gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
d392e4341dea31b9
Response Measures
None
Description
Some articles show OCR/place variant 'Long Branch' but context and majority indicate Long Beach, CA.
Events (7)
1.January 27, 1908Run
Cause
Bank Specific Adverse Info
Cause Details
Heavy withdrawals following expiration/raising of the 90-day withholding requirement after months of limited payments.
Measures
Invoked 90-day requirement earlier (had not been paying out for ~3 months) prior to heavy withdrawals.
Newspaper Excerpt
The raising of the 90-day requirement of depositors caused withdrawals too heavy for the bank to stand.
Source
newspapers
2.January 27, 1908Suspension
Cause
Bank Specific Adverse Info
Cause Details
Withdrawals following the 90-day requirement and prolonged non-payment led the bank to suspend payments.
Newspaper Excerpt
The Citizens Savings Bank today announced suspension.
Source
newspapers
3.April 4, 1908Receivership
Newspaper Excerpt
Frank M. Kelsey ... was appointed receiver for the Citizens Savings Bank of Long Beach; depositors $449,993, cash assets only $21,219.
Source
newspapers
4.July 27, 1908Other
Newspaper Excerpt
Receiver to make first report; a 10 per cent dividend for depositors will be declared about July 27, about $45,000 to be distributed.
Source
newspapers
5.November 10, 1908Other
Newspaper Excerpt
Second dividend of 10 per cent would be declared about November 10.
Source
newspapers
6.March 30, 1909Other
Newspaper Excerpt
Depositors representing more than $275,000 signed agreement with stockholders; bank will be reopened shortly; stockholders to make up depleted assets about $65,000.
Source
newspapers
7.November 15, 1909Reopening
Newspaper Excerpt
The bank would reopen its doors next Monday, November 15; it will open with nearly $100,000 cash on hand.
Source
newspapers
Newspaper Articles (22)
1.January 28, 1908The Marion Daily MirrorMarion, OH
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Article Text
MINOR MENTION. The Citizens' Savings bank, of Long Beach, Cal., has announced its suspension. The plant of the American Car and Foundry Co. at Detroit, which had been shut down for some time, has reopened, giving employment to 3,000 men. Nearly 200 employes at the Herreshoff boat building plant at Bristol, R. I., are back to work on full time after working for several months on a 4½hour basis. One fireman was killed, more than 20 were injured and property valued at $500,000 was destroyed in a fire which devastated the Mayer building, a seven-story brick building, and the Hotel Florence at Chicago. Franklin B. Lord, of the law firm of Lord, Day & Lord, who brought an unsuccessful suit against the Equitable Life Assurance society to prevent its transformation into a mutual company, is dead at his home in New York City.
2.January 28, 1908Pine Bluff Daily GraphicPine Bluff, AR
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Article Text
BANK SUSPENDS IN CALIFORNIA Hearst News Special to the Graphic. Long Branch, Cal., Jan. 27-The Citizens Savings Bank today announced suspension. The raising of the 90-day requirement of depositors caused withdrawals too heavy for the bank to stand.
3.January 28, 1908The Seattle StarSeattle, WA
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Article Text
Savings Bank Suspends. LONG BEACH, Cal., Jan. 28.The Citizens' Savings bank of this city has announced its suspension.
4.January 28, 1908Los Angeles HeraldLos Angeles, CA
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Article Text
CITIZENS SAVINGS BANK MAY PAY ALL DEPOSITORS Special to The Herald. LONG BEACH, Jan. 27.-The Citizens Savings bank closed its doors this afternoon. The bank had been out of business practically for three months, not paying out to depositors. D. M. Cate, the president, paid this afternoon if the securities held by the bank can be realized on the depositors would be paid dollar for dollar. The bank examiner is quoted as declaring the bank solvent. A receiver will probably be appointed soon.
5.January 30, 1908Mexico Weekly LedgerMexico, MO
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Article Text
Bank Suspended. Special by Minor and Co's. Wire. Long Branch, California. The Citizens Saving bank of this city has suspended payment, capital $250,000, deposits $450,000.
6.January 31, 1908Twice-A-Week Plain DealerCresco, IA
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Article Text
California Bank Suspends. Long Branch, Cal., Jan. 29.-The Citizens' Savings bank of this city Monday announced its suspension. About three months ago the bank took advantage of the 90-day requirement rule for depositors and since the expiration of that time, it is understood, the withdrawals have been greater than the bank has been able to meet.
7.February 15, 1908Los Angeles HeraldLos Angeles, CA
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Article Text
DEPOSITORS DEMAND RECEIVER FOR BANK Suit was filed yesterday in the superior court by George Beebe, bank commissioner, asking a receiver be appointed for the Citizens' Savings bank of Long Beach. The bank has been in the hands of the bank commissioners since February 5, and it is stated the reason for the filing of the suit is because of the urgent demands made by depositors. Judge Monroe late in the afternoon issued an order prohibiting the officials of the bank from having anything to do with its affairs.
8.February 26, 1908Los Angeles HeraldLos Angeles, CA
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Article Text
Stockholders to Meet Special *o The Herald. LONG BEACH, Feb. 25.-A meeting of the stockholders of the Citizens Savings bank has been called for 3 o'clock tomorrow afternoon at the bank, the object of the gathering being to agree upon some one to recommend for appointment as receiver for the bank.
9.March 6, 1908Los Angeles HeraldLos Angeles, CA
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Article Text
EXTENSION OF TIME IS ALLOWED TO STOCKHOLDERS An order was yesterday entered by Judge James of the superior court extending to April 3 the time allowed to stockholders of the Citizens' Savings bank of Long Beach in which to put into effect plans whereby the bank may be kept out of the hands of a receiver.
10.April 5, 1908New-York TribuneNew York, NY
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Article Text
RECEIVER FOR A CALIFORNIA BANK. Los Angeles, April 4.-Frank M. Kelsey to-day was appointed received for the Citizens Savings Bank. of Long Beach !t was asserted that the amount to the credit of the depositors of the bank was $449,993 and the actual cash assets with which to meet this were only $21,219.
Bank Receiver Named, Los Angetes. April 4. Superior Judge James today made an order appointing Frank M. Kelsey, vice president of the Metropolitan Bank and Trust company, receiver for the Citizens' Savings bank of Long Beach, with a bond fixed at $200,000. It was shown that the amount to the credit of the depositors of the bank was $449,993. and the actual assets with which to meet this was only $21,219.
12.July 17, 1908Los Angeles HeraldLos Angeles, CA
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Article Text
DEPOSITORS EXPECT TO GET DIVIDENDS OF TEN PER CENT Special to The Herald. LONG BEACH, July 16.-Frank M. Kelsey, receiver for the Citizens Savings bank, will make his first report in department four of the superior court at* 10 o'clock the morning of July 27, at which time, it is said, a 10 per cent dividend for depositors will be declared. An opportunity will be given at this time, also, for depositors to investigate the conditions of the bank's assets, as shown by the report.
13.July 28, 1908Los Angeles HeraldLos Angeles, CA
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Article Text
LONG BEACH SAVINGS BANK ORDERED TO PAY DIVIDEND After he had filed his first report with the court yesterday, Frank M. Kelsey, receiver of the Citizens Savings bank of Long Beach, was authorized by Judge James to pay a 10 per cent dividend to the creditors by August 1. The receiver states that about $45,000 will be distributed at that time.
14.October 18, 1908Los Angeles HeraldLos Angeles, CA
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Article Text
SECOND DIVIDEND WILL BE DECLARED BY DEFUNCT BANK LONG BEACH, Oct. 17.-Receiver Kelsey of the Citizens Savings bank said this afternoon that a second dividend of 10 per cent would be declared about November 10. The statement will be ready within a short time. A former dividend, declared since the receiver took charge of the affairs of the defunct institution, was of 10 per cent.
15.March 31, 1909Los Angeles HeraldLos Angeles, CA
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Article Text
Citizens Bank to Reopen LONG BEACH, March 30.-Depositors representing more than $275,000 having signed an agreement with the stockholders of the recently defunct Citizens Savings bank, that institution will be reopened shortly. The stockholders will make good the depletion in the assets of the bank, amounting to about $65,000, and the depositors will accept their money in installments. If signatures representing $300,000 can be secured the stockholders will give out a 10 per cent dividend at once. Two dividends of 10 per cent each have been paid by the receiver.
16.March 31, 1909Los Angeles HeraldLos Angeles, CA
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Article Text
Citizens Bank to Reopen LONG BEACH, March 30.-Depositors representing more than $275,000 having signed an agreement with the stockholders of the recently defunct Citizens Savings bank, that institution will be reopened shortly. The stockholders will make good the depletion in the assets of the bank, amounting to about $65,000, and the depositors will accept their money in installments. If signatures representing $300,000 can be secured the stockholders will give out a 10 per cent dividend at once. Two dividends of 10 per cent each have been paid by the receiver.
17.April 7, 1909Los Angeles HeraldLos Angeles, CA
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TAKE STEPS LOOKING TO SPEEDY OPENING OF BANK Commissioners and Receiver Checking Up Agreement Between Stockholders and Depositors LONG BEACH, April 6.-The bank commissioners and the receiver in charge of the Citizens' Savings bank are checking up the agreement between the stockholders and depositors looking toward the reopening of the bank. When this investigation is complete the stockholders will meet and levy an assessment, thus fulfilling their part of the agreement. The collection of this assessment will put off the opening of the bank at least two months more.
18.June 24, 1909Los Angeles HeraldLos Angeles, CA
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CITIZENS BANK MAY BE REOPENED SOON TO TRY TO GET INJUNCTION MODIFIED Directors of Savings Institution Decide to Employ Senator Hahn to Secure Change in Court Order [Special to The Herald.] LONG BEACH, June 23.-The directors of the Citizens Savings bank voted last night to employ Senator Hahn of Pasadena to petition the court to modify the injunction against the Citizens Savings bank, now in the hands of a receiver, so that the directors can reopen it, an assessment of 25 per cent to be made against the stock in order to make good the deficiencies in the assets. The bank is now in the hands of a receiver, the directors having been enjoined from managing the institution. All but a few of the stockholders have signed an agreement to pay the assessment, and it is believed the others can be forced to assent to its being levied.
19.October 21, 1909Los Angeles HeraldLos Angeles, CA
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CITIZENS SAVINGS BANK TO OPEN IN SHORT TIME LONG BEACH, Oct. 20.-More than $50,000 has been paid in by the stockholders of the Citizens Saving bank, and as $62,500 is all that is required to be on hand before the bank can be reopened, the officers are confident the bank will be ready for business in a few weeks. F. M. Kelsey, the receiver, will pay out about $70,000 to those depositors who were not willing to sign up the agreement looking toward the reopening of the bank. He is making preparations to close his connection with the affairs of the bank.
20.November 5, 1909Los Angeles HeraldLos Angeles, CA
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RECEIVER FINISHES REPORT AND WILL FILE IT TODAY LONG BEACH, Nov. 4.-Receiver Kelsey, who has been in charge of the Citizens Savings bank affairs since that institution closed its doors two years ago, completed his report today and will submit it to Judge James tomorrow in Los Angeles, at which time the receiver will be discharged. The bank will be reopened upon the arrival of a license, which has been asked for from the state superintendent of banking. The receiver's report shows that, including the $62,500 which has been raised by assessing the stockholders, the bank will have on hand when it opens $99,109.70. This does not include $58,646.42 which the receiver has on hand, but which is to be paid over 10 those depositors of the bank who refused to sign the agreement by which the bank is being reopened.
21.November 8, 1909Los Angeles HeraldLos Angeles, CA
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Bank Reopens Next Week LONG BEACH, Nov. 7.-A permit to do business was received by the Citizens Savings bank yesterday from the state superintendent of banking. The receiver having filed his report and the injunction against the officers of the bank having been partially dissolved, the bank will reopen next week. The new quarters at First street and Locust avenue have been put in good shape. The receiver will not be discharged until he has paid over to those depositors who did not sign the agreement whereby the bank is to be opened the sum of $58,000, representing their deposits.
22.November 10, 1909Los Angeles HeraldLos Angeles, CA
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Savings Bank Opens Monday LONG BEACH, Nov. 9. -President Frank McCutchen of the Citizens' Savings bank said today that the bank would reopen its doors next Monday, November 15. It had been expected the bank might reopen this week, but this was found to be impossible. At the same time that the bank reopens the "non-consenting" depositors, who did not sign up the agreement whereby the bank is to be opened, will be paid their deposits in full by a representatve of the receiver. This will be done at the bank. The amount to be paid these is about $70,000. The bank will open with nearly $100,000 cash on hand.
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.
