South Gate National Bank (Southgate, CA)

View Charter #12807 on SPMC View balance sheet

Episode Information

Episode UID
1280701585
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
128070 national
Charter Number
12807
Start Date
January 14, 1932
Location
Southgate, California (37.433, -122.151)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
cbe67e5e1d17ec64

Response Measures

None

Receivership Details

Depositor recovery rate
62.3%
Date receivership started
1932-02-06
Date receivership terminated
1937-12-11
Share of assets assessed as good
34.8%
Share of assets assessed as doubtful
64.1%
Share of assets assessed as worthless
1.0%

Description

No run is described in the articles; bank closed early 1932 and was placed in receivership.

Events (7)
1. August 22, 1925 Chartered
Source
historical_nic
2. January 14, 1932 Suspension
Cause Details
Articles state the bank was closed in early 1932 but do not specify a cause.
Newspaper Excerpt
closing of the Firestone Park State bank and the South Gate National Bank
Source
newspapers
3. February 6, 1932 Receivership
Source
historical_nic
4. February 6, 1932 Receivership
Newspaper Excerpt
receiver for the South Gate institution, announced a payment of $100,000 to depositors; South Gate National Bank (receiver,) $43,000 (not yet disbursed.)
Source
newspapers
5. August 17, 1932 Other
Newspaper Excerpt
Aided by the Reconstruction Finance corporation, receivers for the Walnut Park National and the South Gate National banks paid out a total of $635,000 ... J. C. Yenny, receiver for the South Gate institution, announced a payment of $100,000 to depositors and various creditors yesterday.
Source
newspapers
6. August 16, 1933 Other
Newspaper Excerpt
depositors the South Gate National Bank, closed since early in 1932, today anticipated ... percent dividend following the announcement of Yenney, the bank's receiver, that Reconstruction Finance Corporation loan had made such action possible.
Source
newspapers
7. September 6, 1934 Other
Newspaper Excerpt
South Gate Bank Receiver to Pay Third Dividend ... This represents third dividend of 15 cent of the claims filed. The bank suspended business 1932 and has heretofore paid two aggregating ... Mr Yenny receiver
Source
newspapers

Newspaper Articles (7)
1. January 14, 1932 South Gate Daily Press-Tribune South Gate, CA

Article Text

CITY OFFICERS DISCUSS FUNDS A meeting of the finance committee of the South Gate City Council, the city treasurer and the city attorney was held this morn ing at the city hall to discuss the financial situation the city brought about by the closing of the Firestone Park State bank and the South Gate National Bank Ways and means of starting another city banking account were discussed at the meeting. it was reported The finance committee of the city includes Mayor H. Ralph Middlemiss and Councilmen Tweedy and Poteet

2. August 17, 1932 Daily News Los Angeles, CA

Article Text

$635,000 PAID OUT BY TWO BANK RECEIVERS Aided by the Reconstruction Finance corporation, receivers for the Walnut Park National and the South Gate National banks paid out a total of $635,000 to depositors and various creditors yesterday. F. W. Heathcote, receiver for the Walnut Park bank, paid $165,000, a 22 per cent dividend, to depositors, and $370,000 to secured creditors, while J. C. Yenny, receiver for the South Gate institution, announced a payment of $100,000 to depositors. Loans from the Reconstruction Finance corporation were added to liquidated bank assets to make the payments possible, it was said.

3. August 17, 1932 The Morning Press Santa Barbara, CA

Article Text

Fortune Smiles Upon 3 California LOS Aug. Financial good fortune blessed residents of three Southern Callfornia communities today Pasadena citizens received announcement their city taxes had been cut percent through vision of expenditures, while $635,000 tied up since early this year, was paid and creditors the Walnut Park National bank and the South Gate National Receivers of the banks said the loans from the Reconstruction corporation.

4. August 1, 1933 The Los Angeles Times Los Angeles, CA

Article Text

PART OF METEOR FALLS IN PHOENIX FRONT YARD PHOENIX, July 31. (AP) A fragment of a meteor which flashed out of the sky last night was found today in the front yard of the Fred Sullivan residence at the outskirts of the city. Mrs. Sullivan who was sitting on the front porch when the meteor fell, said it resembled a "shooting star.' When it was about forty feet above the to $49,842,643, compared with $5,417,458 in May. Advances authorized for self-liquidating employment-pr programs and storm and earthquake reconstruction projects aggregated $25,772,613 while the corporation turned over to the Federal Emergency Relief Administration $37,910.142 to be distributed among the States to care for the destitute. The Great Northern Railway Company was authorized to borrow $6,000,000 and the Denver and Rio Grande Western Company $950,000, Besides authorizing loans totaling $3,350,000 on preferred stock of banks, the corporation purchased preferred stock in similar institutions totaling $4,838,000. The largest loan authorized in June was $35,000,000 to the Progress Mortgage Company of San Francisco. A loan of $1,320,000 went to the Pacific Coast Joint Stock Land Bank of San Francisco: $1,400,000 to the San Antonio Joint Stock Land Bank of San Antonio, Tex., and $410,000 to the Fremont Joint Stock Land Bank at Lincoln, Neb. LOANS CANCELED Another item considered in the report was the cancellation or withdrawal in full during June of $65,168,619 in loans authorized since July 21, 1932. In addition, in the same month parts of authorized loans aggregating $1,728,352 were canceled or withdrawn. Loans for four banks in California were authorized. They were: Bank of Carmel, $50,000; First National Bank of Cucamonga $7500; Citizens Bank of Monrovia. $5000, and South Gate National Bank (receiver,) $43,000 (not yet disbursed.) Other loans authorized included: Pacific States Savings and Loan Company, San Francisco, $833,123 Five million dollars was disbursed ground, she said, it took on the appearance of a fireball. It was smoking when it hit the ground, she said. The fragment, which is dark brown and apparently lighter than other pieces of meteors found in the northern part of the State, is about an inch and a half long and an inch in diameter. Its edges appeared burned black. to the Unified Rehabilitation Corporation of Los Angeles for earthquake repair.

5. August 16, 1933 Pasadena Star-News Pasadena, CA

Article Text

DIVIDEND PENDING SOUTH GATE. Aug. 16. positors the South Gate National Bank. closed since early in 1932. today anticipated per cent dividend following the announcement of Yenney. the bank's receiver, that Reconstruction Finance Corporation loan had made such action possible. previous dividend was paid to depositors several months ago.

6. September 6, 1934 The Los Angeles Times Los Angeles, CA

Article Text

South Gate Bank Receiver to Pay Third Dividend Checks from the Comptroller the Currency Washington have been Yenny receiver the South Gate National Bank. among the depositors and creditors. This represents third dividend of 15 cent of the claims filed. current dividend has been made through the assistance the Reconstruction Finance Corporation granting loan the receiver portion of the quired necessary to The bank suspended business 1932 and has heretofore paid two aggregating Mr Yenny receiver for the First National Bank which has paid two dividends to cent.

7. September 11, 1935 Daily News Los Angeles, CA

Article Text

Bank Receivership Costs Lower Under Supervision Of Comptroller O'Connor By J. W. WARD Financial Editor Illustrated Daily News THE manner in which receiverships of closed banks has been conducted under direction of J. F. T. O'Connor, comptroller of the currencies, is one of the outstanding features of that office's management. In the past, receiverships of banks were considered by many as an opportunity for enrichment of receivers at the expense of the depositors of these institutions. Those placed in charge of affairs often devoted more of their energies to seeing that no chances for fees were overlooked than they did to the interests of depositors, whom they were supposed to protect. In this matter Comptroller O'Connor has made an outstanding record. Nowhere is it more apparent than in banks of this vicinity. One of the innovations introduced by him is the consolidation of a number of defunct banks under one receiver and one management, thus greatly reducing the costs of liquidation. RECEIVER FOR EIGHT How this plan, in conjunction with others introduced by O'Connor, has worked out, is illustrated best in reports of several banks, the depositors of which have received dividend checks within the past several days. These checks were received by G. E. Ellingson, national bank receiver for eight banks in Los Angeles and vicinity. These banks are National Bank of Pico, West Hollywood First National Bank of Olive, South Gate National Bank, First National Bank of Artesia, First National Bank of Yorba Linda, First National Bank of Carlsbad and First National Bank of Oceanside. 95 PER CENT PAID Dividend checks representing a third dividend of 18 per cent are now being mailed to creditors of the First National Bank of Olive. This makes a total of dividends paid to creditors of this bank of 95 per cent. The bank was placed in receivership in January, 1934. A 40 per cent dividend is also being disbursed to creditors of the National Bank of Pico. This represents a total in dividends of 82 per cent which has been disbursed to depositors. A 12 per cent dividend is being distributed to the depositors of the First National Bank of Oceanside. Receiver Ellingson states that he anticipates being able to pay substantial dividends in all the other banks under his supervision in the near future. Ellingson points out that the average cost of liquidation to date in all of the eight banks for which he is receiver amounts to only about 6 per cent of total collections made. In other words, the depositors and creditors are receiving approximately 94 cents out of every dollar collected by the receiver. This low cost of liquidation and large percentage of returns is undoubtedly very gratifying to the depositors of these closed banks. The Wilshire National Bank, which is being liquidated by Receiver J. C. Scully, recently paid a dividend of 15 per cent, making a total of dividends paid to depositors and creditors of 100 per cent.