOSITORS Many thousands of dollars this week went into the hands of former depositors of the First National Bank of Culver City, closed for sevwhich this week paid an per cent dividend. Checks were distributed by Thomsen, federal receiver, upon their receipt from the U. S. comptroller of the currency Payment of the dividend this week brings the total percentage turned to depositors to 43 per cent. Previous dipidends of 16 per cent 20 cent were distributed. and per Thedividend was made possible partly through loan from the RFC. A number of checks for first and second dividends are still uncalled for at the bank, Receiver Thomsen said.


Article from Evening Vanguard, November 16, 1934

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Article Text

Report To Be Made Soon On Banks' Assets Wm. Prentiss, Jr., Is to Take Charge of Institutions William Prentiss, Jr., will take office as receiver of the closed First National Bank of Culver City and of the First National Bank of Venice tomorrow, Nov. 17, he announced today. He succeeds E. M. Thomsen, receiver for the past three years, who resigned last Nov. Mr. Prentiss said he would immediately arrange to analyze assets of the Venice and Culver City banks and prepare definite plans for the conduct of the receivership in line with the policy of the comptroller of the currency. The new receiver, widely known in Southland financial circles, is also receiver for the closed United States National Bank in Los Angeles and of the First National Bank of Beverly Hills Mr. Prentiss said he would make public an official statement early next week dealing with the condition of the defunct Venice and Oulver City banks.