San Diego Savings Bank - San Diego, CA

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: savings bank
Start Date: June 21, 1893
Location: San Diego, California (32.715, -117.157)

Metadata

Model: gpt-5-mini
Short Digest: 572ecd07

Response Measures

Accommodated withdrawals, Partial suspension, Books examined

Other: Required 30 days' notice invoked for Savings Bank per later report; bank declared solvent after examination.

Description

On June 21, 1893 a run occurred in San Diego after other local banks (Consolidated National) suspended; the Savings Bank of San Diego was briefly reported suspended but its doors were reopened the same day by President Sefton. Article 3 notes the savings bank 'required 30 days notice' for withdrawals (typical savings restriction). Classified as run → brief suspension → reopening.

Events (3)

1. June 21, 1893 Reopening

Newspaper Excerpt: The San Diego Savings Bank being in the same building it was at first supposed it had also failed, but this proved incorrect and the doors were opened on demand of President Sefton and payment resumed.
Source: newspapers

2. June 21, 1893 Run

Cause: Local Banks
Cause Details: Run precipitated by news that Consolidated National (and other local banks) had suspended payments; panic spread and depositors withdrew funds.
Measures: Doors of the bank were opened on demand of President Sefton and payment resumed; savings accounts required 30 days' notice (restriction noted).
Newspaper Excerpt: It then became noticeable that there was to be an unusual demand from depositors for cashing of their deposits; several large checks being presented at Consolidated National by anxious individuals who feared a run ... precipitating a run on the First National, Bank of Commerce and Savings Bank.
Source: newspapers

3. June 21, 1893 Suspension

Cause: Local Banks
Cause Details: Payments were suspended in response to an immediate run triggered by suspensions/pressure at other local banks (Consolidated National).
Newspaper Excerpt: As soon as it became apparent that a run had commenced payments were suspended at the Consolidated National and the Savings Bank of San Diego, which occupy the same building.
Source: newspapers

Newspaper Articles (4)

1. June 22, 1893 The Morning Call San Francisco, CA

Article from The Morning Call, June 22, 1893

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Article Text

SAN DIEGO'S FLURRY. Indications That the Banks Will Pull Through. SAN DIEGO, June 21.-All of the local banks opened their doors at the usual hour this morning, and for the first half hour only the ordinary amount of business was transacted. It then became noticeable that there was to be an unusual demand from depositors for cashing of their deposits; several large checks being presented at Consolidated National by anxious individuals who feared a run, and hoped to forestall other depositors by early settlement of their accounts. As soon as it became apparent that a run had commenced payments were suspended at the Consolidated National and the Savings Bank of San Diego, which occupy the same building. News that these banks had closed spread quickly about the town, procipitating a run on the First National, Bank of Commerce and Savings Bank. The First National endured the pressure until after 1 o'clock, when the deors were closed. The San Diego Savings Bank being in the same building it was at first supposed it had also failed, but this proved incorrect and the doors were opened on demand of President Sefton and payment resumed. The run on the Bank of Commerce continued till the hour for closing, but it is understood that its resources have been greatly strengthened and the announcement is officially made that it will open in the morning. The Merchants' National, a bank recently established, has its paid up capital in cash in addition to nearly $100,000 deposits, and no fears are entertained of a run there. New deposits were opened there by those withdrawing elsew here. General confidence is felt that there will be no further trouble here. The announcement is made that the banks which suspended will pay depositors in full, but no statement of actual assets and liabilities can be secured. ANAHEIM, June 21.-The bank of Anaheim closed at noon. Depositors will all be paid in full.

2. June 22, 1893 The Herald Los Angeles, CA

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Article Text

THE PANIC AT SAN DIEGO. Two Commercial and One Savings Bank N Compelled to Close Doors. z SAN DIEGO, June 21.-All of the local banks opened their doors at the usual hour this morning, and for the first half hour only an ordinary amount of business was transacted. It then became noticeable that there was to be an unusual demand from depositors for the withdrawal of their deposits. Several large checks were precented at the Consolidated National by anxious individuale who feared a run and hoped to foreetall other depositors by an early settlement of their accounts. As soon as it became apparent that a run had begun, payments were suspended at the Consolidated National and the Savings Bank of San Diego, which occupies the same building. The news that these banks had closed spread quickly about town, precipitating a run on the First National Bank of Commerce and the San Diego Savings bank. The Firet National endured the pressure until after 1 o'clock, when the doors were closed. The San Diego Savinga bank, being in the same room, it was at first supposed that it had also failed, but this proved incorrect, and the doors were opened on the demand of President Sefton and payment reenmed. The rnn on the Bank of Commerce continued till the hour of closing, but it is understood that its resources have been greatly strengthened and the announcement is officially made that it will open in the morning. The Merchants' National, a new bank recently established, has its paid up capital in cash, in addition to nearly $100,000 in deposits, and no fears are entertained of a run there. New deposits were opened there by those withdrawing elsewhere, bnt

3. June 25, 1893 The Herald Los Angeles, CA

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Article Text

Gerberding reports also that the San Diego Savings bank, which was not closed, but which required 30 days notice, is solvent. He is now examining the savings Bank of San Diego county. Later-The officers of the Bank of Commerce today announced that the bank would open on Monday for business. Funds are on the way from San Francisco to strengthen the reserves of the bank, and such a majority of the depositors has agreed to the proposition of percentage payments, that there is no further fear of a run when the bank opens. The Oceanside bank, which closed temporarily, resumes business Monday.

4. June 30, 1893 The Hawaiian Star Honolulu, HI

Article from The Hawaiian Star, June 30, 1893

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Article Text

NATIONAL BANKS SUSPENDED. Two Failures at San Diego, but No Fears of More Trouble. SAN DIEGO, June 21.-All of the local banks opened their doors at the usual hour this morning, and for the first half hour only an ordinary amount of business was transacted. It then became noticeable that there was to be an unusual demand from depositors. Several large checks were presented at the Consolidated National by anxious individuals who feared a run and hoped to forestall other depositors. As soon as it became apparent that a run had commenced, payments were suspended. The news that these banks had closed spread quickly about town, pre cipitating a run on the First National, the Bank of Commerce and the Savings Bank. The First National endured the pressure until after I o'clock, when the doors were closed. The San Diego Savings Bank being in the same room, it was at first sup posed that it had also failed, but this proved incorrect, and the doors were opened on the demand of President Sefton and payment resumed. The run on the Bank of Commerce continued till the hour of closing. It is understood that its resources have been greatly strengthened, and the announcement is officially made that it will open in the morning. The Merchants' National, a bank recently, established, has its paid up capital in cash, in addition to nearly $100,000 in deposits, and no fears are entertained. New accounts were opened there by those withdrawing elsewhere, but general confidence is felt that there will be no further trouble here. The announcement is made that the banks which have suspended will pay the depositors in full, but no statement of the actual assets and liabilities can be secured.