First National Bank (Panama City, FL)

View Charter #10346 on SPMC View balance sheet

Episode Information

Episode UID
1034601574
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
103460 national
Charter Number
10346
Start Date
February 2, 1931
Location
Panama City, Florida (30.159, -85.660)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
f30a61305014d05d

Response Measures

Full suspension, Books examined

Receivership Details

Depositor recovery rate
36.1%
Date receivership started
1931-02-12
Date receivership terminated
1940-04-17
OCC cause of failure
Governance
Share of assets assessed as good
15.8%
Share of assets assessed as doubtful
50.3%
Share of assets assessed as worthless
33.9%

Description

Bank closed by its board after heavy withdrawals and later remained in receivership (dividends paid in 1934).

Events (5)
1. March 12, 1913 Chartered
Source
historical_nic
2. February 2, 1931 Run
Cause Details
Steady heavy withdrawals over several days; immediate trigger not specified in article.
Measures
Board of directors closed the bank and notified the comptroller; temporary closing to protect depositors and creditors.
Newspaper Excerpt
A steady run on the First National bank of this place during the past few days resulted in the closing of that institution today by the board of directors.
Source
newspapers
3. February 2, 1931 Suspension
Cause Details
Closed by board of directors as a protective measure following the run/heavy withdrawals.
Newspaper Excerpt
First National Closes After Heavy Withdrawals ... board of directors ... that the bank be closed and the comptroller notified.
Source
newspapers
4. February 12, 1931 Receivership
Source
historical_nic
5. August 18, 1934 Receivership
Newspaper Excerpt
Murray, receiver for the First National bank, announced today that he will pay a five per cent dividend to stockholders next Tuesday ... fourth to be paid since the bank closed.
Source
newspapers

Newspaper Articles (2)
1. February 3, 1931 Pensacola News Journal Pensacola, FL
Article from Pensacola News Journal, February 3, 1931

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Article Text

PANAMA BANK FAILS TO OPEN First National Closes After Heavy Withdrawals PANAMA CITY, Feb. 2.-A steady run on the First National bank of this place during the past few days resulted in the closing of that institution today by the board of directors. At a meeting of the board this morning it as a measure of protection for the depositors and creditors that the bank be closed and the comptroller notified. condensed statement under date of Jan. 12 shows resources at that time to loans and discounts, $857,692.27; deposits of $944,086.71; cash in vaults and due from other banks, $350,321.7 and other liquid assets, $125,215.08. Slight surprise was shown locally over the announcement, and mild run on the Commercial bank followed but was of short duration. At noon everything was quiet and business had been resumed in normal way. W. Sherman, prominent hotel and land owner of this city, is chairman of the board of directors. Belief has been expressed that the bank will reopen shortly It was said that the bank may be re-opened soon.

2. August 19, 1934 Pensacola News Journal Pensacola, FL
Article from Pensacola News Journal, August 19, 1934

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Article Text

Bank Receiver Pays Dividends Once More PANAMA CITY, Aug. 18.-(SpeE. Murray, receiver for the First National bank, announced today that he will pay a five per cent dividend to stockholders next Tuesday. The divident amounts to $30.000 and is the fourth to be paid since the bank closed.