San Bernardino County Savings Bank (San Bernardino, CA)

Episode Information

Episode UID
9759413391590
Episode Type
Run → Suspension → Closure
Bank Type
savings
Bank ID
975941339 hash
Start Date
June 1, 1932*
Location
San Bernardino, California (34.108, -117.290)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
de6b5dc57cf68462

Response Measures

None

Description

Closure followed withdrawals after the San Bernardino National Bank failure and ensuing rumors; receiver later appointed and bank liquidated.

Events (5)
1. June 1, 1932* Other
Newspaper Excerpt
Plans for reopening of the San Bernardino National bank and the San Bernardino County Savings bank were launched ... surveys by Federal and state banking representatives underway. (describes reorganization attempts).
Source
newspapers
2. June 17, 1932 Run
Cause
Local Banks
Cause Details
Withdrawals triggered by closing/distress of the San Bernardino National Bank and spreading rumors about local banks.
Measures
Directors and bank officials issued statements reassuring depositors; no special liquidity scheme described in articles.
Newspaper Excerpt
Scores of depositors, alarmed ... drew deposits from the San Bernardino National bank. This ... withdrawals ... precipitated the difficulty.
Source
newspapers
3. June 18, 1932 Suspension
Cause
Government Action
Cause Details
State bank superintendent/official took charge and closed the savings bank to protect depositors after the national bank's collapse and heavy withdrawals.
Newspaper Excerpt
Protection of the interests of the depositors in the San Bernardino County Savings bank made necessary for me to take charge ... following the closing of the national bank.
Source
newspapers
4. July 1, 1932 Receivership
Newspaper Excerpt
Charles Ritts, receiver for the bank, will arrive to take over his duties about July 1 ... plans for reorganization and reopening ... are proceeding quietly. (article states receiver arrival about July 1).
Source
newspapers
5. September 28, 1934 Other
Newspaper Excerpt
A dividend of $192,000 is to be paid by the San Bernardino County Savings bank ... representing 10 per cent of the total deposits of the bank on its closing date, June, 1932.
Source
newspapers

Newspaper Articles (14)
1. June 18, 1932 The San Bernardino County Sun San Bernardino, CA

Article Text

TAKE At the Bank of America, the entire on throughout the day, all demands the Mr. Smith, too, that the bank will be open as usual this morning No issued by the Federal banking department, charge of the San Bernardino National except that made by Max the Federal bank in doors failed open by noon. This statement San Bernardino National bank closed at o'clock this the of the board directors and is now under the direction of the currency. Max V. Spendrup, national bank examiner, is charge.' Mr. Rainey, ordered the Bernardino ty Savings bank, declared that his action was necessary protect the By JOHN P. BOUGHAN interest of depositors following the Writer) closing of the national bank. CHICAGO, June 17.-Collapsing under the first selling presMr. Rainey issued the following sure from the 1932 United States "Protection of the interests of harvest, all wheat outthe depositors in the San Bernar- did today the season's low price dino County Savings bank made Favorable weather for domestic necessary for me to take charge the bank's this morning. The winter together closing of the San Bernardino with rains spring terCounty bank because of ritory had bearish effect, together with New York run which had been in progress for stock Export several made business in American wheat closing its affiliated savings bank appeared to be almost nil. Rumor Spreading Wheat nervous at nearly Felony in State the day's cents under "My has been in close finish, down, touch the San oats off and provisions Bernardino. We were cents systematic bank cam- Open High Low Close July old .48% paign had begun through the criminal rumors about Sept. old The spreading about banks is felony in .53% "The public should pay no tention these malicious tales. July The grand however, should Sept. jury, Dec. pay great deal of attention to Oatsparticular located in one July 20% of the most and produc- Sept. tive districts of California. There Dec. .22% .23 finer in the country. The city should be prosperous July course, "When banks close their doors Dec. depositors jump the conclusion Lardmoney all lost. Such is not July 3.97 the case. As matter of fact, Oct. 4.10 4.10 B dividend depositors the Valley 4.05 4.00 Bank to be paid once. The checks are written Clear July 4.30 4.30 4727 of them. This will put 000.00 into San Ber- Sept. 4.45 4.45 4.45 Needles and Barstow. Gill, president of the San MARKETS AT A GLANCE yesterday he and the NEW June directors of the bank felt necesweak; pivotal shares to business because points. Bonds steady: German the many withdrawals due sues rally. Curb: oils and the rumors which had utilities supply. Foreign been concerning the changes: sterling sags. Cotbank President sympathy stock Gill he hoped the was but and that the profit taking. Coffee: quiet; trade bank would be able on to probuying. ceed its business. R. E. Roberts, vice-president DRIED FRUITS the San Bernardino bank fruits NEW YORK June declared the bank Market apples had operations in order its assets for the benefit of depositors Mr. Roberts that the numerous rumors fancy culated concerning the bank had seedless caused the withdrawals standards cipitated the difficulty. He added his belief that the the would ultimately be paid false information as to the condiin full. of financial of the city. Scores of depositors, Bernar alarmed and divided profits of the San bank and the San Bernar drew deposits from the San Bernardino National bank. This dino County Savings bank at the continued drastic action $4,057,041 and resources necessary to protect the posits the against further with

2. June 21, 1932 The San Bernardino County Sun San Bernardino, CA

Article Text

BUSINESS Definite Steps Will Be Taken When Surveys Finished by Federal, State Men Plans for the reopening of the San Bernardino National bank and the San Bernardino County Savings bank were launched yesterday. Until surveys completed by Federal state banking representatives there be formal statement the plan of procedure, was indicated. That the community demands the reopening of both banks and will support enthusiastically such movement apparent. While no committee organization tempted there were strong indications that business interests and others immediately ganize support the reopening movement. Support Assured Bank Executives Roberts, John C. Ralphs, Smith, Shay and others the bank received countless support for any movement that undertaken secure the reopening of the banks. of both banks, from Los Angeles last night. He began plans for with directors stockholders of two outline definite that will object the has indicated that both the Federal and state banking departments anxious to be any assistance movement to reopen the One of the purposes of the FedFinance correopen banks. Hysteria Must Entirely Wiped Out The first assurance required from the by both and state authorities will for complete cooperation and the elimination hysteria. Everywhere there pressions willingness for both moral and financial support, the latter necessary, for reopening movement. Word yesterday from Californians Washington there would be unanimous support for the proposal of reopening. Both the Federal and state banking departments completed their work of organizing to handle their functions. The work of making survey the assets and liabilities the banks well underway,

3. June 24, 1932 The San Bernardino County Sun San Bernardino, CA

Article Text

BANK RECEIVER ARRIVES SOON Holders of safety deposit boxes in the San Bernardino National bank will have access to them shortly after July according to Max V. Spendrup, Federal bank examiner who is temporarily in charge of the affairs of the institution Mr. Spendrup announced that Charles Ritts, receiver for the bank, will arrive to take over his duties about July 1, and that within day or two thereafter arrangements will be made to permit safety depositors access to their boxes. Plans for reorganization and reopening of the national bank and the San Bernardino County Savings bank are reported as proceeding quietly.

4. June 30, 1932 The San Bernardino County Sun San Bernardino, CA

Article Text

STARTED Stockholders and Directors of Savings Institution Meet With State Official The move launched last week by business interests of the city to reopen the San Bernardino National bank and the San Bernardino CounSavings bank was advanced yesterday when stockholders of the savings bank met with John McFall, chief bank examiner of the southern division and committee business conferred Ritt, recently appointed receiver of the national bank The savings bank stockholders with Mr. the steps necessary open savings bank, which closed after the directors the national bank acted to protect the Committee Meets With Bank Receiver that the stockholders reviewed steps which been outlined by Edward Rainey, state bank superintendent, before the reopening could be effected. No statement was issued following the meeting and probable that series will be held before definite program adopted. At the second conference, the business and professional men headed Mack. president the Pioneer Title Insurance Co., met with Mr. Ritt review the insofar as the San Bernardino National bank concerned. This institution operated under Federal charter and therefore, under the jurisdiction of the Federal bank raththan the state, is the savings bank. The national bank Max Spendrup, not yet completed his report and, probable, steps be taken until this report is filed with the comptroller of the currency,

5. September 21, 1932 The San Bernardino County Sun San Bernardino, CA

Article Text

Depositors Urged to Speed Must Be Approved Before Dividend Paid Filing of claims with the San County Savings bank began Total 168 filed. deputy state of banks. pealed depositors hurry their claims. Total of 10,000 claims must filed. approved and presented the court, before the first dividend be paid to Each depositor been mailed instructions how file claims. Filing of claims with the San National bank proceeding slowly, and depositors urged by national bank receiver, file their claims. Negotiations proceeding for transfer the school children's accounts from the San Bernardino County Savings bank to of the other banks San Beof the that these deposits taken by other banks claims not be filed these accounts.

6. September 21, 1932 Redlands Daily Facts Redlands, CA

Article Text

CLAIMS WERE FILED AGAINST BANK A. Q. Robinson, deputy state su perintendent of banks, announced yesterday that 186 claims against the San Bernardino County Savings Bank were filed yésterday, but that 10,000 claims must be filed before the first dividend can be paid. Filing of claims with the San Bernardino National Bank is proceeding slowly, and depositors are urged by C. J. Ritt, national bank receiver, to file their claims. Negotiations are proceeding for the transfer of the school children's accounts from the San Bernardino County Savings Bank to one of the other banks of San Bernardino. Because of the probability that these deposits will be taken over by one of the other banks, claims are not to be filed on these accounts.

7. September 28, 1933 The San Bernardino County Sun San Bernardino, CA

Article Text

PLAN BENEFITS FOR JOBLESS Plans were announced yesterday for the second of a series of benefit entertainments being given to aid the women's work relief factory on Court street. Mrs. Fred W. Seccombe is chairman of the organization of men and women informally banded together to conduct the series of benefit affairs. The entertainment will be held on Oct. 10. at American Legion hall on Fourth street, and will be an evening affair, open to the public. It will include a dinner and dance and a program of entertainment. Committees to arrange the affair will be formed tonight at a meeting called by Mrs. Seccombe. The San Bernardino County Savings bank receiver yesterday obtained a building permit to re-roof a residence at 2696 Sierra way, at a cost of $160.

8. January 14, 1934 The San Bernardino County Sun San Bernardino, CA

Article Text

Six Roofing Permits Issued by Inspector Six roofing permits were issued yesterday to finish a busy week for the San Bernardino building department, and add to the recordbreaking total of roof repair and replacement jobs undertaken during recent months. The wave of roofing activity, that subsided during the holidays, was renewed as result of the heavy rainstorm that swept San Bernardino last week. Following is the list of permits issued yesterday: Capitol Co., re-roof garage, 147 E street, $352; San Bernardino County Savings bank receivers, re-roof dwelling, 1140 H street, $86; R. A. Hilbig, re-roof dwelling, 2032 Genevieve street, $105: C. K. Brooks. reroof dwellings at 1227 and 1375 Rialto avenue, $40 and $150: Mary Mertens, re-roof dwelling, 661 L street, $96.

9. April 19, 1934 The San Bernardino County Sun San Bernardino, CA

Article Text

Water Commission Gets Damage Claim The San Bernardino board of water commissioners has received a demand from the San Bernardino County Savings Bank receivers for payment of $395.75 for damages claimed to have been inflicted to the Ellen A. McLaughlin home in Waterman canyon. The claim is that blasting by water department

10. September 28, 1934 Redlands Daily Facts Redlands, CA

Article Text

Dividend to Be Paid by Bank A dividend of $192,000 is to be paid by the San Bernardino County Savings bank. The dividend checks, which have been written. will be distributed immediately after the approval by the superior court of the payment is obtained. it was explained by Bernard G. Evans, the bank's re ceiver. The dividend. representing 10 per cent of the total deposits of the bank on its closing date, June, 1932. will be the third issued to depositors. making total of $980. 000 to be distributed since the bank was placed in liquidation. including the secured and preferred claims paid.

11. October 1, 1934 The San Bernardino County Sun San Bernardino, CA

Article Text

Distribution of $192,000 in the form checks depositors in the defunct San Bernardino County Savings bank scheduled start today Bernard Evans, the bank's ceiver, will apply superior court this morning an order authorizing disbursement Checks will be placed the mail immediately afterward. The state's order for the dividend was issued Thursday by Friend W. Richardson, state of banks. The dividend represents 10 per cent of the total deposits of the bank its closing date, June, 1932, will be the third issued depositors, for total $980,000 since the bank was placed in liquidation. This includes the secured and ferred claims paid. The current dividend, Mr. Evans was made possible through of loans held the bank and the sale holdings necessity of sacrificing assets resorting borrowing from the Reconstruction Finance Earnings to exceed the expenses liquidation wide margin, Mr. Evans said.

12. November 2, 1934 The San Bernardino County Sun San Bernardino, CA

Article Text

Park Cooking Class Three Permits for Draws Many Women New Roofs Approved One of the first courses to be established upon opening the Pioneer park recreational center was that in cooking The success of this course is reflected in the large attendance at each class. At present this school is being conducted from 9 a. m. to 12 noon Mondays, Tuesdays, Wednesdays and Thursdays, with actual preparation of menus to enable the entrant to further his or her knowledge with practical experience. Commencing Nov. 5 system of evening lectures will be started. specializing in individual items, for the convenience of those unable to attend during the day. A luncheon will be served to the entrants at the close of each of these classes. All instructions are under the supervision of John H. Lattimore, chef with over 33 years' experience locally and with the Fred Harvey system, and Eloise Spaulding. who has had years of training in culinary and other domestic arts. November was started with the issue of three small building permits yesterday All provide for installation of new roofs on dwellings. The Patten-Blinn Lumber Co will re-roof an apartment house at 1043 Arrowhead avenue at a cost of $250; the San Bernardino County Savings bank receivers will re-roof a dwelling at 2461/2 Crescent street,

13. February 3, 1935 The San Bernardino County Sun San Bernardino, CA

Article Text

SAVINGS BANKS DEPOSITORS TO GET $145,000 Dividend Payment Will Be Made 'Within Few Days,' State Superintendent Reveals Depositors in the two San Bernardino closed state banks get the news this morning that dividends to the extent of 5 per cent will be available within a few days, possibly the latter part of this week, although that date is not a part of the official announcement, which says "within the next few days." The total available to depositors in the San Bernardino County Savings bank and the savings department of the San Bernardino Valley bank runs to about $145,000. The announcement comes from the headquarters of the state banking department of which former Gov. F. W. Richardson is now superintendent. SEPARATE LIQUIDATION This impending 5 per cent dividend to depositors will increase the total paid to them to 30 per cent in the savings department of the Valley bank, and to 40 per cent in the San Bernardino County Savings bank. The Valley bank has heretofore paid depositors in its commercial department 40 per cent, but the dividend now announced is only to savings depositors. When a bank is liquidated, the law requires that commercial and savings assets must be liquidated separately. This explains why the dividends are not the same for each department. Dividend payments depend upon the rapidity of borrowers in paying off their obligations. NO EXACT DATE The Valley bank had both kinds of deposits, while in the San Bernardino County Savings bank, there were no commercial deposits. Receiver Bernard G. Evans, in the County Savings bank, and Receiver Ira A. Hankey of the Valley bank, would fix no exact date for the beginning of payment until advised by the state banking department beyond the "within the next few days."

14. March 3, 1935 The San Bernardino County Sun San Bernardino, CA

Article Text

CITY PROPERTY SALES IN GAIN, BANK REPORTS Real Estate Valued at $65,000 Disposed of Since Jan. 1, Receiver Announces Renewed business activity in the form of increased real estate sales was reported in San Bernardino yesterday by realtors and business or banking organizations which have taken over large numbers of homes and ranches because of foreclosures. Since the first of the year, sales of real estate have been on the increase, with one business organization alone, the San Bernardino County Savings bank, now in liquidation, reporting that approximately $65,000 has been involved in sales completed or in the process of completion since Jan. 1. For the most part, these sales have involved residential property, although some ranches and groves have been sold. Twenty-two sales have been completed since the first of the year by the bank, its receiver, Bernard G. Evans, said, and six more are in the process of completion. CITY PROPERTY SOLD Most of the deals consummated by the bank have involved San Bernardino property, although several concerning Colton real estate have been handled. Mr. Evans states that many of these sales have been made through the cooperation of city real estate brokers. Some of those who have purchased residential property and the addresses of dwellings are as follows: A. W. Kaiser, dwelling and small ranch on North Arrowhead road, San Bernardino; Floyd M. Loof, 872 Campus Way, San Bernardino; Ernest Meany, 770 Sixth street, San Bernardino; Minnie Phillips, 490 East E street, Colton; Eva M. Curtis, 654 East E street, Colton; and G. B. Hamil, 642 East E street, Colton. PURCHASERS LISTED James O. Johnson, 666 East E street, Colton; Cecile Brownfield, 2800 Palm street, San Bernardino; Dean E. Morse, 2096 Genevieve street, San Bernardino; Ethel M. Corey, 4177 North E street, San Bernardino; H. E. Bouldin, 205 Mill street, San Bernardino; Louis Wilson, 1280 D street, San Bernardino. R. N. Buckwalter, 1251 Berkeley street, San Bernardino; F. M. Price, 1356 Reece street, San Bernardino; Henry E. Smith, 1371 Thirteenth street, San Bernardino; R. W. Chandler, 1356 Base Line, San Bernardino; Carl Vock, 1364 Base Line, San Bernardino; Herman Andrews, 256 East Ninth street, San Bernardino; Hugh McMichael, 233 East Eleventh street, San Bernardino; J. C. Fehn, 1216 Tenth street, San Bernardino; and J. H. Gallatin, 1224 Tenth street, San Bernardino.