Bank of East Oakland - Oakland, CA

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: March 1, 1909
Location: Oakland, California (37.804, -122.271)

Metadata

Model: gpt-5-mini
Short Digest: cb511032bba3bc2b

Response Measures

None

Description

Article (San Francisco Call, dateline Oakland, March 1, 1909) reports the Bank of East Oakland suspended operations and stockholders decided to disorganize because profits were unsatisfactory; the institution was said to be solvent and its accounts will be liquidated through a new Twenty-third Avenue Bank that opens the next day. No run is mentioned; suspension appears voluntary and leads to permanent closure/reorganization.

Events (1)

1. March 1, 1909 Suspension

Cause: Voluntary Liquidation
Cause Details: Stockholders decided to disorganize the bank because profits had not been satisfactory; bank declared solvent and accounts to be liquidated through a new Twenty-third Avenue Bank.
Newspaper Excerpt: The opening of the Twenty-third avenue bank...will come as a sequel to the closing of the Bank of East Oakland, which suspended operations today.
Source: newspapers

Newspaper Articles (1)

1. March 2, 1909 The San Francisco Call San Francisco, CA

Article from The San Francisco Call, March 2, 1909

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Article Text

BORAX KING HEADS NEW OAKLAND BANK F. M. Smith President of the East End Institution OAKLAND, March 1.-The opening of the Twenty-third avenue bank, a new financial institution of East Oakland, tomorrow morning will come as a sequel to the closing of the Bank of East Oakland, which suspended operations today. The new bank, which is headed by F. M. Smith, the borax king, will begin its career in the offices of its predecessor, at the corner of Twentythird avenue and East Fourteenth street, but in a short time will move to more commodious quarters on an opposite corner. Officials of both banks declare that the Bank of East Oakland was perfectly solvent when it was decided to close it, but that the stock holders of the institution had decided to disorganize because the profits had not been satisfactory of late. The accounts of the Bank of East Oakland will be liquidated through the Twenty-third avenue bank. The officers of the new Twenty-third avenue bank are F. M. Smith, president; Dennis Searles, vice president; B. F. Edwards, vice president and manager; R. S. Knight, cashier. Among the directors are General O. F. Long of the Pacific steel and wire company and James Hawkins, secretary of the Standard gas engine company.