The Valley State Bank at El Centro was closed by the State Bank Commissioners on April 22, 1909 after a conflict over large holdings of Holton Power Company bonds. Articles report the bank closed its doors and in the hands of the commissioners; no run is described and no reopening is reported in the material provided, so this is classified as a suspension leading to closure. (May 1909 retrospective mentions hopes of assistance but no confirmed reopening.)
Events (1)
1.April 22, 1909Suspension
Cause
Government Action
Cause Details
State bank commissioners closed the bank after conflict with management over large holdings in Holton Power Company bonds.
Newspaper Excerpt
The Valley State bank at El Centro closed its doors this morning and is in the hands of the state bank commissioners.
Source
newspapers
Newspaper Articles (2)
1.April 23, 1909Los Angeles HeraldLos Angeles, CA
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Article Text
IMPERIAL VALLEY BANK IS CLOSED Conflict with Commissioners Over Power Company Bonds Ends in Suspension of Business [By Associated Press.] IMPERIAL, April 22.-The Valley State bank at El Centro closed its doors this morning and is in the hands of the state bank commissioners. George A. Carter and George A. Lathrop, the president and vice president of the bank are in Los Angeles seeking to adjust the failure of the bank, which was founded by W. E. Holt, who later sold the controlling interest. Holt has been in conflict with the state commission because of the large holdings in bonds of the Holton Power company. Owing to the absence of President Carter it is impossible to get a statement of the condition of the bank before tomorrow. The unofficial deposits are $140,000.
2.May 10, 1929Imperial Valley PressEl Centro, CA
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Article Text
Looking Backward What the Press Files Tell of Ins. perial Valley for this Date In Past Years TWENTY YEARS AGO May 10, 1909 The return of Leroy Holt of the First National Bank of Imperial from Los Angeles was accompanied by a report of a better outlook for the depositors in the suspended Valley State Bank of El Centro. Mr. Holt has no connection with that bank but he was given the duty of passing on its securities and it is rumored that the First National Bank of Los Angeles, the only Los Angeles bank that has ever been friendly to the valley will come to the aid with assistance.
