First National Trust & Savings Bank (Chico, CA)

View Charter #8798 on SPMC View balance sheet

Episode Information

Episode UID
879801598
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
87980 national
Charter Number
8798
Start Date
February 27, 1933
Location
Chico, California (39.728, -121.837)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
967fdf9bf402f0d0

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Clearinghouse loan, Fed/other loan, Capital injected, Partial suspension, Full suspension, Books examined

Clearinghouse involved: Yes (loan, examination, or other measures)

Receivership Details

Depositor recovery rate
91.9%
Date receivership started
1933-07-18
Date receivership terminated
1940-01-18
Share of assets assessed as good
56.8%
Share of assets assessed as doubtful
33.0%
Share of assets assessed as worthless
10.2%

Description

Statewide California banking holiday followed heavy withdrawals; bank later placed in receivership July 1933.

Events (5)
1. July 17, 1907 Chartered
Source
historical_nic
2. February 27, 1933 Run
Cause
Macro News
Cause Details
Runs triggered by widespread banking moratoria and unfavorable banking news (Michigan moratorium and runs in other states) leading to heavy withdrawals in California Feb 27–Mar 1, 1933.
Measures
Banks borrowed from Federal Reserve Bank of San Francisco and drew on reserve balances to meet currency demands.
Newspaper Excerpt
a substantial run on California banks developed. This relatively heavy run lasted for three days - February 27, February 28 and March 1
Source
newspapers
3. March 2, 1933 Suspension
Cause
Government Action
Cause Details
Governor Rolph proclaimed a three-day statewide banking holiday (extended by legislation) closing California banks beginning March 2, 1933.
Newspaper Excerpt
the proclamation of Gov. Ralph ... makes mandatory the closing of California banks (for three-day period ending Saturday
Source
newspapers
4. July 18, 1933 Receivership
Source
historical_nic
5. July 20, 1933 Receivership
Newspaper Excerpt
F. M. Porter ... has been appointed receiver for the defunct First National Trust and Savings bank ... The appointment was made upon the recommendation of the Chico Depositors Protective Association.
Source
newspapers

Newspaper Articles (16)
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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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. May 4, 1933 The Chico Enterprise Chico, CA
Article from The Chico Enterprise, May 4, 1933

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Agreement Reached on Plan For Opening New Depositors Press For Action plan by which new state bank will be permitted to open was agreed upon today chief deputy. the state division of banks and committee of bankers and bank directors, following conference in San Francisco, according to statement by Holly by telephone to The Enterprise late this Although Holly withheld details of the plan, declaring that they be obtainable from the committee upon their return to Chico, he was emphatic in that the bank organized under the proposed plan would be sound institution under state regulation. The plan is based on assurances of complete co-operation of depositors. The Chico men who conferred with Holly were Lon Bond, Lee Richardson, Sanborn, Paul Yockey, Frank Morehead, M. Moore and Earl R. Bevins. Pointing out the necessity of immediate opening of the local banks the financial situation Chico in to be saved, Oscar Goldstein representing depositors in the First National and People's Commercial and Savings Bank. today conferred length by telephone with E. Holly of San Francisco, chief deputy of the state division of banks. Goldstein informed Holly that the local depositors have organized and determined to demand immediate action either reopening one of the two closed banks organization of new bank in order that funds may be released to depositors, many of whom are farmers and in dire need of cash. committee of local bankers bank directors who went to San Francisco yesterday went conference with Holly at this morning and Goldstein was in formed by Holly that there possibility of plan being agreed upon late today by which one of the banks could be opened once The local bankers who resumed conference Holly this afternoon are Lon Bond, Lee RichardMorehead, Frank Moore and R. Goldstein further declared Holly that necessary the execu tive committee of the local deposit ors protective association which formed last night, would go San Francisco either in body or through committee tomorrow and give signed assurance that there would be on the local bank or banks should they be allowed to open. Goldstein, in behalf of the depositors represents, made emphatic that immediate action demanded and urged of Holly submit to him any plan that he beileves to be feasible for reopen ing of the banks. Organication of Depositors Protective association, composed of depositors in the First National and People's and Saving bank, was formed at meeting in the municipal building last evening, at which Attorney Oscar Goldstein, who announced that he represented group of depositors, presided. Nearly 100 depositors Pfeiffer was named chairman and Frank Kottkamp. secretary. An executive committee ten men representing each of the closed banks was named as follows: On the People's Commercial and Savings Bank executive committee are Dan Zumwalt. Joseph Krikac, W. Charles Collier and Waterland. Members of the First National Trust and Savings Bank executive committee are had bill seeking $6000 which to clean out the pests M. W. L. Aisthorpe, Dr. the committee decided to Hepplewhite and eGorge W. Edthe termies unmolested for wards. despite the fact they years Other committees named pubthreatened wreck what licity: George Jones, H. CampKinley described Price, O'Brien and of the "Iowan invasion.' An investigating committee whose duty it will be to secure all infarmation that will be of value in Seen And furthering action was named. Members are Dr. Meyers, Chiapella, Justin Jeffery, Hugh Heard Baber and Louis Day. The membership committee consists of Westfall, NELL FABRIS, disgruntled. Thompson, John Frank Martenette, H. Johns, Frank ELEANOR CUMMINGS grimacMoore, Max Weniger, H. Hintz, ing at friend. W. H. McAnarlin, Bert Loomis, Priel, Harvey Breedlove, GAIL MOORE and CHIEF TOSchwein, Johnson, O. Dixon VEE in street corner conference. and Dave Boyd. Goldstein opened the meeting PAUL H. YOUNG boosting for explaining the purpose of the band concert tonight. organization and pointing out the differences between the organizations of the People's and the First National banks. He declared that no information regarding the conditions of the banks or the loans What is the significance of the made by the banks is available to bank sponsors' and depositors' the public and because of this multaneous activities? cannot tell how the sort of bull and bear movedepositors Continued on Page Column ment.

7. May 6, 1933 The Chico Enterprise Chico, CA
Article from The Chico Enterprise, May 6, 1933

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Opinion Split on Bank Situation (Continued from page 1) start a new National Bank here with view of making deposits of both the First National and Peoples Banks available. George Edwards expressed a similar thought Dr. E. L. Meyers declared that the committee which had gone to San Francisco Tuesday apparently had done all it could to solve the bank situation here. He suggested that they be given a chance before any. hasty action be taken by the depositors committee Hugh Baber expressed the same Goldstein replied that the only organized group which had worked on the situation thus far was composed of directors and stockholders and that he had observed that in other instances national banks had been obtained when depositors of defunct institutions got after the authorities. Bevins As Depositor Earle R. Bevins responded that he had been working with the group headed by Attorney Bond ever since an effort had been made to reopen the local banks and that he was only a depositor in both, owning no stock in either and not director of either. He said that he believed every possible effort had been made to start a national bank here but that the federal authorities seemed hard to reach. and were slow in responding to a movement of this sort. What the depositors here need is im mediate action to put money into circulation, Bevins continued. and the state authorities had shown willingness to cooperate in this regard immediately Reopening Feasible Frank M. Moore who also went to San Francisco with Attorney Bond Tuesday remarked that both state and federal banking authorities had been consulted at the meeting and that the most feasible plan was to open the Peoples Bank immediately as a state bank The First National Bank is bound to have a receiver appointed and if we can get the Peoples Bank started as a state bank, that will do away with the expense of receivership for it and you all know that receivership costs a lot of money which will necessarily have to come out of the deposits, Moore said. "There was a federal reserve man present at the meeting and he told us it would be very easy to change from state to national bank if that were desired He fur ther said that no other federal charter would be issued in Chico if a state bank were started here as outlined by Attorney Bond. Moore closed his remarks with statement that the depositors of both banks will be much better off if state bank 18 started here Only Three Directors Attorney Bond observed that Goldstein was in error when he said that only directors and stockholders had worked on the situation thus far He said: As matter of fact there were about 20 men who constituted self-appointed committee that had met with us to attempt to do something for the good of the depositors of the banks and the community In this group there were only three directors SO far as can recall am not bound by either plan as a matter of fact I should prefer a national bank by all means and this state bank plan of ours was only an alternative to get some immediate action to relieve the distress caused by the delay in granting the original petition want to do whatever is best for the community but it is action that we need right now, Bond Goldstein asked why the Sacramento depositors had passed up plan to get state bank capitalized at $500,000 and had organized to secure capitalization of, $1,250,000 with the promise of similar amount from the Reconstruction Finance corporation and the Federal Reserve bank Leave R. C. Alone Lee Richardson said he had been to S. F. several times on this matter and had concluded from what he had learned that it was far better for the depositors if the Reconstruction Finance corporation and the Federal Reserve banks were let entirely alone They demand all the securities and interest at 5 1-2 or six per cent which must be paid before the depositors get anything In replying to Goldstein's question relative to the Sacramento bank. Bond said that the People Bank was capitalized for $100,000 which the 100 per cent assessment to be levied against stockholders and the money otherwise the Reconstruction Fin

8. May 6, 1933 The Chico Enterprise Chico, CA
Article from The Chico Enterprise, May 6, 1933

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History Of City Library In series of articles to appear Intervals in The Enterprise brarian. will outline the history and velopment the Chico City Library. The first of these articles appears below. The first librarian in the city of Chico library and reading room was June 30. 1879 when Mrs R B. Gumar was hired by G. M. Hickman, secretary of the board. at a salary of $25 per month. At the next meeting, July 3. 1879. contributions totalling $42.50 were pledged by the 54 subscribers then enrolled. The secretary in his minutes for this meeting comments that $13.50 was collected in advance and that $2 remains unpaid "some of which is doubtful. There seemed to be difficulty even in those days in getting sufficient funds to keep the new projet going and at meeting of the directors on July 16, 1879. the city was divided into three districts for a drive to obtain more A. A. Hibbard was to canvass the district from First to Second street: J. A. Thompson was to solicit the district from Second to Third street and G M. Hickman was to take all the city south of Third street. In addition. Hibbard. as secretary was instructed to appear before the town trustees to petition for monhly allowance of $10. Hibbard was also instructed to procure a suitable contribution box for the reading room' and a suitable sign. At the next meeting however Stcretary Hibbard reported that he had interviewed several of the town trustees and ofter his report "the matter was postponed indefinitely. He did however, procure collection box but asked for and was granted more time to obtain suitable sign. ance corporation and the Federal Reserve help were not needed here. To get such help would mean additional delay and more expense to the depositors. Both state and federal banking officials are hardboiled and will not submit to any sort of influence. They have their rules and regulations which will not yield to any given set of conditions. Quick Action Needed Dr J. G. Hepplewhite said that he was not depositor in the Peoples Bank and that his money was tied up in the First National but if it is possible to get immediate action by opening the Peoples Bank as state institution he was all for it "What we need is action now to release depositors said. A. Thompson argued that the depositors had organized for American Magazine specific purpose and that was to find out what had caused the de- Collier's Weekly lay in the original plan to open a new national bank here. That Invention seemed to be the logical thing to do to liberate deposits in both Red Book Magazine banks and it might be well to Review of Reviews see if the First National bank might not be opened instead of the Parents' Magazine Peoples Bank or some steps taken Physical Culture to liberate the deposits in both banks since the First National Junior Home had the largest number of depositors. He suggested that the committee go on to Sacramento and learn what could. Dr. Meyers then made the motion that the committee proceed to Sacramento keeping in mind the necessity for speed in whatever steps were to be taken, to help the local situation. Liquidation Serious Clarence L. Price suggested that he had had some experience with liquidation of insurance companies Here it is and that liquidation of two banks in Chico is serious matter. "I understand that if new bank is established here both the Peoples and First National will go into the hands of receivers and happen to know that is a costly operation. Bond called to the attention of the group that the overhead expenses of both banks, salaries, etc. were still going on and had been since they had been placed in the hands of conservators. They are operating merely for accomodation of new depositors and cannot use one cent of these deposits to earn anything he said. There is no prise. money coming in except possibly some interest on mortgages and every moment of delay is being paid for by the depositors since all expense incurred under the conservator system must come out of the deposits, he added. Peoples Bank In Better Shape Replying to direct question Moore told the group that the Peoples aBnk was in better condition than the First National, the latter being 39 per cent liquid, according to the bank examiner's Moore also said that he was informed that if a new national bank were established here an outsider would be sent to run the bank, according to a statement made to him by one of the federal bank At this point Chairman Pfeiffer put Myer's motion which was carried Shortly afterward George Edwards, Charles Collier, Fred Pfeiffer, Frank Kottkamp, F. M Porter and J Oscar Goldstein left for Sacramento where they had evening appointments with bank officials and others. Goldstein said they would attempt to return today in time to exactly as represented. meet at the city hall a o'clock report what they had learned Later the depositors may call a meeting at Memorial hall to explain the plans in detail, Goldstein said,

9. July 20, 1933 Oroville Mercury Register Oroville, CA
Article from Oroville Mercury Register, July 20, 1933

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Chico Realtor Is Bank Receiver CHICO-F M. Porter, Chico, realtor, has been appointed receiver for the defunct First National Trust and Savings bank, according to word received yesterday from Washington, D. C. The appointment was made upon the recommendation of the Chico Depositors Protective Association, which had been active in urging the naming of a local man for the position of receiver. Porter, who has had 17 years of banking experience, will take over his new duties today and will make his headquarters in the First National Bank Building.

10. July 20, 1933 The Sacramento Bee Sacramento, CA
Article from The Sacramento Bee, July 20, 1933

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Chicoan Is Named Bank's Receiver CHICO (Butte Co.), July S M. Porter Chico real estate man, last night received wire from Washington, D. C., notifying him of his appointment as receiver for the defunct First National Trust and Savings Bank. He assumed his duties to-day. Porter was for a brief time assistant cashier of bank in Oklaand was then assistant cashier of the Bank of Williams for a few being appointed cashier for the Bank Princeton He occupied that position for twelve years until 1924. For the last few years he has resided in Chico. identified with the real estate and insurance business

11. July 25, 1933 Enterprise-Record Chico, CA
Article from Enterprise-Record, July 25, 1933

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JAS. LANG TO ASSUME AUGUST FIRST Depositors' Request For Local Man Refused by Banking Head James Lang of San Francisco, member of the liquidating staff of the state superintendent of bank's office, has been appointed receiver for the Peoples Savings & Commercial Bank, Edward Rainey, state bank superintendent, informed The Record last night. Lang. now on a vacation after year and half spent in liquidating a bank at Holtville, Imperial Valley, will assume the receivership of the Chico bank about August or shortly thereafter. Rainey announced. LOCAL RECEIVER DENIEDAppointment of the staff man was made over field of candidates, one of whom was recommended by the Chico Depositors Protective Committee. In a letter to M. Pfeiffer, president of the association, Rainey wrote: 'San Francisco, Calif. "July 21, 1933. "Mr. F. M. Pfeiffer, president, "Chico Depositors Protective Assn. "Chico, California. "Dear Mr. Pfeiffer: "Replying to your telegram of July 20th: regret I can not appoint any of the local men recommended to me by various endorsers. Successful liquidation requires especial experience and while each of those recommended has general experience, none has what require in this case. am, therefore, transferring an experienced member of liquidating staff to this special deputyship ASKS COOPERATION"You will find him efficient and thoroughly acquainted with the work of liquidation. As soon as he can be detached from his present work he will assume the new duties to which have appointed him. request the assistance and cooperation of your committee when the active liquidation begins. "Very truly yours, "Superintendent of Banks." Pfeiffer last night issued a statement saying: COMMITTEE REGRETS"Our committee regrets very much that we were unsuccessful in getting a local man appointed receiver for the Peoples Saving Commercial Bank. However, we feel had we had the proper cooperation from certain sources we would have been successful in getting the man that we recommended." The appointment of F. M. Porter of Chico as receiver for the First National Trust & Savings Bank was made at Washington, D. C., last week upon the recommendation of the depositors' association.

12. June 20, 1934 The Chico Enterprise Chico, CA
Article from The Chico Enterprise, June 20, 1934

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FARM MORTGAGE BONDS ACCEPTED BY BANK RECEIVER Porter, receiver for the defunct First National Trust Savings has been authorized by Federal Judge Frank H. Kerrigan federal farm mortgage bonds, various amounts of cash and unsecured personal notes full settlement for loans totaling due the bank from various residents of this district who ronized bank during its existence here. Those who have offered this type settlement for loans from the defunct bank include JohnThelma Knight, Virgil Knight, Arthur Meyer, Constance Meyer. W. Powell. for the estate of May Powell: Colm. McEnespy, Fannie McEnespy. Fannie Frederick and Esmond. also approved the sale the mortgage bonds received the open subject the authorization of the United States comptroller curency.

13. August 28, 1934 The Chico Enterprise Chico, CA
Article from The Chico Enterprise, August 28, 1934

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First National Dividend to Be Paid Depositors Tomorrow Depositors of the defunct First National Trust and Savings bank will tomorrow morning at o'clock be paid their respective proportions of the loaned the receiver of the bank by the Reconstruction Finance corporation. Payments be made in the First National bank. Receiver F. M. Porter said the loan was on three year basis and would bear interest at per cent. The loan was made on the existing assets of the defunct bank, Porter said. There will be paid to each depositor approximately 21 per cent of the due him which. including the 50 per cent already paid depositors, will make total payment of 71 per cent of the money due depositors. This will apply to both commercial and savings deposits. Receiver Porter states that the first 50 per cent, which totals to date the sum of was made possible by the newly organized First National bank purchasing sufficient amount of assets accomplish this purpose. The receiver calls attention to the fact it is required that every claimant bring with them their copy of schedule of claim. which given depositors when the first dividend was paid. This dividend has been made possible by assistance from the Reconstruction Finance who have made an advance to the receiver of which together with $168.00 in cash the receiver has hand, is ample for payment of the dividend totaling $386,588.8. At the time the bank closed, there were two loans with the Reconstruction Finance corporation, showing balance due on the principal the amount of $190,668.24. In addition to this, the bank had borrowed $40,000 from another banking institution. These loans have since been fully paid.

14. October 17, 1934 Enterprise-Record Chico, CA
Article from Enterprise-Record, October 17, 1934

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RECEIVER COST IN CHICO UNDER Fouts. supervising receiver, division insolvent national banks, has issued a statement showing the accomplishments of his department in liquidating the many national banks adjudged insolvent in 1933. His has been a monumental task, as at the close of the banking holiday there were 1.417 national banks under the direction of the comptroller of the currency, with deposits of $1,971,960,000, which did not open. There have been reorganized 1,051 banks with deposits aggregating $1,178,184,000. and 28 national banks paid their depositors in full the sum of $11,051,000 and went out of business. There were placed in receivership 302 banks with deposits of $158,417,000, but plans have been approved for 18 of these receivership banks to reopen, which will release an additional $10,132,000. This leaves 36 banks in conservatorship, and of these, 30 banks with deposits of $41,664,000 have plans approved for reorganization. and six banks with deposits of $3,183,000 have disapproved plans. Depositors have received since March 16, 1933, $542,811,998 in dividends. Slightly in excess of 50 per centh as been paid to depositors in receivership banks. "Since the establishment of the bureau of the comptroller of the currency," Fouts reports, "a period of about 70 years, depositors have received 94 cents out of ever dollar collected, which is a remarkable record.' When two banks in Chico failed to open after the banking holiday. it was feared by depositors that they would recover but small percentage of their money. It was general fear that enormous expenses would be piled up by conservators and receivers. It is interesting to know what has occurred to date in the liquidation of the First National Trust & Savings Bank of Chico, one of the unfortunate institutions. F. M. Porter reports that the collections from assets and stock assessment aggregate $1,738,567.86: from interest, premium and rents, $64,860.83 and cash collected by receiver and held in trust for owners, $1,689.92. Seventy-one per cent of the amount due depositors has been paid and the cost has been less than two per cent, the exact figure being 1.98 per cent, which compares most favorably with the average cost of six per cent over period of 70 years.

15. December 28, 1934 Oroville Mercury Register Oroville, CA
Article from Oroville Mercury Register, December 28, 1934

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Banker Stockholders An attempt to evade stockholders liability in the First National Trust and Savings Bank of Chico is leged in suit filed in superior court today by the bank receiver against Daisy O. Smith. In the action, brought by M. Porter against Mrs. Smith, Beatrice Baker Smith. her daughter: Frank Lee Crist, W. Bayley and May W. Bayley, transfer of valuable Chico property owned by Mrs. Smith is charged. The receiver was given judgment aagainst Mrs. Smith in district court June for $19,293.79, according to the complaint On May Mrs. Smith delivered property in Chico Vecino, valued at more than $10,000 to Bertice Baker Smith allegedly without consideration. the action recites Bertice Baker Smith is alleged to have delivered deed of trust, pretending to secure the repayment of $6,000. to Frank Lee Crist as trustee for W. Bayley and May W. Bayley, other relatives, on Nov. 20. 1933. Stockholders liability became due Dec it is charged. Seth Millington of Gridley is torney for the receiver

16. December 29, 1934 Oakland Tribune Oakland, CA
Article from Oakland Tribune, December 29, 1934

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Woman Sued by Chico Bank Receiver Dec. attempt evade stockholders' liability in the First National Trust and Savings Bank of Chico is alleged in filed in superior court yesterday the bank receiver against Daisy Smith In the action. brought by Porter against Mrs. Smith and othtransfer valuable Chico propowned by Smith charged. The receiver given judgment against Mrs. Smith United States District Court June 1934, for $19,293, the complaint liability became