The Street Seen: Ocean Park Bank
168 Pier Avenue @ Neilson
Ocean Park Bank - Ocean Park’s first bank - is located on the SWC of Pier & Neilson from 1902 to 1965
In 1902, T.H. Dudley, Abbot Kinney, Matilda Dudley,1 William Mead,2 and Plez James3 are founding stockholders of the Ocean Park Bank - Ocean Park’s first bank. With T.H. Dudley as president and Kinney as vice-president, state chartered4 Ocean Park Bank opens for business April 8th, 1902 in a temporary location on Main St.
Work soon begins on a new 1-story, brick and steel bank building on Pier Ave (SWC of Neilson).5 Contractor Henry X. Goetz (1861 - 1944) breaks ground at the beginning of June, 1902 and in September, the bank occupies it’s new permanent space at 168 Pier Ave. In 1903, T.H. Dudley is still president, but now Carl F. Schader (1870–1934) is vice president, and W.S. Vawter (1845 – 1917) is also a director. In 1904, to accommodate the growing business, the rear of the building is extended to the full lot.
By 1915, Ocean Park Bank has three branches - (1) the main office at 168 Pier – George A Neilson manager; (2) a (north) Santa Monica branch at 4th & Santa Monica Blvd; and (3) a Venice branch at 1512 Pacific Ave (NEC Windward).
To the alarm of locals (“Ocean Park Bank May Merge With Giant Concern”, Santa Monica Evening Outlook, November 28, 1922), Ocean Park Bank is taken over by Security Trust & Savings Bank6 in 1923. Dudley, who has been president of Ocean Park Bank since its founding 21 years ago, becomes a vice-president of Security Trust & Savings Bank. In 1923, the Pier Ave building is remodeled - the columned portico is removed and the building front extended with a modernist façade.
In 1929, Security Trust & Savings Bank becomes Security-First National Bank.7
In 1965, the Pier Ave building is demolished - along with everything else (except the Marine Street Telephone Exchange building) west of Neilson between Ocean Park Blvd and the south city border - as part of the Ocean Park Redevelopment Project. It’s all gone.
Matilda Brooks Ryan Dudley (1860 – 1940). Born in San Francisco, Matilda Brooks marries Francis George Ryan (1855 - 1898) in Vermont in 1885, and then marries Thomas Dudley (1867 – 1934) in 1899. She is the Brooks of Brooks Ave in Venice.
William Mead (1862 – 1927). Mead serves in the State Assembly 1896 - 1900, before establishing the Central Bank of Los Angeles in 1900. In 1913, Mead subdivides his Griffith Ranch holdings to form the Hillhurst Park tract and builds a mansion for himself in Los Feliz. Mead serves as a Los Angeles water commissioner at the time the Los Angeles Aqueduct is built and he is the first president of the Los Angeles Planning Commission.
Pleasant “Plez” James (1836 – 1917). Born in Kentucky, James is City Clerk in Jeffersonville, IN in 1870, and in 1873, marries Anna Belle Horr (1844 – 1901). In 1883, he moves to Anaheim, CA, and founds the Bank of Anaheim. The bank fails in the national Panic of 1893. In 1902, James is a founding shareholder and manager of the Ocean Park Bank. In 1903, he resigns from the bank, and from 1904 to 1908 is City Clerk of the newly incorporated Venice. In 1911, James marries Minerva Howe Patton James (1841 – 1915).
After the Civil War (1861 – 1865), the United States developed a dual banking system. A bank is chartered, examined, and regulated as either a national bank, under the National Bank Act, or as a state chartered bank under any one of fifty different state banking laws.
The Street Seen uses current street names. The trolley right-of-way is private property and so does not have an official name. To avoid confusion, beginning in 1905, the thoroughfare is called Trolley Way. In the 1930’s, the tracks are removed and the right-of-way is converted to street use. The name is changed to Neilson Way in 1954, in honor of City Council member George A Neilson.
Security Trust & Savings Bank has its origins in Los Angeles in 1889, when Joseph Francis Sartori (1858 – 1946) opens Security Savings Bank & Trust. In 1912, after numerous mergers and the California Bank Act of 1909, the bank name changes to Security Trust & Savings Bank. There is another major consolidation in 1921. Then between 1921 and 1929, Security Trust & Savings Bank acquires another 21 California banks - including the Ocean Park Bank and the Santa Monica Savings Bank.
In 1929, Security Trust & Savings Bank merges with the Los Angeles-First National Trust & Savings Bank (which has its origins in Los Angeles in 1875), creating Security-First National Bank - the 8th largest bank in the United States.
Security-First National Bank earns a reputation for aggressive business practices and benefits from economic and population growth in the western United States. By the mid-20th century, it is the 3rd largest in California and 5th largest bank in the United States. In 1967, Security-First National Bank acquires Pacific National Bank of San Francisco and becomes Security Pacific National Bank.