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Rialto Bank In Receiver's Hands The First National Bank of Rialto was closed today by the national superintendent banks and John King of Hemet was appointed has taken charge. is presumed that an will be made liquidate attempt bank's assets. It was said that the heavy loans growers which could not be paid because gish market conditions was
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John King, Hemet newspaper publisher, yesterday appointed receiver for the First National bank of Rialto when the troller of announced that the bank would liquidated. Mr. King took possession of the bank, relieving Preston, has served servator the since the banking holidays were President Roosevelt on March The bank reopen restricted scale operations April. Although Mr. King would issue no statement that accepted by the bank since reopened under the direction the conservator will shortly to the deposiproviding the depositors indebted the bank. These accounts were held intact by the bank. Lash, of Rialto, president the bank. Attorney Ben Harrison, of San Bernardino, the attorney for the bank's receiver, Mr. King.
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BANK'S REPORT TO GO EAST IN ANOTHER WEEK In keeping with his desire to make as rapid progress as possible in clearing up matters at the First National bank, Receiver John E. King is preparing now to send another report from the bank to the comptroller of the currency at Washington very shortly, possibly next week. The next step in the many and varied details necessary for proper settlement will be the advertising for proof of claims of deposits and other liabilities of the bank. Every care is being taken to legally follow each and every necessary step in order that no hitch may occur in settling the local bank affairs. Up to this time the receivership has moved along just as speedily as possible, and Mr. King is making every effort to continue his efficient service.
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Bank Receiver Seeks Interest Slash Acting at the request of United States comptroller John King, receiver of the First National bank of Rialto, terday afternoon petitioned the superior court authority to duce the interest rate from 10 cent cent on bills ceivable the bank. The reduction, explained, assist liquidating the bank. petition states that the jority receivable belongthe First National bank Rialto provide for interest cent before maturity and cent after The ceiver represented in this court action Attorney Jesse W. Curtis of San Bernardino.
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Foreclosure Granted In Lawsuit $15,000 Nellie Sullivan and Mae Sullivan Yontz were awarded judgment in Superior Judge F. A. Leonard's court yesterday in the trial of their foreclosure action against John and Nellie Cox, American Fruit Growers Inc. of California, Security Title Insurance & Guarantee Co., San Bernardino National bank and Receiver Ritt, First National bank of Rialto Receiver John E. King, and the Federal Reserve bank San Francisco. The suit to collect a $15,000 promissory note secured by large orange grove in Rialto. The two plaintiffs were represented by the San Bernardino law firm of Surr & Hellyer, and the defendants by Attorney W. H. Wadsworth of Los Angeles.
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Rialto Stockholders' Committee May Offer Plan to Reduce Assessment Difficulty (Special Staff Correspondence) Feb. to Glasscock, chairman of the stockholders committee of the defunct First National Bank of Rialto, tentative report of the commitfindings the recent assesssituation being drafted, and the statement probably be submitted stockholders within the few days. Members of the committee have been working on the problem since their appointment meeting of stockholders that time decided that the most workable plan select smaller group the body to study the matter deeply. Agitation out of the recentlevied 100 cent assessment all stockholders the of bank. Business conditions forced the stockholders get together to dissome means whereby the assessment might eliminated adjusted. RECEIVER COOPERATES Following the appointment of the members met with the Federal receiver John King, who desire the group suggested that the formuplan adjustment which might submitted to Washington Findings of the committee not ready for presentation the remainder the stockholders, said Glasscock Rialto's rainfall for the season reported 11.82 inches the recent storm when .73 of inch added to the total. Members Neighborly Friendship club will hold their regular business session afternoon the home of Mrs Cleo Young on Palm street The place meeting has been changed from the home of Belle Catherine Moffatt all the group for tomorrow's Grace Frisk, the Rialto has announced special attractions for Thursday evening of the revival meetings Under direction mouth, program the Thursday evening Members of the gospel team of Colton Church Nazarene be present the Friday evening Rev. John Orkney, the evangelist charge ing every evening, the excepSaturdays, Wednesday, Feb. the day registration for the election, which be held April Three vacancies be filled the city council. Food distributed needy of this city tomorrow from from the offices of the state relief by the clerk, Miss Vea Peck office located the vacant building just south of the Hardware store.
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County Treasurer to Collect County Funds in Defunct Banks, Make Profit By taking what he termed the "sensible route" in liquidating securities held for county deposits in defunct banks, County Treasurer M. W. H. Williams not only will collect all of the county deposits, with full interest, but will return large surplus in these security bonds to banks for the benefit of their depositors, he said yesterday Many county treasurers offered their securities at forced sales im mediately after the banks closed and consequently realized only few cents on the dollar, said Mr Williams. "The appellate court has ruled that county treasurers may hold their bonds until the market enables them to realize the best re turns on such security, so we adopted the sensible route in San Ber nardino Figures were compiled by the treasurer to show the final settlement just made with the San Bernardino County Savings bank. The county's deposits and interest in full have been paid the county. Mr. Williams collected $6,724.18 in interest coupons on bonds securing county deposits in that bank Sale of securities offered by this bank when county deposits were made has earned for the bank depositors $2,954 on coupon collections alone, in addition to paying the county its interest. On Oct. 15. the bank receiver paid the county $11,539.89 as dividends for the return of $44,000 unsold bonds previously given by the bank to the county to secure deposits Mr. Williams explained that had he sold these bonds immediately after the bank closed in July 1932 there would have been loss of more than $12,000 to the bank stockholders or depositors. Under present market values, the bonds returned by the county treasurer mean a saving of approximately $25,000 to the bank depositors, according to Mr. Williams. The San Bernardino National bank year ago likewise completed its settlement with the county, the deposits of the county treasurer being paid in full with interest, and the county receiving an additional $2,719.43 from collection of bond coupons, returning to the bank $157.65 in interest coupons and $70,000 in bonds. By this system of liquidation, the county earned $2,548.85 in bond interest for depositors of the First National bank of Victorville, which closed in December, 1931. This was achieved after the county's deposits were returned in full with interest After selling the Victorville bank securities, the treasurer returned a surplus of $6,721.74 in $30 in matured coupons and $3,800 par valtie bonds, total of $10,551.74 to the bank, after the bank had paid the county dividends totaling $7,540.33, according to Mr. Williams The San Bernardino Valley bank, now being liquidated. owed the county $157,430.85 including interest, for county deposits. This was secured by bonds having a par value of $275,000, but which were estimated to return from $30,000 to $50.000 less the sum due the county if sold at forced sale. Mr Williams' plan of disposing of these bonds, however, has reduced the balance due the county to $17,021.50 and he still holds bonds having par value of $87,250 to secure that sum. Under present market values, Mr. Williams said, he can clear the debt owed the county and have approximately $45,000 in bonds to return to the bank. When the First National bank of Rialto, the last to close, became insolvent, that bank owed the county $75,000. secured by $100,175 par value bonds. The balance now due the county from this bank is $57,531.27 and the treasurer holds $82,000 par value bonds to secure this. In this case the treasurer also has surety bond from individuals guaranteeing the county against any loss,
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King Announced As Bank Receiver John E. King, editor of the Hemet News, Democrat, has been made receiver the San Bernardino National Bank. take the place Ritt. resigned. King was receiver First National Bank of Rialto.
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BANK RECEIVER KING ASSIGNED DOUBLE DUTY Relieving the closed First National Bank from a portion of the expense strain which has been a source of worry to many of the depositors, Receiver John E. King will divide his time, effective today, November 30, as a joint receiver for the local bank and the San Bernardino National Bank in San Bernardino. The notice was officially received this week, and the fact that the action is effective immediately will save the local bank quite a little money. Mr. King is taking the position left vacant through the resignation of C.J. Ritt of the Gate City institution, and will start his new duties tomorrow.
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John King yesterday assumed the duties of receiver of the San Bernardino National fice to which was appointed week by O'Connor, comptroller currency. Mr. King, has served as receiver of the First National bank of Rialto, will hold both offices, which were consolidated for economy, was nounced. Mr. King praised Ritt, who has served the receiver of the San Bernardino National bank since went into liquidation June 1932. believe the people of the San valley ought appreciate the services of Mr. Ritt. who, in two years, has returned to the depositors per cent of the pounded deposits of the bank. He affairs the bank in splendid condition which reflects his ability."