gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
bca5217c4c330098
Response Measures
None
Receivership Details
Depositor recovery rate
49.5%
Date receivership started
1920-01-31
Date receivership terminated
1921-12-31
OCC cause of failure
Fraud
Share of assets assessed as good
21.3%
Share of assets assessed as doubtful
37.1%
Share of assets assessed as worthless
41.6%
Description
Failure tied to internal fraud/forgeries and bad securities; receivership and final dividends followed.
Events (6)
1.May 25, 1910Chartered
Source
historical_nic
2.January 1, 1920*Receivership
Newspaper Excerpt
receiver for the defunct First National bank of Newman (receiver appointed at failure).
Source
newspapers
3.January 1, 1920*Suspension
Cause
Bank Specific Adverse Info
Cause Details
Forged checks and notes, bad securities and falsified accounts led to failure.
Newspaper Excerpt
Following the closing of the bank doors in January, 1920, ...
Source
newspapers
4.January 31, 1920Receivership
Source
historical_nic
5.January 19, 1923Receivership
Newspaper Excerpt
Henry P. Hillyard, receiver for the defunct First National bank of Newman, Cal., petitioned the United States district court today for an order permitting him to enter into a compromise with certain contesting depositors for $25,000.
Source
newspapers
6.July 25, 1924Other
Newspaper Excerpt
Last Dividend Is Made To-day To Depositors Of Old Institution; ... depositors will have obtained approximately $247,500 or about 49½ per cent of their claims.
Source
newspapers
Newspaper Articles (9)
1.January 20, 1923The Morning PressSanta Barbara, CA
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Article Text
Bank Receiver Asks Compromise
(By The Associated Press)
SAN FRANCISCO, Jan. 19.—Henry P. Hillyard, receiver for the defunct First National bank of Newman, Cal., petitioned the United States district court today for an order permitting him to enter into a compromise with certain contesting depositors for $25,000. Claims of depositors and others against the bank total $223,000.
Hillyard explained to the court that it was the only chance for the depositors to realize anything as a result of the closing of the bank. Forged checks and notes and bad securities, he said, caused the failure of the institution.
William J. Burris, president of the bank at the time of the failure, is serving a seven-year sentence in San Quentin prison, after having been found guilty in Sacramento of falsifying the bank's accounts. He was sentenced in April, 1921.
2.July 3, 1923The Modesto BeeModesto, CA
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Article Text
Bank Receiver Sues—Henry P. Hilliard, receiver of the First National Bank of Newman, today started suits in the superior court against Phil Ghiorzo to collect $5531 on a $5600 note and against Jos. Avila, Jr., for $513 on a note for $545.
3.July 4, 1923The Modesto BeeModesto, CA
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Article Text
Bank Receiver Sues—Henry P. Hilliard, receiver of the First National Bank of Newman, today started suits in the superior court against Phil Ghiorzo to collect $5531 on a $5600 note and against Jos. Avila, Jr., for $513 on a note for $545.
4.July 19, 1923The RecordStockton, CA
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Article Text
BANK RECEIVER SUES ON NOTES
MERCED, July 19.—Henry Hilliard, as receiver for the defunct First National Bank of Newman, has begun action in the superior court here against Fred J. Sutton to foreclose a mortgage held by the bank on land owned by the defendant in Stevinson colony for $550. In his same capacity he has filed suit against J. Bruce and Mae Bruce for the collection of a promissory note alleged due the bank.
5.August 8, 1923Modesto Morning HeraldModesto, CA
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Article Text
BANK RECEIVER GIVEN JUDGMENT BY DEFAULT
Clerk Issues Order Allowing Hilliard $7,126.55 Decision Against Ghiorzo
Henry P. Hilliard, receiver of the First National Bank of Newman was given a clerk's default judgment for $7,126.55 against Phil Ghiorzo yesterday afternoon by Deputy County Clerk M. V. Wilson. The sum includes the principal and interest alleged due on a promissory note and court costs contracted in filing the action.
Attorneys Whitehurst and Logan of Newman appeared during the action in behalf of the plaintiff.
6.September 29, 1923The Modesto BeeModesto, CA
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Article Text
BANK RECEIVER SUES ON PROMISSORY NOTES
Suits to collect various sums due on five promissory notes given the defunct First National Bank of Newman, were filed in the superior court today by Henry P. Hilliard, receiver, against Manuel E. Freitas, J. R. Lawrence, Jr., and Pat Covello. The complaint against Freitas seeks $1976 on two notes, $2046 on two notes from Lawrence and $1013 on a $2305 note signed by Covello in December, 1919.
7.July 25, 1924The Fresno BeeFresno, CA
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Article Text
NEWMAN BANK RECEIVER PAYS
Last Dividend Is Made To-day To Depositors Of Old Institution
NEWMAN (Stanislaus Co.), July 25.—Creditors of the First National Bank of Newman, which failed in 1920 with a responsibility of $500,000 are to-day being paid a final dividend of 4½ per cent at the Mercantile Trust Company office, Henry P. Hilliard, receiver, announced. With this dividend, depositors will have obtained approximately $247,500 or about 49½ per cent of their claims. Nearly 20,000 accounts were involved.
Following the closing of the bank doors in January, 1920, William J. Burris, president, and Frank P. Gomez, cashier, were convicted in connection with the failure of the bank and were sentenced to serve prison terms.
8.September 27, 1924Modesto Morning HeraldModesto, CA
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Article Text
Bank Receiver Is Again in Newman
NEWMAN, Sept. 26.—Henry P. Hilliard, receiver of the defunct First National Bank, who has been absent for a number of days, has returned to Newman and will be in his office Saturday to transact business in connection with his receivership. The affairs of the bank are now being closed up.
9.September 27, 1924The Fresno Morning RepublicanFresno, CA
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Article Text
Bank Receiver Will Return To Newman
NEWMAN, Sept. 26.—Henry P. Hilliard, receiver of the defunct First National bank, who has been absent for a number of days, has returned to Newman and will be in his office Saturday to transact business in connection with his receivership. The affairs of the bank are now being closed up.
DELHI SCHOOL OPENS
DELHI, Sept. 26.—Enrollment at the Delhi grammar school reached a total of 144 after the opening of the institution Monday, this total exceeding attendance of former years. New desks have been ordered to accommodate the extra attendance.
The Madison school at the Ballico townsite also opened Monday with an attendance of 90. A Parent Teacher association is to be organized at Ballico in the near future.
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.
