814. Kingsburg Bank (Kingsburg, CA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
March 1, 1933*
Location
Kingsburg, California (36.514, -119.554)

Metadata

Model
gpt-5-mini
Short Digest
09299422

Response Measures

None

Description

Kingsburg Bank failed to reopen after the 1933 bank moratorium/holidays, was placed in receivership and liquidated; dividends were paid to depositors later in 1933 and the Bank of America opened a branch in the former Kingsburg Bank quarters. No run on the bank is described in the articles. Bank type not specified in articles.

Events (4)
1. March 1, 1933* Suspension
Cause
Government Action
Cause Details
Did not reopen following the statewide bank moratorium/bank holiday in March 1933; failed to resume operations thereafter.
Newspaper Excerpt
Kingsburg Bank, which failed to open after the bank moratorium.
Source
newspapers
2. May 1, 1933* Receivership
Newspaper Excerpt
liquidation of the former Kingsburg Bank with the announcement by Glen Johnson, receiver, ... marking substantial progress for the receivership. The activities of the Federal Reserve Bank have been of no expense to Johnson's liquidation organization. (Article Nov. 2, 1933)Pay First Dividend ... announced Wednesday. Glen Johnson, special deputy superintendent of banks in charge of the liquidation, will on that date begin paying dividend checks ... (Dec. 14, 1933).  (Excerpts consolidated.)
Source
newspapers
3. July 13, 1933 Other
Newspaper Excerpt
The branch will occupy quarters previously owned by the Kingsburg Bank, which failed to open after the bank moratorium. Kingsburg has been without banking service that time. ... It be state bank branch. part of the Bank America of California, as distinguished from the Bank of America National Trust and Savings Association.
Source
newspapers
4. December 20, 1933 Other
Newspaper Excerpt
First payment of dividend to depositors from the Kingsburg Bank in liquidation will be made next week ... A 10 cent dividend will be paid in the savings department ... 20 per cent in the commercial department.
Source
newspapers

Newspaper Articles (4)
1. July 13, 1933 The Fresno Bee Fresno, CA
Article from The Fresno Bee, July 13, 1933

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Article Text

KINGSBURG BANK OPENS SATURDAY; STAFF SELECTED (By Bee Bureau) SAN FRANCISCO, July Predicting prosperity for the San Joaquin Valley within a year. A. P. Giannini. chairman of the board of the Bank of America, to-day announced the opening of new branch of that institution in Kingsburg Saturday B. R. Bergstrom of Selma has been named manager. The branch will occupy quarters previously owned by the Kingsburg Bank, which failed to open after the bank moratorium. Kingsburg has been without banking service that time. group of citizens recently petitioned the Bank of America to open branch there. Woodward. Jr., Assistant nounced that in addition to Bergstrom. formerly assistant cashier of the Bank of America branch Selma, the Kingsburg branch staff will include O. J. Woodward, Jr. assistant Carl and teller. and W. Nelson, contact man. "In my opinion,' said A. Giannini in a statement addressed Kingsburg citizens, "no section of California come back faster than the San Joaquin Valley, which has been the hardest hit. The next should see return to its own and prosper. California is definitely out of the depression on the right road back to good times. The period of eco. nomic of prices, of financial disaster, is thing the Will Name Local Board L. M. Giannini, senior vice presiannounced the bank shortly will appoint an advisory board Kingsburg citizens lend new branch their counsel. He Morrish messages of greeting to the commuBergstrom, a graduate of the University began his banking career with Selma National Bank in 1919. joining the Bank America when the Selma institution became branch 1922. He became assistant cashier in 1925. Mr. and Bergstrom and been residing in Selma, will establish their home in Kingsburg. Bergstrom. born in Japan the son of American speaks Japanese fluently, also the Scandinavian languages. He is a violinist by Woodward, University of Callfornia alumnus and married, born in Fresno, grandson of Woodward and member of San Joaquin Valley famly. He joined the Bank America in 1924 and served in various Elander Nelson both were with the Kingsburg bank formerElander having joined the Bank of in 1930 and Nelson assistant cashier the institution when The latter is city treasurer of Kingsburg. G. G. Bodeen, assistant cashier the Fresno main office, will be Kingsburg for the first few days the branch's Ralph Heaton, manager the Fresno branch, and ward. Sr., will attend the branch opening. It be state bank branch. part of the Bank America of California, as distinguished from the Bank of America National Trust and Savings Association.

2. November 2, 1933 The Kingsburg Recorder Kingsburg, CA
Article from The Kingsburg Recorder, November 2, 1933

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Article Text

ALL BONDS Receivership Passes Another Milestone in Liquidation Activity Another hurdle had been cleared this week in the conduct of the liquidation of the former Kingsburg Bank with the announcement by Glen Johnson, receiver, that the total indebtedness to the Federal Reserve Bank of San Francisco has been satisfied. The amount of loans, incurred last February and March, totaled $48,Accounts carried in the Kingsburg Bank, $11,408.33 in the savings department and $12,400.11 in the commercial department, were applied against the amount. An item of 100 paid in for Federal Reserve Bank stock further helped to retire the amount. After deduction of $3,500 which was turned back to the Kingsburg Bank receiver for operating pense, the total deductions left the indebtedness at approximately The payment of this amount was completed on October 26, marking substantial progress for the receivership. With payment of the Federal Reserve Bank claim in full, collateral held by the bank in the amount of $27,816.21 was released and turned back to Johnson. The most of this paper was in the commercial department and the best opinion is that proximately 100 per cent collection will be possible within short time. Interest on the loans involved also will be collected, is anticipated. During the period of time since the closing the Kingsburg Bank and the instituting of receivership proceedings, the activities of the Federal Reserve Bank have been of no pense to Johnson's liquidation organization. A letter from the bank to Johnson acknowledges receipt of the final payment of $3,375.35 and warm appreciation for the many courtesies extended and for the splendid cooperation accorded by Johnson and his staff during the stay of Hopkins, collection agent, in Kingsburg. Incidentally, Johnson made known the fact that the bond accounts carried by the Kingsburg Bank have been closed out on very satisfactory sale. The bonds totaled $2,000 in the commercial department and approximately $72,000 in the savings department. The commercial item brought $1,960 with the interest putting the amount realized well over the purchase price. The savings department item was security for the county treasurer's account of $63,500, which interest and coupons cut down to The bonds thus represented were sold on bids Bank of America and brought $72,171.56 which was over par. Thus through the bond account, the liquidation realized total of $11,in the savings department. Previously the sale of $35,000 of government bonds held as security for the postal savings account, brought net amount of $1,600 and Island Irrigation bonds realized $600 clear.

3. December 14, 1933 The Kingsburg Recorder Kingsburg, CA
Article from The Kingsburg Recorder, December 14, 1933

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Article Text

AMBITIOUS RECOMMENDED YEAR BY MEMBERS of C. Launches Slate of Endeavors for Next 12 Months Following the close of the fiscal on November 30. the Kingsburg Chamber of Commerce held its anmembership banquet on last Thursday evening in the Hotel Kingsburg at which activities for the past reviewed and slate of endeavors drawn for the next 12 months. Doing away with all entertainment and even the customary address of the evening. the slightly less than half hundred men present participated in business session which consumed the major portion of the time. Chief discussion concerned formulation of budget to be recommended by the membership the board of directors. By acclamation. the following items included in the recommendations for activities for next year: Community Christmas tree, program candy and apples for the kiddies: spring festival trade promotion event: contribution toward maintenance of the Kingsburg Band in its summer concerts: Fall Festival and Hallowe'en parade; distribution of community calendars. The suggested budget, together with current expense of operation of the chamber of commerce and keeping open the building. aggregate sum closely approximating $1,200. At the meeting. William A. Ericknewly elected president, appointmembership campaign commitheaded by Joseph Schropfer solicitation of all business and rofessional men. including school who were not present. cards were distributed at the meeting. signed and returned in the amount of $250 during the meeting. The secretary's report for last year, and his financial report, showed that, despite the fact that approximately half of the budgeted funds were tied the Kingsburg Bank liquidation. the chamber of commerce pleted the 12 months period of operation with all current expenses paid. Payment of dividend from the bank's receivership. now assured. will of all expense of every Including taxes and insurance will leave small balance in the Items on last year's budget of band and community calencould not be met because of of funds due to the local bank the merchants' canvassed the merchants secured $54.50 which enabled the Hingsburg Band to complete the sumconcert season. Another solicitaproduced sufficient money community calendar which be distributed between Christand New Year's. due to lack of the of commerce was forced to employment of secreon June last. Bernard Erickin that capacity the secretary's report include: fulltime telegraph Southern Pacific from the shortened service efwhen the depot was closed at daily and Sundays. Community Christmas tree, with and cheer for the kiddies, with the American Legion securing and decorating the tree. Community write up furnished County Chamber Commerce its booklet. "Fresno County Facts," detailing advantages of this commuto the homeseeker. Collected data on planting live Christmas tree. including type of tree, adaptable size and suitable location. Supported city board in bond election for improvement of city water mains. Assisted in efforts to reorganize Kingsburg Bank when failed to the bank holidays of last March and. upon failure to secure opening of the institution, assisted in negotiations for location of branch bank here. Sponsored Del Monte Brand Week and Hallowe'en parade. The merchants also cooperated in the staging of the Auction at the American Legion Flower Show.

4. December 14, 1933 The Kingsburg Recorder Kingsburg, CA
Article from The Kingsburg Recorder, December 14, 1933

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Article Text

Pay First Dividend on Next Wednesday to Depositors in Former Kingsburg Institution Cooperation of Refinancing Agencies and Note Holders Enables Receiver to Distribute Checks for 10 and 20 Per Cent First payment of dividend to depositors from the Kingsburg Bank in liquidation will be made next week, very likely beginning on Wednesday, December 20, was announced Wednesday. Subject to approval by the Fresno superior court, following filing of tition on Monday, Glen Johnson, special deputy superintendent of banks in charge of the liquidation, will on that date begin paying dividend checks filed in the A 10 cent dividend will be paid in the all claims receivership. per savings department of the bank and 20 per cent in the commercial department. All persons having claims filed should call at the Bank of America on next Wednesday morning for their dividend check. Should it be impossible get the checks ready by that time, the date of payment will be posted at the Bank America. There is an interesting story behind the payment of the first dividend by the Kingsburg Bank. On last May there stood total indebtedness to the Reconstruction Finance Corporation, representing borrowed money, of $117,405.22. The total indebtedness to the Federal Reserve Bank, also borrowed money, was $48,467.64. The Federal Reserve Bank obligation was retired in full on October 26, by the receiver, and the obligation to the R. has been reduced to approximately $80,000. all of in the savings department. This represents the only secured debt still owing. On December the notified the Kingsburg Bank that it would forego its right participation in the present dividend in either department, thereby releasing all present funds for the depositors. The special deputy in charge of the liquidation has supplied the Federal Land Bank officer with space for offices and with the efficient help of Arthur E. Anderson has pushed through applications for borrowers from Kingsburg Bank, thus not only helping the borrower put his house in order. but also paying off his notes to the bank. The receiver expressed sincere preciation to the Federal Land Bank for the constructive assistance rendered. Applications for loans totaling $400,000 have been submitted the land bank. These loans, when proved, will help the Kingsburg Bank liquidation to the amount of $91,- During the last summer very important part of the work of the liquidation was the financing of borrowIn many cases the funds to carry them over to crop time were tied up in the bank. Every available source of money was tapped for this purpose, including the Regional Agricultural Credit Corporation, various banks, the California Packing Corporation and the receivership, in cases where mortgages or crop orders were held, advanced money to protect the assets. All of the money advanced has been returned, except in two or three cases where the crop has not yet been sold. For the coming year many growers who, through the payment of their indebtedness to the Kingsburg Bank in liquidation, will not be able to obtain help in their financing as they did last year, are advised to contact the Fresno Credit Production Association in the Holland Building at Fresno. It is believed that many the disadvantages of dealing with the will be eliminated. During the year, the Kingsburg Bank properties, consisting of nine ranches and one residence, have been operated very successfully, as whole. The end of the year shows total credit of $781.02 accruing from this source, with the first installment of taxes paid. Future dividends from the liquidation will depend on repayment of the amount owing the R. it was believed. Practically all of the notes held by the are secured by trust deeds on ranch property. Many of these notes will be paid by loans made through the Federal Land Bank and Farm Loan Commissioner. Borrowers are urged to make every effort to refinance their loans and in this way assist in the payment of dividends from the bank's assets.