Banks eating banks

JERRY PERSON

One of the most important events in the annals of banking history in

Huntington Beach occurred in 1923, when two locally owned banks

opened their doors to the public in a single week.

Huntington Beach had a few banks in town before 1923, but bankers

ran these from Los Angeles and they cared little about our town or

its citizens. The best known of these early banks was the First

National Bank of Huntington Beach. This banking house was taken over

in 1921 by the Guarantee Trust & Savings Bank of Los Angeles, and

within a year or so was acquired by the Security Trust & Savings Bank

of Los Angeles, at 203 Main St., at the corner of Main Street and

Walnut Avenue. This same building housed the town’s city hall and the

post office.

In 1923, the bank’s manager was W.J. Ellery and C.N. Whittam aided

him. A bank remained at this location until modern times, and a good

many of you might remember another bank called Security Pacific,

which lasted until February of 1988, when the branch manager,

Carmella Gitzen, closed its doors.

The building then became the home of the Huntington National Bank

until Jan. 31, 1989, when it closed and the building was demolished

by the city on Feb. 16, 1989.

But back in April 1923, the people of Huntington Beach wanted

their own home-owned bank. So several prominent businessmen from

Huntington Beach got together and took control of a Huntington Beach

branch of the Pacific Southwest Trust & Savings and changed its name

to Home State Bank, at 120 Main St.

Earlier, Pacific Southwest had acquired another bank at that

location called the Los Angeles Trust & Savings Bank. This new Home

Bank would be run by local businessmen, including James Conrad as its

president, W.R. Sebree as vice president and cashier, A.J. Thedieck

as vice president and escrow officer, E.A. Suter as secretary along

with John Hethcock, Elson Conrad and Hansler Larter.

Sebree had been the branch manager at Pacific Southwest Bank and

knew the business very well, having come from a long line of bankers.

Thedieck also had been with Pacific Southwest in Huntington Beach

and also practiced law. Suter was a partner in the Huntington Beach

firm of Huston, Suter and Huston. Larter came to Orange County in

1876 and was a longtime rancher in the Westminster area.

On April 14, 1914 the new First National Bank opened at 228 Main

St. underneath the Huntington Beach Hotel. This new First National

Bank had no connection with the earlier bank of the same name.

John Hinkle had come to our town from San Diego with the idea of

organizing a bank. H.T. Dunning was manager of the Golden West

Warehouse out near Edinger Avenue. He had previously been the manager

of the San Pedro Lumber yard on Lake Street.

Ed Manning, Huntington Beach’s pioneer plumber, was another

director, as was J. Ed Huston of the firm of Huston, Suter and

Huston. C.C. Tannehill from Los Angeles assumed the title of

president while Hinkle became vice president and cashier. This bank

had a capital stock of $50,000 with a surplus fund of $5,000. Today

that amount wouldn’t even be enough as a down payment on a house on

Main Street.

To celebrate the big event, a gold and a silver pencil were given

out on opening day. The gold pencil was given to W.R. Whittaker and

the silver one to Mrs. W.E. Wunderlich. Soon, these two new

institutions would merge into one. It appears that banks have a big

appetite for other banks.

It wasn’t that long ago that the California Bank on Main Street

begat the United California that begat the First Interstate Bank that

begat Wells Fargo Bank. I guess I can throw out my checks from

Crocker Bank on Olive Avenue, as it begat Wells Fargo Bank.

With all these begets I think I’ll just put my dollar and a half

in a cigar box and keep it under my bed.

* JERRY PERSON a longtime Huntington Beach resident. If you have

ideas for future columns, write him at P.O. Box 7182, Huntington

Beach, CA 92615.