Seaside National Bank, Long Beach, CA (Charter 12819)
Seaside National Bank, Long Beach, CA (Chartered 1925 - Receivership 1932)
Town History
Long Beach is a city in Los Angeles County, California. It is the 43rd-most populous city in the United States, with a population of 466,742 as of 2020. A charter city, Long Beach is the seventh-most populous city in California, the second most populous city in Los Angeles County, and the largest city in California that is not a county seat city.
Incorporated in 1897, Long Beach lies in Southern California, in the southern part of Los Angeles County. Long Beach is approximately 20 miles south of downtown Los Angeles, and is part of the Gateway Cities region. The Port of Long Beach is the second busiest container port in the United States and is among the world's largest shipping ports. The city is over an oilfield with minor wells both directly beneath the city as well as offshore.
The city is known for its waterfront attractions, including the permanently docked RMS Queen Mary and the Aquarium of the Pacific. The town grew as a seaside resort with light agricultural uses. The Pike was the most famous beachside amusement zone on the West Coast from 1902 until 1969; it offered bathers food, games and rides, such at the Sky Wheel dual Ferris wheel and Cyclone Racer roller coaster. Gradually the oil industry, Navy shipyard and facilities and port became the mainstays of the city. In the 1950s it was referred to as "Iowa by the sea", due to a large influx of people from that and other Midwestern states.
Long Beach had seven National Banks chartered during the Bank Note Era, and all seven of those banks issued National Bank Notes.
Bank History
- Organized August 29, 1925
- Chartered September 15, 1925
- Receivership February 17, 1932
In June 1925, an application to organize the Seaside National Bank of Long Beach with $300,000 capital was approved by the comptroller of the currency.[1] In July, directors of the bank were seeking bids for vaults and fixtures for the quarters of the Seaside National Bank in the W.E. Babb building, 132 Pine Avenue.[2] On September 15, 1925, the Treasury Department issued a charter authorizing the bank to begin business with capital of $300,000. H.S. Beckman was president and J.B. Hines, former Torrance banker, was cashier. Miss Naomi C. Tompkins, vice president of the Triangle Finance Corporation, one of the active incorporators of the new bank, said its quarters in the Babb Building would be ready for occupancy early in October.[3]
In October 1928, the directors were H.S. Beckman, R.M. Dickinson, C.H. Griffith, John Hewitt, J.B. Hines, J.S. Holton, Val Lester, Dan McDavid, H.R. Maltby, N.C. Thompkins, A. C. Walker, and Alf. Williams. The officers were H.S. Beckman, president; Naomi C. Tompkins, vice president; J.B. Hines, vice president and cashier; H.R. Maltby, Joy A. Smith, and Janette C. Webster, assistant cashiers. As of the close of business, October 3rd, 1928, the bank had loans and discounts of $1,421,129.60; bonds to secure circulation, $100,000; capital stock, $300,000; surplus and undivided profits, $38,294.03; deposits, $2,031,013.05, and total resources of $2,467,757.08.[4]
In January, 1930, H.S. Beckman was re-elected president. Other officers were J.B. Hines, vice president and cashier; Naomi C. Tompkins and William G. Blatt, vice presidents; H.R. Maltby, Joy A. Smith, Janette C. Webster, and William M. Bradfield, assistant cashiers. The directors were Mr. Beckman, Miss Tompkins, Mr. Hines, C.H. Griffith, John Hewitt, J.S. Holton, Val Lester, Dan MacDavid, John G. Munholland, A.C. Walker and Alf. Williams.[5]
On Tuesday afternoon, at the annual meeting of stockholders, the following were re-elected as directors: Herbert S. Beckman, Ray M. Dickinson, C.H. Griffith, John Hewitt, James B. Hines, Dan McDavid, Naomi C. Tompkins, Allen C. Walker, and Alf Williams. The directors re-elected as officers the following: Herbert S. Beckman, president; James B. Hines, vice president and cashier; Naomi C. Tompkins and W.G. Blatt, vice presidents; H. Ray Maltby, Joy A. Smith, Janette Clare Webster, and William M. Bradfield, assistant cashiers.[6]
On Tuesday, February 2, 1932, the Seaside National Bank closed its doors. On the front and side doors were notices which read: "The Seaside National Bank is closed by order of the board of directors. The national bank examiner is in charge for the comptroller of the currency. Signed: W.J. Waldron, national bank examiner." President Herbert S. Beckman stated the action was necessary because of the steady withdrawals. He said there was every reason to believe that the depositors would be paid 100 cents on the dollar. The last statement published on January 4 for the close of business on December 31st showed deposits aggregated $1,162,835.63.[7]
On June 17, 1933, another dividend of 12 1/2 percent was announced by C.E. Wailes, receiver. Checks would be ready at 223 East Broadway on Monday, June 19th for depositors to pick up. The total amount ready for distribution was $87,519.49, including a supplemental dividend to those depositors who filed proven claims after payment of the first dividend of 40% paid the previous fall. Receiver Wailes faced an extraordinary situation since taking charge of the bank in February 1932. The city and county's deposits of $220,000 were paid and a total of $175,000 of rediscounts and bills payable was also discharged. A loan from the RFC was later paid in full. The March 10 earthquake further hampered the effort to liquidate assets.[8] In January 1934, a 15% dividend was being distributed to depositors bringing the total paid to 67 1/2 percent.[9]
In February 1935, J.C. Scully, receiver, was encouraged by the improvement in the Southern California real estate market. Scully took over the receivership of the Seaside National Bank and the First National Bank of Newport on the retirement of C.E. Wailes on January 1st. Scully for the past year had been receiver for the Wilshire National of Los Angeles and the First National Bank of San Gabriel. Scully, a native of Oklahoma, had been a resident of Southern California for 16 years. He was president of the Haskell National Bank in Oklahoma and owned substantial oil interests there.[10] In May, a fourth dividend of 7 1/2 percent was distributed from the receiver's office in the Windham Building, 109 American Avenue, bringing the total repaid to 75%.[11]
In April 1938, a fifth dividend of 5 percent was announced by J.V. Hogan, national bank receiver, bringing the total repaid to 80%.[12]
A sixth and final dividend was paid in December 1940 on claims against the defunct Seaside National Bank.[13]
Official Bank Title
1: The Seaside National Bank of Long Beach, CA
Bank Note Types Issued
A total of $556,250 in National Bank Notes was issued by this bank between 1925 and 1932. This consisted of a total of 68,704 notes (41,992 large size and 26,712 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 - 5810 1902 Plain Back 3x10-20 1 - 4688 1929 Type 1 6x5 1 - 2743 1929 Type 1 6x10 1 - 1362 1929 Type 1 6x20 1 - 347
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1925 - 1932):
Presidents:
Cashiers:
Other Known Bank Note Signers
Bank Note History Links
Sources
- Long Beach, 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
- ↑ The Redondo Reflex, Redondo, CA, Fri., June 5, 1925.
- ↑ Press-Telegram, Long Beach, CA, Mon., July 6, 1925.
- ↑ Press-Telegram, Long Beach, CA, Tue., Sep. 15, 1925.
- ↑ Press-Telegram, Long Beach, Ca., Tue., Oct. 9., 1928.
- ↑ The Long Beach Sun, Long Beach, CA, Wed., Jan. 15, 1930.
- ↑ The Long Beach Sun, Long Beach, CA, Wed., Jan. 13, 1932.
- ↑ The Long Beach Sun, Long Beach, CA, Tue., Feb. 2, 1932.
- ↑ Press-Telegram, Long Beach, CA, Sat., June 17, 1933.
- ↑ The Long Beach Sun, Long Beach, CA, Thu., Jan. 4, 1934.
- ↑ Press-Telegram, Long Beach, CA, Tue., Feb. 19, 1935.
- ↑ The Long Beach Sun, Long Beach, CA, Fri., May 17, 1935.
- ↑ The Los Angeles Times, Los Angeles, CA, Sat., Apr. 23, 1938.
- ↑ The Long Beach Sun, Long Beach, CA, Tue., Dec. 10, 1940.