First National Bank of Corcoran, CA (Charter 9546)

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Sanborn Fire Insurance Map from Corcoran, Kings County, California, November 1912. The First National Bank was located on the corner of King and Whitley Avenues.[1]

First National Bank of Corcoran, CA (Chartered 1909 - Liquidated 1934)

Town History

A 1906 photo of the State Bank of Corcoran and the Hotel Corcoran.[2]

Corcoran is a city in Kings County, California. The population was 24,813 (2010 census), up from 14,458 (2000 census). Corcoran is located 17 miles south-southeast of Hanford, at an elevation of 207 ft. Corcoran is most notable as the site of the California State Prison, Corcoran which opened in 1988. The California Substance Abuse Treatment Facility and State Prison, Corcoran is a separate facility that is also located in the city. As of January 1, 2015, the two prisons held a combined total of 9,592 inmates. Inmates are counted as city residents by both the United States Census and the California Department of Finance. Thus, the incarcerated people in the two prisons comprise just over 43% of the total population of Corcoran. In 1930, the population was 1,768.

Corcoran was founded by Hobart Johnstone Whitley, a prominent land developer from southern California, who took the lead in building Corcoran (the main street of the community is named in his honor). Liking what he saw during a visit to the area in 1905 (a blacksmith shop, small store, scattered homes and a lush, untapped vista with herds of grazing wild hogs, horses and steers) Whitley purchased 32,000 acres to start development. Much like in the San Fernando Valley (Van Nuys and Canoga Park his "creations"), Whitley "leveraged" his holdings with the support of important Los Angeles businessmen. Whitley first intended the town be named "Otis", after Harrison Gray Otis of the Los Angeles Times, and streets as Otis, Sherman, Letts (the Broadway store) and Ross (after his son, Ross Whitley) show the connections. Whitley, it is claimed, purchased and platted some 150 towns over the American West—and Corcoran is one of his last.

Corcoran had two National Banks chartered during the Bank Note Era, and both of those banks issued National Bank Notes.

Bank History

A 1905 Map of California showing the benefits of Corcoran and Kings County.[3]
  • Organized August 10, 1909
  • Chartered September 23, 1909
  • Conservatorship March 27, 1933
  • Liquidated September 14, 1934
  • Succeeded by 14230 (First National Bank in Corcoran, CA)
  • Circulation assumed by 14230 (First National Bank in Corcoran, CA)

In December 1905, a two story brick building was being built by the State Bank of Corcoran which was fitting up quarters there with tiled floor, steel vault, high class fixtures, etc. The upper floor of this and the adjoining block together with ground floor office lobby and dining room were being equipped as a first class hotel.[4]

On March 15, 1906, articles of incorporation for the State Bank of Corcoran were filed in the office of the clerk of Kings County. The term of existence was 50 years. The board of directors consisted of W.C. Patterson, E.A. Lilly, Robt. Hale, Los Angeles; G.A. Weber, Geo. Hanna, J. Jepsen, Alan Gardner, J.B. Brokaw, P.G. Chase, H.J. Whitley, Hollywood; D.W. Lewis, N.J. Corette, A.V. Taylor, Corcoran; O.J. Wigdal, Pasadena; A.J. Pickerell, Prescott, Arizona; John J. Lachmeyer, Palms; and L.S. Chittenden, Hanford. The capital stock was $50,000 divided into 500 shares with a par value of $100 all of which had been subscribed.[5]

On May 3, 1909, at the annual meeting of the State Bank of Corcoran, the following board of directors was elected: W.C. Patterson, O.J. Wigdal, A.J. Pickerel, Alan Gardner, George Hanna, R.B. Lane, F.E. Davis, N. Blanchard, Robert Hale, R.V. Milner, H.J. Whitley, E.O. Hanson, J.J. Flaherty, J.J. Lochenmyer, J.W. Guiberson, A.V. Taylor, and J.B. Mayer. The officers elected were J.B. Mayer, president; H.J. Whitley and George Hanna, vice presidents; and J.J. Flaherty, cashier.[6]

In August 1909, the First National Bank of Corcoran and the First Savings Bank were organized with a paid up capital of $25,000 each. The applications for charters were approved by the comptroller of the currency at Washington and it was expected the new institutions would be ready to begin business around October 1st, at which time the state bank would be absorbed by them. The officers and directors of the national bank would be the same as those of the state bank. Cashier A.W. Quinn, who recently became associated with the state bank, brought to the local institution a long and successful experience in financial affairs, being the organizer of the Jackson National Bank at Jackson, Minnesota, his home town.[7]

On December 22, 1909, a petition for the dissolution of the State Bank of Corcoran was filed with the clerk of the superior court. January 31st was the date set for the hearing of the petition by Judge J.G. Covert. Accompanying the petition were articles of incorporation for the Corcoran Savings Bank. The plan was to convert the state bank into a savings bank and have the new national bank take its place as the commercial banking institution of the sugar beet town. The capital stock of the savings bank was $25,000 all subscribed. The stock was divided into 250 shares of $100 each. The seven directors named for the first term were Robert Hale and H. J. Whitley of Hollywood, George Hanna, J. B. Mayer, J.W. Guiberson, and A.W. Quin of Corcoran and A.J. Pickerell of Prescott, Arizona. Lamberson & Lamberson, the Visalia law firm, filed the papers.[8]

On Tuesday, January 17, 1911, the First National bank of Corcoran and the First Savings bank of Corcoran held their annual stockholders' meetings at the offices of the banks. As both corporations were composed of the same people, the same officers were elected in both cases. They were J.B. Mayer, president; H.J. Whitley, vice president; A.W. Quinn, cashier; and H.J. Whitley, W.C. Patterson and George Hanna of Los Angeles; N.W. Blanchard of Santa Paula; F.G. Cross, W.H. Ginn, J.W. Guiberson, and J.B. Mayer of Corcoran; and A.V. Taylor of Hanford.[9]

On Tuesday, January 13, 1920, at the annual meeting of the stockholders, the directors were all re-elected as follows: J.W. Guiberson, J.C. Sperry, W.I. Nonhof, R.N. Stetson, Chas. Chandler, R.R. Cunningham, and N.W. Blanchard, Jr. Later the directors met and elected officers as follows: J.W. Guiberson, president; J.C. Sperry and W.I. Nonhof, vice presidents; R.R. Cunningham, cashier; L.G. Fuller and Oliver H. Lovell, assistant cashiers.[10]

In January 1930, Mr. F.B. Walker, formerly of Redwood City and who recently made his home in Corcoran, was made assistant cashier of the First National Bank of Corcoran.[11]

In January 1931, the following were elected directors of the First National Bank and the First Savings Bank of Corcoran: J.B. Mayer, H.J. Whitley, A.W. Quinn, W.C. Patterson, George Hanna, N.W. Blanchard, F.G. Cross, W.H. Ginn, J.W. Guiberson, and A.V. Taylor.[12]

In March 1933, the First National Bank of Corcoran did not reopen with other banks of the county at the close of the banking holiday. According to J.W. Guiberson, president of the bank, "We have been examined, and are now awaiting word from Washington as to our status." The bank was operating on a restricted basis. Depositors were given access to their safety deposit boxes and the bank was doing everything possible to relieve the situation.[13] On March 29th, steps toward the unrestricted reopening of the First National Bank were underway following appointment of J.W. Guiberson as conservator.[14] In speaking of the bank's condition, Mr. Guiberson stated that what was termed "overloaning" by government officials was the principal criticism and he stated that in this the bank was a victim of circumstances, for had the present difficulties arisen at the end of the harvest season, a large part of the loans would have been liquidated.[15]

In May 1934, Mr. Guiberson, who had received a telephone message from the comptroller of the currency in Washington, informing him that the Reconstruction Finance Corporation (RFC) had approved a loan to the bank which had been negotiated by Mr. Guiberson, personally. The amount of the loan was $35,000 and the funds with those already available in the bank would be used to pay the depositors in full, which would pave the way for the reopening of the institution at an early date. Mr. Guiberson stated that the next step would be to secure from the depositors a waiver of interest on their deposits during the time that the accounts had been in charge of the conservator, and also an agreement to a transfer of the assets to the new bank which would replace the present institution. Upon organization of the new institution, the federal government would virtually become a partner in the business through the acquisition of preferred stock, and all deposits up to $2,500 would be protected under the federal deposit guarantee plan. Mr. Guiberson expected to receive official notice of the action of the RFC within a few days and then would immediately take action looking toward the reorganization. He stated that he had steadfastly refused to consider any receivership or other plan that would not completely safeguard the interests of the depositors.[16]

On Monday, July 23, 1934, the new First National Bank in Corcoran, Charter 14230, opened for business. Deposits amounted to $3,000 more than the withdrawals, indicating a health condition. The bank officials elected Saturday were J.W. Guiberson, president; E.J. Harp, vice president; and Nis Hansen, J.C. Sperry and L.A. Hansen, directors. B.G. Crary was cashier and H.L. Roberts, assistant cashier.[17]

On Wednesday evening, September 5, 1951, Miss Claire Guiberson, one of the organizers of the American Cancer Society in Kings County and its first commander, died in Corcoran after a long illness. She was a native of Ventura County and 58 years old. Miss Guiberson graduated from the Tulare High School and was the first girl ever to be elected president of student body. Following her graduation she attended Woodbury Business College and later became secretary to her father, J.W. Guiberson, during his term as assemblyman from Kings and Tulare Counties. She was secretary-treasurer of the J.W. Guiberson company and closely associated with her father in his extensive farming operations. She also was a director of the First National Bank of Corcoran and active in civic and church organizations. Miss Guiberson was an officer and state trustee of the California Federation of Women's clubs for many years, and during World War I she was the first American Red Cross chairman in Kings County.[18]

The night of February 6, 1952, Joseph W. Guiberson, former president of the First National Bank of Corcoran and a large-scale rancher in the Tulare Lake basin, died in a Corcoran Hospital. Guiberson built the first levees on Tulare Lake and the farm corporation with his name controlled more than 4,000 acres in the rich lake bed area. Guiberson was a past president of the California Cotton Growers Assn. and a former director of the State Cattlemen's Assn.[19]

Official Bank Title

1: The First National Bank of Corcoran, CA

Bank Note Types Issued

1902 Plain Back $20 bank note with stamped signatures of R.R. Cunningham, Cashier and W. Nanhof, Vice President. Courtesy of Heritage Auctions, www.ha.com
1929 Type 1 $20 bank note with printed signatures of Helen Guiberson, Cashier and J.W. Guiberson, President. The Government Printing Office (GPO) prepared the overprinting plate used to produce this note. Courtesy of Heritage Auctions, www.ha.com
1929 Type 2 $10 bank note with printed signatures of C.E. Wilson, Cashier and J.W. Guiberson, President. Barnhart Brothers & Spindler (BBS) prepared the overprinting plate used to produce this note. Courtesy of Heritage Auctions, www.ha.com

A total of $408,810 in National Bank Notes was issued by this bank between 1909 and 1934. This consisted of a total of 32,861 notes (27,240 large size and 5,621 small size notes).

This bank issued the following Types and Denominations of bank notes:

Series/Type Sheet/Denoms Serial#s Sheet Comments
1902 Date Back 3x10-20 1 - 2400
1902 Plain Back 3x10-20 2401 - 6810
1929 Type 1 6x10 1 - 664
1929 Type 1 6x20 1 - 190
1929 Type 2 10 1 - 427
1929 Type 2 20 1 - 70

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1909 - 1934):

Presidents:

Cashiers:

Other Known Bank Note Signers

Bank Note History Links

Sources

  • Corcoran, CA, on Wikipedia
  • Don C. Kelly, National Bank Notes, A Guide with Prices. 6th Edition (Oxford, OH: The Paper Money Institute, 2008).
  • Dean Oakes and John Hickman, Standard Catalog of National Bank Notes. 2nd Edition (Iola, WI: Krause Publications, 1990).
  • Banks & Bankers Historical Database (1782-1935), https://spmc.org/bank-note-history-project
  1. ↑ Sanborn Map Company, Nov, 1912. Map. https://www.loc.gov/item/sanborn00479_001/.
  2. ↑ The Los Angeles Times, Los Angeles, CA, Sun., Feb. 4, 1906.
  3. ↑ Hanford Kings County Sentinel, Hanford, CA, Thu., Dec. 14, 1905.
  4. ↑ Hanford Kings County Sentinel, Hanford, CA, Thu., Dec. 14, 1905.
  5. ↑ Hanford Morning Journal, Hanford, CA, Thu., Mar. 15, 1906.
  6. ↑ Hanford Morning Journal, Hanford, CA, Sat., May 8, 1909.
  7. ↑ Hanford Morning Journal, Hanford, CA, Fri., Aug. 20, 1909.
  8. ↑ Hanford Morning Journal, Hanford, CA, Wed., Dec. 22, 1909.
  9. ↑ Hanford Kings County Sentinel, Hanford, CA, Thu., Jan. 19, 1911.
  10. ↑ The Hanford Sentinel, Hanford, CA, Tue., Jan. 20, 1920.
  11. ↑ Redwood City Tribune, Redwood City, CA, Fri., Jan. 24, 1930.
  12. ↑ The Hanford Sentinel, Hanford, CA, Wed., Jan. 14, 1931.
  13. ↑ Hanford Sentinel, Hanford, CA, Mon., Mar. 27, 1933.
  14. ↑ The Chico Enterprise, Chico, CA, Wed., Mar. 29, 1933.
  15. ↑ Hanford Sentinel, Hanford, CA, Wed., Mar. 29, 1933.
  16. ↑ Hanford Sentinel, Hanford, CA, Sat., May 5, 1934.
  17. ↑ Hanford Sentinel, Hanford, CA, Tue., July 24, 1934.
  18. ↑ The Hanford Sentinel, Hanford, CA, Thu., Sep. 6, 1951.
  19. ↑ Visalia Times-Delta, Visalia, CA, Thu., Feb. 7, 1952.
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