Building History

A classified advertisement in the Los Angeles Times of 12/21/1927, indicated that the Orcutt, CA, Branch of the Los Angeles-1st National Trust and Savings Bank would be closed imminently pending approval at the annual stockholders meeting. It was one of six branches to be closed, likely in 1928. (See "Notice of Annual and Special Meeting of Stockholders of Los Angeles-First National Trust & Savings Bank" Los Angeles Times, 12/21/1927, part II, p. 16.) This branch was locatedon the northwest corner of Clark Street and Broadway in Orcutt.

Building Notes

The Los Angeles-1st National Trust and Savings Bank merged with the Security Trust and Savings Bank on 03/30/1929. A book on the history and growth of Los Angeles that commemorated the merger, said of the merger: "This consolidation brings together under national charter two of the oldest and largest banking institutions in Southern California. The beginnings of the Los Angeles-First National Trust & Savings Bank date back to 1875. The Security Bank was founded in 1889. Each bank has played a leading part in the development of Los Angeles and the Southland. The consolidated bank takes its name, Security-First National Bank of Los Angeles. Its resources total more than $600,000,000. It has a capital of $30,000,000; surplus, $15,000,000 and undivided profits, $5,000,000. The Security -First National Bank of Los Angeles by virtue of the consolidation is able to render a still more effective service—commercial, savings and trust—to the communities in which it operates, from Fresno and San Luis Obispo to Imperial County. Its services extend to the most important financial centers of the world through reciprocal correspondent relationships. Mr. J.M, Elliott is Honorary Chairman of the Board of the consolidated bank. Mr. Henry M. Robinson is Chairman, and Mr. Maurice S. Hellman is Vice Chairman. Mr. Joseph F. Sartori is President and Chairman of the Executive Committee.” (See “Two Great Banks Consolidate,” in La Reina, Los Angeles in Three Centuries, [Los Angeles: Security-First National Bank, 1929], p. 209.)

PCAD id: 25077