National Bank - Pico, CA

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 13179
Charter Number: 13179
Start Date: July 10, 1934
Location: Pico, California (34.377, -118.612)

Metadata

Model: gpt-5-mini
Short Digest: 3cab98f9

Response Measures

None

Receivership Details

Depositor recovery rate: 100.0%
Date receivership started: 1934-01-16
Date receivership terminated: 1937-05-19
Share of assets assessed as good: 35.2%
Share of assets assessed as doubtful: 63.9%
Share of assets assessed as worthless: 0.9%

Description

Article (July 10, 1934) reports the National Bank of Pico is in receivership and that receiver's certificates are being distributed to creditors. No run is described. The bank is closed and in receivership (government action), so classified as suspension leading to closure.

Events (4)

1. February 16, 1928 Chartered

Source: historical_nic

2. January 16, 1934 Receivership

Source: historical_nic

3. July 10, 1934 Receivership

Newspaper Excerpt: G. E. Ellingson, receiver, has announced that the receiver's certificates are now ready for distribution to creditors of the National Bank of Pico. The receiver's certificate is a permanent receipt to all creditors indicating balance due them on which amount they will share on all distribution of dividends.
Source: newspapers

4. July 10, 1934 Suspension

Cause: Government Action
Cause Details: Bank placed in receivership by authorities; receiver administering distributions to creditors.
Newspaper Excerpt: G. E. Ellingson, receiver, has announced that the receiver's certificates are now ready for distribution to creditors of the National Bank of Pico.
Source: newspapers

Newspaper Articles (1)

1. July 10, 1934 The Whittier News Whittier, CA

Article from The Whittier News, July 10, 1934

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Article Text

PICO-RIVERA NEWS PICO G. E. Ellingson, receiver, has announced that the receiver's certificates are now ready for distribution to creditors of the National Bank of Pico. The receiver's certificate is a permanent receipt to all creditors indicating balance due them on which amount they will share on all distribution of dividends. These certificates may be had by calling at the National Bank of Pico. Mr. and Mrs. S. J. Walker and son, Norman, are spending week at Idyllwild. Their niece, Miss Mary Walker, who is visiting them for the summer, accompanied them. Mr. and Mrs. John Larson entertained with an afternoon tea a few days ago complimenting Mrs. Charlotte Elliott of Whittier, who is leaving soon to make her home with her son in Los Angeles Guests were Mrs. M. Rosval, Miss Emma Hensel and Miss Tillie Garnet, all of Whittier. Mrs. E. M. Haynes, who has been spending the past eight weeks at the home of her son, C. F. Haynes, in Westwood, has returned to Pico to spend some time with her son and daughter- Mr. and Mrs. Ray Haynes, Bartolo Avenue.