The Great Depression brought an end to the
Bank of Balboa when a run was made on the bank in February of 1932.
On September 27, 1922,
George Edwards opened the Bank of Balboa. In 1927 the bank was
reorganized and the board of directors read like a "who's who" of
The original home of the
Bank of Balboa.
The bank's headquarters was originally located on the northeast corner
of Central Avenue (now Balboa Boulevard) and Washington Street Now
occupied by Pavilion Real Estate, the old bank vault is still one of the
back rooms of the business next door.
In 1928, a new building was built on the southwest corner of the same
intersection at a cost of $50,000.
A 1930 Bank of Balboa ad.
Great Depression brought an end to the Bank of Balboa when a run was
made on the bank in February of 1932.
Wrong doing by the bank directors
was never considered, and in fact all of the bank's depositors received
fair market value for their accounts. But due to a State law, bank
failure decreed that the bank's officers and directors were to be
assessed 100% of the cost of their stock. This means the Bank's officers
not only lost all of their investment, they were also required to pay that
amount again to the State of California. Doubling their losses. Charles TeWinkle and Joe Beek were the only two officers able to pay these
the Bank of Balboa's building was sold to the Bank of America for
$27,000. By the mid 1980's, Bank of America moved out of this location
and a few years later the landmark building was leveled to make way for
the store fronts and apartments that now occupy this location.
Today the location of the
Bank of Balboa is occupied by modern storefronts
Words Of Wisdom
"You can get more with a
kind word and a gun than you can with a kind word alone."
The New Mural
Live Balboa Cam
Watch Evan Wilson's new trompe
being painted on the
building on Balboa Blvd.
It was around midnight on a summer
night in 1993 when Sean Donegan was the bartender at Snug Harbor, a
popular drinking establishment of the time.
As he was walking home, or as Sean
words it, "Trying to walk home," after a night of drinking he was
spotted by the police and arrested for being drunk in public and taken
Sean was just sober enough to know
he needed a lawyer and drunk enough to make a scene about it. While in
his cell he kept yelling he wanted his lawyer over and over again.
Suddenly Sean heard a voice
calling out, "Sean is that you," to which Sean replied "Who is it." The
voice answered, 'It's me, Frank Coyle your attorney." Sure enough, Frank
was two cells down from Sean.
After that Sean decided to be
quiet the rest of the night
It was for reasons like this that Sean
is no longer a drinker.
I would like to know what happened to the plack in front
of the Balboa pier. Harry H. Williamson, I'm his grand daughter, and my
family would really like to find out.
Thank you-- Love your site- Pat
I came across your article on Rolf Laib [June 2001] while I was searching the Net
for information on my uncle Sgt. Rudolph B. Williamson. He was in the
405th Squadron - 38th Bomber Group. He was lost over the Admiralty
Islands in February, 1944.
My research on my uncle has provided
me with a huge lesson in history. These
men should be honored for their heroic efforts during this troubled
Please convey to Mr. Laib my sincere
appreciation and gratitude for his service to our country. And I'm glad
he made it home!
I'm planning on visiting the Island on
the 21st of April. What are the things that are a "must see"? Thanks
for your assistance.
Jim, I truly enjoy your website as it brings back so many
fond memories. As a young teenager in the mid-1970s, I lived in Costa
Mesa and worked for $1.75 per hour at Art's Landing (now Newport
Landing) as both a dock hand and occasionally as a deck hand on the
Now I'm in the Navy and stationed in
Sigonella, Sicily. Visiting your site has made me all the more
determined to take some leave in California and revisit my roots.
Chief Petty Officer Art Hansen,