gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
932fb6dd44f9ce32
Response Measures
None
Description
One article OCR shows 'Long Branch'—clearly a typo for Long Beach.
Events (6)
1.January 27, 1908Run
Cause Details
Expiration/raising of the 90-day depositor restriction led to heavy withdrawals.
Measures
Bank closed doors; directors later served with court order; meetings to arrange receiver/assessments.
Newspaper Excerpt
The raising of the 90-day requirement of depositors caused withdrawals too heavy for the bank to stand.
Source
newspapers
2.January 27, 1908Suspension
Cause Details
Bank suspended payments after heavy withdrawals following expiration/raising of 90-day depositor requirement.
Newspaper Excerpt
The Citizens Savings bank today announced suspension.
Source
newspapers
3.April 4, 1908Receivership
Newspaper Excerpt
Superior Judge James today made an order appointing Frank M. Kelsey ... receiver for the Citizens' Savings bank of Long Beach, with a bond fixed at $200,000.
Source
newspapers
4.July 1, 1908Other
Newspaper Excerpt
Receiver authorized by Judge James to pay a 10 per cent dividend to the creditors by August 1; about $45,000 will be distributed at that time.
Source
newspapers
5.June 23, 1909Other
Newspaper Excerpt
Directors voted to employ Senator Hahn to petition the court to modify the injunction ... so that the directors can reopen it; assessment of 25 per cent to be made against the stockholders.
Source
newspapers
6.November 15, 1909Reopening
Newspaper Excerpt
At 10 o'clock tomorrow morning the Citizens Savings bank... will open its doors again for the first time. There will be about $159,000 in cash in the bank.
Source
newspapers
Newspaper Articles (20)
1.January 28, 1908The Marion Daily MirrorMarion, OH
Click image to open full size in new tab
Article Text
MINOR MENTION. The Citizens' Savings bank, of Long Beach, Cal., has announced its suspension. The plant of the American Car and Foundry Co. at Detroit, which had been shut down for some time, has reopened, giving employment to 3,000 men. Nearly 200 employes at the Herreshoff boat building plant at Bristol, R. I., are back to work on full time after working for several months on a 4½hour basis. One fireman was killed, more than 20 were injured and property valued at $500,000 was destroyed in a fire which devastated the Mayer building, a seven-story brick building, and the Hotel Florence at Chicago. Franklin B. Lord, of the law firm of Lord, Day & Lord, who brought an unsuccessful suit against the Equitable Life Assurance society to prevent its transformation into a mutual company, is dead at his home in New York City.
2.January 28, 1908Pine Bluff Daily GraphicPine Bluff, AR
Click image to open full size in new tab
Article Text
BANK SUSPENDS IN CALIFORNIA Hearst News Special to the Graphic. Long Branch, Cal., Jan. 27-The Citizens Savings Bank today announced suspension. The raising of the 90-day requirement of depositors caused withdrawals too heavy for the bank to stand.
3.January 28, 1908The Seattle StarSeattle, WA
Click image to open full size in new tab
Article Text
Savings Bank Suspends. LONG BEACH, Cal., Jan. 28.The Citizens' Savings bank of this city has announced its suspension.
4.January 28, 1908Los Angeles HeraldLos Angeles, CA
Click image to open full size in new tab
Article Text
CITIZENS SAVINGS BANK MAY PAY ALL DEPOSITORS Special to The Herald. LONG BEACH, Jan. 27.-The Citizens Savings bank closed its doors this afternoon. The bank had been out of business practically for three months, not paying out to depositors. D. M. Cate, the president, paid this afternoon if the securities held by the bank can be realized on the depositors would be paid dollar for dollar. The bank examiner is quoted as declaring the bank solvent. A receiver will probably be appointed soon.
5.January 30, 1908Mexico Weekly LedgerMexico, MO
Click image to open full size in new tab
Article Text
Bank Suspended. Special by Minor and Co's. Wire. Long Branch, California. The Citizens Saving bank of this city has suspended payment, capital $250,000, deposits $450,000.
6.January 31, 1908Twice-A-Week Plain DealerCresco, IA
Click image to open full size in new tab
Article Text
California Bank Suspends. Long Branch, Cal., Jan. 29.-The Citizens' Savings bank of this city Monday announced its suspension. About three months ago the bank took advantage of the 90-day requirement rule for depositors and since the expiration of that time, it is understood, the withdrawals have been greater than the bank has been able to meet.
7.February 19, 1908Los Angeles HeraldLos Angeles, CA
Click image to open full size in new tab
Article Text
BANK STOCKHOLDERS TO HOLD MEETING President Tries to Learn Views of Depositors and Asks That Receiver Be Named-Directors Served with Court Order Special to The Herald. LONG BEACH, Feb. 18.-D. M. Cate, president of the Citizens' Saving bank, has called for a meeting of stockholders and depositors in the auditorium Thursday afternoon at 2 o'clock. The purposes of the meeting will be to explain the reasons why the bank has been compelled to suspend business and to see if arrangements can be made whereby the bank can resume business, and if not, to see whether the stockholders and depositors cannot agree upon some party to be recommended to the court for appointment as receiver. At a meeting of the directors, called today for that purpose, they were formally served with the court order restraining them from interfering with the affairs of the bank.
8.February 26, 1908Los Angeles HeraldLos Angeles, CA
Click image to open full size in new tab
Article Text
Stockholders to Meet Special *o The Herald. LONG BEACH, Feb. 25.-A meeting of the stockholders of the Citizens Savings bank has been called for 3 o'clock tomorrow afternoon at the bank, the object of the gathering being to agree upon some one to recommend for appointment as receiver for the bank.
Bank Receiver Named, Los Angetes. April 4. Superior Judge James today made an order appointing Frank M. Kelsey, vice president of the Metropolitan Bank and Trust company, receiver for the Citizens' Savings bank of Long Beach, with a bond fixed at $200,000. It was shown that the amount to the credit of the depositors of the bank was $449,993. and the actual assets with which to meet this was only $21,219.
10.July 2, 1908Los Angeles HeraldLos Angeles, CA
Click image to open full size in new tab
Article Text
DEPOSITORS EXPECT TO EFFECT DECIDED SAVING Special to The Herald. LONG BEACH, July 1.-As a result of a partial report by former Judge Hatch and an accountant who was secured temporarily by some of the depositors in the defunct Citizens Savings bank to examine the books of the bank a called meeting of the depositors was held this afternoon in the Psycholological temple on East Second street. A committee was appointed to arrange with an attorney and an accountant to handle the depositors' interests permanetly, and by this action the depositors expect to save 25 per cent more than they would through the action of the receiver. According to the depositors the former officials of the bank included in the list of assets of the bank $600,000 as the value of the new building; $135,000 in Home Telephone bonds bought at 91 cents, although, it is said, they were never sold higher than 60, and thousands of dollars" worth of unsecured notes signed by men without property in their own names. The bank property is said to be in a financial tangle. The opinion expressed today that the bank officials who had been guilty of mismanagement of the institution's affairs should be made to "wear stripes" was cheered lustily. The following were appointed as a committee to close the deal with an attorney and an accountant to take up the matter in earnest for the depositors: Dr. W. R. Price, J. E. Counts, E. R. Miller, H. C. Marsh, W. R. Merrick, A. Simpson and Jesse Driskill.
11.July 28, 1908Los Angeles HeraldLos Angeles, CA
Click image to open full size in new tab
Article Text
LONG BEACH SAVINGS BANK ORDERED TO PAY DIVIDEND After he had filed his first report with the court yesterday, Frank M. Kelsey, receiver of the Citizens Savings bank of Long Beach, was authorized by Judge James to pay a 10 per cent dividend to the creditors by August 1. The receiver states that about $45,000 will be distributed at that time.
12.August 1, 1908Los Angeles HeraldLos Angeles, CA
Click image to open full size in new tab
Article Text
DIVIDEND BEING PAID TO BANK CREDITORS RECEIVER PUTTING MONEY IN CIRCULATION Considerable Additional Cash Is Reported as Having Accumulated in "Citizens" Coffers and Further Disbursement Expected Special to The Herald. LONG BEACH, July 31.-Some $45,000 will be placed in circulation in this city within the course of the next few days, as Receiver Frank M. Kelsey has commenced to pay to the depositors of the defunct Citizens' Savings bank the 10 per cent dividend ordered by Judge James. The checks were drawn on the Metropolitan Bank and Trust company of Los Angeles, and have been deposited very generally in the other banks of the city. There is said to be still a considerable reserve in the coffers of the Citizens' and another dividend, it is believed, will follow shortly.
13.January 1, 1909Los Angeles HeraldLos Angeles, CA
Click image to open full size in new tab
Article Text
LONG BEACH No 4 Pino street Phone Home 260. STOCKHOLDERS WOULD OPEN SAVINGS BANK DEFUNCT INSTITUTION MAY RESUME OPERATIONS Plan to Raise $62,500 by Levying Twenty-five Per Cent Assess= ment to Make Up Deficit LONG BEACH, Dec. 31.-Steps for the opening of the defunct Citizens Savings bank was taken by the stockholders of that institution at a meeting held last night in the office of C. J. Walker. The plans include the levying of a 25 per cent assessment against the stockholders to raise $62,500, the amount in which the assets of the bank have been impaired. The stockholders would then take over the assets of the bank and reopen the institution, they plan, making an agreement with the depositors to pay them what is due in installments. C, J. Walker and Frank McCutchen were named as a committee of two to head the work of preparing a prospectus which shall be distributed to the depositors explaining the plan. The depositors will call a meeting to consider the matter. The bank has been closed for a number of months. A receiver has paid the depositors two 10 per cent dividends.
14.January 8, 1909Los Angeles HeraldLos Angeles, CA
Click image to open full size in new tab
Article Text
SUSPENDED BANK MAY BE REOPENED SOON Negotiations Between Citizens Sav= ings' Stockholders and Depositors Progress Favorably, Definite Program Being Outlined [Special to The Herald.} LONG BEACH, Jan. 7.-Negotiations between the stockholders and depositors of the Citizens' Savings bank looking to the reopening of that institution are progressing nicely. Figures as to the bank's condition were made public this afternoon as follows: Loans secured, $178,784.94; cash on hand, $23,914.95; bonds and interest, $141,620; real estate other than bank building, $20,000; total assets, $864,319.89; due depositors, $360,159.32. The plan of the stockholders is to assess themselves for $62,500 to make good the impairment of the bank's assets. With the reopening of the bank the depositors would be given time deposit certificates, their money to be paid as follows: Ten per cent in six months, 10 per çent in twelve months. 10 per cent in eighteen months and the balance due on all deposits in twentyfour months. Interest at the rate of 4 per cent from the date the bank opens would be paid.
15.June 24, 1909Los Angeles HeraldLos Angeles, CA
Click image to open full size in new tab
Article Text
CITIZENS BANK MAY BE REOPENED SOON TO TRY TO GET INJUNCTION MODIFIED Directors of Savings Institution Decide to Employ Senator Hahn to Secure Change in Court Order [Special to The Herald.] LONG BEACH, June 23.-The directors of the Citizens Savings bank voted last night to employ Senator Hahn of Pasadena to petition the court to modify the injunction against the Citizens Savings bank, now in the hands of a receiver, so that the directors can reopen it, an assessment of 25 per cent to be made against the stock in order to make good the deficiencies in the assets. The bank is now in the hands of a receiver, the directors having been enjoined from managing the institution. All but a few of the stockholders have signed an agreement to pay the assessment, and it is believed the others can be forced to assent to its being levied.
16.August 4, 1909Los Angeles HeraldLos Angeles, CA
Click image to open full size in new tab
Article Text
That the new banking laws which went into effect are proving no hardship to the better class of sound financial institutions is the opinion of State Superintendent of Banking Alden Anderson, who says that most of the bankers have shown an earnest disposition to comply with the requirements of the recently passed acts, and all the good bankers seem to feel that it really adds to their status and prestige to have the closest supervision and examination. "However, those which do not wish to comply with the laws will have to do so, anyway," tersely remarked Mr. Anderson, as he shifted his cigar. "I shall endeavor to work with the controller of currency at Washington, and will call on the state banks for their reports at about the same time calls are made on the national banks." To Be Bank Examiner When questioned as to whom he would appoint as bank examiner for the district of Los Angeles, Mr. Anderson stated that John W. Wilson had been suggested by the Clearing House association, and was an admirable man for the position. "Mr. Wilson is a very capable man, and the only question is whether his duties in his present position would not interfere with his efficiency in the work of bank examiner. If I find that his duties do not interfere I will indeed be glad to have such a capable man," remarked the state superintendent. When questioned as to what involved his attention at the present time, the superintendent of state banking smiled sardonically, as if to intimate that he was not exactly having a picnic, and admitted that a few things kept him busy. "Some things on which I have been working while in this part of the country are as follows," he said. "I have been investigating the affairs of the Kimmon-Ginko-which means in our language "Golden State" bank, and have its affairs now in process of liquidation. Long Beach Bank May Reopen "I have also looked into the affairs of the Citizens' Savings bank of Long Beach, the affairs of which are now in the hands of a receiver. At present 94 per cent of its stockholders and 80 per cent of its depositors are petitioning the superior court to levy an assessment on the stock in order to allow the bank to reopen. After careful consideration I have admitted the petition and will give permission to reopen if they will adhere strictly to the terms of their petition to the court. First, levying an assessment; second, opening the bank under different management than that which put in into the hands of a receiver, and third, that they will make their required weekly report. "The new banking laws passed in this state follow the national banking laws with respect to commercial banks, and they are similar to the New York state banking laws with respect to savings banks and trust companies, The laws themselves are complete and effective if properly administered. "I look to see bank conditions in this state on a very high plane when the provisions of these laws are fully complied with and its obligations are thoroughly understood and followed."
17.November 10, 1909Los Angeles HeraldLos Angeles, CA
Click image to open full size in new tab
Article Text
Savings Bank Opens Monday LONG BEACH, Nov. 9. -President Frank McCutchen of the Citizens' Savings bank said today that the bank would reopen its doors next Monday, November 15. It had been expected the bank might reopen this week, but this was found to be impossible. At the same time that the bank reopens the "non-consenting" depositors, who did not sign up the agreement whereby the bank is to be opened, will be paid their deposits in full by a representatve of the receiver. This will be done at the bank. The amount to be paid these is about $70,000. The bank will open with nearly $100,000 cash on hand.
18.November 15, 1909Los Angeles HeraldLos Angeles, CA
Click image to open full size in new tab
Article Text
CITIZENS SAVINGS BANK TO BE REOPENED TODAY Institution Which Was Closed During Panic Will Resume Business This Morning LONG BEACH, Nov. 14.-At 10 o'clock tomorrow morning the Citizens Savings bank, closed during the panic of 1907, will open its doors again for the first time. There will be about $159,000 in cash in the bank, of this about $70,000 being the money of those depositors who did not sign the agreement whereby the bank is being reopened. Checks have been made out for the amounts of their deposits and will be mailed to them tomorrow or kept at the bank until they call. The bank will pay out at once to other depositors, if they wish it, two 10 per cent portions of their deposits. Most of them, the officials of the bank expect, will allow their money to remain in the bank. Two 10 per cent dividends were paid out to the depositors by the receiver, F. M. Kelsey. The Citizens bank is the only one in the state that has been reopened by the assessment of the stockholders. The depositors signed an agreement that if the stockholders would make good the deficit in the assets, by assessment, they would accept their deposits on time certificates. An order was then secured from the superior court granting the old directors the power to order an assessment of 25 per cent, or $62,500, in all. This was to be collected in three assessments, two of 10 per cent and one of 5 per cent. Two hundred shares were sold under the hammer because of the failure of the holders to pay the first assessment. The second assessment was not due until November 10, but the stockholders paid up on that and the anticipated third assessment so the bank could be opened. The $62,500 was raised two weeks ago and a license to do business was secured at once. The receiver has been instructed to pay the $70,000 due the non-consenting depositors, and when that is done the receiver will be discharged. About $800 in new accounts was left at the bank Saturday to be deposited tomorrow. The officers of the bank are: President. Frank McCutchen; vice president, J. H. Robinson; secretary, C. E. Huntington; assistant cashier, A. J. Bateman. The banking rooms were located in the First National bank formerly. The bank now occupies the old Bank of Commerce building at the southwest corner of First street and Locust avenue.
19.November 16, 1909Los Angeles HeraldLos Angeles, CA
Click image to open full size in new tab
Article Text
LONG BEACH Circulation Dept. No. 4 Plue street, Home phone 260. Correspondent Sunset phone Main 006. BIG BUSINESS DONE BY REOPENED BANK CITIZENS SAVING OFFICIALS ARE SWAMPED More Money Deposited Than Drawn Out of Institution Which Re= sumed Operations After Two Years' Lapse LONG BEACH, Nov. 15.-There was such a steady stream of business at the Citizens Savings bank today, when it re-opened, that the officers of the bank did not find time to stop for lunch, and President McCutchen said at 6 o'clock tonight the books would not be balanced, showing the results of the day's business, until late tonight. The deposits, he said, exceeded the payments, From opening time this morning until closing time this afternoon the corridor was full of persons. Many redeposited the checks given them by the receiver and many who were offered 20 per cent payments on their deposits, which have been tied up for two years, left them with the bank. Others showed a disposition to take their money out. The receiver has paid about 600 of the 1225 non-consenting depositors. President Frank McCutchen, Vice President Callahan and Secretary Huntington said tonight they believed the bank would start out with a successful run of business.
20.September 3, 1910Los Angeles HeraldLos Angeles, CA
Click image to open full size in new tab
Article Text
COURT ORDER REOPENS BANK CLOSED 3 YEARS Dissolution of Injunction Restores Long Beach Institution to Full Powers LONG BEACH, Sept. 2.-The news from Los Angeles today that the court had dissolved the injunction against the Citizens Savings bank and restored it to its old position with full banking powers led to the congratulation this afternoon of the men whose work is said to have been responsible for the re-establishment of the bank. Under the court's order the receiver who wa's retained to pay the nonconsenting depositors their money will turn over to the bank the $3007.43 he has yet on hand, and with this action he will be relieved of his duties, the receivership becoming a matter of history. He will do this at once, The state bank superintendent and the court agreed that the bank should be empowered to pay out the rest of the money. The injunction against the bank caused the closing of its doors three years ago. The injunction was removed in part when practically all of the depositors agreed to a plan whereby the bank could reopen, the receiver being authorized to reimburse from money raised by an assessment of stockholders those depositors who did not agree to the reopening.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
