Mason Valley Bank (Yerington, NV)

Episode Information

Episode UID
94004771586
Episode Type
Suspension → Reopening
Bank Type
state
Bank ID
9400477 routing
Routing Number
94-0047
Start Date
February 17, 1932
Location
Yerington, Nevada (38.986, -119.163)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
a6e71f4cc8734958

Response Measures

None

Description

The bank suspended in 1932 as a protective measure following the closure of its neighbor, the Lyon County Bank. It later reopened under restrictions as noted in the 1934 article.

Events (2)
1. February 17, 1932 Suspension
Cause
Local Banks
Cause Details
Closed as a protective measure following the failure of the neighboring Lyon County Bank.
Newspaper Excerpt
This action was closely followed by similar action on the part of the board of directors of the Mason Valley Bank as a protection against anticipated results of the closing of its neighbor
Source
newspapers
2. June 1, 1934 Reopening
Newspaper Excerpt
Those under restrictions are: Lander County Bank, Austin; Wells State Bank, and the Mason Valley Bank.
Source
newspapers

Newspaper Articles (3)
1. February 17, 1932 Reno Gazette-Journal Reno, NV

Article Text

YERINGTON BANKS TAKEN OVER BY EXAMINER The affairs of the Lyon County Bank Mason Valley taken over both of Yerington. state this morning by and the institutions bank Seaborn issued the following closed. statement last night the "About midnight board of directors the Lyon County voted to their institution Bank place hands of the state bank exin the made necessary by aminer. This common to all agriconditions cultural aggravated steady non-liquidity assets, legal limitations on borrowings and withdrawal of sureties from public deposits. action was closely followed "This part of the similar action the Mason Valboard of Bank protection ley against anticipated its results of the closing of its neighbor and of County Bank had deposits February 10. 1932. total to be $437,060 in loans including in bonds. The capital and undisurplus The bank. of vided which Wilson the organized 1905 Bank had deThe Mason Valley posits on February 10. 1932 of $327.Its shows its loans to 755.37 report and bonds on hand. The capital is surundivided profits plus bank organized 1911. O. Stickney the president. Bank Seaborn Though the issued clined to by him this the Mason Valley Bank that reopened within short time. may be

2. February 24, 1933 Reno Gazette-Journal Reno, NV

Article Text

SITUATION BANK LYON COUNTY IN REVIEWED AT INQUIRY Cashier of Mason Valley Says Receivership Is Best For Depositors CARSON, Nev., Feb. banking situation Lyon county before the legislative comlaid investigating banking condimittee tions in the state this afternoon. at last hearing the committee plans the to hold. Ross, Lyon county attorney, permission of the commitwith the tee conducted the questioning of the witnesses which included Lyon county bank officials and residents. as well the state bank examiner. Seaborn. who said he vice of the Mason Valley Bank Yerington. was the first witness. At present he deputy bank of the Mason examiner in charge that closed early last Valley Bank year. Valley Bank's troubles The Mason about primarily by the brought closing of the Lyon County Bank. he bank represented feared said. The and requested the he said. bank examiner to take charge. The bank. he said. were sufassets of his ordinary course of ficient in the to meet deposits. business the bank Action in requesting control of the Mason aminer to take in the interests of Valley Bank was he said. the examiner's last exThe state bank Mason Valley Bank amination of the Beaupert in September. added that Seaborn had said. and made that its impaired capital be replaced. The board of directors. although they had discussed the recommendation. he taken no action the called it. had time the banks closed. They were given sixty days in which to act. he said. deputy examiner. Beaupert endeavoring to collect notes and inconserve the assets of the terest and bank. he said. how the Mason Valley Bank Asked he said it would be could necessary to secure about $50,000 for capital. "In the event the Lyon County Bank is liquidated and you are not able to get this your opinion there would be no loss to your depositors?" Ross asked. Beaupert was unable to state defof assets held the bank. The Walker river irrigation district, whose bonds, now defaulted. constitute first mortgage on many Lyon county ranches. the key to the entire situation. said the witness. The Mason Valley Bank. Beaupert said, held second mortgages on many of these ranches which valueless until the bonds are cleaned up. The bank holds these bonds which he said had no market value the present time. It costing one-third less to operate the bank under his receivership than did when the bank was operating. Beaupert asserted. Beaupert's testimony was concludwith statement by him that he believed it would be best to continue to keep the bank under ceivership. He said he was satisfied the situation would work itself out and that eventually the depositors would be paid and that there would some left over for the stockholders. Beaupert was followed on the stand by Wilson, president of the Lyon County Bank another closed Yerington bank. who told of his bank's difficulties and of fruitless attempt to meet the orders of the bank examiner for an assessment on the stockholders to secure enough money to build up the bank's depleted cash. No money was secured within the required sixty days except his own asWilson said. Wilson was questioned by cerning bank transactions and asked it were not true that one of the board of directors had been preferred to the extent of $12,000. Wilson denied Ross' statement that mortgage of $12,000 was in the hands of one of the bank's directors, M. Dellmonica. Wilson said the mortgage was sold for cash for the full amount plus interest to the wife of Dellmonica. Ross inquired if it were not true

3. June 1, 1934 Mason Valley News Yerington, NV

Article Text

13 STATE BANKS STILL OPEN RENO, Nev., (UP)-Thirteen banks in Nevada are open for business, compared to 31 before the depression, a United Press survey showed. Of the banks open six are national banks, four state banks are operating without limitations and three under restrictions. Thirteen of the 18 closed institutions are in hands of receivers. 4 others have been reorganized into liquidatating companied and one, Bank of, Southern Nevada at Las Vegas, is in voluntary liquidation. Depositors of the closed Battle Mountain State Bank have petitioned for permission to reopen under restrictions. Hearing has been set for June 6 before Judge Edgar Eather at Austin. If the depositors' petition is granted the Batle Mountain institution will be opened for limited business similar to the Lander County Bank, Austin, the Mason Valley Bank at Yerington, and the Wells State Bank. Banks reopening for restricted business under the supervision of State Bank Superintendent E. J. Seaborn are required to freeze all old deposits for a four year period. New deposits must be held in cash, be, deposited with a Federal Reserve bank or invested in federal securities. Banks open for unrestricted business are: Ely National Bank and First National Bank, both at Ely; First National Bank, Lovelock; First National Bank, Elko; First National Bank, Reno: Ruth Bank, Ruth; First State Bank, Las Vegas; First National Bank, Eureka; Farmers Bank of Carson Valley, Minden, and the Bank of Pioche. Those under restrictions are: Lander County Bank, Austin; Wells State Bank, and the Mason Valley Bank. Closed Banks under Leo F. Schmitt as receiver are: Carson Valley Bank, Carson City; Bank of Nevada Savings and Trust, Riverside Bank, and United Nevada Bank, all of Reno; Bank of Sparks; Tonopah Banking Corporation, of Tonopah, and Virginia City Bank. Seaborn is in charge of the following closed institutions: Battle Mountain State Bank; Douglas County Farmers' Bank Gardnerville; The Quinn River Bank, McDermiat; Winnemucka State Bank and Trust Co. The Reno National Bank is in charge of Walter J. Tobin, national bank receiver. Receiver H. S. Streeter is in charge of the First National Bank of Winnemucca. MRS. JOHN FEENEY, former resident of Wabuska, accompanied by her son John, is spending a short vacation visiting at the home of Mrs. Gelmstedt. She will return to San Francisco on Monday. Subscribe to the News.