Bank of San Bernardino - San Bernardino, CA

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: July 15, 1909
Location: San Bernardino, California (34.108, -117.290)

Metadata

Model: gpt-5-mini
Short Digest: 4551bd7a

Response Measures

None

Description

The article (Los Angeles Herald, 1909-07-16) states the Bank of San Bernardino announced it would cease business and pay depositors because the president wished to retire due to ill health. This is a voluntary closure (liquidation) rather than a run or regulatory receivership; no run or reopening is reported.

Events (1)

1. July 15, 1909 Suspension

Cause: Voluntary Liquidation
Cause Details: Bank decided to cease business because President Oscar Newburg was in ill health and wished to retire; bank to pay depositors and close voluntarily; conservative institution with substantial assets noted in article.
Newspaper Excerpt: The Bank of San Bernardino ... today announced its decision to cease business. Each depositor will be paid off as quickly as possible and the bank will close its doors.
Source: newspapers

Newspaper Articles (1)

1. July 16, 1909 Los Angeles Herald Los Angeles, CA

Article from Los Angeles Herald, July 16, 1909

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Article Text

SAN BERNARDINO Office 294 E Street Sunset Main 163. Phones: Home 269. OFFICERS WILL RETIRE AND CLOSE STRONG BANK % Substantial and Conservative Institution Will Pay Depositors and Cease Business SAN BERNARDINO, July 15.-The Bank of San Bernardino, the oldest finincial institution in the county, today announced its decision to cease business. Each depositor will be paid off as quickly as possible and the bank will close its doors. The bank was established in 1875, and since that time has occupied a prominent place in the banking circles of the state. Lewis Jacobs founded the institution and since his death it has been conducted by his heirs, H. Roman of San Francisco, Mrs. Augusta Polaski of Los Angeles and Oscar Newburg and Miss Lena Jacobs of this city. Since Mr. Jacobs' death the bank has been managed by Mr. Newburg as president. Since the founding of the institution C. M. Mylrea has been cashier. The bank, although with a listed capital of $50,000, has an enormous amount of real estate and other assets in Southern California. The closing out of the business was caused by the ill-health of Mr. Newburg, who desired to retire from active business. The Bank of San Bernardino was known as one of the most conservative institutions in the state and went through the several panics since its establishment without the least demonstration of instability.