Bank of Willows (Willows, CA)

Episode Information

Episode UID
90047671597
Episode Type
Run → Suspension → Closure
Bank Type
state
Bank ID
9004767 routing
Routing Number
90-0476
Start Date
January 23, 1933
Location
Willows, California (39.524, -122.194)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
d237d367909cc65f

Response Measures

None

Description

Closure followed heavy withdrawals after the California National failure; receiver appointed and bank liquidated.

Events (3)
1. January 23, 1933 Run
Cause
Local Banks
Cause Details
Heavy withdrawals triggered by news of the California National Bank failure in Sacramento.
Measures
Directors closed bank before runs might develop; failed to open doors for business.
Newspaper Excerpt
Heavy withdrawals which followed news of the California National's failure were the direct cause of closing the banks.
Source
newspapers
2. January 23, 1933 Suspension
Cause
Local Banks
Cause Details
Boards of directors, after conferring with state banking officials, closed the bank because it could not withstand withdrawals following other banks' failures.
Newspaper Excerpt
The Bank of Willows ... failed to open their doors for business today ... Boards of directors ... felt that their institutions were incapable of withstanding the threats of runs.
Source
newspapers
3. February 16, 1933 Receivership
Newspaper Excerpt
Wagner Begins Duties as Bank Willows Receiver ... Carl E. Wagner ... has commenced his duties. He was accompanied by George Walker of the State Banking department who is supervising the liquidation of closed banks in this dis-
Source
newspapers

Newspaper Articles (17)
1. August 23, 1932 The Washington Herald Washington, DC

Article Text

BARES REPORT State Bank of $12,erty, 250; Taylor, Bank of Taylor, $9,Reno National Bank, $693,000, in three installments. West Seattle State Bank, Security State Bank, Milwaukee, Badger State Bank, $225,000; North Avenue State. Bank, American National Bank, CALIFORNIA LOANS In addition to the $3,800,000 loaned to the Bank of America National Trust and Savings Bank, the following loans were made to California banks: Long Beach, Calif., First Na tional Bank, $200,000; Angeles, Wilshire National Bank, Monrovia, Monrovia Citizens Bank, Rialto, First National Bank, Sacramento, California National Bank, California Trust and Savings Bank, Santa Ana, Farmers and Merchants' Savings Bank, First National Bank, Rosa, Exchange Bank, Santa First National $58,000; $8,500; Willows, Bank (receiver), Bank of Willows, $140,000.

2. January 23, 1933 Imperial Valley Press El Centro, CA
Article from Imperial Valley Press, January 23, 1933

Click image to open full size in new tab

Article Text

FIVE SMALL BANKS CLOSE SAN FRANCISCO, Jan. 23. U.P.) Reverberations of the failure of the California National bank in Sacramento were felt in other northern California towns today when five small banks were closed on orders of their boards of directors. The Banks of Willows, Bank of Courtland, Bank of Folsom, the Fair Oaks bank and the Colura County bank failed to open their doors for business today, according to word received by the state bank examiner's office here. Boards of directors of the five banks felt that their institutions were incapable of withstanding the threats of runs. Heavy withdrawals which followed news of the California National's failure were the direct cause of closing the banks. The action was taken after the boards had conferred with state banking officials who agreed it would be best to close the banks before runs might develop. Total assets of the institutions were not available here. State banking officials did not look upon the situation with alarm. They pointed out that after the first flare of hysteria in Sacramento, when the California National closed, depositors in other banks quieted down and deposits exceeded withdrawals. "Closing of the five small banks today was merely a reflex of the situation in Sacramento," said Edward Rainey, state bank examiner.

3. January 23, 1933 Appeal-Democrat Marysville, CA

Article Text

SAN Jan. 23, of the failure of the California National bank Sacramento were felt in other northern California towns today when five small banks were closed on orders of their boards of tors. The Bank of Willows, the Colusa County Bank, Bank of Courtland, Bank of Folsom and the Fair Oaks bank failed to their open doors for business today, according to word received by the state bank examiner's office here. Heavy withdrawals which followed news the California National's failure the direct cause of closing of the banks. The action was taken after the boards had conferred state banking officials who agreed would best close banks before runs might develop. State banking officials did not look upon the situation with alarm. They pointed out that after the first flare of hysteria in Sacramento, when the California depositors in other banks quieted down and deposits exceeded withdrawals.

4. January 23, 1933 Santa Maria Times Santa Maria, CA

Article Text

More Close Doors SAN Jan. Reverberations of the failure of the California National bank in Sacramento were felt in other northern California towns today when five small banks were closed on orders of their boards directors. The Bank of Willows, Bank of Courtland Bank Folsom. the Fair Oaks and the Colusa County bank failed to open their doors for business today. according to word received by the state bank examiner's office Boards directors of the five banks felt that their institutions were incapable of withstanding the threats of runs. Heavy withdrawwhich followed news of the California National's failure were the direct cause closing the banks. The action was taken after the boards had conferred with state banking officials who agreed would be best to close the banks beruns might develop.

5. January 23, 1933 The Chico Enterprise Chico, CA

Article Text

Five Banks in Valley Closed By Withdrawals Ed Rainey. state superintendent of banks, announced today that five Sacramento Valley banks closed their doors today because of heavy withdrawals. due to closing of other banks in the district. The banks which failed to open for business today were the Bank of Courtland, the Colusa State Bank, the Bank of Folsom, the Bank of Willows and the Fair Oaks Bank. Saturday the California National Bank California Trust and Savings Bank of Sacramento among the oldest banking institutions of the state, closed their doors. Bank officers at Willows blamed frozen assets added to heavy withdrawals. The bank was established in 1882. Of the five towns where banks closed today. only Willows and Colusa have further banking facilities. There is also in Willows the Bank of America branch and the First National Bank of Willows. In Colusa there remained, Rainey said, First Savings Bank. Rainey said closing of the banks was more protective measure to safeguard deposits. Ht said he did not regard the situation "critical" and after telephonic survey of the situation Sacramento said banking conditions theer were "favorable.' According to reports received this afternoon, was the Colusa County Bank and not Colusa State Bank that closed its doors this morning following run.

6. January 23, 1933 The Chico Enterprise Chico, CA

Article Text

Local Depositors Remain Sensible in Bank Situation; Refrain From Withdrawals At all three of the local banks it was admitted today by officers in charge that more or less panicky feeling existed as result of the news Saturday the closing of the California National bank and reports this morning of the suspension of the Bank of Willows. At the Bank of America, according to statements by S. K. Troxel and E. Williamson. and judging by the number of coming and going in the bank, only normal conditions prevailed. No restrictions whatever upon withdrawals of savings funds, were imposed and there was but little evidence of uneasiness on the part of patrons. At the First National Bank Paul S. Yockey, cashier, stated that he was confident that the whole situation would clear up in few weeks at most. He wished to emphasize the fact that the Capital National Bank of Sacramento, of which Alden Anderson is the head, as well as being the president of the First National Bank of Chico, is not the California National which closed Saturday The names of the two. Sacramento banks are somewhat similar and there was belief on the part of a few persons here and there that it was the Anderson bank that had closed. Ninety-Day Notice Yockey announced that in fairness and justice to all the depositors of the First National and for their protection as well as for that of the bank, the usual 90 days notice would be required of savings depositors who wished to withdraw savings funds. This notice he pointed out is part of the agreement entered into between the bank and depositors when an ac-

7. January 23, 1933 The Chico Enterprise Chico, CA

Article Text

Bank of Willows Fails to Open Bank of Willows, oldest in Glenn county, failed to open today and State Bank Examiner Matthews took charge. Bank officers blamed heavy withdrawals and frozen assets. The bank was established in 188'. Ellis Levy of San Francisco is its president.

8. January 26, 1933 The Glenn Transcript Willows, CA

Article Text

Bank of Willows Closed Its Doors Monday Morning Bank of Willows, one of the influential and largest banks In the Sacramento valley, closed its doors last Monday. notice was posted on the door by Edward State Bank Examiner, through Deputy aminer, which stated: have taken of the sets of the bank under provisions Section 136 of the Banking Act of the State of California". The closing naturally caused sation. Citizens gathered in groups Tehama street, discussing occurred even bordering on the hysteria which generally marks bank suspensions. The depositors were calm and hopeful. The directors of the bank the morning issued the following statement: "Owing to conditions caused by the recent suspension several well banks the Sucramento valley including the closing of The Calfornia National Bank and California Trust Savings Bank of Sacramento Saturday, January 21, the Board of Directors the Bark of Willows un. animously decided ask the State Banking charge of the Bank of Willows order to tect the interests of the deposi- On Monday as of the suspension operations the California National Bank and California Savings Trust company be. sides the Bank of Willows there were four other banks which closed: Bank of Courtland, Bank of Fair Oaks Bank of Folsom and Colusa County Bank. LOCAL BANKS MEET DEMANDS The Bank of America and the First National Bank were equal the casion. Their sound condition and sources were ready to meet any demands. The First National Bank in anticipation of withdrawal requests early in day received $15,000 from the Federal Reserve Bank of Sacramento. Up to today both local banks report proceeding nothing had happened." The First National reported only withdrawals of small accounts, and that there would be no occasion to use the $15,000 received from Sacramento. New accounts have been opened both banks, and more money deposited than paid out. Willows has shown its confidence the two remaining banking institutions and their management. They both have the resources to meet the situation in this locality. May Reorganize and Re-open The closing of the Bank of Willows most regrettable blow to the tire county. Organized in 1882 an stitution 80 large and extending its fluence into so many homes and busiestablishments could fall be acutely felt. The money, however, deposit will not lost. The closcreates and time must elapse to liquidate its affairs. At meeting of business men held on Monday evening confidence that the Bank Willows pressed would due time be in position to in dollar of its deposits. They pay every also expressed confidence that action would be taken within short time for and reopening. $450,000 in Capital Attorney Duard Geis at the meetthat ing on Monday night stated that the Bank Willows had approximately Glenn Rev. Glenn weeks Glenn 1900 the First where Glenn fortunate real estate valued $84,600 series owned on held Silver cashier. Dr. must this Joe work and information of the bank's county standing be given out as quickly served this consolation for the lows strong the lows: sit steady in the and Willows and $570,880; shape. Fair The the only lusa.

9. January 27, 1933 Willows Daily Journal Willows, CA

Article Text

receiver, and of E. M. Garrison first assistant receiver of the Bank of Willows asked in petitions being borrowers. Receivership by local men would be much less expensive and would save the depositors great deal money Walter H. Michael has the confidence of the depositors and of the entire The petition follows: "Whereas, Walter H. Michael has, for the past two years. been the appraiser, and inspector, for the Bank of Willows in regard to all of its loans upon livestock and real estate, and "Whereas, Walter H. Michael thoroughly familiar with every real estate and livestock loan in said bank. and has continuually kept in actual contact with all of its borrow"Whereas, the integrity of Walter Michael is above reproach, and his ability in working out the loans the bank has already been demonstrated, and, "Whereas. we are confident that the appointment of Walter H. Michael as receiver for said Bank of Willows will materially diminish and reduce the ceivership charges for the benefit of the depositors of the bank, and. sistant cashier of the Bank of Willows. thoroughly familiar with all of the internal and external affairs of the bank. and has consented to as first assistant to said Walter H. Michael in said receivership proceedings. "Now. Therefore, the undersigned depositors of the Bank of Willows hereby respectfully petition and request that the Honorable Edward Rainey Superintendent of Banks of the State of California. immediately appoint Walter H. Michael as receiver for the Bank of Willows. for the purpose of affording the best and most adequate protection to the bank.

10. February 2, 1933 The Glenn Transcript Willows, CA

Article Text

No Appointment Of Bank Receiver Is Yet Announced No appointment of receiver the closed Bank of Willows has yet been made by Edward Rainey, State Superintendent of Banks. It is, how expected any day

11. February 16, 1933 The Glenn Transcript Willows, CA

Article Text

Wagner Begins Duties as Bank Willows Receiver Carl E. Wagner of San Francisco, receiver of the Bank of Willows arrived here Tuesday and has commenced his duties. He was accompanied by George Walker of the State Banking department who is supervising the liquidation of closed banks in this dis-

12. February 17, 1933 Woodland Daily Democrat Woodland, CA

Article Text

Issue Scrip For Trading (By Valley News Alliance) issue up $5,000 with deposits the closed Bank of Willows security were cussed last night meeting of local business men who have deposits the bank. The proposed by Clarence plan, Wicks. former chashier the bank. provides that clearing house association be formed by the business men. Depositors would assign to the organ ization per cent of their deposits. receiving return certificates for the amount the assignment which would be good at their face value in local stores. The certificates would be redeemed when the first dividend had been declared by the bank receiver. Definite plans are to be made next week Wickes has conferred with local merchants.

13. February 17, 1933 Red Bluff Tehama County Daily News Red Bluff, CA

Article Text

WILLOWS, Feb. Plans to issue script up to $5000 with deposits in the closed Bank of Willows security, were discussed last night at meeting of local business men who have deposits in the bank. The plan, proposed by Clarence former cashier of the bank, provides that clearing house association be formed by the business men. Depositors would assign the organization 10 per cent of their deposits, ceiving in return certificates for the amount of the assignment which would be good their face value in local stores The certificates would be redeemed when the first dividend had been declared by the bank receiver.

14. March 9, 1933 The Glenn Transcript Willows, CA

Article Text

Bank Receiver Reports Progress While the banks of the nation are closed under a mandatory banking holiday which will remain in force un. til Monday according to latest reports, the Bank of Willows is steadily making progress in diquidating its assets under the direction of Carl Wagner, recently appointed local receiver the by the State Banking Department. "In ate. fact" stated Wagner "the liquidating process is going ahead faster with more satisfactory results than we had anticipated, especially under present adverse conditions." Many File Claims Early The week following February 20th. which was the opening date of the four month period required by law for filing claims, many people hurrled to file their claims early. Since that time the rush for filing has entirely subsided and it is estimated that less than one third of the total depositors, approximating 2000, have entered their claims.

15. February 28, 1935 Woodland Daily Democrat Woodland, CA

Article Text

Woodland Visited By Bank Receiver Carl Wagner, receiver of the Bank of Willows in liquidation, was a visitor in Woodland Wednesday night. Wagner, accompanied by his wife and family, were en route to Willows after spending the day in Sacramento where the former attended to business matters. Wagner, who is well known in the valley, is looking forward to a prosperous spring for farmers in the northern counties. MAY HAVE BEEN PLOT LOS ANGELES—(INS)—Damaging foreign substance found in Winnie Mae, Wiley Post's crack airship which he used in attempt to set new stratosphere record last week.

16. December 4, 1935 Colusa Sun-Herald Colusa, CA

Article Text

New Willows Bank Receiver WILLOWS, Dec. 4 (VNA)—James Lang, receiver for the Peoples Savings Bank of Chico, is to act in addition in a similar capacity for the closed Bank of Willows. He succeeds Carl F. Wagner, who has been transferred to Sacramento.

17. December 6, 1935 The Sacramento Union Sacramento, CA

Article Text

Chico Bank Receiver to Liquidate Glenn Unit (Union Valley Service) WILLOWS, Dec. 5.—James Lang, in charge of liquidating the closed Peoples Savings and Commercial bank of Chico, was given additional duty yesterday by Friend W. Richardson, state bank superintendent, who appointed Lang special deputy in charge of liquidating the Bank of Willows. Carl Wagner, deputy in charge of the Willows institution since it closed, has been transferred to Sacramento, but will continue as nominal head here.