815. Central National Bank (Oakland, CA)

View Charter #9502 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
9502
Charter Number
9502
Start Date
March 1, 1933*
Location
Oakland, California (37.804, -122.271)

Metadata

Model
gpt-5-mini
Short Digest
7808e0de1ebcb357

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1933-05-08
Date receivership terminated
1937-02-01
Share of assets assessed as good
45.6%
Share of assets assessed as doubtful
33.4%
Share of assets assessed as worthless
21.0%

Description

Articles indicate the Central National Bank of Oakland suspended operations in March 1933 (during the 1933 bank holiday period), was placed in receivership (Joseph H. Grut appointed), and remained under conservatorship/receivership with subsequent litigation in 1934. There is no clear description of a depositor run prior to suspension; the suspension appears tied to the 1933 bank holiday/government actions and the bank remained closed under receivership.

Events (6)
1. August 12, 1909 Chartered
Source
historical_nic
2. March 1, 1933* Suspension
Cause
Government Action
Cause Details
Suspended in March 1933 in the wave of bank holidays/closures during the 1933 banking crisis; suspension tied to federal banking actions and examinations.
Newspaper Excerpt
when the Central Bank suspended March the Fed Controller Currency pointed
Source
newspapers
3. May 8, 1933 Receivership
Source
historical_nic
4. May 12, 1933 Receivership
Newspaper Excerpt
J. H. Grut, who has been appointed receiver of the Central National bank of Oakland, Cal., will leave Friday morning ... for Oakland. Mr. Grut has resigned ... to accept the appointment ... receiver of the Oakland bank. (The Salt Lake Tribune, 1933-05-12). ) (article text). This entry documents the appointment of a federal receiver for the closed bank and his travel to Oakland for duties.
Source
newspapers
5. May 19, 1934 Other
Newspaper Excerpt
The Central Bank of Oakland, yesterday filed suit ... to compel Joseph H. receiver the Central National Bank of to take under terms of conservator's assets amounting to ... Trial date has not been set. (San Francisco Examiner, 1934-05-19). (article text). The Central Bank of Oakland sued the receiver to compel turnover/acceptance of assets under conservatorship.
Source
newspapers
6. December 12, 1934 Other
Newspaper Excerpt
Approximately 6,000 were permitted funds the bank during the 1933 bank holidays just before the bank closed. When the bank was reorganized and put under control receiver, depositors 70 per cent dividend ... Grut announced yesterday that who withdrew during the holidays preferential position ... unless they return 30 cent the amount their 1933 ... they receive any further dividend ... (San Francisco Examiner, 1934-12-12). (article text). This describes reorganized bank under receiver and dividends to depositors; also mentions preferential position of those who withdrew during holidays.
Source
newspapers

Newspaper Articles (6)
1. March 18, 1933 Alameda Times Star Alameda, CA
Article from Alameda Times Star, March 18, 1933

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Article Text

Australia is of the few countries one the world that definitely on the back to financial equilibrium. Betprices for wool and other products, and firm determinaeconomy, tion to its and live within its pay way are the factors that have brought the commonwealth back from the bankruptcy. Seven months of the current financial will year nearly by the end of June. Australia has met every cent of its bond obligations. in the closed Central NaDepositors tional bank of Oakland have no for worry as to their accounts, for there assets to protect them are ample and in full, the loss falling directly pay stockholders should there on loss. not probable, howLiquidation but rather re-organization ever, The bank is in the hands merger. now who will of competent conservator, safeguard the interests of all.

2. May 12, 1933 The Salt Lake Tribune Salt Lake City, UT
Article from The Salt Lake Tribune, May 12, 1933

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Article Text

Bank Receiver Leaves Friday for Oakland J. H. Grut, who has been appointed receiver of the Central National bank of Oakland, Cal., will leave Friday morning United Air Lines for Oakland Mr. Grut has resigned as vice president and cashier of the Continental National Bank & Trust company to accept the appointment by the of currency as receiver of the Oakland bank.

3. August 15, 1933 Enterprise-Record Chico, CA
Article from Enterprise-Record, August 15, 1933

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Article Text

Bank Receiver Picks Secretary Appointment of Mrs. Irene G. DeSelms as secretary to F. M. Porter, receiver for the First National Trust & Savings Bank, was announced yesterday. Mrs. De Selms arrived from Oakland. where she was Secretary to the receiver for the Central National Bank of Oakland, last night and will assume her duties today. Mrs. De Selms was appointed because of her experience\ in bank receiverships, Porter explained.

4. August 22, 1933 Oakland Tribune Oakland, CA
Article from Oakland Tribune, August 22, 1933

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Article Text

Richmond Students V. F. W. Auxiliary to El Cerrito Merchants Now Total 5644 Be Host to Mothers Study NRA Code RICHMOND Aug 22 total of RICHMOND Aug. Honor EL CERRITO. Aug. 22.-An NRA 5644 students are registered in the auxiliary, Veterans of Foreign Wars code for El Cerrito merchants and Richmond school district, Superin- will lentertain Richmond War Moth- businessmen is being studied by tendent of Schools Walter T. Helms ers, Gold Star Mothers and Ladies committee appointed by Donald S reported today. The figure is 213 of the G A R. at its meeting Sep- Moore. president of the El Cerrito less than last year. Of the total Businessmen's Association The comtember 7. Mrs. Valera Berk is in 1120 are registered in Uncharge of arrangements She was mittee members are: Ira E. Smith ion High School, 1272 in the two named by Mrs Mabel Davis, presi- chairman: M J. Brenneman, Edjunior high schools, and 3166 in the elementary schools dent of the auxiliary ward Smith and H. H. Tezzi Bank Receiver Has Major Operation Joseph Grut, recently appointed receiver of the old Central National Bank accounts by the Federal government, is recovering at Peralta Hospital today after undergoing a major operation there last Friday, hospital authorities announced toGrut is expected to be entirely recovered shortly.

5. May 19, 1934 The San Francisco Examiner San Francisco, CA
Article from The San Francisco Examiner, May 19, 1934

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Article Text

Central Bank of Oakland Sues To Recover Assets $699,543 The Central Bank of Oakland, yesterday filed suit in the United States District Court here for writ to compel Joseph H. receiver the Central National Bank of to take under terms of conservator's assets amounting to Federal Judge F. St. Sure will try the case. Trial date has not been The said that when the Central Bank suspended March the Fed Controller Currency pointed Mount He made an agreement for the bank to take over assets of the National which turn placed in his hands the sum of Then the provided the agreement complaint continued. for Mount his successor take up these assets when possible and May when Grut named reMount turned everything over April the charges assets of turned back Grut. under Mount but Grut refused accept on the money hand raised through was not sufficient.

6. December 12, 1934 The San Francisco Examiner San Francisco, CA
Article from The San Francisco Examiner, December 12, 1934

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Article Text

Bank Receiver Recalls Funds Approximately Central National Bank of Oakland will read these lines with The 6,000 were permitted funds the bank during the 1933 bank holidays just before the bank closed. When the bank was reorganized and put under control receiver, depositors 70 per cent dividend their accounts. Grut announced yesterday that who withdrew during the holidays preferential position relation depositors did not withdraw, and that unless they return 30 cent the amount their 1933 they treceive any further dividend their deposit dividend scheduled early the spring.