Bank of America Closes

Bank of America, 1971.
Today, the Susanville branch of Bank of America closes. The nearest branches are now in Red Bluff and Reno. It was in the summer of 1928 when the bank began negotiations with the Lassen Industrial Bank to take over that troubled institution, which you will note that it was before the 1929 stock market crash. The Lassen Industrial Bank was noted for its liberal loan policies, but that was not the entire problem. Leon Bly’s failed Eagle Lake project took a major toll on the agricultural community and numerous farmers and ranchers defaulted on their loans. The bottom line, on December 1, 1928, Bank of America took over the Lassen Industrial Bank and its iconic two-story brick building on the corner of Main and Gay Streets.


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