881. First National Bank (Monterey Park, CA)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
12061
Charter Number
12061
Start Date
February 2, 1932
Location
Monterey Park, California (34.063, -118.123)

Metadata

Model
gpt-5-mini
Short Digest
482ae2e7

Response Measures

Full suspension, Books examined

Other: Receiver appointed by Comptroller; liquidation and later dividends paid from receiver's liquidation and RFC loan.

Receivership Details

Depositor recovery rate
50.2%
Date receivership started
1932-02-09
Date receivership terminated
1938-02-23
Share of assets assessed as good
17.3%
Share of assets assessed as doubtful
75.9%
Share of assets assessed as worthless
6.8%

Description

An individual was arrested for allegedly attempting to start a run (Feb 2, 1932). The bank then failed to open and was placed in hands of national bank examiners and directors voted to liquidate (Feb 7, 1932). A receiver was later named by the Comptroller (reported Feb 11, 1932) and dividends paid from receiver's liquidation in 1934. OCR errors in articles were corrected for clarity (e.g., 'failed open' -> 'failed to open'; 'aminers' -> 'examiners').

Events (5)

1. December 9, 1921 Chartered
Source
historical_nic
2. February 2, 1932 Run
Cause
Rumor Or Misinformation
Cause Details
Individual allegedly threatened to circularize the community to cause a run on the bank (arrest made).
Measures
Bank filed complaint; arrest of alleged instigator under Penal Code section 563b.
Newspaper Excerpt
Accuse Man Of Attempting To Start Bank Run...Samuel A. Willits...is in the Los Angeles county jail today for an alleged attempt to cause run on the First National bank here.
Source
newspapers
3. February 7, 1932 Suspension
Cause
Voluntary Liquidation
Cause Details
Bank failed to open; placed in hands of national bank examiners and directors voted to liquidate (expected full repayment to depositors).
Newspaper Excerpt
BANK CLOSED IN MONTEREY PARK...the First National Bank Monterey Park placed in the hands [of] national bank examiners yesterday after the bank failed to open...the directors voted [to] liquidate.
Source
newspapers
4. February 9, 1932 Receivership
Source
historical_nic
5. February 11, 1932 Receivership
Newspaper Excerpt
BANK RECEIVER NAMED...announced his yesterday as receiver of the First National Bank of Monterey Park, which closed recently...receiver for several other closed national banks under appointment from Comptroller of the Currency, Washington.
Source
newspapers

Newspaper Articles (6)

Article from The Register, February 2, 1932

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Article Text

Accuse Man Of Attempting To Start Bank Run MONTEREY PARK, Feb. Samuel A. Willits. San Gabriel, is in the Los Angeles county jail today for an alleged attempt to cause run on the First National bank here. His arrest was made complaint signed by G. Brooks, vice president and cashier of the bank. According to Willits made the assertion that he would circularize the community cause run on the bank. Willits alleged have made the attempt and his arrest followed The complaint was issued under Sec. 563b, Penal Code, which classes the offense as misdepunishable by fine not more than $1000 or by imprisonment for not more than one year,


Article from The Los Angeles Times, February 7, 1932

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Article Text

BANK CLOSED IN MONTEREY PARK Affairs the First National Bank Monterey Park placed in the hands national bank aminers yesterday after the bank failed open for president, the directors voted liquidate expected that depositors would receive 100 cents on the dollar.


Article from The Los Angeles Times, February 11, 1932

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Article Text

On the show windows of drug stores throughout the United States appears the well-known trade-mark "Rexall," hallmark the standard product and symbol the strength of Drug, Inc. Within the past three or four years, this organization has expanded the largest domestic manufacturer drugs distribution both the retail wholefields. lines wellrounded include pharmaceutiand related which are through extensive chain system and Rexall outlets. addition its business in the United States, Drug, has siderable distribution of widely advertised favorably foreign countries. In Great Britain, example, well-controlled distribution secured through Boots Pure Drug Comstores, in Earnings of Drug, Inc., have held well depression, figfor 1929, 1930 and 1931 being and $5.50 respectively. Current data: United Drug Company, purchasing tubes quantities in anticipation rush resulting from strong vertising campaign about launched, according to report. rights Cambridge Asso- BANK RECEIVER NAMED announced his yesterday as receiver of the First National Bank of Monterey Park, which closed recentalso receiver for several other closed national banks under appointment from Comptroller of the Currency Washington. $4.00


Article from The Los Angeles Times, October 12, 1934

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Article Text

New Dividend Paid by Closed Bank Receiver Heathcote, receiver for the First National Bank Monterey Park. yesterday announced ment an per cent dividend depositors and other creditors with approved claims. Two dividends totaling 30 per cent have previously been paid. Dividends will be paid only to perholding receiver's certificates, Mr. Heathcote said, and the certifimust be presented order receive dividend checks. The dividend is being paid from funds acquired ordinary liquidation. supplemented loan from the Reconstruction Finance Corporation TWO FIREMEN TO RETIRE Application Fire Captain James Tanozola. who has more than years in department. and Fireman John Long. has served more retirement on pensions. yesterday were ordered the Pension Board for action by the Fire Commission.


Article from Daily News, October 12, 1934

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Article Text

BANK RECEIVER TO PAY DIVIDEND F. W. Heathcote, receiver for the First National bank of Monterey Park, yesterday reported that he had received authority from the comptroller of the currency to pay dividend of per cent to depositors and other creditors. Two dividends aggregating 30 per cent already have been paid.


Article from Stockton Independent, November 18, 1934

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Article Text

LET'S EXPLORE YOUR MIND ALBERT EDWARD WIGGAM, D.Sc. 1. I answered a similar question not long ago but its imjustifies further treatment. It is a national tragedy as the eight grades are now constituted. because over one half of the children can never get through them. Over half of them fail before they even get to the eighth grade. The obvious to build an absolutely non-failure school where no child can fail: where every child is given tasks at which he can succeed. Just such non-failure public school has been running now for 10 years and the children higher in school achievement than children in the ordinary public schools. It is the school of the future. 2. No it tends to prove that it is inherited. because all theories of human development agree that the better the environment the more likely it is to bring out any person's abilities. and genius would be more likely than any father not genius to furnish stimulating environment for his son. Since many geniuses rise in poor environment and the son in the question fails to become genius even in this exceptional environment it indicates that the father surely did not get his genius from his environment, whether good or bad, but must have got it from his heredity, since we know of no sources of genius other than heredity and environment, or else the two combined. 3. Certainly. enormous num. ber of able, educated, financially independent women doing this very thing today, kidding themselves into thinking they are "doing their bit." because they are expected to be "doing something But they are simply afraid to tackle job of their real size. They thus cut out of jobs great many women who need the wages. (Copyright John F. Dille Co.) HOW TO FORM THE HABITS YOU DESIRE You can make or break any habit. Good habits are powerful allies, Because of their great importance to every one Dr. Albert Edward Wiggam, distinguished scientist, has written splendid little 28-page booklet on this subject. It includes principles of habits, their formation and control as written by the late great Harvard professor, William James. Booklet sent upon request accompanied by self-addressed, stamped, return envelope. Include 10c coin or to cover actual costs. Just ask for HABITS. Address Dr. Albert Wiggam in care of this newspaper. and the Glenn-Colusa Irrigation district at Willows, $802,500. The September report also three loans had made to Southern California rehabilitation corporations. They $150,000 to the Unified Rehabilitation of Long Beach: $1.000.000 to the Disaster Relief Corporation of Los Angeles and $400.000 to the Disaster Relief Corporation of Montrose. These also carry four per cent charges. BANK LOANS The corporation also announced bank and mortgage company loans of the various classifications made during September. These included loan of $108, 000 to the San National Bank receiver. and loans of $8500 to the receiver of the First Na. tional Bank of and $35.000 the of the Walnut Park National Bank of Hunting ton Park. Loans to industry at six per cent included $2500 to the Patterson and Koster Iron Works, Inc., of San Francisco SOME WITHDRAWN Loans made to banks on preferred stock included the following: $50,000 to the Pasadena National Bank. $500,000 to the Capital National Bank of Sacramento and $100,000 to the American Nationl Bank of San Bernardino. Several loans previously made in California were withdrawn or cancelled for reasons during the month. These included: A loan of $40,000 to the receiver of the Venice Savings Bank of Santa Monica. RIO VISTA SUBSCRIPTION A loan of $100,000 to the Cutler Lobingier Packing Company of Ontario. A subscription of $100.000 for the preferred stock in the Bank of Rio Vista. Loans of $6100 to the receiver of the First National Bank of Monterey Park and $54,600 to the receiver of the San Bernardino National Bank.