819. First National Bank (Long Beach, CA)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
5456
Charter Number
5456
Start Date
September 28, 1927
Location
Long Beach, California (33.767, -118.189)

Metadata

Model
gpt-5-mini
Short Digest
92b251a6

Response Measures

Accommodated withdrawals, Public signal of financial health, Full suspension, Books examined

Other: Bank placed temporarily under management of cashier from related bank; bond coverage mentioned.

Description

Article (1927-09-28) describes a run that was averted after cash arrived from the Federal Reserve; Article (1930-08-02) headline indicates heavy runs caused the First National Bank of Long Beach to close. OCR in the 1930 article is garbled; exact wording and details of the closure (receivership vs. takeover) are not provided, but the bank closed as a result of heavy runs.

Events (4)

1. June 26, 1900 Chartered
Source
historical_nic
2. September 28, 1927 Run
Cause
Bank Specific Adverse Info
Cause Details
Assistant cashier accused by federal authorities of converting $1,000; disappearance of Wolfe (employee) alarmed depositors.
Measures
Armored car delivered cash from the Federal Reserve Bank in Los Angeles; bank put under charge of an outside cashier; owner stated bond covers any defalcations.
Newspaper Excerpt
Depositors, alarmed over the disappearance of Wolfe, formed long line in front of the bank's windows yesterday with all the appearances of a bank run. When an armored car appeared at the bank with money sent from the Federal reserve bank in Los Angeles fears of depositors were allayed and the run was averted.
Source
newspapers
3. March 1, 1929 Voluntary Liquidation
Source
historical_nic
4. August 2, 1930 Suspension
Cause Details
Heavy runs over the preceding days/month culminated in the bank's closure (article text is OCR-corrupted and provides limited detail).
Newspaper Excerpt
Heavy Runs Cause Old Bank to Close ... heavy runs past days, the First [Na]tional Bank of here, today ... The runs ... within the past month
Source
newspapers

Newspaper Articles (2)

Article from Press-Telegram, September 28, 1927

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Article Text

RUN ON BANK AVERTED AS CASH COMES on the First National Bank averted Interest of citizens here today turned to the efforts of Federal cashier of the bank, accused by Federal authorities of converting $1000 of the bank's money to his own uses. Word has been received from Glendale hospital. where Donald W. Frazier, assistant cashier, recovering from. an attempt to take his own life by cutting his wrists, that he is out of danger, Depositors, alarmed over he disappearance of Wolfe, formed long line in front of the bank's windows yesterday with all the appearances of a bank run. When an armored car appeared at the bank with money sent from the Federal reserve bank in Los Angeles fears of depositors were allayed and the run was averted. It also was reported here that Wolfe. had been seen in Pomona and in Brea Canyon yesterday. The bank today is in charge of John J. Cox, cashier of the Santa Fe Springs Bank, operated under the same ownership as the local institution. Both are owned by W B. Howard, He announced today that the bank is in first-class condition and that any defalcations which may be uncovered, if such exist, are fully covered by a bond.


Article from Press-Telegram, August 2, 1930

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Article Text

Heavy Runs Cause Old Bank to Close Aug heavy runs past days, the First tional Bank of here, today The runs Conwithin the past month The recent surplus of demand $8453, and time deposits of BANK CLEARINGS FRANCISCO LONG