Riverside Bank (Reno, NV)

Episode Information

Episode UID
94000871595
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
9400087 routing
Routing Number
94-0008
Start Date
November 1, 1932
Location
Reno, Nevada (39.530, -119.814)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
018670d8e2877f1c

Response Measures

None

Description

Riverside was part of the Wingfield chain of Nevada state banks closed in the Nov 1932 state banking holiday.

Events (4)
1. November 1, 1932 Suspension
Cause
Government Action
Cause Details
Statewide business and banking holiday/moratorium proclaimed by state authorities in Nevada; Wingfield banks (including Riverside) closed as part of this moratorium.
Newspaper Excerpt
By proclamation, I have just declared a business and banking holiday to and including the twelfth day of November, 1932.
Source
newspapers
2. December 13, 1932 Suspension
Cause
Government Action
Cause Details
Bank examiner took charge after suit to secure payment of county funds and as part of examiner intervention in the Wingfield banks.
Newspaper Excerpt
suit was filed against the Riverside Bank in Reno by E. H. Beemer... and the bank examiner then stepped in and took charge of that institution.
Source
newspapers
3. February 28, 1934 Receivership
Newspaper Excerpt
Leo F. Schmidt... today was appointed receiver for seven closed state banks in Nevada... the Riverside bank, all of Reno; ... District Judge Clark J. Guild ... appointed Schmidt, fixed his salary at $500 per month ... The banks involved failed to open their doors after Nevada first state wide bank holiday in November, 1932.
Source
newspapers
4. February 16, 1935 Other
Newspaper Excerpt
Another dividend for depositors of the Riverside Bank... The dividend will amount to $92,375.16, or 15 per cent of the depositor liability ... Prior to that time a 25 per cent dividend was paid. Since then Schmitt has paid two other dividends. The total now paid to depositors ... amounts to $606,359.76, or 73.75 per cent of the original deposit liability.
Source
newspapers

Newspaper Articles (19)
1. November 1, 1932 Reno Gazette-Journal Reno, NV

Article Text

GROUP OF BANKS The Wingfield group of banks in Nevada, with combined deposits of about sixteen million dollars and capital of $1,975,000 include: Reno National Bank and Bank of Nevada Savings and Trust Company, with deposits of $7,600,000 and capital of $800,000; Riverside Bank of Reno, capital $50,000, deposits approximately $1,060,000; United Nevada Bank of Reno, capital $400,000, deposits approximately $1,800,000; Tonopah Banking Corporation, capital $50,000, deposits approximately $325,000; Virginia City Bank, capital $25,000, deposits approximately $200,000; Wells State Bank, capital $25,000, deposits approximately $85,000; Henderson Banking Company of Elko, capital $200,000, deposits approximately $1,650,000; Churchill County Bank of Fallon, capital $75,000, deposits approximately $750,000; Carson Valley Bank of Carson City, capital $125,000, deposits approximately $850,000; Bank of Sparks, capital $25,000, deposits approximately $730,000; Winnemucca First National Bank, capital $200,000, deposits approximately $2,000,000. LEGISLATIVE SESSION Reports were current this morning that the calling of a special session of the Nevada legislature will be discussed with Governor Balzar on his return to the state as a considerable part of the state's funds, as well as the funds of counties, school districts, municipalities and the university are on deposit in the Wingfield banks. The legislative session, however, if one is called would not be held until late this month and during the next twelve days the proposed reorganization of the Wingfield banks may be effected, it was pointed out. The terms of present members of the legislature, excepting hold-over senators expire on November 8 and if the legislature is called in special session its membership will consist of those elected next Tuesday and the hold-over senators. GRISWOLD'S STATEMENT Lieutenant Governor Griswold issued a statement in addition to the moratorium proclamation setting forth in detail his reasons for taking the action. The statement follows: "To the people of the state of Nevada: By proclamation, I have just declared a business and banking holiday to and including the twelfth day of November, 1932. My reason for so doing is the conviction that business, banks, bank depositors and the entire people of the state of Nevada will be best protected by this action. "While some of our banks are not to be considered as otherwise than sound in all particulars, those of our banking institutions which have particularly supported our agricultural interests are naturally most seriously affected by the collapse in prices of agricultural products, which occurred about three years ago. Only very slight recovery in such prices has been realized and in the meantime and before the price collapse, exceptionally adverse climatic conditions have further destroyed the ability of the livestock raisers and farmers to reduce their obligations to the banks. In fact, these banks, in the hope of carrying over to a period of better conditions, have been obliged to

2. November 21, 1932 Nevada State Journal Reno, NV

Article Text

Plan of Reopening Banks Through Creation Of Consolidated Institution Will Be Told The meeting is the forerunner of similar gatherings to be held in all communities where Wingfield banks are located. The meeting in Sparks will be followed by a gathering of bank depositors of the Henderson Banking corporation in Elko Tuesday noon and of the Wells State Bank Tuesday night. The Winnemucca meeting is likely to be held Wednesday noon. Three meetings are likely in Reno, one for the depositors of the Reno National and the Bank of Nevada Savings & Trust company, another for the United Nevada and the third for the Riverside Bank. However, the dates of the Reno meetings have not been set. In each instance depositors will be told of Nevada banking difficulties and of the way out, through the consolidated bank plan.

3. December 13, 1932 Reno Gazette-Journal Reno, NV

Article Text

On Friday the boards of directors of the Reno National Bank, the Winnemucca First National Bank and the Bank of Nevada Savings & Trust Company, requested federal and state bank examiners to take charge of the institutions. Yesterday suit was filed against the Riverside Bank in Reno by E. H. Beemer, county clerk, to secure payment of county funds he had on deposit there and the bank examiner then stepped in and took charge of that institution. Late in the afternoon he decided to take charge of the remaining state banks in the Wingfield chain and telegraphed to the cashiers of each bank and at the same time appointed the cashiers of the banks as his assistants and placed them in charge. "For the time being," said Seaborn this morning, "I do not intend to take any special action in the matter other than to count the cash and list the assets of each institution. This proposed reorganization plan is still in the making and until something definite is known as to whether or not a feasible reorganization plan can be worked out there will be no change in the status of the banks."

4. March 2, 1933 Reno Gazette-Journal Reno, NV

Article Text

Waiver Form Bank Depositors' State Banks Is For Complete READY MAIL THEM WITHIN FEW DAYS Coast Situation Is Not by Eccles to Expected Change Plans National Bank Waiver Sent to Comptroller of Currency for Review The waiver which will mailed within few days the positors state banks in the Wingfield chain completed today executive committee of the general depositors committee. The complete text of the waiver form for the Riverside bank printherewith. The same form used for all the state banks in the The waiver form for the two national banks very similar but not be ready for publication or mailing until in princiby comptroller of the currency furnished copies. chairman of the the stated today that the banking holiday in California would effect on the reorganization plans for the Wingfield banks as far could see as agreement with the California corporations to deposit $500,000 in the proposed new bank deferred deposit gentlemen' agreement which the California positors carry out. Eccles also said the promised by the Finance Corporation be forthcoming the reorganizaprogram out. waiver form in full fol- Waiver and Subscription Agreement Depositor Creditor of the Riverside Bank: The undersigned, depositor and/or creditor of the Riverside Bank. suspended, in consideration of now the execution of like agreements by such depositors of said bank may the and for and for the purof providing for the pose tion of said bank and other banks commonly known as the Wingfield Banks (Bank Wells, Wells Banking Nevada: First National Bank of Winnemucca, Winnemucca, Churchill County Bank, Fallon. NeBank of Sparks, NeCarson Valley Carson Virginia City VirNevada: Tonopah Banking Corporation, Tonopah, Nevada: the Reno National Bank of Nevada Savings Trust United Nevada Bank and Riverside all of Reno, Nevada) does hereby sell. transfer, convey and set over unto the executive hereinafter named, its claim against pended in trust for uses and purposes set forth and hereby agrees as follows: That the assets of each of said Wingfield banks shall be separately (6) appraisers shall be appointed follows: One the receiver of the Reno National one by the receiver of the First National Bank Winnemucca, one the examiner and two (2) others. be lected by Victor Palmer, who acts for certain large corporations interested the reorganization of the Wingfield banks and one to be lected by chairman of the respective committees of the present closed banks. All assets of this and all of the Wingfield banks determined by appraisers to be good and/or good shall sold, transferred and assigned to mortgage company organized and incorporated as to qualified borrower from the Reconstruction Finance Corporation other governmental loan associations or and new which shall have capital of and surplus of and which shall have charter and the right to opmain bank with branches. The value of the shares of the par shall $25. The capital the mortgage company shall approximately but said capital may vary, depending upon the amount assets transferred thereto under the appraisals and classifications. The value of the shares par the mortgage company shall be one dollar each. The appraisers herein provided for shall determine and fix the specific the Wingfield banks which shall be placed in the bank" and the specific assets which shall be placed in the "mortgage" company. The assets so placed in the new bank and/or mortgage company and acquired from the state bank examiner in charge of the suspended bank equal the liabilities of the bank absolutely assumed paid by the bank company pursuant to this agreement and under like agreements executed by other creditors. under such contract with the state bank examiner shall entered into in the acquisition of said assets. Said amount of assets so placed and retained in the new bank shall be subject adjustment amount actually found to the time of bank compensate for the total liamortgage company bilities paid The assets retained by the new bank or mortgage company are to taken over at face value with adjustment interest to the date of fer when the interest but any ing may be taken over at the value fixed by the appraisers such agreed upon the bank and the state bank aminer. All assets of the Riverside Bank which deemed by apdoubtful shall sold, transferred assigned the new bank company but the bank company will transfer all of items (hereinafter called the trust fund) three liquidating trustees pointed the judge the district court the district of Nevada having jurisdiction thereof. Said trustees must depositors. Said trust fund shall be held in trust shall be distributed rata from time to time by said trustees the creditors waiving and contributing aforesaid portion claims. trustees shall make no charge services but shall be entitled deduct from the proceeds liquidation the and necessary of carrying said trust. together the cost fees, court costs and the and the said trustees the right sell compromise obligations held them. renew extend the tions of debtors said and file suits, mortgages, chase foreclosed property closure the trust estate, take all such steps as they their judgment deem necessary for the liquidation of said assets by collection compromise the and way the same fully though said assets were fully ed by said liquidating trustees their right Said have the expense the trust estate make such penditures and out the trust estate may be necessary for the and the thereof and for such purpose may borrow and pledge all or part the trust assets security therefor. The undersigned and each creditor entitled participate in said trust fund shall receive participation tificate representing his or her terest in the trust assets. Said trust fund shall be exclusively for the benefit of the depositors and creditors of the Riverside Bank, when said paid in the amounts of their original claims against said closed together with interest the rate four per cent per annum from November 1932, balance shall be distributed stockholders of the Riverside Bank or their successors in interest. their may appear. Whenever the new bank and/or the mortgage company the trust fund are each interested asset line of credit, the new bank shall have first upon the security any, accompanying asset of credit, the company have the second thereon and such order shall be entitled to receive out of said asset line of credit the security therefor the full amount of their respective interests therein before part thereof shall be covered by said The new bank mortgage company for period from after the the shall right to substitute any the liquidated assets retained in the new bank mortgage company renewals thereof. in whole or in when renewal made) for any of the trust assets or the proceeds liquidation of said exchange to limited to bills receivable and to upon the basis original mutual of price terest to the date of exchange that such exchange shall only be made between assets origin(at time of transfer) from the examiner charge of the Riverside Bank. distribution shall be made by the trustees until after the expiration of said period of substitution. At any time after the expiration said exchange substituperiod tion the liquidating trustee or trustees upon the written quest of the owners majority amount of said participation certificates sell remaining trust sets public sale to the highest bidder for cash after having given such of time and place said may be required the creditors requesting and trustee or trustees shall thereupon make final disposition of the proceeds of said trust assets then on hand the and for the purposes hereinabove provided. At such sale the new mortgage company may be purchaser of all or any part of said residue of the trust assets. During the entire period while said assets are process liquidation trustee committee three positors their shall conferred from time to time concerning such liquidation and shall have full access to the books and records said understood that trustee trustees shall exercise their powers jointly, but majority three trustees be appointed, shall control, the vacancy the powers duties thereof may performed by surviving members. majority interest of the creditholding participation certificates trust elect trustees time upon giving thirty written notice such election to each depositor creditor holding participation certificates Forest Eccles, Dyer and Clarence Kind hereby designated committee of the depositors' said bank and are granted the power and shall, when has been organized provided this agreement, transfer to said bank and/or mortgage the company undersigned's claim against the pended bank as enable the bank mortgage company use the same in part in purchasing and acquiring the assets of said pended bank from the state bank Said the bank mortgage company as the interest of the committee is authorized assignee of the undersigned make proof claim in its name the examiner charge suspended obtain the customary certificate issued favor the new bank mortgage company and committee bank mortgage company authorized to release, cancel surrender said receiver's certificate said state bank examiner part consideration the purchase and quisition the of the company suspended and upon such surrender and cancellation of said tificate said state bank examiner shall stand fully released from all claims the undersigned any participation the assets said spended bank and the delivery of the assets of said suspended bank to said new bank shall first and operate final dividend undersigned in full payment of of his her present claims against said state bank examiner. This agreement shall not deemed to waiver of liability of any holders of the Riverside Bank liability shall of such stockholders' trustees hereinbefore until enforced by the all notes, securi- any named, and moneys, obtained by the ties and judgments account thereof shall quest, said trustees on included in the trust fund to for the benefit of depositors up It in the Riverside Bank. the assets of the five The value of Bank classified at Riverside the be set termined by appraisals slow shall be the in an and/or good but basis credit of the depositor of net the new bank ferred and/or creditor and each mortgage company, creditor shall, depositor said net made titled to that proportion credit shall count assets as his deposit bear total of the said good to the assets the new but slow lease Riverside Bank. from his said net The undersigned, therefrom, of, credit, and payable only thereof hereby mortgage able. capital stock thereof the company and surplus of icates capital capital and to, the bank. understood and agreed that It the legal title to the entire capital company shall stock the bank in trust vested the will for the subscribers of the capital stock thereof, each subscriber com- that the capital stock mortgage pany shall receive participation tificate which shall represent his terest the assets of the mortgage obliga- and company all its tions and liabilities shall been of paid. banks the The assets of the Wingfield and more have been tentatively appraised, and in bank under this plan agreement the and accordance with said appraisal, the following distribution of assets to the made up of (1) the respective One trust the subscription the capital in the company, the (3) the the capital and surplus of the depositors' deposits in the fol- in the will be approximately lows. $1,000 deposit for the using illustration positors purpose the organization of the new bank paid, provided. however, that depositor may, lieu of such during deferred credit, entitled, upon receive negotiable time board tificates of deposit which shall bear interest the same rate. understood that the twentycent made available of the time of the will be of opening up on the books the account credit, his my subject to and that the dedeposits where no negotiable ity certificates issued, the deposits are they likewise cessor. available in individual the an to my credit to check. have subject It understood the either the to the right any and all of the installments event before there- shall maturity provided that for if any deposit or deposits released and made availinstallment installments, including said deposit, the certifdeposit there- trustee corresponding shall due and have thereupon become available to all the depositors similarly and that of said said any stallments trust maturity thereof, notice of that fact of be furnished to me. It understood and agreed It reorganization the Wingfield banks by and through new bank company hands accomplished, that said new bank said mortgage shall each company and have board of directors consisting said sixteen members, and that the placing $500,000 on deferred deposit in said new shall have right to select designate four (4) members board of directors for each, the selves bank and the company the of the bank agreed selected by the corporations shall shall president and the manager of the bank. Twelve of the remaining directors said new bank and mortgage and company shall be selected the have of each of the Wingfield shares safeguarding interests of all depositors through the selection of directors. period of this trust, following election of the first directors provided paragraph hereof; also through said directors to continue the management and direction of the affairs said bank. In the that the directors shall die, resign become incapable of duties such director the said trustees shall have and authorpower to select elect from among stockholders said bank that so selected shall not been time the any in past an officer director of any the that any of the trustees decline to act shall resign any reason be incapable of perto forming the duties of said trustees shall select such trustee such selected and elected shall the same power and authority trustees first selected. The aforetrustees while this shall not directors the bank mortgage company. understood and agreed that shares of stock of the bank issued placed in the said trustees and held throughout the period of five years, that there shall be issued by the bank certificates of title ownership of shares so to issued to us, which certificates may be sold, transferred otherwise disposed of with the same effect shares of stock themwere delivered the underbeing understood and that such certificates of title and in the event sale, transfer other disposition thereof whereby the ownership said stock shall pass other parties, then in such event said trustees shall the right cause the said of stock transferred the books of the said bank buyer, transferee person to whom the same shall passed. It pressly understood and provided that the of the said shares stock the the said trustees any action by such trustees shall in no way or the right the undersigned sell, transfer otherwise dispose the tificates to be issued as hereinbefore provided. Banks which are depositors the Riverside Bank any other Wingfield bank may join in this or like agreement, the banks joining in this or like agreement shall be subscribers to the stock in either the bank or the new mortgage company, but such bank's net credit shall payable in equal installments provided by paragraph hereof. 12. It is further agreed that this agreement, and similar by depositors the other Wingfield banks, shall apply to all public funds or deposits of the state of Nevada other governmental agencies of said including the state bank examinany court receiver in charge municipalities, townships, commissions, boards, irrigation districts or political subdivisions or agencies, and that in order carry this agreement into full force effect will necessary that proper legislative action be taken which place such deposits upon equality with individual depositors and creditors. done through legisla- tive authority and through the chinery provided by the act entitled act to provide for the compromise, release of indebtedness, liability or obligation any corporation, state amendments thereof. and an amendment to the state banking act, to adopted by the present legislature. This agreement shall void shall be carried full force and effect within ninety days after March 1933, and said new bank has not opened for business by said date said executive committee shall reassign claim any ceiver's certificate representing undersigned his cessor in interest. Dated 1933.

5. May 11, 1933 Reno Gazette-Journal Reno, NV

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SUGGESTED LIST OF FIVE TO BE LAID BEFORE MEETING Depositors of Sparks Bank Will Also Meet Tonight; Other Meetings Planned Meetings of depositors of two of the Wingfield banks will be held tonight to consider the naming of directors to represent those banks of the board of directors of the proposed new Bank of Nevada, into which eleven of the twelve Wingfield banks will be merged. The depositors of the Riverside Bank will meet at eight o'clock in the civic auditorium and the depositors of the Sparks bank will meet in the Sparks high school building. Acting in an advisory capacity the Committee of 100, headed by C. R. Pugh, will place five names before the Riverside depositors tonight as the committee's recommendation of men who would make capable directors. If the Riverside depositors are agreeable to the plan they will be asked to select two of the five as their choice for a director of the bank and a director of the mortgage company as it is not known definitely now whether the bank reorganization program will call for separate boards of directors for the bank and mortgage company. A committee from the Committee of 100, consisting of Charles Short, Howard Doyle, Lawrence Devincenzi, A. J. Buell and Alice McAndrews, made the selections and the list selected will probably include Harry Ginsburg, J. A. Cooper, Lester Hilp, Harvey Sewell, Charles Hansen, E. F. Lunsford and S. E. Ross, although the committee made no official announcement. Nominations from the floor will also be permitted. The waiver form states: "Twelve of the remaining directors of the said new bank and mortgage company shall be selected by the depositors of each of the Wingfield banks, so that each of the Wingfield banks will have one director, and the director so selected shall be named in the original articles of incorporation. If the depositors fail to select or name directors the judge of the court having jurisdiction shall designate such director or directors." As the waiver form does not prescribe when such directors shall be named it is the contention of some depositors and others that the Riverside depositors at the meeting tonight can take final action of the matter if they care to or can have a mail ballot taken. A similar meeting of the United Nevada Bank depositors will be held tomorrow night. The Reno National Bank depositors will be asked to meet on Monday night and the Bank of Nevada Savings & Trust Company depositors on Tuesday night. The Committee of 100 today addressed the following communication to the depositors of the closed banks outside of Reno: "The Committee of 100, a voluntary organization of Reno citizens, having devoted their time, energy and means to obtaining signatures of bank waivers, are very zealous that the new bank set-up shall start off 'on the right foot.' That is to say: With a board of directors so representative of the respective communities that public confidence shall be established upon the announcement of the election. It is proposed to file the reorganization suits for the eleven banks in the Ormsby court early next week and it is hoped to have the articles of incorporation for the new bank ready to file within a week. Charles Weigand, formerly connected with the Wingfield banks and now connected with the Federal Reserve Bank in San Francisco, will act as one of the appraisers for the California group in appraising the assets of the Wingfield banks. Clarence Kind of Tonopah, a member of the executive committee, will act in a similar capacity for the California group. The Nevada depositors will be represented on this appraiser board by F. N. Fletcher. The appraisers to represent the Reno National Bank and the Winnemucca National Bank have not yet been named. SHRINE TO HONOR PAST POTENTATES OBSERVANCE Celebrating past potentate's night, members of Kerak temple of the Shrine contemplate holding a genuine old-time celebration Saturday night in Masonic temple. Sam Harris, oldest living past potentate, will preside in place of W. J. Harris, present potentate. Fred Lippman, who directed Shrine activities in 1926, has charge of the entertainment program which will include numerous vaudeville acts as well as numbers by the band, the patrol and the drum corps in uniform. J. M. Kirkley and V. M. Henderson will compete in a story-telling contest with an empty beer mug as a prize. Dr. G. C. Steinmiller has a German band which will perform during the serving of a Dutch lunch at the end of the meeting. The past potentates of Kerak temple, six of whom are dead, are as follows: Robert Lewers 1907, Walter J. Harris 1908, Robert Lewers 1909, A. J. Spencer 1910, Alfredt W. Holmes 1911, Hosea E. Reid 1912, William F. Robinson 1913, Sanford C. Dinsmore 1914, Robert H. Parker 1915, Arthur A. Codd 1916, Samuel R. Tippett 1917, Edward Barber 1918, Sidney C. Foster 1919, Silas E. Ross 1920, George C. Steinmiller 1921, Charles H. Gorman 1922, George W. Robinson 1923, John D. Black 1924, J. M. Kirkley 1925, Fred Lippman 1926, V. M. Henderson 1927, W. H. Goodwin, 1928, George O. Gasho 1929, Earl T. Ross 1930, L. S. Reese 1931, John W. Grant 1932. U. N. STUDENT IS ILL Miss Mildred Basta, University of Nevada student from Ely, was operated on early this morning for appendicitis. ...institution in Reno is the report that is current now in banking circles. It is believed that an effort will be made to maintain one branch of the bank in the quarters now occupied by the Riverside Bank in the Riverside hotel.

6. June 27, 1933 Reno Gazette-Journal Reno, NV

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WARNING TO NON-SIGNING DEPOSITORS SIGNING DEPOSITORS Those opposing the present reorganization plan for the closed Wingfield banks have steadfastly maintained that before that reorganization plan can be put into effect the non-signing depositor must be paid in CASH his pro rata of the fair value of the assets of the bank in which he is a depositor and that he cannot be forced to take stock in either the proposed new bank or mortgage company as part payment for his deposit credit. A letter recently received from the Comptroller of the Currency at Washington, D. C., supports our contentions. The letter was published in the Gazette June 6th and 7th, and in part said: "As it stands now, in event the reorganization and consolidation becomes operative, it can only be effective as against the depositors of either of the national banks to the extent that they have individually consented". . . "This department has no objection to the reorganization or consolidation if it can be carried out by voluntary agreement, but it has been our policy under all the reorganizations provided for under section 207 of the Bank Conservation Act, to not permit any reorganization which forces the depositors to accept stock in a bank, in lieu of their deposits." NON-SIGNING DEPOSITORS will receive more CASH than will the signing depositors. Your payments will not be deferred over a period of years and you will not have to take stock in the new bank and mortgage company. The letter recently received from the Comptroller of Currency, Washington, D. C., proves conclusively that you signing depositors have placed yourselves in a most unfavorable position by signing away your rights to your deposits in the closed Wingfield banks. Your relief now lies in REFUSING to sign the post card asking for a "reasonable" extension of time. If you refuse to sign the post card, you can demand that you be paid in CASH your pro rata of the fair value of the assets of the bank in which you are a depositor. If you are a depositor in the Riverside Bank (based on a $1000 deposit) you will not have to take $453.51 in stock in the new bank and mortgage company. You can demand cash in lieu thereof. If you are a depositor in the United Nevada Bank you will not have to take $353.47 in stock of the new bank and mortgage company. You can demand cash in lieu thereof. If you are a depositor in the Reno National Bank you will not have to take $177.49 in stock in the new bank and mortgage company. You can demand cash in lieu thereof. If you are a depositor in the Bank of Nevada Savings & Trust Co. you will not have to take $198.57 in stock in the new bank and mortgage company. You can demand cash in lieu thereof. REFUSE to sign the post cards. The extension calls for a "reasonable" time, but continues beyond a ninety day period mentioned unless you make a written demand at the end of the ninety day period for the return of your waiver. Read the card you are asked to sign.

7. June 27, 1933 Reno Gazette-Journal Reno, NV

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NON-SIGNING DEPOSITORS Those opposing the present reorganization plan for the closed Wingfield banks have steadfastfully maintained that before that reorganization plan can be put into effect the non-signing depositor must be paid in CASH his pro rata of the fair value of the assets of the bank in which he is a depositor and that he cannot be forced to take stock in either the proposed new bank or mortgage company as part payment for his deposit credit. A letter recently received from the Comptroller of the Currency at Washington, D. C., supports our contentions. The letter was published in the Gazette June 6th and 7th, and in part said: "As it stands now, in event the reorganization and consolidation becomes operative, it can only be effective as against the depositors of either of the national banks to the extent that they have individually consented". . . "This department has no objection to the reorganization or consolidation if it can be carried out by voluntary agreement, but it has been our policy under all the reorganizations provided for under section 207 of the Bank Conservation Act, to not permit any reorganization which forces the depositors to accept stock in a bank, in lieu of their deposits." NON-SIGNING DEPOSITORS will receive more CASH than will the signing depositors. Your payments will not be deferred over a period of years and you will not have to take stock in the new bank and mortgage company. SIGNING DEPOSITORS The letter recently received from the Comptroller of the Currency, Washington, D. C., proves conclusively that by signing depositors have placed yourselves in a most unfavorable position by giving away your rights to your deposits in the closed Wingfield banks. Your relief now lies in REFUSING to sign the post card asking for a "reasonable" extension of time. If you refuse to sign the post card, you can demand that you be paid in CASH your pro rata of the fair value of the assets of the bank in which you are a depositor. If you are a depositor in the Riverside Bank (based on a $1000 deposit) you will not have to take $453.51 in stock in the new bank and mortgage company. You can demand cash in lieu thereof. If you are a depositor in the United Nevada Bank you will not have to take $311.44 in stock of the new bank and mortgage company. You can demand cash in lieu thereof. If you are a depositor in the Reno National Bank you will not have to take $177.49 in stock in the new bank and mortgage company. You can demand cash in lieu thereof. If you are a depositor in the Bank of Nevada Savings & Trust Co. you will not have to take $198.57 in stock in the new bank and mortgage company. You can demand cash in lieu thereof. REFUSE to sign the post card. This extension calls for a "reasonable" time, but continues beyond a ninety day period mentioned unless you make a written demand at the end of the ninety day period for the return of your waiver. Read the card you are asked to sign. Remember that a signed waiver or post card is an endorsement of the Wingfield plan. It just puts off the day when certain banks in the Wingfield chain can be opened as independent banks. The reorganization scheme is doomed. No provision has been made in that scheme for paying off the non-signing depositor in cash. Read the Comptroller's letter above mentioned. If you want any banks opened at an early date REFUSE TO SIGN THE POST CARDS. INDEPENDENT DEPOSITORS COMMITTEE 244 North Virginia Street, Reno

8. November 2, 1933 The Sacramento Bee Sacramento, CA

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RECEIVERSHIP IN NINE WINGFIELD BANKS IS ASKED Dividend Of W Cents Is Ordered For Reno Depositors CARSON CITY (Nev.), Nov. The question of receivership of the closed Wingfield state banks, nine in number, is now formally before the district court here. Judge Clark J. Guild has issued an order to show cause, returnable Novemb 15th, why he should not name receivers for the state banks of the chain. The court order followed one in which he ordered that a dividend of 25 cents be paid to depositors of the Riverside Bank of Reno and a dividend of 10 cents to the depositors the Bank of Sparks. The petition for a dividend for dend.

9. January 2, 1934 The Sacramento Bee Sacramento, CA

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ATTACK AIDES OF WINGFIELD Naming Of Leader In Bank Crash To Judgeship Is Assailed (Continued From Page One) of having sponsored judge facing criminal charge. Many Violations Uncovered. The mittee uncovered no less than dozen violations of the law charge able officers and the banks, any of which could be classed Among the amazing things brought to light by the investigation transaction by which Woodburn sums more the River side Bank of which he was a rector and had his note signed by Newton Jacobs another tor This was violation the Nevada law. Woodburn's loan was over $11,000 in excess of the 40 cent maximum the statute any individual. No Prosecutions. The Wingfield machine's hold on the authorities strong that attempt made to punWoodburn felony charge to force him to relinquish his directorship. as required by law. Wingfield and others on the inside undoubtedly knew the banks and that the crash almost certain to six months before they Advised To Close. The evidence investigation showed was advised to and that had he done the have had reasonable chance obtaining substantial of their deposits The banks closed gubernatorial Renoans reas significant that Woodburn and stockholder of several of the banks, saw fit to transfer his home and block of Reno business property to his wife and through to his on July or four months the banks closed. (Washoe Book of Mortgages 59. Page 498 Book 60 Page 309. Book of Deeds 90, Page Transfers Property The records also show Wingfield transferred his Reno home to his wife November 12. 1931, on deed of gift (Book 89, Page 115.) Also that George B. Thatcher, the third the Wingfield. Thatcher triumvirate, with offices in the same suite, who is attorney for the rich Hatch tate, transferred most of the holdings of that estate from the Wingfield banks to California banks several weeks before banks closed. of Legislative Hearing, Page 162.) Is Second Attempt. The attempt to Woodburn put the federal bench is not the first the Wingfield has made to put him in key position. Only few months ago his name was proposed as an assistant UnitStates attorney general. Oppo-

10. February 10, 1934 The Los Angeles Times Los Angeles, CA

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Bank Receivers' Naming Upheld CARSON CITY The right District Judge Guild for Nevada State banks, which the defunct George Wingbanking group, upheld unanimous decision the Nevada Supreme Court today Institutions affected the Bank Nevada Savings and Trust pany, the United Bank and Riverside Bank, all Reno: Bank Sparks, the Carson Valley Carson City, the Virginia City Bank and the TonoBanking Corporation.

11. February 10, 1934 The Salt Lake Tribune Salt Lake City, UT

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Bank Receiver Action Upheld CARSON CITY, Nev., Feb. 9 (JP)The right of District Judge Clark J. Guild to appoint receivers for seven Neveda state banks, all of which were members of the defunct George Wing. field banking group, was upheld in a unanimous decision of the Nevada supreme court today. Institutions affected by the ruling are the Bank of Nevada Savings and Trust company, the United Nevada bank and the Riverside bank, all of Reno; the Bank of Sparks, the Carson Valley bank at Carson City, the Virginia City bank and the Tonopah Banking corporation.

12. March 1, 1934 The Salt Lake Tribune Salt Lake City, UT

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Receiver Named For Seven Closed Banks in Nevada CARSON CITY, Nev., Feb. 28 (AP) Leo F. Schmidt, assistant cashier of the First National bank of Lovelock, Nev., today was appointed receiver for seven closed state banks in Nevada. The institutions, all of which members the group controlled by George Wingfield, Reno capitalist. are the Bank of Nevada Savings and Trust company, the United Nevada bank and the Riverside bank, all Reno: the Bank of Sparks, the Car son Valley bank, the Virginia City of bank the Tonopah Banking cor poration. District Judge Clark J. Guild, after appointing Schmidt, fixed his salary at $500 per month and "named the law firm of Samuell Platt and John Sinai of Reno to act as his attorney The banks involved failed to open their doors after Nevada first state wide bank holiday in November, 1932. two Wingfield banks the Reno National and the First Na tional of Winnemucca, are being liquidated by national receivers. The remaining Wingfield state banks, Churchill County bank, been over corporations.

13. March 19, 1934 Reno Gazette-Journal Reno, NV

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SIERRA NEVADA SOAP CO. RENO, NEVADA For Sale—Insurance Agencies OF Bank of Nevada Savings & Trust Co. United Nevada Bank Riverside Bank Receiver will accept individual bids on each agency—bid to be for cash—and sell to the highest bidder, subject to court approval. Net commissions of each agency are open for inspection to all bidders. Sealed bids must be submitted not later than March 22, 1934. LEO F. SCHMITT, Receiver.

14. March 20, 1934 Reno Gazette-Journal Reno, NV

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For Sale—Insurance Agencies OF Bank of Nevada Savings & Trust Co. United Nevada Bank Riverside Bank Receiver will accept individual bids on each agency—bid to be for cash—and sell to the highest bidder, subject to court approval. Net commissions of each agency are open for inspection to all bidders. Sealed bids must be submitted not later than March 22, 1934. LEO F. SCHMITT, Receiver.

15. March 24, 1934 Nevada State Journal Reno, NV

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Three Theories Advanced After' Roy Frisch Strangely Drops Out Of Sight; Gang Plot Is Feared Cotinued from Page One going to a show and will be home early.' Frisch is not especially fond of cards and it is-believed that that was why he decided to go to the show, although he very seldom goes out at night, according to his family and associates. That was the last time any of his family saw him. Police checked the airport, the railroad station and bus station. No trace of him could be found at any of those places. When he failed to return, the front porch light was left on for him. His sister looked in his room at 2 m. yesterday and he was not there. Police were notified at noon yesterday. It was explained that an alarm was not broadcast before because members of the family had believed that he would return. Report Frisch Seen Near Postoffice Is Discounted; Secretary Unworried at First A report that Frisch had been seen at 9 a. m. yesterday morning in front of the postoffice was discounted. It was believed that the man who had reported seeing Frisch was mistaken. Miss Frankie Shaughnessy, who is employed at the Riverside and United Nevada Banks, where Frisch's offices said that he did not go to work at 8:45 a. m. as usual. Miss Shaughnessy, who does Frisch's secretarial work, said that she was not alarmed when he did not appear because she thought he might have been around town on other business. "He usually comes to work at 8:45 a. she stated. "Nine o'clock is when work begins usually at the bank, but his time for beginnig work is 8:45.' She said that the report of his being seen at the postoffice was doubtful because Frisch never went to the postoffice for mail. Either Miss Shaughnessy or Joe Fuetsch, who is employed at the bank, goes after the mail. Business Engagements Booked for Day; Many Clues Run Down, But Produce Nothing Police also stated that it appeared unusual that but one person should report seeing Frisch at the postoffice at 9 clock in the morning, when the postoffice is busy and the streets crowded. Frisch is very well known. Miss Shaughnessy said that he had voiced no intentions of leaving town and that, on the contrary, he had booked business engagements for all day yesterday He never worked nights at the bank, she said. Frisch's principal office is in the United Nevada Bank, but he divides his time between the United Nevada and the Riverside because he still has to take care of the safety deposit boxes at the Riverside, although most of the business is now carried on at the United Nevada. Many clues were run down by police yesterday. Sheriff E. R. Trathen also was working on the case. One clue led sheriff's deputies and police to the sand pits near the golf club on Plumas road. Someone called and said that he had heard shooting out that way. Nothing was found at the sand pits. No Notes, Phone Calls or Ransom Demands Received; Prosecution Connection Studied In some quarters it was believed that kidnapers might have picked the period just before Governor Balzar's funéral to abduct Frisch. Those advancing this theory believed that the kidnapers might figure that the police would be diverted from the case by the task of handling the crowds and traffic at the governor's funeral. No notes, phone calls or ransom demands had been received at midnight today, authorities stated. Those who believed that Frisch might have been the victim of a gangland reprisal for his part in convicting four New York gangsters in a swindle case. Securities and bonds which the alleged swindlers obtained from wealthy New York residents were handled through the Riverside Bank when Frisch was cashier of the institution and before it closed November 1, 1932. Frisch was called to New York to testify in the case several times. The last time he went was about two months ago. The four men who were convicted in New York and whose pals might have reason to "take Frisch for a ride" were John West, Patrick Sullivan, Joseph Marshall and W. E. Shaw. Family Has No Knowledge of Threats; Associates Say His Health of the Best Members of his family said that he had not said anything about receiving threats from anyone. Business associates said that he appeared in the best of health and spirits when he left the United Nevada Bank at 5 m. Thursday. That was the last time his associates saw him. Frisch was never known to have disappeared before. He was exceptionally regular in his habits. The amnesia theory had absolutely nothing to back it up, except that "such things happen." He appeared in robust health and his nerves apparently were sound. W. J. Tobin, Reno National Bank receiver, is an intimate friend of Frisch. Tobin last saw the missing man Thursday afternoon, he stated last night. Tobin, too, said that Frisch appeared in the best of spirits. The two planned to play golf at Lake Tahoe Saturday, Tobin said. 'When we played golf together, he never expressed any fear of being "bumped off' by gangsters or anything like that,' Tobin said. Mother Reported in "Very Nervous State" As Result of Frisch's Disappearance "Of course, when I look back, I can recall that at times Roy appeared nervous. He never said why he was nervous. He never said anything about having been threatened by Once in a while he would mention his trips to New York. He only mentioned them, that's Tobin said. Roy Frisch's mother, widow of the late Charles Frisch, was reportedly in a "very nervous state" last night. Frisch has two brothers, Albert and Charles Frisch, and two sisters, Alice and Louise, living in Reno. He was born in Reno 45 years ago and was educated in the Reno schools. He was always considered a model boy in school. He served as city councilman for 12 years, before he went over seas to war. Later he was county assessor, but left that position to become cashier of the Riverside Bank when the bank was organized. He also was in the contracting business at one time. Frisch is member of the Darrell Dunke Post, American Legion, and the Reno Elks Club: It was believed that he did not carry more than $25 on his when he left his person This discounted any theory that he might have been held up, robbed and

16. October 6, 1934 Nevada State Journal Reno, NV

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SALARY COSTS CUT; DEBTORS FACING SUITS Lax Borrowers Who Do Not Cooperate Hit by Administrator The small percentage of persons who are indebted to the seven closed state banks and who, in the opinion of Leo F. Schmitt, receiver for the institutions, are not making the proper effort to liquidate such indebtedness may, in the near future, find such indebtedness reduced to judgment with a levy to issue on any of their assets. This suggestion was contained in a letter written by Schmitt to Judge Clark J. Guild, and which accompanied his quarterly report of the seven banks, Riverside bank of Reno, United Nevada bank of Reno, Bank of Nevada Savings and Trust company, Reno; Bank of Sparks, Carson Valley bank, Virginia City bank and the Tonopah Banking corporation.

17. December 14, 1934 Reno Gazette-Journal Reno, NV

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PLAZA HOTEL TAKEN BY BANK The Plaza hotel, which at one time was Reno's only opera house, was taken over by the Riverside Bank today to satisfy a mortgage of $24,500 pursuant to an offer made by the owners of the property to Leo F. Schmitt, bank receiver. Judge Clark J. Guild approved the transfer. Built for theatre purposes the four-story building, located at the corner of Sierra street and the Plaza, was for many years operated as the McKissick opera house. Later it was converted into a hotel and was owned by Isaac and Abraham Jacobs.

18. February 16, 1935 The Sacramento Bee Sacramento, CA

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Riverside Bank Is To Pay A Dividend (McClatchy Newspapers Service) RENO (Nev.), Feb. 16.—Another dividend for depositors of the Riverside Bank, one of the closed Wingfield chain, was scheduled to be paid to-day. This was announced by Leo F. Schmitt, the receiver. The latter obtained permission to pay a 15 per cent dividend from Judge Clark J. Guild at Carson City yesterday. The dividend will amount to $92,375.16, or 15 per cent of the depositor liability at the time Schmitt became the receiver a year ago. Prior to that time a 25 per cent dividend was paid. Since then Schmitt has paid two other dividends. The total now paid to depositors, including that now payable, amounts to $606,359.76, or 73.75 per cent of the original deposit liability.

19. July 25, 1935 The Sacramento Bee Sacramento, CA

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BUNCO VICTIMS WIN VERDICTS District Court In Reno Gives Judgment Against Swindle Artist RENO (Nev.), July 25.—Another chapter in the now famous Reno bunco cases was written in the district court here yesterday. John E. Hodan of Lancaster, N. Y., and Mr. and Mrs. Mike Valine of Stockton, Calif., victims of bunco artists here in 1933, were given judgments for $5,000 each, together with interest and expenses. A similar judgment was handed down here a year ago to a bunco victim. John A. Brady, now serving time in prison in New York, was the defendant in the action. He mulcted Hodan and Mr. and Mrs. Valine out of $5,000 each. A year or so ago it was discovered that Brady had a bank account in the closed Riverside Bank. The suit was filed and this bank account attached. Previous to the attachment the balance amounted to approximately $20,000 but Brady had assigned his account to James C. McKay, Reno gambler, and McKay collected the first dividend paid depositors. The remainder of the account now is in the hands of the bank receiver, but subject to the judgment. Hodan and the Valines told the same story that has been told hundreds of times, of meeting Brady and a pal and being persuaded to enter a racetrack swindle. They parted with their money and Brady disappeared. The victims chased all over the country in an effort to keep appointments with the men who had buncoed them, but never caught up.