First National Bank (Winter Garden, FL)

View Charter #11389 on SPMC View balance sheet

Episode Information

Episode UID
1138901556
Episode Type
Run → Suspension → Reopening
Bank Type
national
Bank ID
113890 national
Charter Number
11389
Start Date
August 6, 1929
Location
Winter Garden, Florida (28.565, -81.586)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
b523840302a619bb

Response Measures

Capital injected, Partial suspension, Books examined

Receivership Details

Date receivership started
1929-07-25
Date receivership terminated
1929-10-30
OCC cause of failure
Economic conditions

Events (6)
1. June 30, 1919 Chartered
Source
historical_nic
2. July 25, 1929 Receivership
Source
historical_nic
3. August 6, 1929 Run
Cause
Local Shock
Cause Details
Panic sparked by uncertainty over marketing crops because of the fruit fly quarantine; runs spread after reports of other banks closing
Measures
Depositors agreed to freeze deposits for periods of one to four years with staged payments (25% each March) and 4% interest; changes to directorate planned
Newspaper Excerpt
The unexpectedness of the runs, which gained impetus after reports were circulated that Tampa and most other banks were closing
Source
newspapers
4. August 6, 1929 Suspension
Cause
Local Shock
Cause Details
Closures resulting from runs triggered by crop-marketing uncertainty and fruit fly quarantine leading to reserve depletion
Newspaper Excerpt
About 30 banks having closed their doors... All of these banks are preparing to reopen as soon as their affairs have been straightened out to the satisfaction of the state comptroller.
Source
newspapers
5. October 30, 1929 Restored To Solvency
Source
historical_nic
6. October 31, 1929 Reopening
Newspaper Excerpt
Florida Bank Reopens WINTER GARDEN, First National Bank ... The bank opened on deposit and nearly added during business hours ... vice president cashier, declared.
Source
newspapers

Newspaper Articles (5)
1. July 20, 1929 The Owensboro Messenger Owensboro, KY
Article from The Owensboro Messenger, July 20, 1929

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Article Text

Another Bank Closes Its Doors In Florida Reports of the closing the state Bank Pablo Jacksonville Beach reached the state banking today. Comptroller Ernest Amos said the bank liquid condition. but closprecaution when The bank Palbo the teenth bank which closed Florida this week and the Twenwithin weeks. Four others closed May and their president, John Fouts, Bartow, awaiting trial charge illegally lending himself funds. reassuring tion has from Washington dicating that lessening the fruit fly under consideration and that President Hoover plans recommend reimbursement for growers whose crops have been destroyed. This, together with growing public confidence, combined stop the runs Floridaa banks, the comptroller indicated.

2. August 6, 1929 Brownsville Herald Brownsville, TX
Article from Brownsville Herald, August 6, 1929

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Article Text

FLORIDA CALM AFTER PANIC Washington Crop Movement Report Restores Composure to Public ORLANDO, Fla, Aug. 6.-Florida's second bank panic in two years, due largely to uncertainity over marketing crops next winter because of the fruit fly quarantine, has become a thing of the past, financial interests believe. About 30 banks having closed their doors. The unexpectedness of the runs, which gained impetus after reports were circulated that Tampa and most other banks were closing, caused many sound institutions to close their doors when the reserve cash gave out, officials said. All of these banks *re preparing to reopen as soon as their affairs have been straightened out to the satisfaction of the state comptroller. The people of Florida are recovering their composure with the news from Washington that citrus crops will be moved out of infested and protective zones and that other vegetables will also go to market. In this county the State Bank of Ocoee opened the first part of the week. This bank closed more than a year ago. The bulk of the depositors have agreed to freeze their deposits for a period of from one to four years rather than force liquidation and poor settlements at this time. The depositors get 25 per cent of their money each March 1, beginning next year through 1933, with interest at four per cent. The First National Bank of Winter Garden in all probability will reopen shortly. There will be some changes in the directorate, with one or two Orlando financiers on the board. The depositors are assured full payment. At St. Augustine three banks are to be consolidated, namely; the First National, the People's Bank for Savings and the Bankers Trust Company. Announcement is said to have been made by the United States Comptroller, approving the consolidation. At St. Petersburg the Fidelity Bank & Trust Company has acquired the banking rooms of the Alexander National, at Seventh and Central avenues, which will be inlarged. The Fidelity has a capital of $100,000, which will be increased, according to announcement plans for reorganization. Announcement of the approval for sale of assets of the First Nattional of Lakeland to the DuPont interests, by the treasury department, has caused Sebring business men to predict that such action might cause the sale of the assets of the First national of Sebring to the same concern. Under the terms of the sales contract, approved by the comptroller of currency the Almours Security Company, inc., will organize a new bank to be known as the Lakeland National Bank, and will pay at the earliest "practical time a 25 per cent dividend to all creditors and pay in full all preferred claims.' New Institution At Sarasota the Palmer National Bank and Trust Company, a new financial institution capitalized at $100,000, opened for business last week. The principal stockholders are Honoree and Potter Palmer of Chicago. The bank is temporarily occupying the banking rooms of the former American National bank. Its president is John B. Cleveland, for the past three years manager of the Tampa offices of the Palmer corporation.

3. August 6, 1929 Brownsville Herald Brownsville, TX
Article from Brownsville Herald, August 6, 1929

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Article Text

FLORIDA CALM AFTER PANIC Washington Crop Movement Report Restores Composure to Public ORLANDO, Fla., Aug. 6.-Florida's second bank panic in two years, due largely to uncertainity over marketing crops next winter because of the fruit fly quarantine, has become a thing of the past, financial interests believe. About 30 banks having closed their doors. The unexpectedness of the runs, which gained impetus after reports were circulated that Tampa and most other banks were closing, caused many sound institutions to close their doors when the reserve cash gave out, officials said. All of these banks are preparing to reopen as soon as their affairs have been straightened out to the satisfaction of the state comptroller. The people of Florida are recovering their composure with the news from Washington that citrus crops will be moved out of infested and protective zones and that other vegetables will also go to market. In this county the State Bank of Ocoee opened the first part of the week. This bank closed more than a year ago. The bulk of the depositors have agreed to freeze their deposits for a period of from one to four years rather than force liquidation and poor settlements at this time. The depositors get 25 per cent of their money each March 1, beginning next year through 1933, with interest at four per cent. The First National Bank of Winter Garden in all probability will reopen shortly. There will be some changes in the directorate, with one or two Orlando financiers on the board. The depositors are assured full payment. At St. Augustine three banks are to be consolidated, namely; the Firest National, the People's Bank for Savings and the Bankers Trust Company. Announcement is said to have been made by the United States Comptroller, approving the consolidation. At St. Petersburg the Fidelity Bank & Trust Company has acmired the banking rooms of the llexander National, at Seventh and Central avenues, which will be inlarged. The Fidelity has a capital of $100,000, which will be increased, according to announcement plans for reorganization. Announcement of the approval for sale of assets of the First Nattional of Lakeland to the DuPont interests, by the treasury department, has caused Sebring business men to predict that such action might cause the sale of the assets of the First national of Sebring to the same concern. Under the terms of the sales contract, approved by the comptroller of currency the Almours Security Company, inc., will organize a new bank to be known as the Lakeland National Bank, and will pay at the earliest "practical time a 25 per cent dividend to all creditors and pay in full all preferred claims.' New Institution At Sarasota the Palmer National Bank and Trust Company, a new financial institution capitalized at $100,000, opened for business last week. The principal stockholders are Honoree and Potter Palmer of Chicago. The bank is temporarily occupying the banking rooms of the former American National bank. Its president is John B. Cleveland, for the past three years manager of the Tampa offices of the Palmer coration.

4. August 6, 1929 The Brownsville Herald Brownsville, TX
Article from The Brownsville Herald, August 6, 1929

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Article Text

AFTER Washington Crop Movement Report Restores Composure to Public ida's second bank panic in two years. due largely to uncertainity over marketing crops next winter because of the fruit fly quarantine, has become a thing of the past, financial interests believe. About 30 banks having closed their doors. The unexpectedness of the runs, which gained impetus after reports were circulated that Tampa and most other banks were closing. caused many sound institutions to close their doors when the reserve cash gave out, officials said. All of these banks *re preparing to reopen soon as their affairs have been straightened out to the satisfaction of the state comptrol'er. The people of Florida are recovering their composure with the news from Washington that citrus crops will be moved out of infested and protective zones and that other vegetables will also go to market In this county the State Bank of Ocoee opened the first part of the week. This bank closed more than year ago. The bulk of the depositors have agreed to frecze their deposits for period of from one to four years rather than force liquidation and poor settlements at this time. The depositors get 25 per cent of their money each March beginning next year through 1933, with interest at four per cent. The First National Bank of Winter Garden in all probability will reopen shortly. There will be some changes in the directorate, with one or two Orlando financiers on the board. The depositors are assured full payment. At St. Augustine three banks are be consolidated. namely: the First National, the People's Bank for Savings and the Bankers Trust Company. Announcement said have been made by the United States Comptroller, approving the consolidation. Petersburg the Fidelity At St. Bank & Trust Company has acrooms of the quired the banking Alexander National at Seventh and Central which will be Fidelity has capital The larged. of $100.000, which will be increased. to announcement plans according for reorganization. of the approval Announcement for sale of assets of the First Nattional of Lakeland to the DuPont interests, by the treasury department, has caused Sebring business that such action to predict men the sale of the assets might cause national of Sebring to the First Under the terms same concern. of the the sales contract. approved the by comptroller of currency the Inc., Almours Security bank to be will organize a new Lakeland National as the known Bank. and will pay at the earliest "practical time 25 per cent dividend to all creditors and pay in full preferred claims.' New Institution At Sarasota the Palmer National Company new Bank and Trust capitalized at institution financial business last opened for $100,000. stockholders The principal week. Potter Palmer of Honoree and are bank is temporarily Chicago. The rooms of the the banking occupying National bank. Its American president former is John B. manager Cleveland, of the for past three years the the Palmer coroffices of Tampa poration.

5. October 31, 1929 The Atlanta Journal Atlanta, GA
Article from The Atlanta Journal, October 31, 1929

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Article Text

Florida Bank Reopens WINTER GARDEN, First National Bank Winter after being more than three The bank opened on deposit and nearly added during business hours vice president cashier, declared.