901. Union National Bank (Oakland, CA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
2266
Charter Number
2266
Start Date
April 22, 1906
Location
Oakland, California (37.804, -122.271)

Metadata

Model
gpt-5-mini
Short Digest
a2e276d7

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1909-04-14
Date receivership terminated
1918-10-31
OCC cause of failure
Losses
Share of assets assessed as good
22.4%
Share of assets assessed as doubtful
30.2%
Share of assets assessed as worthless
47.4%

Description

The articles state the Union National Bank of Oakland was acquired in August 1906 by the California Safe Deposit and Trust Company and shortly after that institution failed the Oakland bank 'suspended business.' Later (1909) indictments arose from the failure. There is no explicit description of a depositor run in the provided clippings, so this is classified as a suspension leading to permanent closure. Date of suspension taken as August 1906 per the articles.

Events (5)

1. May 20, 1875 Chartered
Source
historical_nic
2. April 22, 1906 Other
Newspaper Excerpt
All banks in Oakland, Berkeley and Alameda able to resume business, including First National, Oakland; Union National, Oakland; First National, Berkeley; and Berkeley National, Berkeley.
Source
newspapers
3. August 1, 1906* Suspension
Cause Details
Acquired in August 1906 by the California Safe Deposit and Trust Company; shortly after that acquiring institution failed, and the Oakland bank suspended business.
Newspaper Excerpt
The bank in which the alleged frauds were committed was acquired in August, 1906, by the California Safe Deposit and Trust company. Shortly after that institution failed the Oakland bank suspended business.
Source
newspapers
4. April 14, 1909 Receivership
Source
historical_nic
5. November 9, 1909 Other
Newspaper Excerpt
As a result of the failure of the Union National bank of Oakland, Thomas Prather... and Warren B. English... surrendered themselves ... charged with misapplying the funds of the bank.
Source
newspapers

Newspaper Articles (3)

Article from The Sun, April 22, 1906

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Article Text

holidays "in the interest of public welfare, and in consequence no legal business can be transacted and all banks will remain closed. Another important meeting in Oakland to-day was that of the San Francisco Clearing House, which discussed the financial question and prepared plans which will be submitted to the State Clearing Association in Oakland Tuesday. While the State bank report shows all the banks throughout the State in good condition yet a large majority of the smaller institutions had large deposits with the San Francisco banks and the situation is very grave. A general suspension of banking business throughout the State until the monetary condition is readjusted was the general idea of the bankers attending the meeting. WASHINGTON, April 21.-The Treasury Department to-day received several telegrams relating to the condition of banking property and the financial outlook in San Francisco. Supt. Leach of the San Francisco Mint reported that every bank in the devastated city was buried in ruins, but banks in Oakland, Berkeley and Ala= meda were able to resume business. The telegrams to Secretary Shaw follow: "Thanks for your complimentary despatch. Every bank in San Francisco buried in ruins. All banks in Oakland, Berkeley and Alameda able to resume business, including First National, Oakland; Union National, Oakland; First National, Berkeley, and Berkeley National, Berkeley. "It looks as if Oakland must be temporarily the banking centre for California north of Tehachapi. State Banking Commissioners have located office in Oakland to meet this condition. "The suburban banks ought to have free and prompt telegraphic transfer of funds. In view of the ruined condition of SubTreasury, advise making the transfers direct through the Mint. "The Sub-Treasury went down in the fire early, and is now surrounded by blocks of ruins. "The fire is still burning, but it is thought to be confined to a few blocks of residences somewhat isolated. No foundation for published statement of attack on Mint. "Will do what I can about bureau of information of refugees. Have received to-day Meline's order for transfer of funds to Bank of California, San Francisco. "LEACH, Superintendent U.S. Mint." "My temporary address is 3147 Clay street, San Francisco. All San Francisco banking houses destroyed. None destroyed in Oakland. Cannot report at present as to condition of suburban banks. "Sub-Treasury roof caved in. Vaults apparently intact, but blocked with débris. After consultation with leading bankers, will report as to best plan of procedure. "JULIUSJACOBS, 'Assistant Treasurer, U.S." "Plenty water at Unalaska wharf. All business portion of San Francisco burned except Appraiser's building. Crew of Thetis and Bear have done guard duty since the earthquake Can'tsay when they can resume ships' duty. City burning. HUMMEL, "Official Treasury Department. OMAHA, Neb., April 21.-Joseph Tobin, president of the Hibernia National Bank, San Francisco, en route from New York, received a telegram in Omaha to-day reading: "Bank destroyed; every dollar in vaults gone." After reading the telegram President Tobin said: "Our deposits were up in the millions of dollars. We will pay dollar for dollar to all depositors."


Article from Tonopah Daily Bonanza, November 10, 1909

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Article Text

CHARGED WITH MISAPPLYING FUNDS OF OAKLAND BANK By Associated Press. ) The indictments were returned secretly several days ago, but no atSAN FRANCISCO, Nov. 9.-As a tempt was made to serve the warresult of the failure of the Union rants until today. Both @were reNational bank of Oakland, Thomas leased under $5000 bonds. Prather, formerly president of the institution, and former Congressman The bank in which the alleged Warren English, who was a direcfrauds were committed, was actor of the bank, surrendered themquired in August, 1906, by the Calselves to a United States marshal ifornia Safe Deposit and Trust comhere today when they learned that pany. Shortly after that instituhe held warrants against them on tion failed the Oakland bank susindictments drawn by the federal pended business. The two bankers grand jury charging them with miswere jointly indicted on a charge of applying funds -of the bank. making various dummy loans.


Article from Los Angeles Herald, November 10, 1909

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Article Text

BANKERS DENY BEING GUILTY INDICTED FINANCIERS SURRENDER THEMSELVES MISAPPLICATION OF FUNDS OF INSTITUTION CHARGED Arrest Due to Failure of Union National Bank at Oakland - Both Prisoners Released on $5000 Bonds Each [By Associated Press.1 SAN FRANCISCO, Nov. 9.-As a result of the failure of the Union National bank of Oakland, Thomas Prather, who was president of the bank, and former Congressman Warren B. English, a former director of the defunct institution, surrendered themselves to the United States marshal here this afternoon when they learned he held warrants against them on indictments drawn by the federal grand jury charging them with misapplying the funds of the bank. The indictments were returned secretly several days ago, but no attempt was made to serve the warrants until today. The accused men were notified they were wanted early in the day and when they appeared at the office of United States Marshal Elliott they were provided with bondsmen, who put up $5000 for the release of each of the bankers, The bank in which the alleged frouds were committed was acquired in August, 1906, by the California Safe Deposit and Trust company. and shortly after that institution failed the Oakland bank suspended business. At the time an investigation was begun by the comptroller of the currency, but no formal charges were made against the officials of the bank until the last session of the federal grand jury for the northern district of California. When the jury adjourned at the end of October the two indictments against Prather and English were returned secretly. The two bankers are jointly indicted on the charge of making various dummy loans. The first count charges Prather with making a loan of $2,203.50 to English on insufficient security and without the knowledge or consent of the directors. The count charges that Prather knew at the time the note was not and that good the bank for the lost amount the sum borrowed, loaned. Notes Said to Be Kited The second count is a repetition of the first, except that the sum of $1100 is involved. The third count charges that Prather loaned $34,000 to I. Harrison Clay on the agreement that the money was to be for the use and investment of the bank president. It is further alleged that subsequently, without the knowledge or consent of the directors, he compelled the bank to accept $19,000 and the promissory note of I. H. Clay for $15,000 in full satisfaction of the sum of $34,000. When arrested Prather declined to make a formal statement and contented himself with declaring he did not know any cause for his arrest. After he had completed the formality of giving bonds former Congressman English said: "I am not guilty of any wrongdoing. The indictment against me is wholly unwarranted and unjustiflable. "Immediately upon being notified of the charges I hurried home from the east to meet the accusations. I ask my friends to suspend judgment in the matter until the facts are known and I assure them of my vindication. I do not know what the charge is and am not conscious of having violated any laws of the United States." Both of the indicted men are well known in financial and political circles. English was elected to congress on the Democratic ticket, and he has been an active worker in the national councils of his party. Besides having of Nais with tional held the bank, presidency Prather connected the Union some of the largest corporations in this