gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e77615eb997ab23a
Response Measures
Accommodated withdrawals, Public signal of financial health
Receivership Details
Depositor recovery rate
66.2%
Date receivership started
1927-11-18
Date receivership terminated
1932-01-02
Share of assets assessed as good
53.5%
Share of assets assessed as doubtful
35.0%
Share of assets assessed as worthless
11.5%
Description
The bank experienced a light run in March 1927 but remained open; it later suspended in November 1927 and entered receivership.
Events (5)
1.May 10, 1926Chartered
Source
historical_nic
2.March 14, 1927Run
Cause
Local Banks
Cause Details
Closing of three other local banks (First American, Northwood, and First Bank and Trust) triggered panic.
Measures
Closed at regular time despite the run.
Newspaper Excerpt
the National Bank of West Palm Beach experienced light runs. but closed practically at regular time
Source
newspapers
3.November 1, 1927*Suspension
Cause Details
General financial distress and liquidation following the 1926-1927 Florida real estate collapse.
Newspaper Excerpt
The final represents cash on hand when the bank suspended operation in November 1927
Source
newspapers
4.November 18, 1927Receivership
Source
historical_nic
5.June 21, 1928Receivership
Newspaper Excerpt
B. Cunningham, receiver for both institutions, announced yesterday that in late July or early August a substantial dividend would be paid
Source
newspapers
Newspaper Articles (16)
1.March 8, 1927Beaver Dam Daily CitizenBeaver Dam, WI
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BANK CLOSING AT PALM BEACH STARTS "RUN"
'WEST PALM BEACH, Three leading banks of the Palm Beach district closed their doors today and started one of the most frenzied runs in the history of Florida finance. day found streets jammed with depositors seeking to save their money by withdrawing it from remaining banks of the city. Runs on the Farmers Bank and the Citizens Bank of West Palm Beach were such that an armored car was dispatched from Miami bearing cash for panicky depositors. No sooner had the First National Bank and Trust Company posted notice that business was suspended for the protection of depositors than two other institutions closed- Northwood Bank and Trust Company of West Palm Beach and the First Bank and Trust Company of Palm Beach.
2.March 8, 1927The Winona Daily NewsWinona, MN
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Three West Palm Beach Banks Closed; Runs Begin on Two Other Financial Institutions
West Palm Beach, Fla., March 8. -The First Bank and Trust Co. of Palm Beach and the Northwood Bank and Trust Co. of West Palm Beach closed their doors today when the First American Bank and Trust Co. here failed to open this n-orning. Runs began on two other West Palm Beach banks. Police took charge of the crowds that gathered in front of the Institutions, and maintained order. DIrectors of the First National Bank and Trust Co. stated that the bank is solvent and would be opened after a reorganization. The First American was capitalized at $300,000 and a statement issued this morning showed cash in vault. $58,255 cash in other banks, $553,730; liabilities, bills said it had to be closed because of general conditions follow ng the failure of three Palm Beach banks last June, the hurricanes. the continued depression in real-estate, the upheaval In the city affairs. the failure of the First Bank and Trust Co a few weeks ago in Lake Worth, and continued large withdrawals by depositors in the last few weeks. More than $10,500,000 has been withdrawn from the bank from peak of $13,500,000 deposits a few months age, directors said The First Bank and Trust Co of Palm Beach is cagitalized at $50,000 and has $100,000 as surplus and un divided profite. No reason was announced for the crosing but It is L'eved that the bank closed in order to forestall run. The Northwood bank, which serves the northern part of West Palm Beach, is believed to have closed for
3.March 15, 1927The Grand Rapids PressGrand Rapids, MI
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THREE PALM BEACH BANKS CLOSE, BUT PATRONS ARE CALM
Run on One Institution Subsides After Half Day of "Rushing."
ALL PLACES TO REOPEN
Inactivity of Real Estate Operations Blamed; Money Houses Not Insolvent.
West Palm Beach, March 16. quieter tone pervailed the Palm Beaches Monday period of when determined run Citizens bank, prompted by the closing of three banks in Palm Beach county abated early in only short lines of depositors windows Two three banks remaining open did experience closing The bank plenty funds been pay positors, until to meet all requests for payment return to normality aided largely Miami of sacks of currency for bank The which did open Monday included Farmers Bank Trust of the largest banking institutions here. bank closed temporarily, announced. the interest Plans the bank within 30 or 60 days Officials Issue Statements.
First bank of Lake Worth and Delray were other banks which did Monday No statement was regarding their Officials of the Citizens bank expressed their determination close will be even stronger now when direcbank the real estate mar ket and the fact much the based upon estate security was given by the the which faster the banks could liquidate resulted in the down making necessary for the institutions suspend, he that does not that because bank close Another reason. for the recent suspensions, the comptroller lieved, been cashing checks for into the state this winter This costs the banks instead of helping them, he declared. Officials the Central Farmers bank and the National Bank West Palm Beach, the other institutions which the condibe good. They anticipated no financial culties.
4.March 15, 1927The Palm Beach PostWest Palm Beach, FL
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QUIETER TONE IS AFTER HEAVY RUN
Citizens Bank Meets Every Request With Cash as Farmers Suspends
TWO OTHER SMALL BANKS IN COUNTY CLOSE IN DAY
Feeling of Stability In Remaining Financial Houses Is Shown
A quieter tone prevailed throughout the community night. following a period of excitement when a determined run on the Citizens' Bank. prompted by the closing of three additional Palm Beach county banks. abated early in the afternoon leaving only thin lines of depositors at the windows. Of the remaining local banks, the Central FarmTrust company and the National Bank of West Palm B light runs. but closed practically at regular time when crowds The Citizens' bank, however. announcing that plenty of funds had been obtained to pay every depositor. remained open until 6 o'clock to meet all requests for payments. It will resume regular hours today, according to B. A. Maxfield, president. The normaley was aided largely by the 12 to Bank did the Worth Bank of ted The Bank Bank of and the and to Franklin 1. president the company late expressed that the in stating no difficulties for his tion "Our but number of ble substant new counts opened. We had all but the died closed Page
5.March 15, 1927The Daily OklahomanOklahoma City, OK
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FLORIDA BANK RUNS ABATING
Currenty Imported To Help Palm Beach Institutions Pay All Depositors.
WEST PALM BEACH, Fla Bank company. one of the March largest banking here valled in Palm Beach Monday night The bank closed temporarily following excitement when R run on It was the Interest of the three banks Palm National early Mon Del Two of the three banks remaining open. open here did not experience runs The Citizens bank, announcing that plenty of funds had been obtained to DRY every depositor. remained open until o'clock to meet all re quests for payments. The return to normaley was aided largely by the arrival from Miami of twelve sacks of currency for the Citizens bank. The banks which did not open Munday, included the Farmers
6.March 16, 1927Evening StarWashington, DC
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RUMOR OF U. S. IS "GOING BROKE" STARTS RUN ON POSTAL SAVINGS Scores in Line as West Palm Beach Post Office Opens and Heavy Withdrawals Are Made for Several Hours. By the Associated Press. Palm Beach the same day. Negroes were reported to have made heavy WEST PALM BEACH, Fla., March withdrawals from other banks here 16.-A long line of negroes staged a at the peak of the recent financial steady run on the United States Post crisis, placing their funds in the postal Office here for heavy withdrawals savings. from the postal savings department today. following reports circulated New Is Chagrined. widely through negro sections through the night that "the Government was Postmaster General New was quite going broke." surprised and chagrined today that a More than 100 negroes awaited the run had started by negro depositors on his banking institution, the Postal opening of the Government building at 7 o'clock and the number increased Savings System, at the West Palm Beach post office. rapidly for several hours, with mild It was news to the Postmaster Genexcitement prevailing, but then the line dwindled. A half dozen negro eral, but he remarked that no deposiministers, together with welfare worktory in the world was more safe or secure than the United States Postal ers, exhorted the depositors to keep their funds intact, but their admoniSavings System, backed by Uncle tions were in vain. Sam's Treasury. The run followed closely on the closThere were 2,154 depositors in the Postal Savings System at West Palm ing of the Farmers' Bank & Trust Beach at last reports, and the total Co. here Monday and the unsuccessful run on the Citizens' Bank of West amount on deposit was $858,346.
7.March 16, 1927The Miami NewsMiami, FL
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One White-Haired Preacher, Trying to Stop Panic, Finally Joins Crowd
WEST PALM
March long line ton of negroes staged a steady run on the United States postoffice here for heavy withdrawals from the postal savings department today. following reports circulated was widely through the colored sections throughout the night that gov ernment was going broke. More than 100 negroes awaited the opening the government building at o'clock. the number increased rapidly for several hours with mild been prevailing. half dozen negro with workers, walked backward and the depositors keep funds intact. put their adin vain. The closing of the Farmers & Trust Co. here Monthe the Citizens bank of West Palm Beach same day. made heavy from other banks the peak of the recent placing their funds the rumor that the local postoffice in dire financial starits brought run, which continued until shortly before noon. About o'clock the crowd dwindled quickly. Amusing scenes enacted height the run. haired after imploring member his congregation keep his funds with the government. finally that "Uncle Sam was losing all his The to money. aged minister abruptly ended his futile plead ings and took his place in line to withdraw his own savings. Police took immediate steps to curb any possible banditry in the negro section, additional officers were posted to maintain order ed
8.March 16, 1927Brooklyn EagleBrooklyn, NY
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'Uncle Sam Failing' Starts Negro Run on Postal Bank
West Palm Beach. March long line of staged run the United States Post. office here for heavy withdrawals from the Postal Savings Department today following reports circulated widely through negro sections through the night that Governwas going broke." More 100 negroes awaited the opening of the Government Building o'clock the number increased rapidly for several with but the dwindled. negro ministers, together with fare workers, exhorted the depositors but their keep their funds The followed closely on closing the Farmers Bank Trust Company here the run the West Palm Beach the the height of the run today after of his his funds the tion keep the that losing ended futile his place to draw his savings.
9.March 17, 1927The Lima NewsLima, OH
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RUN ON BANK STAGED WEST PALM BEACH Fla March lone line of negroes staged run on the United States post office here for heavy withdrawals from the Postal savings department today following reports circulated thru the negro sections that the "government was going broke.'
10.March 19, 1927Weekly Town TalkAlexandria, LA
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Negroes Hear Report "Government Is Going Broke" Withdraw Postal Savings
WEST PALM Fla., March long line negroes staged steady run on the United States for heavy withdrawals from the postal savings department today following reports circulated widely through the negro sections through night government going broke." More than 100 negroes the opening the government building and ed rapidly for several hours with prevailing. half welfare walked backward forward exhorting deposikeep their funds intact, but vain. The run closely after the closing the and Trust Monday, tothe Citizens Bank of West Palm
Beach same day. Negroes were reported withdrawals banks here the recent financial placing in the postal savings. rumor that the postoffice was in financial straits brought the which tinued shortly before noon. about o'clock the crowd dwinquickly. At the height of the run white. haired after member congregation to keep his funds with the was sufficiently by the latter that "Uncle losing all money. minister abruptended his pleadings and took his place line his own Police immediate steps curb any banditry the negro and officers were posted to maintain order.
Simpson are planning to keep for Louisiana records the United States Office following the the the federal offices Rouge, Gutherie, Okla., and feared records will the federal land office here is abandoned. and State land to such misfortune. Mr. Grace is leaving immediately for Lake conferonce Ransdell gard that taken records United States land office ent charge Rodrigue Reiley Baton Rouge. space for keeping the records in safety found and Mr. Grace the ground floor the State house. The tion the Capitol, the older portions the structure thick concrete celling and floor has been selected to house the reThese are regarded as Invaluable because the source of information they clarifies titles lands all parts of Louisiana. The ilar records Mississippi Washington has resulted much inconvenience for State. When the office the Federal was abolished ago, the records were retained State land office through efforts of Mr. Grace and Sanders, then governor.
Milan Antonia, La., announce the March 1927. Her name is Gladys Elizabeth.
MILLER Mr. and Mrs. Talmadge Miller 318 Main street, Pineville, announce the Friday, March 11, His name will Arthur Barringer.
Mrs. H. the birth of weighing pounds Baptist Hospital March 1927 will be John Robert and Mrs. B. nounce on Tuesday, 1927. Her will be Billy Rae. nounce the name will be Victor Roche Raxsdale.
Mrs. Joe Vinthe arrival son Thursday. will Glenn Garland. be membered as Miss Janie Coolye, of Pineville.
11.March 21, 1927The Times LeaderWilkes-Barre, PA
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financial strength of the government is back of it, but the clainoring depositors in the Florida town must have imagined that. the government was in financial difficulties. The incident has a Jesson in other directions. It suggests the encrmous harm that may te done to sound banks under private management and responsibility by the circulation of rumors that have no foundation in fact. Some one hears a Juke about bank and in the repotition of it some one else takes it seriously. The rumor becomes magnified in the telling and the result is a run on the bank. The soundest of banks have difficulty in meeting sudden demand for the withdrawal of deposits. Most of the cash deposited is loaned out and it is impossible immediately to turn securities into cash. A sudden run may, therefore, prove to be exceedingly embarrassing though not destructive The number of banks that close their doors because of actual insolvency is surprisingly small in comparison with the number of such institutions in existence, and even more surprising is the small prop:rtion of losses in comparison with deposits even in banks that clos their doots because of financial difficulties. The rankest injustice to which a bank can be subjected is the kind of rumor that caused the run on the postal savings bank in West Falm Beach-utterly without foundation. Figures of the number of bank failures in the United States last year seem quite large in the aggregate but they are sm in comparison with the number of banks in the country. A large inajority of the failures occurred in the southeastern part of the country and in a group of western States. A recession of the abnormal tide 0: real estate speculation in Florida was responsible for distress in that region. In the West scores of banks were established during the period of farm inflation in the war years and immediately afterwards. Land values were boosted to extraordinary figures and banks organized with small capital by overly enthusiastic persons accepted mortgages on the inflation value basis, In the subsidence of the boom business the banks suffered and the result has been apparent in failures over a period of years. But these are sectional difficulties. The banks throughout the country as rule are representative of the safest business conducted and are to be trusted. They are deserving of full measure of confidence. power conference suggested three power conference, to include the United States, Great Britain and Japan. To this move Great Britain and Japan have sent favorable replies. The representatives will meet during the Summer. It is not certain that a three power agreement will be reached. If one is reached it is not certain that the scope of armament limitation will amount to much. But, is a step in the right direction. Whatever comes out of it will be in addition to what may be agreed upon by the nations as result of the general conference to convene In Geneva to-day. The Washington Conference treaties for the limitation of battleships lifted a heavy burden from nations that might have continued the fearfully costly rivalry which impoverished them before the war. What is now sought is to place a limit upon cruisers, submarines and other relatively minor craft. Owing to the unsettled state of affairs in Europe and the Far East It may be impossible to go farther than battleships, but the mere fact that such conferences are being held indicates widespread interest in the subject of armament, its tremendous cost and its incitement to war. It is a good sign that such movements are under way.
12.April 1, 1927Geneva County ReaperGeneva, AL
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Thought Uncle Sam Broke
West Palm Beach, Fla. A long line of negroes staged a steady run on the United States Postoffice here for heavy withdrawals from postal savings department Wednesday, following reports circulated widely.thru the negro sections thru the night that "the government was going broke." More than 100 negroes were awaiting the opening of the government building at 7 a. m. and the number increased rapidly for several hours, with mild excitement prevailing. A half dozen negro ministers, together with welfare workers, walked backward and forward exhorting the depositors to keep their funds intact, but their admonitions were in vain. The run followed closely after the closing of the Farmers Bank & Trust Company here Monday, together with the unsuccessful run on the Citizens Bank of West Palm Beach the same day. Negroes were reported to have made heavy withdrawals from other banks here at the peak of the recent financial crisis, placing their funds in the postal savings. A rumor that the local postoffice was in dire financial straits brought the run, which continued shortly before noon. About :30 a. m. the crowd dwindled quickly. At the height of the run a whitehaired preacher, after imploring a member of his congregation to keep his funds with the government, was sufficiently convinced by the latter that "Uncle Saw was losing all his money." The aged minister abruptly ended his futile pleadings and took his place in line to withdraw his own savings. Police took immediate steps to curb any possible banditry in the negro section, and additional officers were posted to maintain order.
13.June 22, 1928The Palm Beach PostWest Palm Beach, FL
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PROMISE IS GIVEN OF BANK DIVIDENDS
Receiver of Two Defunct Institutions Announces Early 10 Percent Payment
A note of optimism was injected yesterday into the local financial situation by announcement that dividends would be paid shortly to depositors defunct National bank of West Palm Beach the First National of Lake Worth. B. Cunningham, receiver for both institutions, announced yesterday that in late July or early Angust substantial dividend would be deposits the West Palm Beach first to be paid since it closed last fall. At the same time he announced that checks were expected shortly from Washington for 10 per cent dividend on the Lake Worth bank. This bring the dividends to 35 per cent.
Policeman J. M. Tapscott showed the boys how is done yesterday on the when hung up of Yackie and Adams each scored 62 to tie for
14.March 21, 1931The Palm Beach PostWest Palm Beach, FL
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WITH FINAL
Last Payment Will Be Made Monday, Making Total of Percent
With nearly money its June closing the Palm Beach National Bank Monday will start payment fourth and final dividend. The dividend 4.39 per The Palm Beach National the first bank the county complete its liquidation, although the affairs the state banks being settled rapidly, being all under one liquidatorship. one excepWith the of payment the final Palm National per cent $298,549.02 will paid. Dividends 70 per under the Cunningham, who signed last November accept position United States treasury department. The final dividend being paid under the direcRoy Garnett. successor Mr. Cunningham. Mr. Garnett last evening checks available on Monday morning o'clock his office First National Bank building For convenience of depositors who and cannot appear the bank personally Garnett says that the claimant should Box 338, Lake Worth. their address and number certificate. Upon receipt claim, instructions explaining obtain dividend check immediately certificate According report the bank condition, been this amount the sum of the suing the final dividend checks.
15.November 15, 1931The Palm Beach PostWest Palm Beach, FL
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DEPOSITORS WILL JUDGE HAUCK INJURED BANK ANOTHER DIVIDEND IN CITY ATTACK
Fifth Payment of National Bank of West Palm Beach to Be Made Tuesday
The Depositors of defunct tional Bank West Palm formerly located quarters occupied West Palm Beach Atlantic National bank the corner Olive and Da. tura street will their fifth and final dividend cent beginning Tuesday morning o'clock Garnett receiver for closed Palm Beach county said Saturday president the West Palm Beach Atlantic bank vidend checks will be the holdof certificates the West Palm Beach Mr Receiver the Tuesday will continue checks through during regular banking The final represents cash bank suspended operation November 1927 the previous four dividend payments bank receiver percent Mr Garnett urged depositors bring their certificates they must surrendered before the made After Thursday be paid from office the receiver first National bank building Lake Lake avenue time return checks to Mr Garnett holding receiver's present John apSank West on 1927 and the office his 1930. At Garnett appointed his adminaffairs national banks Mr dividends paid
Rib, Cuts Are Suffered as Official is Pushed Through Window
Police Judge Harry Hauck was removed to home Good Samaritan Saturday suffering from broken rib severe following attack upon him front city hall pushed through plate Marion Johnson 743 Biscayne free $100 bond night on charges assault and battery the reported city foreman for the Southern Bell Telephone company. Johnson his age knocked Judge Hauck through window Saturday He asserted the judge con cerning parking car to his (Johnson's Friday police that the judge had accused Mrs John son stealing parking Mrs Johnson's have in front of Judge Hauck's machine traffic as both were tempting to The incident arose from (Continued on Page Eleven)
16.December 2, 1933The Palm Beach PostWest Palm Beach, FL
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Former Bank Receiver Here Dies in Boston
Word received the Boston John receiver national banks Miami West Palm Beach His followed stroke, suffered three weeks earlier. He years Mr. Cunningham for many the employ the federal government, and served ceiver for Boston banks. He became widely known federal circles through his connection the office the comptroller currency and member the bureau criminal investigation, department of justice receiver Palm Beach National bank, the National Bank West Palm Beach the First National Lake Worth, Cunningham made enviable
Rio Grande Texas cently voted for her cease being
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
