gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
766a2c4b552d7f47
Response Measures
Capital injected, Full suspension, Books examined
Receivership Details
Depositor recovery rate
89.0%
Date receivership started
1929-07-02
Date receivership terminated
1934-01-11
OCC cause of failure
Governance
Share of assets assessed as good
65.1%
Share of assets assessed as doubtful
16.5%
Share of assets assessed as worthless
18.4%
Description
Known receivership date (1929-07-02) is used as authoritative; articles describe embezzlement discovered later.
Events (5)
1.November 21, 1925Chartered
Source
historical_nic
2.June 27, 1929Run
Cause
Bank Specific Adverse Info
Cause Details
Frozen assets and illiquid holdings prompted depositor withdrawals; later investigations revealed misappropriations.
Measures
Directors voted to close doors; national bank examiner began investigation and froze assets.
Newspaper Excerpt
Frozen assets and mild run on the bank yesterday afternoon culminated in the decision of the directors...
Source
newspapers
3.June 28, 1929Suspension
Cause
Bank Specific Adverse Info
Cause Details
Inability to meet payments due to frozen/illiquid assets following withdrawals and examiner intervention.
Newspaper Excerpt
South Pasadena National bank ... closed its doors this morning by vote of the board of directors because inability to meet payments ... doors ordered closed by the examiner until he completes his work.
Source
newspapers
4.July 2, 1929Receivership
Source
historical_nic
5.July 2, 1929Receivership
Newspaper Excerpt
The bank suspended operations June 28, 1929, and is now in the hands of receiver. (articles identify receiver F. W. Heathcote).
Source
newspapers
Newspaper Articles (16)
1.June 28, 1929The Pasadena PostPasadena, CA
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Article Text
BANK CLOSES DOORS TODAY
South Pasadena Institution To Repay All Depositors 100 Cents on Dollar
South Pasadena National bank, which closed its doors this morning by vote of the board of directors because inability to meet payments, will be re-opened within one week as branch of chain bank system. repaying to all depositors 100 cents on the dollar, it was learned at the institution today. Assets Frozen Frozen assets and mild run on the bank yesterday afternoon culminated in the decision of the directors turn control of the bank over to Chorpening. national bank examiner. who with the aid of two assistants. going over the bank's books. The doors dered closed by the examiner until he completes his work. The bank has enjoyed an excellent record of growth since opening three years ago. Deposits from the latter part February, 1928, January, 1929, increased almost 100 per cent over the preceding year. Bank Solvent Particular stress was directed on the fact that the bank is solvent. has sufficient amount of assets to cover liabilities. but those assets are difficult to negotiate under present market and banking condiDeposits in the institution at the time of closing were approximately $700,000. reported. Of this total. about $250,000 is invested in marketable stocks. No depositor will lose money either by having the institution's assets and liabilities in
2.June 29, 1929The Los Angeles TimesLos Angeles, CA
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Article Text
BOARD CLOSES DOORS OF BANKS
Pasadena National in Hands of Examiner
Promise Payment be Reopened Branch as of Chain Institution
SOUTH PASADENA, June deposits in excess of $700,000 its books, the South PasaNational Bank, one of the largest banks in this city, its doors today because meet payments. that all deOfficials be paid cents dollar and the institumay within branch of large chain
SMALL RUN OCCURS Frozen assets and small run bank afternoon directors' decision doors and place bank charge the deposits, $250,000 to seucrities and the directors that depositor either through assets totaling than absorbed chain bank. the bank charge the the board directors." ASSURANCE GIVEN groups worried depositgathered sidewalk the the southcorner Fair Oaks avenue Mission None bank's could issue no statement the bank combooks. about four the bank has board Gates, chairman the board: Burgess, president; Hoag, and Parslow, local water department has deposit in the postoffice about $1600. ddition to these deposits, the local reported to total $11,200.
3.July 30, 1929The Los Angeles TimesLos Angeles, CA
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Article Text
Accused Banker Furnishes Bond
Appearing yesterday morning before United States Commissioner Head, Richard Roberts, former vice+ president of the suspended South Pasadena National Bank. posted $5000 bond pending a hearing on September 6, next, on the charge of embezzling $4800 of bank funds. A complaint charging Roberts with the asserted offense was issued last week by the United States Attorney on information supplied by National Bank Examiner Chorpening. in charge of the investigation leading to the bank's suspension few weeks ago. Roberts asserted to have appropriated to his own use money placed on deposit.
4.August 27, 1929Pasadena Star-NewsPasadena, CA
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Article Text
RE-OPENING RUMOR DISMISSED
Bank Receiver Declares Such Move Impossible
SOUTH Aug. 27. Heathcote, the South National Bank, little possibility the bank under cirand predicted that liquidation, progress for the closed institution, would be carried completion. He that he had not yet been by any sound group ready to make towards the 'Depositors of the bank can be great service the declared, filing their claims now fast We the claims did not too during the few that the bank was open for this purpose, and are ready many daily. Depositors the bank are since August 16, file their claims. They have right make any claims after this date, according the estimated than of the bank not yet funds the liquidation proceedings wound up.
5.November 1, 1929The Los Angeles TimesLos Angeles, CA
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Article Text
DEPOSITORS TO BACK
Comptroller Orders Payment of 50 Per Cent
South Pasadena Bank Pay in Few
More Promised Funds Are Collected
SOUTH PASADENA, Oct. Depositors other creditors the South Pasadena National Bank, closed by Federal bank examiners last June, receive dividend checks within few weeks, the vealed today. The dividend ment today by the Comptroller Currency. Heathcote issued following statement afternoon: stock 100 levied against the stockholders the bank on September 21, last. Acting favorably upon receiver's the Comptroller now authorizes tribution and creditors whose claims have filed and proven, an initial dividend per dividend payable only those holding cannot paid until the dividend checks received, for three weeks. meantime, attempt obtain dividend checks prior the nouncement these ready, merely the work. ceeding be as funds are collected."
6.January 22, 1930The Pasadena PostPasadena, CA
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Article Text
BANK RECEIVER MOVES OFFICES
The offices of Receiver F. W. Heathcote of the South Pasadena National bank were moved Monday from the former banking rooms at Fair Oaks and Mission street 619 Beaux Arts building. Eighth and Beacon streets, Los Angeles. The move was made expedite liquidation of the defunct institution, Mr. Heathcote explained. and in the best interests of depositors and other creditors.
7.April 19, 1930Pasadena Star-NewsPasadena, CA
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Article Text
FORMER AIDE INDICTED BY JURY
Richard Roberts to Face Federal Fund Charge
SOUTH PASADENA, April 19. Roberts, former vice-president of the defunct South Pasadena National Bank, yesterday by fedgrand the bank application making false surrender Monday the United marshal. announcement made attorney, Michael Narlian, said when Mr. Robhe will also all of the accusations against bank suspended operations June following investigation bank and accountants. time, but the case was held abeyance pending the report of the indictment he post new $5000 bond for his release.
8.April 19, 1930Wilmington Daily Press JournalWilmington, CA
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Article Text
LOS ANGELES, April 19. Richard Roberts, former vicepresident of the now defunct South Pasadena National bank, indicted yesterday by the federal grand jury on charges of misapplication of $12,000 of the bank funds and making false entries in its books, will day morning. to the United States marshal. This was the announcement made his attorney, Michael Narlian, who said that when Roberts surrenders on the indictment Monday morning at o'clock he will also deny the accusations against him. The South Pasadena National bank suspended operations last June following an investigation by bank examiners and ants. reported to be in sition to liquidate losses basis of 50 per cent. The entire loss may be liquidated 100 cents the dollar result of assessments on stockholders. cording to Assistant United States Attorney John Layng.
9.April 21, 1930The Long Beach SunLong Beach, CA
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Article Text
SOUTH PASADENA EX-BANKER FACES SWINDLE CHARGE
LOS ANGELES April the defunct South Pasadena president National bank, indicted yesterday the federal grand charges of of the bank funds and false entries in its books, will render Monday morning to United marshal. This today by his attorney, Michwho said that Roberts surrenders on the indictment morning tions he will also deny all of the against The South Pasadena National bank suspended operations June following an investigation bank reported to be position liquidate losses basis of cent. The entire may liquidated 100 cents the dollar result of stock holders, according United States Attorney John Layng. Roberts was arrested plaint the time bank pended but the case was held abeyance pending the report of ernment accountants the indictment he quired post $5000 for his release, Layng
10.March 11, 1931Pasadena Star-NewsPasadena, CA
Article Text
CASE
Richard Roberts Charged With South Pasadena Fund Manipulation
LOS ANGELES, March (United RichRoberts, former dent of South Pasadena National Bank, charged application $12,000 the bank's funds, proceeded today in Federal Judge George Cosgrove's Court with W. Parslow, former cashier, the witness stand The bank suspended June 1929, and now hands Federal Receiver H. Heathcote. Roberts, charged the ernment, manipulated bank funds attempt make Greenshields, another former cashier, who sentenced in prison for embezzleyear ment. There were counts in the Roberts to have turned he lowing arrest. money was followed by Robarrest.
Under supervision Mr. Heathcote, cent dividends have been paid depositors bank. Assets, they can collected, said be sufficient cover remaining liabilities. recent meeting depositors. accord reached between group Heathcote in handling the bank's affairs.
11.March 11, 1931Burbank Daily Evening ReviewBurbank, CA
Article Text
Former Banker Of Pasadena On Trial
Los Angeles, March 11. (UP) The trial of Richard Roberts, 46, former vice president of the South Pasadena National bank, who is charged with misappropriating $12,000 of the bank's funds, is on in Judge George Cosgrove's court. There were 26 counts in the indictment Assistant U. S. Attorney Jack Laying, in outlining the government's case, said Roberts borrowed $12,000 from other banks to cover defalcations S. J. Greenshields, former cashier. Roberts is reported to have returned the $12,000 he borrowed following Greenshield's arrrest Return of this money was followed by Roberts "arrest. Greenshields was convicted and sentenced year and day in McNeill's Island federal prison after shortage of $62,000 was discovered in accounts. The bank was suspended on June 28 and is now in the hands of a receiver,
12.March 11, 1931The Pasadena PostPasadena, CA
Article Text
SOUTH PASADENA BANKER TESTIFIES
W. L. Parslow, former cashier of the South Pasadena National bank, took the stand today in the trial of Richard Roberts, 46, former vice president of the bank, and identified records of transactions which resulted in Roberts being charged with misapplication of $12,000 of the bank's funds. The trial is being held before Federal Judge George Cosgrave. The bank was suspended June 28, 1929, and is now in the hands of receiver. The government charges that that Parslow manipulated funds of the bank in an attempt to make good shortage of S. J. Greenshields, former cashier of the bank, who sentenced to a prison term following conviction on charge of embezzlement of $62,000.
13.March 11, 1931Redlands Daily FactsRedlands, CA
Article Text
TRIAL OF BANKER NOW UNDER WAY
LOS ANGELES. March 11. (U.P.) -The trial of Richard Roberts, 46. former vice-president of the South Pasadena National Bank, charged with misapplication of $1200 of the bank's funds, proceeded today in Federal Judge George Cosgrave's court. with W. L. Parslow, former cashier, on the witness stand. The bank suspended June 28, 1929, and is now in the hands of the receiver. Parslow, it is charged by the government, manipulated bank funds in an attempt to make good shortage of S. J. Greenshields, former cashier, who was sentenced to one year in prison for embezzlement of $6200.
14.August 9, 1933The Los Angeles TimesLos Angeles, CA
Article Text
South Pasadena Bank Assets to at High Bid
Public sale of the remaining uncollected assets of the South Pasadena National Bank of South Pasadena will be held soon, following which will be possible terminate the receivership, W. Heathcote, receiver, yesterday The bank suspended operations on June and other creditors already ag80 cent their while final dividend will be clared following the sale of the assets. not possible indicate the the final dividend will depend some extent upon the amount received from the sale the and the costs finally winding up the trust, the ceiver said. Persons desiring to bid for the remaining assets may obtain formation from the receiver office at 2634 Florence avenue, Huntington Park.
SAFETY RAZOR NET UP NEW YORK, Aug. can Safety Company had net profit in the June quarter of $171,729 share of against share in the second quarter
15.August 9, 1933Daily NewsLos Angeles, CA
Article Text
Receiver to Sell Assets of Bank Yet Uncollected
Public sale of the remaining uncollected assets of the South Pasadena National bank, which suspended operations June 28, 1929, will be held shortly prior to termination of receivership, it was announced yesterday by National Bank Receiver F. W. Heathcote. Dividends aggregating 80 per cent have already /been paid depositors and other creditors, and a final dividend will be declared following sale of remaining assets. Persons desiring to bid for the assets may obtain information from the receiver at his office, 2634 East Florence avenue, Huntington Park.
16.November 17, 1933The Pasadena PostPasadena, CA
Article Text
receiver for the National Bank of Lynwood. First National Bank, Baidwin Park, Walnut Park National Bank. First National Bank, Monterey Park. and First National Bank, Hermosa Beach. The attorney for the receiver in the liquidation of the South Pasadena National Bank was C. Harrison of the firm of Newlin & Ashburn, Los Angeles.
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.
