California National Bank (Modesto, CA)

View Charter #10988 on SPMC View balance sheet

Episode Information

Episode UID
1098801456
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
109880 national
Charter Number
10988
Start Date
April 1, 1921*
Location
Modesto, California (37.639, -120.997)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
7ce83c92ae33d38f

Response Measures

None

Receivership Details

Depositor recovery rate
77.5%
Date receivership started
1921-04-13
Date receivership terminated
1924-09-30
OCC cause of failure
Run
Share of assets assessed as good
30.2%
Share of assets assessed as doubtful
47.9%
Share of assets assessed as worthless
21.9%

Description

The articles focus on post-closure receivership activities; the suspension and closure are inferred from the bank being declared defunct/insolvent in April 1921.

Events (4)
1. May 4, 1917 Chartered
Source
historical_nic
2. April 1, 1921* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Alleged negligence by directors in making excessive loans beyond legal limits.
Newspaper Excerpt
The bank was declared insolvent in April, 1921, by the United States comptroller of currency.
Source
newspapers
3. April 13, 1921 Receivership
Source
historical_nic
4. April 13, 1921 Receivership
Newspaper Excerpt
Jesse G. Boydstun, receiver of the California National Bank of Modesto, filed in the United States District Court yesterday an action against directors
Source
newspapers

Newspaper Articles (6)
1. February 19, 1923 The Record Stockton, CA
Article from The Record, February 19, 1923

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Article Text

$200,000 TO BE DISTRIBUTED BY BANK RECEIVER Huge Sum Be Handed Out Tomorrow to Host of Depositors MODESTO, Feb. 19.—Two hundred thousand dollars will be distributed in Modesto tomorrow morning at 10 o'clock, when Jesse Boydstun, receiver of the defunct California National bank, will hand out checks for that amount to the depositors. The checks represent a payment of 20 per cent. "This will not be the last payment of this sort by any means," says Boydstun. Boydstun, who has been devoting every energy to clearing up the affairs of the bank, will with this payment have returned 60 per cent to the depositors.

2. April 3, 1923 San Francisco Chronicle San Francisco, CA
Article from San Francisco Chronicle, April 3, 1923

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Article Text

Bank Receiver Sues Directors Jesse G. Boydstun, receiver of the California National Bank of Modesto, filed in the United States District Court yesterday an action against directors of that institution, charging that loans were made to two of the bank's clients in excess of amounts provided by law. The bank was declared insolvent in April, 1921, by the United States comptroller of currency. Yesterday's action was against C. R. Gailfus, S. E. Foster, Henry G. Middaugh, William Falger, C. F. Lewis, J. Walker Baker, Charles L. Thwing, W. J. Brown and R. A. Corson and charged that they made loans without first ascertaining if borrowers had sufficient financial standing to justify such loans. The complaint avers that the directors "negligently and carelessly" loaned $39,484 to the Bombeger Bean and Grain Company and $36,186 to A. H. Sebastian, both loans having been more than 10 per cent. of the surplus of the bank.

3. August 22, 1923 The Modesto Bee Modesto, CA
Article from The Modesto Bee, August 22, 1923

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Article Text

BANK RECEIVER SUES TO COLLECT NOTES Jesse G. Boydstun, receiver of the California National Bank, today began suits in the superior court here against the Woodtite Laboratories and Don E. Campbell, manager of the company, to collect on notes, executed in 1920. The notes amount to $1500 in each case, both secured by stock in the corporation. Attorney D. M. Maclean represents Boydstun. MARRIAGE LICENSES RHOADES-KLINE — At Modesto, August 21, 1903, Andrew Jackson Rhoades, 55, and Catherine Emma Kline, 43, both of Turlock. NEIPOTH-MARTIN—At Modesto, August 22, 1923, Harris Edward Niepoth, 28, Westwood, Calif., and Lyla Bernice Martin, 26, Stockton. SMITH-BOCCONFUSO—At Modesto, August 21, 1923, James Herbert Smith, 29, and Gabriella Patricia Bocconfuso, 28, both of Stockton. DIED JOHNSTON—Near Hughson, August 20, 1923, Ira B. Johnston, aged 42, a native of Missouri. Member Hollenbeck lodge, No. 319, F. and A. M., of Los Angeles, and Longmont lodge, No. 29, I. O. O. F., of Longmont, Colorado. Funeral arrangements later GRAF—In Napa, August 21, Alfred Graf, brother of Mrs. Rosie Moser of Modesto, Herman Graf, Lassen county, and Mrs. Angus Enskamp of Texas, a native of Germany, aged 45 years. Friends are invited to attend the funeral services Friday, August 24, at 9:30 a. m., from Shannon's chapel, 921 Twelfth street, thence to St. Stanislaus church, where mass will be celebrated for the repose of his soul commencing at 10 a. m. Interment St. Stanislaus cemetery. AUSTIN—In Waterford, August 21, 1923, Mrs. Ann M. Austin, loving mother of Mrs. L. C. Welton of Waterford; W. Merrille Austin, Pittsburg, Pa., Frederick J. Austin, New York City; L. L. Austin, Copperopolis, Calif., and a sister of Mrs. James Van Atta, Pontiac, Mich.; Mrs. J. S. Bristol, Charlestown, W. Va., Mrs. Charles W. Austin, Clarkstown, Mich., Spencer Murray, San Jose. A native of Michigan, aged 71 years. Friends and acquaintances are invited to attend the funeral Thursday, August 23, at 2 p. m., from the H. W. Fields funeral home, Fourteenth and H streets. Interment in the Masonic cemetery. FIRST THOMPSONS SENT The first car of Thompson seedless grapes was shipped from the A. B. Pike vineyard Monday by H. L. Wood. The grapes in Pike's vineyard run from 16 to 17 tons per acre.

4. September 23, 1923 The Los Angeles Times Los Angeles, CA
Article from The Los Angeles Times, September 23, 1923

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Article Text

BANK RECEIVER SUED Farmer Asks Damages As Result of Bankruptcy Proceeding H. T. Johnson, a farmer of Modesto, has brought an action in United States District court against Jesse G. Boydston, receiver of the California National Bank of Modesto, for $15,000 damages. Johnson asserts that the defendant filed an involuntary petition in bankruptcy against him, and that later it was decided by Judge M. T. Dooling of San Francisco that he was a farmer and not amendable to the national bankruptcy laws. He stated that the action injured his credit and reputation.

5. October 30, 1923 The Modesto Bee Modesto, CA
Article from The Modesto Bee, October 30, 1923

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Article Text

BANK RECEIVER SUES FORMER SHERIFF ON NOTES George T. Davis, former Stanislaus sheriff, and his son, Loren W. Davis, are made defendants in suits filed in the superior court yesterday by Jesse Boydstun, receiver of the California National bank, to collect on two notes, one signed jointly by both defendants and a second executed by George T. Davis. The suit against both asks $5783 on the note and interest, while the second action against George Davis seeks to collect $850, interest and attorney fees.

6. November 19, 1923 The Modesto Bee Modesto, CA
Article from The Modesto Bee, November 19, 1923

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Article Text

BANK RECEIVER AND DIRECTORS IN COMPROMISE SAN FRANCISCO, Nov. 19.—A compromise has been reached in the suit of Jesse G. Boystun, receiver of the defunct California National Bank of Modesto, against the directors of the bank, Federal Judge Partridge was informed today. It was alleged the bank was short $75,000 through negligence by directors in examining security for loans. The compromise was for $13,000. The directors named in the suit are: S. E. Foster, C. R. Gailfus, Walker Baker, M. R. Carson, Henry T. Middaugh, Duluth, Minn., C. L. Thwing and C. F. Lewis. The complaint brought by Boydstun alleged the directors overstepped their authority and loaned money in sums exceeding by a large amount the ten per cent of the capital and surplus permissable under the state banking laws. Two loans, to A. H. Sebastian and the Bomberger Bean & Grain company, amounting to about $75,000, were cited in the complaint. Interest on the unpaid loans of about $14,000 was also asked in the suit. Attorneys Hawkins & Hawkins represented the plaintiff.