gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
57a902756981bad2
Response Measures
None
Receivership Details
Depositor recovery rate
57.6%
Date receivership started
1932-12-09
Date receivership terminated
1941-10-16
Share of assets assessed as good
22.5%
Share of assets assessed as doubtful
50.8%
Share of assets assessed as worthless
26.7%
Description
The bank was closed by the Nevada bank holiday (gov. proclamation) and later placed in federal receivership.
Events (4)
1.November 2, 1906Chartered
Source
historical_nic
2.October 29, 1932Suspension
Cause
Government Action
Cause Details
State-declared bank and business holiday/moratorium proclaimed in Nevada (extended by Gov. Balzar); Reno National closed as part of Wingfield group closures.
Newspaper Excerpt
The bank suspended operations on October 29, 1932,
Source
newspapers
3.December 9, 1932Receivership
Source
historical_nic
4.December 10, 1932Receivership
Newspaper Excerpt
Walter Tobin...left on the morning train...to take the position of receiver for the Reno National bank. ...appointment...from the federal comptroller of banks. The Reno National bank...were closed about two months ago. Yesterday the directors of the bank decided to go receivership and the from Washington to Mr. Tobin soon followed.
Source
newspapers
Newspaper Articles (25)
1.November 2, 1932Fremont TribuneFremont, NE
Article Text
NEVADA MERCHANTS BENEFIT BY PLAN
Closing of Banks Causes Surprise Events
RENO. NEV. merchants and discovered unexpected in what started out to round from and spun suits only urged up the closed banks. was and on of citizens. All hoarded suddenly released from sugar and simbegan to rush into circulation. Police Chief M. Kirley feared alert footpads, armed with lengths rubber nose filled with birdshot, would the "holiday. He urged citizens leave their station safe. Thousands dollars was "on deposit" there today. One "holiday victim" was Delbert Hammond, who recently sold little business-a cozy saloonfor $7,000. Today be still had the was locked the Reno Naone "holiday and Hammond his was eating credit. "It's philosophised Ham"Twenty years ago when belonged the club. There were the "George the only one who has his George's 12 are closed."
2.November 2, 1932The Hanford SentinelHanford, CA
Article Text
(Continued from Page bank in the city to remain open. stacked up $3,000,000 in cash. "Come get invited President Richard Kirnan. "Come again he urged closing time. Others, whose quiet withdrawals in recent weeks was in part responsible for the "moratorium," also found themselves with cash in their pockets or hidden in their sugarbowls. The gambling halls had their thousands of dollars kept pay off winning streaks. $17,000,000 Locked There was at least $17,000,000 locked up in the closed banks. But there was $3,000,000 more in the First National, and thousands on thousands in pockets of citizens. All the cash, so suddenly released from strongholds, began to rush into circulation.
Police Chief Kirkley feared footpads, armed with lengths of rubber hose filled would join the "holiday." He urged citizens to leave their cash in the station safe. Thousands of dollars "on deposit" there today. One "holiday victim." was Delbert Hammond. recently sold his nice little cozy
Today he still had the $7,000. but was locked up in the Reno National. one of the "holiday and Hammond eating his meals on credit.
"It's philosophized Hammond. "Twenty years ago when Tonopah gambler belonged the Elks club. There millionaires in the club Anent Wingfield "George Wingfield the only who still has his George's 12 banks are closed." Ed Voelitti, finishing course international law at the University Ed's over visiting him. Voelitti's partner, for Ed the other Ed's on the Closing of the banks leftfor and order when some $15,000 in election bets cancelled. Betting only form of bling against the law in Unable due to their funds being on "holiday", the wagerers called off their agreements. Due to the tremendous amount of cash in circulation, Reno residents probably will pull through the period moratorium without sufferfor lack of money.
MILD RUN ON BANK DEPOSITS BEGIN Nov. mild on the First National Bank. which started yesterday when Reno's other two banks closed for two weeks' period, ended today and depositors began opennew accounts. Most of the unrest which markannouncement of the banking holiday had settled and business returned to normal basis Fewpeople on the streets. who withdrew Many persons from the First National money yesterday made deposits today.
3.November 21, 1932Nevada State JournalReno, NV
Article Text
Plan of Reopening Banks Through Creation Of Consolidated Institution Will Be Told
The meeting is the forerunner of similar gatherings to be held in all communities where Wingfield banks are located.
The meeting in Sparks will be followed by a gathering of bank depositors of the Henderson Banking corporation in Elko Tuesday noon and of the Wells State Bank Tuesday night. The Winnemucca meeting is likely to be held Wednesday noon.
Three meetings are likely in Reno, one for the depositors of the Reno National and the Bank of Nevada Savings & Trust company, another for the United Nevada and the third for the Riverside Bank. However, the dates of the Reno meetings have not been set.
In each instance depositors will be told of Nevada banking difficulties and of the way out, through the consolidated bank plan.
4.December 9, 1932The Wymore Arbor StateWymore, NE
Article Text
Nevada Bank Holiday Is Extended 3 Weeks
Reno, Nev.-A "bank and business holiday" officially proclaimed November for two weeks was extended for the second time by Gov. Fred Balzar. The new debt moratorium will be three weeks. Meanwhile depositors speeded plans to reorganize 12 closed banks owned by the George Wingfield
5.December 10, 1932The Great Falls LeaderGreat Falls, MT
Article Text
TOBIN CALLED TO RENO TO BE BANK RECEIVER
Manager for H. B. Lake & Co. Appointed to Important Job in Nevada
Walter Tobin, since last June manager here Lake Co., securities and grain brokers the Ford building, left on the morning train at 11 o'clock today for Reno, Nev., to take the position of receiver for the Reno National bank. Mr. Tobin's appointment at Reno came in message from Washington yesterday afternoon, from the federal comptroller of banks. The Reno National bank, and considerable numof affiliated banks, were closed about two months ago. Yesterday the directors of the bank decided to go receivership and the from Washington to Mr. Tobin soon followed. Tobin had wide experience in the banking business before becoming affiliated the Lake company about three years ago, when Mr. Lake opened branch house Billings and him in charge. He remained the Billings six months when he came Great Falls as for the Lake company. The Reno National bank $5,and its closing months ago, with group of affiliated sensation. of the institution as very position. that Mr. Tobin's jurisdiction later extend also to the affiliated banks.
W. J. TOBIN BECOMES RENO BANK RECEIVER
Walter J. Tobin, former Billings resident, has taken over his duties as receiver of the Reno National bank at Reno, Nev. His appointment to the position was made because of his experience in banking work at Washington, D. C. While here, Mr. Tobin was manager of the H. B. Lake & Co. He left last summer for Great Falls to assoclated with the Great Falls branch of the same firm.
7.January 26, 1933Reno Gazette-JournalReno, NV
Article Text
BANK'S POSTS NOTICE CONDITION
The Reno National Bank had assets and clusive capital stock, surplus and undivided profits of December when was taken over by the federal bank according to notice posted at the bank this morning. Cash on hand at that time, the port amounted to The other assets included bills receivable amounting to and other assets including the banking house amounted to It was explained by Tobin, federal receiver, that the assets listed included everything turned over to him including items that were considered lost and doubtful in the classification of the assets made by the bank officials when the banking holiday was declared. The unsecured liabilities. including the deposits, amounted to on December the report shows, while the secured deposits amounted to Bills payable amountto and were secured by pledge of assets of the bank aggregating $5,206,516.06.
8.March 21, 1933Reno Gazette-JournalReno, NV
Article Text
suit growing out of the closure the Reno National Bank, was filed in the district court today, with Slutter seeking to gain possession of $17,000 promissory note he alleges the bank and W. its ceiver, refuse turn over to him. James Boyd Slutter. The note, signed by and Lena Juniper, deposited in the bank in 1929 by Slutter. brother of the plaintiff, to whom was later assigned. "The note deposited the complaint reads, the sole purpose of the bank receiving the payments due that they might be deposited to Slutter's credit." Slutter alleges that both Tobin and the bank assume any responsibility for delivery note to him, and adds that could he gain possession of the note Mr. and Mrs. Juniper would pay balance $7500 still due He asks for the court either to order the bank to turn the note over to him or for an award of $7500 damages plus court costs and interest from November 23, 1932.
9.August 23, 1933Nevada State JournalReno, NV
Article Text
four million to two million. That's not so wonderful."
"Well, then, how much more assets than now pledged to the R. F. C. will be pledged for the additional $2,000,000 R. F. C. loan under the plan?" Kearney asked.
"The assets offered are $3,247,391.56, appraised value," Patrick referred to the plan.
"If they got that two million, then the R. F. C. would hold $7,100,000 security for $5,300,000 loans," Kearney said.
Reno National
The Henderson bank owes the R. F. C. $458,107.86, which is backed by $867,606.28 security (appraised value), or about 100 per cent margin, Kearney brought out.
The United Nevada owed $292,093.45, which is secured by $548,796.23, or a 50 per cent margin. No other closed banks in Nevada owe the R. F. C.
Asked how much the Reno National would be contributing to the new setup, Patrick said that there was one important thing to remember about the Reno National.
"The Reno National holds the underlying security for loans held by other banks. In the provisions of the plan the Reno National would distribute that security in proportion to the notes held by the other banks," Patrick emphasized.
Patrick said that the Reno National would release $163,427.17 to depositors on the day the new bank opened, plus what the Reno National would release to other banks.
"The Reno National would put $537,000 into the new bank and $4,608,213.30 into the mortgage company out of the Reno National's gross assets of $8,867,929.59," Patrick related.
10.September 1, 1933Nevada State JournalReno, NV
Article Text
Another May Testify
"We have put in practically all of Tobin's testimony that we want," Griswold declared. "As far as we are concerned the only thing left is for the defendant attorneys to cross-examine him."
Judge Guild said that, if for some reason, Tobin could not appear, Griswold could have some other member of the appraisal committee appear as a witness and bring the appraisal of the Reno National bank with him.
Harry H. Scheeline, one of the appraisers of the assets of the closed banks, was put on the stand late Wednesday and 10 volumes of appraisals of the nine state banks were introduced through him as evidence for identification.
11.September 1, 1933The Bakersfield CalifornianBakersfield, CA
Article Text
Receiver Cited for Contempt, Jailed
(Associated Press Leased Wire) CARSON CITY, Nev., Sept Tobin. National Bank receiver in charge the Reno National Bank, cited for contempt of court today refusing to give testimony considproposed plan reorganize that and other banks In the closed group Tobin five days in and fined $10 by Judge Clark Guild. the receiver IN going testify will know the reason why."
12.September 2, 1933The Los Angeles TimesLos Angeles, CA
Article Text
Receiver Cited for Contempt
CARSON CITY (Nev.) Sept. Tobin, national bank receiver in charge of the Reno National Bank, cited contempt of court today for to vital proposed plan to that ten other banks in the closed Wingfield group. Tobin was sentenced to five days in jail and fined $10.
ARIZONA GETS RELIEF CASH Sept. $400,000 was granted today by the Federal Relief Arizona Administration meet unemployment relief in that State during September
13.September 2, 1933The Spokesman-ReviewSpokane, WA
Article Text
U. BANK RECEIVER JAILED
Refused to Give Information to Help Reorganization.
CARSON national bank receiver charge the Reno National bank, was cited for contempt court today for refusing testimony reorganize and other in the closed Wingfield group. Tobin jail $10 Judge the testify reason habeas corpus out in the federal fore could carried out, and returnable before Judge Frank H. today.
14.September 2, 1933The Spokesman-ReviewSpokane, WA
Article Text
BANK RECEIVER JAILED
Refused to Give Information to Help Reorganization.
CARSON Nev. Sept Tobin, national receiver charge the Reno National bank, contempt court today for refusing testimony considered proposed other banks the Wingfield group Tobin was jail fined $10 Judge Clark advised attorneys for the receiver "Tobin going testify will know reason why habeas corpus sworn in the federal fore sentence could carried out, was Frank H. Norcross later today.
15.September 3, 1933Nevada State JournalReno, NV
Article Text
Habeas corpus proceedings of Walter J. Tobin, Reno National bank receiver, who was cited for contempt of court by Judge Clark J. Guild Friday when he refused to testify in the bank reorganization trial, were disposed of in short order yesterday.
16.September 6, 1933The Sacramento BeeSacramento, CA
Article Text
TOBIN OBTAINS NEVADA WRIT TO KEEP ECORDS
Outcome Of Action Affects Decision In Bank Reorganization
CARSON CITY (Nev.) Sept. restraining order was issued the federal district here yesterday enjoining incourt troduction of national bank records state court hearing on plan reorganize eleven closed banks in Nevada. The Friday, at which time Judge Frank H. will determine whether shall be made Hearings Halted. Issuance of the order brought to halt hearings on the proposed plan, whereby the organization eleven banks, including two nationbe consolidated and reopened under depositor controlled Judge Norcross had held the action of Judge Clark Guild in finding W. Tobin. National Bank guilty contempt for give certain testimony the state court hearing. and had habeas corcommenced Tobin.
Of Much Concern. No sooner Tobin returned to the stand in state court again asked disclose information he considered confidential, his attorneys obtained the temporary restraining How the matter will finally be settled matter much conGuild has said, in effect. that not pass on the plan until facts are placed before him disclosing the condition both Reno National the First National Bank of Winne-
17.September 14, 1933Reno Gazette-JournalReno, NV
Article Text
FORMAL OBJECTION ACCEPTANCE PROPOSAL MADE
Banker Transferred Home And Other Is Property Charge of Depositors
Federal Court to Take Up Petition Saturday; Later Date May Set formal protest against acceptance by the United States district court Nevada the offer settlement made George Wingfield. president director the Reno National and the ground that he has upon forth full statement of his assets that certain alleged transfers property were made by him prior to the bank being closed, was filed in that court The test entered the names Newman, Hall and man, all of who are depositors in and of the Reno National, according to the complaint, total sum of than $20,000. The plaint says they represent not only themselves in the action but other depositors who time, signify their willingness" to join the protest. In the offer of settlement recently made by Wingfield offered to liver the the Reno tional Bank and the First National notes and and equity in tain ranching properties in Churchill and Washoe worth. more than upon the condition that would relieved all his stockholder's director's liability to the two banks named. His stockholder's the Reno tional amounts to and the case of the First National presenting the offer to the court Tobin of the Reno National and Streeter the First National of Winnemucca that accepted, saying it appeared to them that if Mr. Wingfield were required go through bankruptcy the depositors the bank could not make greater might make less covery.
In objecting acceptance of the protesting depositors allege that their belief that the financial statement rendered to the court Mr. Wingfield does not contain complete statement holdings, and furthermore, that prior the closing of the Reno National Bank, he made various transfers
18.September 17, 1933Nevada State JournalReno, NV
Article Text
WALTER J. TOBIN MAKES A HOLE IN ONE AT GLENBROOK
Can a receiver take it?
James Peterson, shoe merchant; John Belford, lawyer, and Roy Frisch, banker, say they know one who can.
The trio was playing golf at Glenbrook, Lake Tahoe, yesterday, when Walter J. Tobin, Reno National bank receiver, shot a hole in one. It was on the third hole.
19.September 19, 1933Oakland TribuneOakland, CA
Article Text
Nevada Bank Chain Reopening Sought
RENO Tobin. Reno National Bank Barry Tobin's route Wash ington by confer comptroller currency of the closed The plan. drawn by the banks the national banks in the chain can program nine State banks closed tober 1932
20.January 27, 1934The Sacramento BeeSacramento, CA
Article Text
CHARGES FORCE NEW ACTION IS RESIGNATIONS FILED IN RENO OFPETALUMANS BANK LAWSUIT
Mayor, Two Councilmen And State Superintendent Charges City Attorney Quit Illegal Transfer Of Under Attacks Securities
PETALUMA (Sonoma Co.), Jan. climax charges citizens committee, Mayor liam two members of the city council and the city attorney resigned here, counmember he will resign on February Councilmen George Van Bebber and Ludwig Schluckebier, who with Mayor Farrell are accused by the citizens committee of selling merchandise through their private businesses to the city, submitted their resignations special meeting the council Councilman Chris Riewertz announced he officially give his post at the next regular ing the council protest against the action of the citizens City Attorney Louis H. Cromwell submitted his resignation.
RENO (Nev.). suit seeking return of assets of one of the closed Wingfield banks was filed here late yesterday by E. Seaborn, state bank superintendent. against the Reno National Bank, its W. and the Crocker First National Bank of San Francisco. The suit demands return to the Bank of Nevada Savings and Trust Company of assets valued at $931,allegedly transferred illegally from the savings bank to the Reno National and then used by the latter as collateral for loan from the Reconstruction Finance Corporation.
Preference Is Sought. A request is made in the complaint that if the assets cannot be returned that the Bank of Nevada be made preferred creditor. The directors the two banks identical, asserted that the Crocker bank officials took charge the Spring of 1932 of all the Wingfield banks and were the transfer assets made that Crocker bank loans could secured. The Crocker bank paid off before the closing the Wingfield Later when additional RFC loans were made, is asserted, the Reno National did not have security and used the Bank of Nevada assets as collateral.
21.January 27, 1934Nevada State JournalReno, NV
Article Text
RETURN OF SECURITIES IS SOUGHT
Crocker, Tobin, Named Defendants In Action
Bank Superintendent E. born yesterday filed suit against Tobin, Reno National Bank ceiver: the C. and the Crocker National Bank for the return of assets held by them to the Bank of Nevada Savings Trust company.
Harwood & Diskin, Seaborn's tornies, filed the suit in the Washoe district court, demanding that 664.42 of the Bank of Nevada Savings Trust company's assets, now held by the Reno National receiver and the be returned to the savings bank.
Asks Preference
The complaint asks, the return of the savings bank's assets can not that the court declare the Bank of Nevada's claim and entitled to in priority payment out of the assets of the Reno ional. Seaborn took over the affairs the Bank of Nevada Savings Trust December company after the bank holiday was claimed November 1932. According to the complaint, the Bank Nevada had deposit National Bank in April, 1932 the same time the Reno National Bank owed $826,425 to the Crocker First National Bank and indebted to the Federal Reserve Bank $133,500. The amount owed to the Federal serve Bank was secured. Crocker Management Sometime prior to April, 1932, the cashier and assistant cashier of the Crocker bank were invited by officers or an officer of the Reno tional Bank and Bank of Nevada Savings Trust company to manage the business of the Reno National and the savings bank, the complaint asserts. The officers and directors of the Reno National and the Bank of vada were identical, was stated. The Crocker bank officials rected the management of the Reno National and the savings bank from a date prior to April, 1932, to September 1932, the complaint alleges.
Charges No Authority The placing of Crocker officers over the affairs of the two Reno banks was done without the authority of the board of directors of the Reno banks, Seaborn charges. The taking the powers of the board of directors of the Reno banks illegal, it was asserted. Beginning with the month of April, 1932, many depositors of the Reno National Bank were withdrawing their deposits and the Crocker First National Bank was insistent on payment of the debt due by the Reno National. The available sets of the Reno National, due existing economic conditions, were frozen, it was claimed. Loans The Crocker officials assertedly in charge of the Reno banks caused the officers of the Reno National to apply to the for loans and pledged as security for payment of the loans paper and securities delivered to the Reno National by the Bank of Nevada. Seaborn alleges. At the time the Crocker officials purportedly took charge of the Reno National and Bank of Nevada, the owed by the Reno Natmoney ional was not secured. When the Crocker officials legedly took over management of the two banks, they obtained ity for their loans. Crocker Paid Off The borrowing from the was begun and continued to pay off the large sums of money owed by the Reno National to the Crocker institution, the complaint states. Some of the money went to meet the demands of the depositors of the Reno National. In April, 1932, acting under the instructions from the Crocker officials, an application was made to the for loan which was (Continued Page
22.March 1, 1934The Idaho StatesmanBoise, ID
Article Text
The institutions, all of which were members of the group controlled by George Wingfield, Reno capitalist, are the Bank of Nevada Savings Trust Co., the United Nevada bank and the Riverside bank, all of Reno; the Bank of Spark, the Carson Valley bank, the Virginia City bank and the Tonopah Banking corporation.
The two Wingfield national banks, the Reno National and the First National of Winnemucca, are being liquidated by national bank receivers.
23.May 7, 1934Reno Gazette-JournalReno, NV
Article Text
GROUNDS ENUMERATED
Grounds enumerated to support the charges include an assertion that Tobin made little or no move to liquidate the bank for fourteen months after he took charge but marked time awaiting the fate of the reorganization plan for the Wingfield banks which was sponsored by the Wingfield interests.
"The bank suspended operations on October 29, 1932," says the statement. "On or about five days thereafter (November 3, 1932), officers of the bank withdrew the sum of $30,000 in cash, paying said amount to the Crocker First National Bank of San Francisco, the money to be applied on a debt owing the Crocker bank by the Reno National Bank. Bear in mind this point that Mr. Wingfield owed the Crocker bank personally over $850,000 from a date anteceding the time the bank suspended operations. The withdrawal of cash after the bank closed its doors and the arbitrary move to make the Crocker bank a preferred creditor was illegal. Up to the present writing, Mr. Tobin has failed to bring suit against the Crocker bank for the recovery of this money and has failed to prosecute officers for the withdrawal of the funds after the bank was closed."
NEVADA STOCK FARMS
It is charged further than Tobin has been remiss in not bringing suit against the Nevada Stock Farms, a Wingfield owned corporation, to collect $73,000 owed the Reno National
(Turn to Page Three)
24.May 7, 1934Reno Gazette-JournalReno, NV
Article Text
"The bank suspended operations on October 29, 1932," says the statement. "On or about five days thereafter (November 3, 1932), officers of the bank withdrew the sum of $30,000 in cash, paying said amount to the Crocker First National Bank of San Francisco, the money to be applied on a debt owing the Crocker bank by the Reno National Bank. Bear in mind this point that Mr. Wingfield owed the Crocker bank personally over $850,000 from a date anteceding the time the bank suspended operations. The withdrawal of cash after the bank closed its doors and the arbitrary move to make the Crocker bank a preferred creditor was illegal. Up to the present writing, Mr. Tobin has failed to bring suit against the Crocker bank for the recovery of this money and has failed to prosecute officers for the withdrawal of the funds after the bank was closed."
NEVADA STOCK FARMS
25.October 2, 1934Reno Gazette-JournalReno, NV
Article Text
BANKRUPTCY ACT VALIDITY IS ATTACKED
A Nevada federal court suit which may eventually reach the United States supreme court was instituted yesterday when attorneys representing the receivers of the Reno National Bank, the First National Bank of Winnemucca and Leo Schmidt, receiver of seven closed state banks, asked dismissal of an action filed several weeks ago by the W. T. Jenkins Company under the recently enacted Frazier-Lemke bankruptcy statute.
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