785. Union Exchange Bank (Los Angeles, CA)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
December 1, 1908*
Location
Los Angeles, California (34.052, -118.244)

Metadata

Model
gpt-5-mini
Short Digest
de2f2375149670f0

Response Measures

None

Description

Newspapers report the Union Exchange Bank in Los Angeles was closed by order of the state bank commissioners in December 1908 (government action) and subsequently reopened in February 1909 with new officers. There is a minor contradiction: the Jan. 4, 1909 notice says the bank was placed in the hands of the state bank commissioners (implying receivership), while the Feb. 10, 1909 Herald article states affairs did not pass to a receiver. I record both the commissioners' custody/receivership notice (Jan 4) and the declared December closure and Feb 9, 1909 reopening. No run or depositor panic is described.

Events (3)
1. December 1, 1908* Suspension
Cause
Government Action
Cause Details
Closed in December by order of the state bank commissioners due to impaired capital (capital stock impaired about 33 1-3%).
Newspaper Excerpt
The bank was closed in December by order of the state bank commissioners
Source
newspapers
2. January 4, 1909 Receivership
Newspaper Excerpt
The Union Exchange bank ... was today placed in the hands of the state bank commissioners. ... capital stock is impaired about 33 1-3 per cent, The bank has loans of $12,000 and deposits of $18,000. A. H. Stebbins is president, S. G. Sepulveda is vice president and David Seabin cashier. (San Francisco Call, Jan. 5, 1909 referring to Jan. 4.)
Source
newspapers
3. February 9, 1909 Reopening
Newspaper Excerpt
Union Exchange Reopens The Union Exchange bank at Ninth and Main streets was reopened yesterday with new officers and directors, after being closed for more than thirty days. ... I. L. Spencer is president, H. J. Haynes is vice president. ... Benjamin Marks is cashier. (Los Angeles Herald, Feb. 10, 1909)
Source
newspapers

Newspaper Articles (2)
1. January 5, 1909 The San Francisco Call San Francisco, CA
Article from The San Francisco Call, January 5, 1909

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Article Text

RECEIVER FOR BANK LOS ANGELES, Jan. 4.-The Union Exchange bank, at 901 South Main street, was today placed in the hands of the state bank commissioners. It is a small institution. The bank was organized in April, 1907, and has a capital stock of $27,000. According to Bank Commissioner Scherer, the capital stock is impaired about 33 1-3 per cent, The bank has loans of $12,000 and deposits of $18,000. A. H. Stebbins is president, S. G. Sepulveda is vice president and David Seabin cashier.

2. February 10, 1909 Los Angeles Herald Los Angeles, CA
Article from Los Angeles Herald, February 10, 1909

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Article Text

Union Exchange Reopens The Union Exchange bank at Ninth and Main streets was reopened yesterday with new officers and directors, after being closed for more than thirty days. The bank was closed in December by order of the state bank commissioners, but the affairs of the institution did not pass into the hands of receiver; instead the business was taken over by new men and plans were immediately formulated for resumption. I. L. Spencer is president of the bank, H. J. Haynes is vice president. With the two named the following compose the directorate: L. C. Haynes, E. Jones and C. A. Bennett. Benjamin Marks is cashier.