Seaside National Bank (Long Beach, CA)

View Charter #12819 on SPMC View balance sheet

Episode Information

Episode UID
1281901586
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
128190 national
Charter Number
12819
Start Date
February 17, 1932
Location
Long Beach, California (33.767, -118.189)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
bdf557d779f9d155

Response Measures

None

Receivership Details

Depositor recovery rate
84.0%
Date receivership started
1932-02-17
Date receivership terminated
1940-12-20
Share of assets assessed as good
68.1%
Share of assets assessed as doubtful
31.2%
Share of assets assessed as worthless
0.7%

Description

Known receivership date used (Feb 17, 1932); articles describe liquidation and receiver activity.

Events (4)
1. September 15, 1925 Chartered
Source
historical_nic
2. February 17, 1932 Receivership
Source
historical_nic
3. February 17, 1932 Receivership
Newspaper Excerpt
E. Wailes, receiver for the Seaside National Bank of Long Beach, announces that a first dividend of 40 per cent. payable to all depositors who have proven claims, has been declared and he is now ready to deliver dividend checks This dividend is being paid from funds acquired by the receiver in the ordinary course of liquidation
Source
newspapers
4. February 17, 1932 Suspension
Cause
Government Action
Cause Details
Bank closed and placed in receivership (receiver C. E. Wailes) in February 1932
Newspaper Excerpt
the institution which closed last February
Source
newspapers

Newspaper Articles (11)
1. June 21, 1932 The Long Beach Sun Long Beach, CA

Article Text

Long Beach's city coffers were riched to the extent of result of liquidation' the municdeposit of public funds in the Seaside National bank, which suspended operations few months The city had some $110,000 worth of bonds security for the and Treasurer Herbert Morse reported to City Manager Dobbin that has Mr. succeeded in selling the bonds $103,000. The $3,000 will to the bank the $100,000 will be tributed among the various city funds for general government poses, the city manager states. thought you would be glad to know that we have closed the city account with the Seaside bank withCity Treasurer Morse wrote the manager. The amount deposit turned over to Morse by receivers for the bank Saturday.

2. September 8, 1932 The Long Beach Sun Long Beach, CA

Article Text

Seaside Bank Receiver to Pay $272,000 as Initial Dividend Distribution of more than $250,000 among depositors of the Seaside National Bank as the first dividend in the liquidation of the institution which closed last February was started yesterday. C. E. Wailes, receiver for the bank, announced that checks totaling $272,000 have been received from the Comptroller of the Treasury in Washington for distribution. The initial dividend is equivalent to 40 per cent of the total individual deposits in the bank. Other obligations, such as city and county deposits secured by bonds, $56,000 loan from the Chase National Bank of New York secured by collateral valued at $159,000 and loan of $100,000 from the National Credit Corporation secured by $150,000 worth of collateral, have been paid and the bank receiver has repossessed securities, it was reported. Receiver Wailes' statement follows: E. Wailes, receiver for the Seaside National Bank of Long Beach, announces that a first dividend of 40 per cent. payable to all depositors who have proven claims, has been declared and he is now ready to deliver dividend checks "This dividend is being paid from funds acquired by the receiver in the ordinary course of liquidation, supplemented by loan from the Reconstruction Finance Corporation. This loan, which is secured by a lien on the remaining assets of the bank, must, of course, be retired, and until this loan is repaid no further dividend disbursements can be made by the receiver. It is believed that with the co-operation of the borrowers this loan can be repaid within reasonable time, and if SO, the depositors will receive such further regular dividend payments as the collections made by the receiver will warrant. "The funds of the Reconstruction Finance Corporation set aside for loans to receivers of insolvent banks are limited and the depositors of Seaside National Bank are fortunate to have an application for a loan accepted at this early date. The funds released by this loan should be a material aid to the community at this time. "I have had splendid co-operation from the insolvent division of the Comptroller's office, depositors, former officers of the bank and Long Beach citizens generally," said Receiver Wailes yesterday. "This has helped to make possible the "payment of 40 per cent dividend within about seven months from the date of the bank's closing Seaside National is the sixth bank to be liquidated by C. W. Wailes in recent years. Since he has taken charge, rental has been cut from $1250 a month to $150 and liquidation have been conducted with a minimum number of employes. Total private deposits at the time the bank went into receivership were about $700,000 of which $272,000 is to be paid to depositors immediately.

3. September 9, 1932 The Long Beach Sun Long Beach, CA

Article Text

More than $50,000 was paid to depositors the last part the first dividend of the Seaside NationBank. E. Wailes mounced on Wednesday that 40 cent dividend had been declared payable. The sum of $272,000 will disbursed immediately. Only 3200 out of claims have filed far, understood Residents Long Beach who have filed claims should call the ceiver's office at 223 East Broadway.

4. October 7, 1932 The San Diego Sun San Diego, CA

Article Text

n. REPORT MADE PUBLIC Loans To California Banks Listed By United Press WASHINGTON, Oct. of the House South Trimble today announced he had decided to make public the August report of the Reconstruction Finance Corporation. Trimble's decision was announced after several days of consideration of brief in which Chairman Pomerene of the corporation protested publication. The statement of loans authorized in August included: Glendale, First National bank, $75,000; Park, Huntington Park City National bank, $10,000: Long Beach. Seaside National bank (receiver), $165,000, 5. per cent; Marysville, bank, $40,000; Madera, First National bank. $27,500; Pasadena, Citizens, Commercial Trust and Savings bank, $221,000; Salinas, Monterey County Trust and Savings bank, $130,000; Santa Ana, Farmers and Merchants Savings bank, $84,000. The following were included loan among the loans to building and Long Beach, Commonwealth Building & Loan association, $87,221.91; Oakland, Prudential Guarantee Building & Loan association, $86,000; Pasadena, California Security-Loan corporation. $90,000; Crown Building and Loan association,

5. October 7, 1932 Visalia Times-Delta Visalia, CA

Article Text

R.F.C. Loans Are Increased In August (Continued from Page One) tional bank. $75,000: Huntington Park Huntington Park City Nationa! bank. $10,000 Long Beach, Seaside National Bank (receiver). $165,000. per cent: Marysville Decker-Jewett bank $40,000 Madera, First National bank. $27,500; Pasadena, Citizens Commercial Trust and Savings bank. $225,000: Salinas, Monterey County Trust and Savings bank $130,000; Santa Ana, Farmers and Merchants Savings $84,000 The following loans were made to building and loan associations Commonwealth Building & Loan Assn., Long Beach, $87,221.95: Prudential Guarantee Building & Loan Assn. Oakland, $86,000; California Security-Loan Corp. Pasadena, $90,000; Crown Building Loan Assn. Pasadena $57,500.

6. October 7, 1932 The Hanford Sentinel Hanford, CA

Article Text

LOANS MADE BOARD'S PROTEST (Continued from Page One) available for relief work during August. Repayments to the corporation during the month of August totalled the corporation cated during August to the secretary of agriculture. The statement of loans authorized in August included: Arizona: Phoenix, valley bank and trust company, $280,000. California Banks California: Glendale National Bank. Huntington Park. Huntington Park City National Bank $10,000; Long Beach Seaside National Bank (receiver) $165,000. per cent; Marysville, Decker-Jewett Bank, $40,000; Madera, First National Bank. $27,500; Pasadena, Citizens, Commercial Trust and Savings bank. $225,000; Salinas, Monterey county Trust and Savings Bank, $130,000; Santa Ana Farmers and Merchants Savings bank, $84;- The following were included among among the loans to building and loan associations: Beach. CommonWealth Building & Loan Assn., $87.Oakland. Prudential Guarantee Building & Loan Assn., $86,000; Pasadena. California Corp., $90,000; Crown Building Loan Assn., $57,500.

7. October 8, 1932 Tulare Daily Times Tulare, CA

Article Text

GOVERNMENT'S LOANS IN STATE ARE ANNOUNCED Madera, Salinas, Glendale Banks Among Those Aided WASHINGTON, Oct. 7. (UP) -New reconstruction Finance corporation loans aggregating $111,596,631.90 were authorized in August, it was revealed today in the report of the corporation made public by Clerk of the house South Trimble. Previously authorized loans were increased during August by $10,681,010, the report said, making an aggregate of $122,277, The statement of loans authorized in August included: California-Glendale, First National Bank, $75,000; Huntington Park, Huntington Park City National Bank, $10,000; Long Beach, Senside National Bank (receiver), $165,000, 5 percent ;Marysville, Decker-Jewett Bank, $40,000; Madera, First National Bank, $27.500; Pasadena, citizens, commercial Trust and Savings Bank, $225,000; Salinas, Monterey County Trust and Savings Bank, $130,000; Santa Ana, Farmers and Merchants Savings Bank. The following were included among the loans to building and loan associations: California: Long Beach, Commonwealth Building & Loan assn., $87,221.95. Oaksland, Prudential Guarantee Building & Loan assn., $86,000; Pasadena, Colifarnia Security-Loan Corp., $90,000; Crown Building Loan Association, $57,500.

8. June 21, 1933 Press-Telegram Long Beach, CA

Article Text

Hubbards Named in Foreclosure of Apartments Omar H. Hubbard and his wife Didama L Hubbard, today were named defendants in a Los Angeles Superior Court suit in which the Seaside National Bank receiver. of Long Beach, seeks to foreclose mortgages on portions the Omar Hubbard Building to satisfy terms of defaulted notes amounting to $34,972. E. bank receiver. asks foreclosure on ten apartments to satisfy note of given vember 1928, and asks foreclosure on two apartments to satisfy note of $4500 given the bank October 31. 1929. The Title Insurance & Trust Company of Los Angeles also is made defendant but the receiver asks only that the trust company's claim on the property be made sec. ondary to the bank's Interest. The apartments involved are Nos 102 702 and 802, The action asks "that the usual decree be made for sale of said premises by the Sheriff: that proceeds of the sale be applied in pay. ment of the amount due. Attorney Michael G. Luddy of Los Angeles filed the action asking $1800 legal fees for collection of $34,972 the total amount due including interest.

9. June 22, 1933 The Long Beach Sun Long Beach, CA

Article Text

Hubbards Sued for $24,972 Over Defaulted Notes A Los Angeles Superior Court suit was filed yesterday by the Seaside National Bank receiver of Long Beach against Omar H. Hubbard and his wife, Didama L. Hubbard. The plaintiff seeks to foreclose mortgages on portions of the Omar Hubbard Building to satisfy terms of notes amounting to $24,972. C. E. Wailes is the bank receiver. on twelve apartments is asked. The chain of office worn by the mayor of Middlesborough, England. although bought fifty years ago, is not paid for yet. Only $885 have been paid of the original price of $1250.

10. March 29, 1935 The Los Angeles Times Los Angeles, CA

Article Text

Bank Depositors to Get Dividend Depositors of the First National Bank of San Gabriel who have filed claims were notified yesterday by J. C. Scully, receiver, that checks were on hand covering 25 per cent of their claims. A previous liquidating dividend of 40 per cent brings total dividends now to 65 per cent. Mr. Scully took charge of the bank as receiver March 27, 1934. He is also receiver for three other banks: Wilshire National Bank, Los Angeles; Seaside National Bank, Long Beach, and First National Bank, Newport.

11. May 24, 1935 The Long Beach Sun Long Beach, CA

Article Text

New Chamber of Commerce Located on American Ave. The Chamber of Commerce, instead of moving into the Babb Building at 132 Pine Avenue, after the first of July will be located in the Windham Building, at 109 American Avenue, according to action taken yesterday at the meeting of the board of directors. The Chamber had expected to obtain a ten-year lease on the Babb Building. Directors of the Babb Building Corporation decided that a lease longer than five years would be undesirable. The Chamber began its negotiations with C. A. Windham, trustee of the Windham estate, several days ago. As a result of these negotiations the Chamber secured a ten-year lease on the Windham Building. Alterations will be initiated as soon as the Seaside National Bank receiver has moved to other quarters. Chairman S. S. Conklin says alterations in the Windham Building will be completed in time to permit the Chamber to occupy its new quarters by July 1. The directors approved the choice, adopting the recommendation of the building committee. A lease will be drawn at once and executed without delay, Captain Robert Henderson, President of the Chamber of Commerce, announces.