Pacific National Bank, Los Angeles, CA (Charter 12454)
Pacific National Bank, Los Angeles, CA (Chartered 1923 - Liquidated 1930)
Town History
Los Angeles is located in Los Angeles County. Los Angeles, often referred to by its initials L.A., officially the City of Los Angeles, is the most populous city in the U.S. state of California. With roughly 3.9 million residents within the city limits as of 2020, Los Angeles is the second-most populous city in the United States, behind only New York City; it is the commercial, financial and cultural center of the Southern California region.
Los Angeles had 22 National Banks chartered during the Bank Note Era, and 18 of those banks issued National Bank Notes.
Bank History
- Organized October 3, 1923
- Chartered October 23, 1923
- Liquidated March 18, 1930
- Absorbed by 13044 (Bank of Italy/Bank of America NT&SA, San Francisco, CA)
On Wednesday, Oct. 24, 1923, the Pacific National Bank opened for business in its temporary quarters at 650-652 South Olive Street on the ground floor of the Los Angeles Athletic Club building. The bank had capital of $1,000,000 and surplus of $200,000. E.M. Smith, president, was head of and organizer of a number of manufacturing companies throughout the state, among them the E.M. Smith Co., the Emsco Steel Products Co., the Emsco Tool Co., Peerless Pump Co., Western Drop Forge Co., and the Titan Refinery. Other officers, representing a group of bankers well-known in the city, were E.B. Murray, cashier, formerly manager of the Westlake branch of the California Bank; Fred Swensen, J.E. O'Rourke, B.P. Glenn, vice presidents; K.D. Powelson and Fred M. Hughes, assistant cashiers.[1]
Anthony Swensen, better known as Fred Swensen, was born and educated in Los Angeles. He was well-known as an official in the Hibernian Savings Bank prior to his connection with the Pacific National Bank. He was the son-in-law of banker Edward B. Murray.
In January 1926, the directors were Melvin A. Bresee, Bresee Bros., Los Angeles; G. Cavaglieri, pres., G. Cavaglieri Mfg. Co., Los Angeles; T.J. Crumpton, Gen. Field Mgr., California Petroleum Co. and subsidiary corporations; Allen M. Culver, Gen. Agent, Oceanic Steamship Co., Los Angeles; R.A. Dallugge, Los Angeles; F.M. Douglas, president, First State Bank, Sherman, Cal.; H.G. Everett, state mgr., Lincoln National Life Ins. Co.; Harold G. Ferguson, pres., Ferguson Corp., Los Angeles; I.W. Fuqua, vice president, Pacific National Bank; Miles S. Gregory, Los Angeles; Leo M. Harvey, pres., Harvey Machine Works, Los Angeles; C.A. Herberts, pres., Herberts Machinery and Supply Co.; Edgar F. Hughes, legal firm of Goudge, Robinson & Hughes, Los Angeles; C.H. King, banker, Los Angeles; W.J. Long, pres., Western Malleable Castings Co., Vernon, Cal.; J.W. Meek, Los Angeles; Robert E. Millsap, Construction Engineer, Los Angeles; H.G. Miller, pres., Union Iron Works, Los Angeles; H.G. Miller, pres. Union Iron Works; Charles McRay, Los Angeles; Adolph Ott, vice president, Pacific National Bank; George Pepperdine, pres. Western Auto Supply Co.; H.W. Reynolds, investments, Los Angeles; E.M. Smith, pres., Pacific National Bank, E.M. Smith Co., Coust Rivet Co., Peerless Pump Co., Emsco Derrick and Equipment Co., Emsco Clay Co., all of Los Angeles; Emsco Asbestos Co., Downey, Cal.; Western Drop Forge Co., Emsco Press Forging Co., Vernon Cal., etc.; Walter G.L. Smith, vice president and mgr., E.M. Smith Co., Los Angeles; H.G. Steele, pres., U.S. Electric Mfg. Co., Los Angeles; F.F. Stetson, pres., Los Angeles Can Co. and Pacific Closing Machine Co., Los Angeles; Fred Swensen, executive vice president, Pacific National Bank, vice president, Florence National Bank, Florence, Cal.; vice president, Graham National Bank, Graham, Cal., vice president, First National Bank, South Pasadena, Cal. The officers were E.M. Smith, president; Fred Swensen, executive vice president; I.W. Fuqua and Adolph Ott, vice presidents; Ed B. Murray, cashier; R.G. Johnston, Fred M. Hughes, and F.W. Shelton, assistant cashiers. At the close of 1925, the bank had total resources of $7,693,231.11 and its head office was located at 650-52 South Olive Street. Other office locations were Beverly Office, Vermont at Beverly; Industrial Office, Santa Fe at Ninth; Melrose Office, Melrose at Arden; Manchester Heights Office, Manchester at Vermont; Hollenbeck Office, First at Chicago; Moneta Ave. Office, Moneta at 41st St.; Southside Office, Central at 47th.[2]
On April 10, 1928, directors of the Pacific National Company, holding corporation for the Pacific National Bank and affiliated institutions, approved a proposal to increase the capitalization from $2,000,000 to $4,000,000, reduce the par value from $100 to $25 a share, and offer subscription rights on the new stock to stockholders, subject to stockholder approval. Proceeds from the sale of the additional stock would be used to acquire the assets of the Pacific National Building Corporation, the principal real estate subsidiary of the Pacific National Group. After merging the latter company with the Pacific National Company, all of the bonded indebtedness outstanding on the Pacific National Bank Building, amounting to $1,290,000, would be retired, Frederick Swensen, president of the Pacific National Company, announced. Besides owning control of the Pacific National Bank, the Pacific National Company was the majority owner of the Pacific National Building Corporation, owning the Pacific National Bank Building, Florence National Bank, Graham National Bank, Eagle Rock State Bank, National Bank of Hermosa Beach and Monterey Park Commercial and Savings Bank. After the issuance of the new stock, the combined paid-in capital of the Pacific National Company and Pacific National Bank would be in excess of $5,000,000, according to Mr. Swensen. Total resources of the Pacific National Group would be in excess of $20,000,000. Directors of the Pacific National Company included E.M. Smith, chairman, president of Emsco Derrick and Equipment Company, and chairman Pacific National Bank; James E. Long, president, Western Malleable Castings Company; T.J. Crumpton, chairman, Eureka Casualty Company; Thomas A. Morrissey, president, Pacific National Bank; and Frederick Swensen, president, Pacific National Company and executive vice-president, Pacific National Bank.[3]
On Friday, July 19, 1929, purchase of the Pacific National Bank by the Transamerica Corporation was formally announced by officials of both companies. Pacific National Bank and four other smaller banks were not included in the acquisition. The Pacific National Bank Building owned by the Pacific National Co. was also excluded. Pacific National had resources in excess of $17 million and deposits of more than $12.5 million. The bank operated eight branches in Los Angeles. The total capital for Pacific National was $2,500,000. Transamerica Corp. was the holding company for the Bank of Italy and the Bancitaly Corporation and their affiliated and subsidiary institutions. Besides a number of bank, credit, insurance and investment companies which it controlled directly or indirectly, it held a substantial stock interest in Bank of America of California and Bank of America, N.A. E.M. Smith, president of Emsco Derrick and Equipment Co. and affiliated Emsco companies would remain as president of the bank. Smith, who was also chairman of the board, recently had taken over the presidency on the resignation of Thomas A. Morrissey. He was president of the bank when it was organized in 1923 and became chairman of the board in 1928. Fred Swensen, executive vice president, would also remain in his position. Swensen was president of Pacific National Company.[4]
On January 10, 1932, Thomas A. Morrisey, former president of the Pacific National Bank, left to surrender himself to the warden of McNeil Island Federal prison where he would begin serving a sentence of ten years and ten months for a conviction of misapplication of the funds of the bank. He was convicted in January 1932 for misapplication of $528,400 of the bank's funds. Attorneys appealed the decision, but it was upheld by District Court of Appeal. A petition for a writ of certiorari later was denied by the United States Supreme Court.[5] Morrissey was the only one of five defendants accused of misappropriating funds in connection with their duties as officials of the Pacific National Bank in 1929 to be convicted.[6] Morrissey was born and educated in Los Angeles, was previously employed by the Merchants National Bank as cashier and later was an executive of the now defunct Pan-American Bank of Los Angeles.
Official Bank Title(s)
1: The Pacific National Bank of Los Angeles, CA
Bank Note Types Issued
A total of $1,858,600 in National Bank Notes was issued by this bank between 1923 and 1930. This consisted of a total of 169,452 notes (163,352 large size and 6,100 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1902 Plain Back 4x5 1 - 22900 1902 Plain Back 3x10-20 1 - 15572 1902 Plain Back 3x50-100 1 - 2366 1929 Type 1 6x5 1 - 1017 E001017A-F001017A Not issued
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1923 - 1930):
Presidents:
Cashiers:
- Edward B. Murray, 1924-1925
- Alexander Morice DeLong, 1926-1926
- Robert George Johnston Sr., 1927-1929
Other Known Bank Note Signers
Bank Note History Links
Sources
- Los Angeles, 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
- ↑ Los Angeles Evening Express, Los Angeles, CA, Wed., Oct. 24, 1923.
- ↑ The Los Angeles Times, Los Angeles, CA, Wed., Jan. 6, 1926.
- ↑ The Los Angeles Times, Los Angeles, CA, Wed., Apr. 11, 1928.
- ↑ Los Angeles Evening Express, Los Angeles, CA, Sat., July, 20, 1929.
- ↑ The Los Angeles Times, Los Angeles, CA, Fri., Nov. 2, 1934.
- ↑ Daily News, Los Angeles, CA, Mon., Jan. 11, 1932.