First National Bank (Rialto, CA)

View Charter #8768 on SPMC View balance sheet

Episode Information

Episode UID
876801599
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
87680 national
Charter Number
8768
Start Date
March 2, 1933
Location
Rialto, California (34.106, -117.370)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
ffb1fd054a93c553

Response Measures

None

Receivership Details

Depositor recovery rate
12.4%
Date receivership started
1933-08-02
Date receivership terminated
1939-06-14
Share of assets assessed as good
43.0%
Share of assets assessed as doubtful
50.6%
Share of assets assessed as worthless
6.5%

Description

Bank was closed under the March 1933 California banking holiday, reopened on restricted basis in April, then was placed in receivership and liquidated in August 1933.

Events (6)
1. June 27, 1907 Chartered
Source
historical_nic
2. March 2, 1933 Suspension
Cause
Government Action
Cause Details
Statewide California banking holiday / moratorium proclaimed by governor (March 1933) that closed banks for a multi-day holiday
Newspaper Excerpt
the three-days' holiday of closed banks will surely prevent any run on the banks
Source
newspapers
3. April 1, 1933 Reopening
Newspaper Excerpt
The bank reopen restricted scale operations April. Although Mr. King would issue no statement ... accepted by the bank since reopened under the direction the conservator will shortly ... providing the depositors indebted the bank. These accounts were held intact by the bank. (article states bank reopened on a restricted basis in April.)
Source
newspapers
4. August 2, 1933 Receivership
Source
historical_nic
5. August 2, 1933 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Heavy loans to growers that could not be paid because of poor market conditions led to insolvency and closure; national superintendent closed bank and appointed receiver
Newspaper Excerpt
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
Source
newspapers
6. August 3, 1933 Receivership
Newspaper Excerpt
John King ... appointed receiver for the First National bank of Rialto when the troller of announced that the bank would [be] liquidated. Mr. King took possession of the bank, relieving Preston, has served servator the since the banking holidays ... (article reporting receiver appointment and liquidation.)
Source
newspapers

Newspaper Articles (15)
1. March 2, 1933 Las Vegas Daily Optic East Las Vegas, NM
Article from Las Vegas Daily Optic, March 2, 1933

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Article Text

SEVENTEEN STATES CHECK RUNS ON BANK Seven More Join Movement to Restrict Withdrawals of Deposited Moneys THREE AND FOUR DAYS TO BE TEMPORARY HOLIDAYS Situation Easing in Some States as Legislatures Planned Curb Laws Mississippi, Arizona, Nevada and in Oregon today joined the states. which there are limitations placed on the withdrawals of deposits from banks. in which limitations on withdrawals now exist. The proclamation of Gov. Ralph at San Francisco makes mandatory the closing of California banks (or three-day period ending Saturday The three-day holiday called Gov. Murray in Oklahoma for same period also is mandatory. The of Gov. Allen of Louisiana provides for the sation until the end of the week "all public business including Banks and other public enterprises." Mississippi the decree of state banking called only (Continued On Page Two)

2. March 2, 1933 Daily Times-Advocate Escondido, CA
Article from Daily Times-Advocate, March 2, 1933

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BANK CLOSING'S EFFECTS Thousands of theories are being voiced as to the causes and effects of the closing Thursday morning of all of the banks in California. Wise men who stand high in the financial world differ in their opinions on these two angles of the great crisis, so one guess is just about as good as another. But the fact remains that the three-days' holiday of closed banks will surely prevent any "run" on the banks which might come at this time. And "run" on bank is the worst thing that can happen, financially, to any community. It means, if carried far enough, that the bank must close permanently, and that means loss to the depositors as whole and the men who stand back of the bank stockholders. By the time the banks re-open next Monday it is thought the frenzy of withdrawal will have been overcome either in the minds of the people or through legislation making it compulsory. Other states that have declared similar banking holidays are now re-opening their banks with satisfactory results and business resumed in the normal channels. Let us have faith that this will be the outcome in California. Meanwhile, efforts to continue trade and business activity as usu will be made in Escondido. with an exchange worked out on confidence in the integrity of the merchants, business men and all citizens whose promises to pay are regarded as "good." So the whole thing sifts down to the matter of confidence, which is really the ultimate need and necessity of the situation, all the way from Escondido to New York, or even to Washington.

3. March 5, 1933 Nevada State Journal Reno, NV
Article from Nevada State Journal, March 5, 1933

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California Bank Extended Holiday Until Thursday Few Institutions Expected to Open Tuesday Morning SAN FRANCISCO, March Federal Reserve Bank of San Francisco closed today for the duration of California's banking holiday. Rolph tonight proclaimed an extension of the Callfornia bank holiday until Thursday, March The new three-day period will begin Monday with general holiday similar to the one now in effect. the governor said. The holiday Tuesday and Wednesday will be effective under terms of the special holiday bill passd today by the legislature. Provisions of the bill affect only banks and permit them to open or remain closed, it was explained. The action was taken by the governor after the assembly had approved the special holiday bill by vote of 54 or by exactly the required two-thirds vote. The senate passed the measure with only one opposition vote. The holiday extension will be fective for the three-day period re. gardless of what action is taken on specific bank bill now before the legislature, the governor said. Action on this measure was delayed until Monday. SAN FRANCISCO, March officials were bit puzzled tonight as they tried to determine course of action to follow Tuesday, when "special holiday," proclaimed by Governor Rolph, becomes effective. Under bill passed by the state legislature late today, the governor was permitted to proclaim special as well as general holidays. The banking moratorium was extended until March with the understanding that Monday would be general and Tuesday and Wednesay a cial holiday On special holiday banks may close or be opened as their officers desire. It was believed some banks would open Tuesday and Wednesday while most of them would remain closed until the legislature approves bill permitting restriction of withOfficials of the Bank of America discussed the situation tonight but said they probably would not reach decision or have an announcement to make until Monday. Wells Fargo Bank and Trust Company officials were understood to be desirous of opening Directors of other banks preferred to follow along with the majority and wait for some protective legislation.

4. March 7, 1933 The Minneapolis Journal Minneapolis, MN
Article from The Minneapolis Journal, March 7, 1933

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Clearing House Scrip Plan Starting Friday Approved Continued from page in this situation was "no meeting surprise other country would have taken the situation calmly said. manner people has and to the out the has been lant New Regulation Waited The reopening made banks many states hastened take vantage At the treasury, the White House and on Capitol Hill participated in by RooseSecretary Woodin etal forward the fort to bring an orderly passage the muddled economic situation In some quarters. another bank Ing regulation was expected which would permit with draw one-third their deposits Roosevelt Thanks Hoover President Roosevelt today gland hurriedly through an tion mail telegrams before of again devoting his attention to the banking crisis. chief executive remained the White House the ing and the Early, of Mr. Roosevelt's was done the President's convenience. Through Early. the chief expressed his the issuance by former President Hoover in New of statement urging co-operation for Mr. Roosevelt's policy in the bank. ing emergency. Roosevelt planned today begin drafting his message the special session of congress which meets day after tomorrow though he already formulated the outlines of the proposals will the White House had had time to work on the itself and intended considerable portion the day to Bans Currency Withdrawals The regulation issued "Any institution lawful engaged in serving registrar of stocks or bonds. transfer agent. guardian estate signee. receiver. committee of in any other fiduciary capacity. may transact such business the mal and usual manner: provided that in the said busi except may permitted by other regulations of the secretary, such banking institution shall not pay out or the withdrawal coin withdraw any trust fiduciary funds deposit any other department the bank quiries, it was said at the treasury regulations issued by Secre Woodin are being communicat ed through federal reserve order permitting the use of cash food being interpreted by bankers in the west permitting them furnish funds for market which are to be used for bank closed by both state federal would about easing the situation under the new treasury would depend upon their state regulations. OHIO BANKS UNDER March The majority Ohio's 800 banks opened today almost the Identical regulations placed them week ago. In largest than under state law permitted banks on old deposits cent Febru27 balances, stipulated that new deposits must held subject on mand without restriction or limita few Ohio banks which placed last and did not segrenew were forbidden pay out money though received new deposits for BANKS REOPEN ON RESTRICTED Koeneke, Kansa. state bank authorized the im. mediate reopening of state banks for business on restricted basis outlined by Secretary of the Treasury Woodin. Deposits made the banks Saturday may returned the depositors in full Koeneke the banks but per cent deposits books previous March may not withdrawn. CALIFORNIA MOVES TO RESUME BANKING San March Far and state today such as permitted issue scrip generally conform with national provisions. Clearing house certifictes ready printed in Seattle and Los Angeles, from eujation pending receipt detailed rules from the secretary of the Gold reported appearing trade channels. Bankers said hoarders apparently were being forced by currency turn loose the yellow coins. FLORIDA TO RESUME RESTRICTED BANKING March Banks Miami Tampa planned to reopen treasury department restrictions today make change and carry other limited functions while state conferred the Florida ing situation. Circuit Judge Frank Birdseye View of Banking Situation Over the Country Associated State after state announced the of today in line with ruling Secretary the treasury permitting the transaction of essential business. Each institution may "meet the needs Its community for other necessities life. for the relief of distress, for usual salarles' and for other similar enbe made, currency may be changed, but gold gold certificates shall paid out. States which had given their governors regulate Included York and The New York executive net up corporation for the issustatewide Scrip manufacturers said they had little to fear from counterfeiters because an design they are employing. Chicago's medium will pic. ture Abraham Lincoln: New York's will Its coat arms, and Philadelphia's boast likeness of Benjamin Smith signed an order providing on fore closure sales in Orange and Osceresult of the banking situation. QUICK RETURN NORMAL BANKING SOUGHT New March certed efforts to transfuse enough life into nation's money teries to finance ordinary breadbusiness hastened the day America' mobanking holiday And nation which had develhighly organized and efficient system of settling per cent business with checks found that. the highcomplex procedure was not easTrue, bankers pointed out, scrip clearing certificates have in this country before. In the banking groups quickly ganized and the supplemenmedium exchange But to with much more of the country's conducted on national scope, many executives feel banking must be restored quickly national basis. Most the leading corporations the today do business almost every Therefore, form emergency used City, must be so drawn by furniture Grand Rapids, unless the manufacturer is prepared extend almost credit distributors Kansas City and points. the banking problem being dealt far Individual ies states on separate schemes, while Washington authorities are trying to piece them together. Governor Lehman has worked out statewide plan for New York the New York has New city plan which may plan. the Governor Lehman explained his state plan might absorbed by national What banking authorities particularly anxious avoid foreign exchange market in the commanding would make business costly and uncertain. CHICAGO'S LARGEST BANK OPENS: OTHERS TO FOLLOW Chicago March Chicago's National Bank and Trust Company, opened to operate authorized by the the treasury. some other banks they would do later The other banks their decision because the belief the restrictions conflicted the Illinois holiday declared by Governor Henry Horner Layburn bank examiner announced after telephonall national banks should obey the orders and disregard state bank orders. HOARDS REPORTED March New York banks today hardships among their millions of depositors Immediately upon receipt of Secretary mitting reopening accounts funds cient to and food needs they were open for such busi- Hoarded gold is being deposited Irving Trust Company announced shortly But the from Woodin meant technical difficulties for the banks means one banker said, "that some responsible officer each branch must interview each person to determine there the funds different Each case probably will Among the major banks open der the provisions Morgan Bankers Trust Bank Corn Ex Bank Trust Company Bank Trust Company Irving Company jungle plant intensively Brazil manufacturers of insecti-

5. March 30, 1933 Auburn Journal Auburn, CA
Article from Auburn Journal, March 30, 1933

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BUSINESS CONDITIONS IN 12TH DISTRICT Banking developments in the 12th district, as in the United States generally, were of dominant importance during late February and the first half of March.- No outstanding changes in the general business or financial situation had been apparent during the first six weeks of the year, although the failure of two rather large and several smaller banks in January had been followed by withdrawals of deposits from other banks. About the time that the force of this adverse influence appeared to be coming to an end, however, widespread publicity given to the Michigan banking moratorium and to other unfavorable banking situations began to have an effect in the 12th district, and immediately following announcement of banking holidays or restrictions in other eastern states on February 25 a substantial run on California banks developed. This relatively heavy run lasted for three days -February 27, February 28 and March 1-when it was brought to an end by a proclamation of the governor of California closing all banks in the state for a three-day period. This action in California was followed by runs on banks in other far western states and by March 3 emergency banking restrictions had been placed in effect in all 12th district states. Withdrawal of currency during the week ending March 1, while at a re. cord rate, was SO short-lived that its effect upon district banks deposits was relatively small. Currency payments by banks to depositors were about 30 million dollars during the week ending March 1, compared with deposits in those banks of considerably more than three billion dollars at the beginning of this year. Banks met the unusual demand for currency by borrowing from the Federal Reserve bank of San Francisco and by drawing upon their reserve balances, which had been built up during the first half of February through transfers of funds from other parts of the United States. Reopening of banks under licenses issued by the secretary of the treasury and by state authorities commenced on March 13 and proceeded 20 most 12th district banks had resumed customary operations, although a good many were either in the hands of conservators or had been closed for liquidation. Currency which had been withdrawn prior to the closing of banks on March 2 was redeposited in large amounts between March 13 and March 20 and considcrably more gold coin was turned in to the Federal Reserve bank of San Francisco than had been withdrawn from January 1 to March 4. 1933. Redeposited currency was sent in to the reserve bank to repay borrowings and to increase reserve balances. Volume of production was slightly smaller in February than in January. Department store sales and intercoastal trafic through the Panama canal increased, but the number of cars of freight loaded on district railroads during the month decreased. Other trade measures changed little. Petroleum production during February approximated that of the preceding month. The cut of lumber declined contrary to the seasonal movement and the volume of engineering construction decreased sharply. Employment conditions remained about the same in February as in January. Commodity prices declined slightly during February, but advanced considerably during and immediately following the banking holiday in March. Non-statistical reports inicate that the banking restrictions during the first half of March reduced business activity. particularly retail sales volume. The engagement of Miss Edna May Bradbury and Willis Cruse has been anounced. Miss Bradbury, laughter of Mr. and Mrs. Lou Bradbury. was the incentive for a surprise party one recent evening given by a number of friends. During the evening she was presented with a shower of gifts for her new home.

6. August 2, 1933 Redlands Daily Facts Redlands, CA
Article from Redlands Daily Facts, August 2, 1933

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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

7. August 3, 1933 The San Bernardino County Sun San Bernardino, CA
Article from The San Bernardino County Sun, August 3, 1933

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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.

8. November 10, 1933 Rialto Record Rialto, CA
Article from Rialto Record, November 10, 1933

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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.

9. December 16, 1933 The San Bernardino County Sun San Bernardino, CA
Article from The San Bernardino County Sun, December 16, 1933

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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.

10. December 23, 1933 The San Bernardino County Sun San Bernardino, CA
Article from The San Bernardino County Sun, December 23, 1933

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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.

11. February 28, 1934 The San Bernardino County Sun San Bernardino, CA
Article from The San Bernardino County Sun, February 28, 1934

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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.

12. October 26, 1934 The San Bernardino County Sun San Bernardino, CA
Article from The San Bernardino County Sun, October 26, 1934

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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,

13. November 28, 1934 Redlands Daily Facts Redlands, CA
Article from Redlands Daily Facts, November 28, 1934

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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.

14. November 30, 1934 Rialto Record Rialto, CA
Article from Rialto Record, November 30, 1934

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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.

15. December 27, 1934 The San Bernardino County Sun San Bernardino, CA
Article from The San Bernardino County Sun, December 27, 1934

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PRIZE POSTER KING APPOINTED AWARDS ISSUED TO NEW OFFICE Senior and Junior High School Students Are Honored by Housing Committee Winners of the better housing program poster contest in the senior high school and Sturges junior high school were announced yesterday. Junior college winners were announced last week. In the senior high school art class, Grace Olds took first prize as well as the award for second grand prize in the whole contest, Virginia Bussey, junior college student having won first grand prize Other winners in the high school were: second place Joe G. Samudio third place Antonio Navore. fourth place Johnny Collier, fifth place Don Cochrane, sixth place Orville Douglas Melba Martinell, Vernon Game and J. Gaffney received honorable mention. In the junior high school class. Mary Thomas won first prize. Other winners were: second place, Marshall Craw: third place. Jeanne Kelley: fourth place, Jack Shorten: fifth place, Bill Hughes: sixth place, Doris Garrett. George Kakara and Mary Jane Wright received honorable mention. Bank Receiver to Take Over Affairs of Institution At Victorville Consolidation of the receiverships for the three closed national banks in San Bernardino county will take effect on Jan. 1, it was announced at Washington yesterday. John E. King will be in charge as the Appointment as receiver of the First National Bank of Victorville completes the plan for the consolidation of the liquidation of three institutions. Mr. King was appointed receiver of the San Bernardino National bank several weeks ago. Previously he had been in charge as receiver of the First National Bank of Rialto. Consolidation of receiverships has been made in the interest of economy of liquidation. Films of the assassination of King Alexander were barred from the Netherlands.