Long Beach Savings Bank - Long Beach, CA

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: April 4, 1908
Location: Long Beach, California (33.767, -118.189)

Metadata

Model: gpt-5-mini
Short Digest: a28afa8d

Response Measures

None

Description

Article describes a receivership petition and court hearing over the appointment of a receiver. No run or depositor crowding is mentioned. The bank appears insolvent (owes depositors far more than cash on hand). Likely a suspension leading to receivership/closure.

Events (2)

1. April 4, 1908 Receivership

Newspaper Excerpt: A petition for a receivership was granted some time ago, but the appointment has been postponed in order to give the officials of the bank an opportunity... Judge James yesterday ... said he would render a decision Monday.
Source: newspapers

2. April 4, 1908 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank in financial trouble; owes depositors $449,933 with cash balance of $40,000 — insolvency concerns led to petition for receivership.
Newspaper Excerpt: Arguments for and against a continuance in the appointment of a receiver for the Long Beach Savings bank were heard by Judge James yesterday...
Source: newspapers

Newspaper Articles (1)

1. April 4, 1908 Los Angeles Herald Los Angeles, CA

Article from Los Angeles Herald, April 4, 1908

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Article Text

SAYS BANK WILL PAY ALL ITS DEPOSITORS Representative of Stockholders Appears in Court and Asks That No Appointment of a Receiver Be Made Arguments for and against a continuance in the appointment of a receiver for the Long Beach Savings bank were heard by Judge James yesterday, who later announced he would render a decision Monday. A petition for a receivership was granted some time ago, but the appointment has been postponed in order to give the officials of the bank an opportunity, if possible, to place the bank's condition on a solid basis. John Daly, representing the bank's officials, said the bank was regaining its former strength, and requested a continuance of the appointment; while Fred Knight, who said he represented a large number of depositors, asked the appointment be made at once, and urged the Los Angeles Trust company be named as receiver, which action was opposed by Daly and those associated with him, who want a Long Beach man appointed. The bank, according to a statement to the court yesterday, now owes depositors $449,933 and has a cash balance of $40,000.