American Commercial & Savings Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: December 29, 1932
Location: Redondo Beach, California (33.849, -118.388)

Metadata

Model: gpt-5-mini
Short Digest: 54029448

Response Measures

None

Description

Bank was closed by the state banking department for insufficient cash reserves on Dec 29, 1932. OCR typo in article: 'Rendondo' corrected to Redondo. No run mentioned.

Events (1)

1. December 29, 1932 Suspension

Cause: Government Action
Cause Details: Closed by the state banking department for failure to maintain sufficient cash reserves.
Newspaper Excerpt: The American Commercial and Savings Bank of Rendondo Beach was closed today by the state banking department because of failure to maintain sufficient cash reserves, John McFaul, chief examiner of the southern division announced.
Source: newspapers

Newspaper Articles (1)

1. December 29, 1932 Imperial Valley Press El Centro, CA

Article from Imperial Valley Press, December 29, 1932

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Article Text

Redondo Beach Bank Suspends LOS ANGELES, Dec. 29. (U.P.) The American Commercial and Savings Bank of Rendondo Beach was closed today by the state banking department because of failure to maintain sufficient cash reserves, John McFaul, chief examiner of the southern division announced. Capital of the bank was $50,000, and surplus $10,000. Commercial checking accounts were $33,033, and savings accounts totaled $66,405. The First Bank of Hermosa, a state bank, also closed this week because of depleted funds. Hermosa adjoins Redondo.