1901. First National Bank (Arcadia, FL)

Bank Information

Episode Type
Run โ†’ Suspension โ†’ Closure
Bank Type
national
Bank ID
5534
Charter Number
5534
Start Date
January 23, 1932
Location
Arcadia, Florida (27.216, -81.858)

Metadata

Model
gpt-5-mini
Short Digest
2b90d6c2d9714f58

Response Measures

Borrowed from banks or large institutions, Fed/other loan, Full suspension, Books examined

Other: After closing/receivership the bank's receiver obtained a loan from the Reconstruction Finance Corporation to pay dividends to depositors.

Receivership Details

Depositor recovery rate
34.5%
Date receivership started
1932-01-26
Date receivership terminated
1937-11-30
Share of assets assessed as good
14.6%
Share of assets assessed as doubtful
81.7%
Share of assets assessed as worthless
3.8%

Description

Contemporary articles (Jan 25-26, 1932) report heavy withdrawals/a run and that the First National Bank of Arcadia suspended after failure to obtain Federal Reserve aid; an examiner/receiver took charge. Subsequent articles (Aug 1932 and later) describe the receiver paying dividends and litigation by the receiver, confirming permanent closure/receivership. Dates corrected/standardized from newspaper text.

Events (6)

1. August 11, 1900 Chartered
Source
historical_nic
2. January 23, 1932 Run
Cause
Correspondent
Cause Details
Heavy withdrawals followed failure of negotiations to obtain assistance from the Federal Reserve Bank at Atlanta.
Measures
Bank attempted to obtain Federal Reserve aid; after heavy withdrawals the federal bank examiner was called in.
Newspaper Excerpt
There was run on the bank.
Source
newspapers
3. January 25, 1932 Receivership
Newspaper Excerpt
The federal bank examiner was called in. He took charge this morning. ... failed notice posted the door national bank examiner charge.
Source
newspapers
4. January 25, 1932 Suspension
Cause
Correspondent
Cause Details
Failure of last-minute negotiations to obtain assistance from the Federal Reserve Bank at Atlanta and continuing heavy withdrawals.
Newspaper Excerpt
After quiet withdrawals last week the First National bank here suspended today. ... the federal bank examiner was called in. He took charge this morning.
Source
newspapers
5. January 26, 1932 Receivership
Source
historical_nic
6. August 29, 1932 Other
Newspaper Excerpt
A first dividend, amounting to $26,000 ... is being distributed among 1,000 depositors in the First National Bank of Arcadia, which closed last January 23. The bank's receiver received loan from the Reconstruction Finance Corp.
Source
newspapers

Newspaper Articles (13)

Article from The Palm Beach Post, January 26, 1932

Click image to open full size in new tab

Article Text

Education Association Approves Carlton's Act Tallahassee, Jan. nor that not special session the increase the financial public schools received the tion Education through its officers. announcement Saturday following receipt requests from number school boards, notably the county school board, for the special legislative session. letter the governor, the association's officers Monday said were "in accord decision" call the session. They agreed with the governor's doing can for the schools the present time. ARCADIA BANK CLOSES Arcadia, First National Bank of Arcadia, oldest bank De Soto county, failed notice posted the door national bank aminer charge. There run the bank. The of the bank, showed and had deposits of $497,904.55.


Article from News-Press, January 26, 1932

Click image to open full size in new tab

Article Text

Failure To Get Aid Closes Arcadia Bank ARCADIA, Jan. 25-After quiet withdrawals last week the First National bank here suspended today. The action was taken, It is understood, following failure of last minute negotiations to obtain assistance from the federal reserve bank at Atlanta. It was reported here Friday night that the bank had decided to close but after communicating with the federal reserve authorities at Atlanta it was finally decided to remain open pending negotiations to obtain additional federal reserve aid. In the meantime heavy withdrawals continued Saturday and after the closing hour the federal bank examiner was called in. He took charge this morning The bank was the oldest in DeSoto county and is operated by local people who have a substantial interest as stockholders and represent a majority on the board It was capitalized at $100,000 and the last statement showed deposits of $497,905.55.


Article from The Tampa Tribune, January 26, 1932

Click image to open full size in new tab

Article Text

M'BRIDE DENIES LEAGUE FAVORS REFERENDA to Senator ham's Statement WASHINGTON Jan Scott McBride. general superintendent of the Anti-Saloon tonight statement that "neither the Anti-Saloon league recently elected president. Bishop E. Richardson of Philadelphia. has given expressions favorable prohibition referenda. His statement follows in part: "Senator Bingham's remarks support of his defeated resolution calling for referenda prohibition the various apparently created the impression some quarters that the league changed its position opposition to such procedure. The fact that neither the Anti-Saloon league its recently elected Bishop G. Richardson Philadelphia, has given any expressions favorable to prohibireferenda. Commenting on statements him. Richardson on Jan. made the following declaration: Erroneous Conclusion "Apparently from some reports that an clusion being drawn from some the statements that made to reporters recently Washington was asked whether believed referendum the subject of prohibition. replied in the negative and my reasons for my negative position. then went on to say that conceded the right every citizen oppose prohibition amendment he conscientiously believe in Those citizens who believe prohibition amendment have just as much right to try have repealed, further amended. have to keep where went state that constitution provides way which this can attempted. These constiprovide way for constitutional referendum. Quotes Statement "The resolutions adopted the national board directors the league America Jan. contained the following statement of attitude on prohibition referenda question of the repeal or the modification 18th amendment should originate exactsame did adoption amendment should originate with people, voicing their wishes their congress the state elected their views, can amend reapel any part of the immediate and decisive defeat of the Bingham resolution 55 demonthat his did not have the the Anti-Saloon league or any other dry organizations Howreports discussion and Senator Bingham's erence the erroneously titude Bishop Richardson raised doubts which should be dispelled actual record expressing the titude DESOTO BANK CLOSED Jan. First National bank of Arcadia failed open today. notice posted the door said national bank aminer charge. There was run bank.


Article from Tallahassee Democrat, August 29, 1932

Click image to open full size in new tab

Article Text

DEFUNCT BANK IS Arcadia, Aug. first amounting cent being distributed in the First National bank of Arcadia, which closed last January today. Two and other have proved their claims. loan from the Finance tion.


Article from Orlando Evening Star, August 29, 1932

Click image to open full size in new tab

Article Text

Arcadia Bank Pays $26,000 first dividend, to amounting $26,000 or cent being distributed per 1,000 among depositors in the First National Bank of Arcadia, which closed last Jan. 23, it was announced today. Two thousand other depositors have not yet proved their claims. The bank's receiver received loan from the Reconstruction ance corp.


Article from The Tampa Times, August 29, 1932

Click image to open full size in new tab

Article Text

DIVIDEND IS PAID BY ARCADIA BANK Areadia, Aug. 29.-A first dividend, amounting to $26,000 eight one-third cent. being dethe First National Bank closed last today. Two other positors proved their The bank's loan from the reconstruqtion finance corporation.


Article from The Bradenton Herald, August 29, 1932

Click image to open full size in new tab

Article Text

Dividend Totaling $26,000 Being Paid ARCADIA. Fla., Aug. 29. (AP)-A first dividend, amounting to $26,000 of 8 1-3 per cent is being distributed among 1,000 depositors in the First National Bank of Arcadia. which closed last January 23. was announced totoday. Two thousand other depositors have not yet proved their claims. The bank's receiver received loan from the reconstruction finance corporation.


Article from The Orlando Sentinel, August 30, 1932

Click image to open full size in new tab

Article Text

Presses Vote Count Aug. Herbert Drane pushed his election contest into Hernando-co. today Circuit Judge Fred Stringer granted of mandamus for election officials to show recount should not allowed seven precincts. Drane, defeated by Peterson 117 votes in the primary election, charges irregularities counting ballots' in the congressional race. Dividends Made Aug. The First National bank of Arcadia, which closed last Jan. 23, distributing first dividend. amounting to One thousand depositors will share in the dividend which amounts cent. The bank's receivers obtained loan from the Reconstruction Finance Corp.


Article from Fort Pierce Tribune, August 30, 1932

Click image to open full size in new tab

Article Text

BANK PAYING DIVIDEND ARCADIA, Aug. First National bank of Arcadia, which closed last January 23, distributing first dividend, amounting to $26,000. One thoudepositors will share in the dividend which amounts to 1-3 cent. The bank's tained loan from the Reconstruction Finance corporation.


Article from News-Press, February 1, 1934

Click image to open full size in new tab

Article Text

Bank Receiver Wins Appeal Court Decree NEW ORLEANS, Jan. 31-(P)The United States circuit court of appeals here today affirmed southern Florida district court judgment awarding Harry Fagan, receiver of the First National bank of Arcadia, Florida, $39,373.82 from Parker Brothers, a corporation, and J. P. Maner, on a deficiency judg. ment. Parker Brothers, which had endorsed Maner's notes and assigned his mortgages to the bank, brought the appeal. The deficiency decree was originally handed down by the circuit court in Highlands county, Florida.


Article from The Miami Herald, February 2, 1934

Click image to open full size in new tab

Article Text

$39,373 AWARDED TO BANK RECEIVER Higher Court Hands Down Judgment In Florida Case NEW ORLEANS Feb Fagan, receiver of the First National Bank of Arcadia Fla. has been awarded $39,373.82 from Parker Brothers corporation. and O. Maner. of deficiency handed by the United States Fifth Circuit Court of Appeals here The decision of the local court af firmed Southern Florida district court judgment Parker Brothers who indorsed Maner's notes and assigned his mortgages to the bank brought the appeal The nineteenth judicial Circuit court of Highlands county. originally handed down the deficiency decree.


Article from The Tampa Tribune, June 17, 1934

Click image to open full size in new tab

Article Text

ACCEPTS CASHIER'S POST ARCADIA, Jurie (Special) Harry Fagan, who has been in Arcadia the past three years acting as receiver for the defunct First National bank of Arcadia, has accepted position as cashier of new bank recently organized in Fort Myers. He will not take over his new work until his has been named. Fagan also has been receiver for banks in Sebring Wauchula, Punta Gorda and Avon Park.


Article from The Tampa Tribune, July 13, 1934

Click image to open full size in new tab

Article Text

SEBRING, July (Special) Announcement was made here today of the resignation Harry Fagin as receiver of national banks at Avon Park, Sebring, Wauchula, Zolfo Springs and Arcadia. His successor has not been named. Fagin, who took over the banks 1932, accepted position with a Fort Myers bank. SEBRING RESIDENTS IN CRASH AVON PARK, July 12.-(Special)Four Sebring residents narrowly escaped serious injury on the Avon Park-Fort Meade road yesterday as their overturned on a curve. James Edge sustained a broken right arm and his wife was injured. M. Sherley, owner the D. Love escaped with bruises. NOTICE OF SPECIAL MASTER'S SALE NOTICE IS HEREBY GIVEN that under and pursuant to the Final cree of Foreclosure and Sale, made and, on 1st of tober, D. 1931, order dated day 1934, in the Court cial Circuit of the State of Florida, in and for County, in Chancery. in that certain cause now therein pending, wherein Northern Central Trust Company, of Pennsylva corporation, is Complainant, and H. Gallagher, Augustus D. Bush, Farms S. C. Abernethy and Isabel C. Abernethy, his wife, Mary H. Abernethy, single, N. Borrego, single, Abernethy, and Amelia Abernethy. his wife, George Marie Dannenhauer his Florence Ellis, a widow. Valentine Franz, single, Hannigan, Hannigan, his wife. W. Klingel and Anna M. Klingel, his wife, LeRoy A. Lamb, and Lamb, his wife. M. Na(nee M. Marongelli) and Joseph Napoli, her husband, Wm. Siband Sibson, wife, Otto Steinacker, Tillie Ullman, Ullman, her husband, A. M. Harrison (nee M. Vendegrift). and Richard Harrison, her husband Palmer Watson, and Hallie B. Watson, wife, James Whitely. Whitely wife. T. Cunningham, and his wife, Easterling, Ethel his wife, H. Fennell, single, J. M. Goehring. and Romaine Goehring. his wife, H. Hauptfuhrer, and Hauptfuhrer, his wife, Albert Hermann, Hermann, his wife, J. C. Hermann, single, and Linton, Miller Emma J. Miller. Thos. Oliver. Oliver, his John W. Phillips, Phillips, his wife Benjamin Ritter, and Ritter, his wife, Jos. Rucker. and Rucker, Alfred Zabel and Zabel. his wife, H. Nolte. and Nolte, his Frank Barthmaier, single, Thomas Clark, and Emma J Clark, his wife. and Mary Ramspacher, and Joseph Ramspacher, her husband, are defendants, the undersigned Special Master, as directed by said said order. and in order and satisfy the same, will offer for sale and sell at public auction to the highest best bidder therefor. before the front door of the County Court House of Hillsborough County, Florida, in the City of Tampa, between the hours of :00 o'clock M. and o'clock P. M., on Monday, the 6th day of August. A. 1934, that of land, situate being the County and State last aforesaid, and particularly described as follows, to-wit: Southwest Quarter of Southwest Quarter Section Thirty-four (34). Twenty-eight (28) South, of Range Eighteen (18) East, and all except the Southwest Quarter the Southwest Quarter of Section Four (4), Township Twenty-nine (29) South, of Range Eighteen East, being Six Hundred Forty (640) acres, more or less. FRANK P. INGRAM. Master in Chancery. WILLIAM HUNTER, and SUTTON, TILLMAN AND REEVES. Attorneys Complainant (7)-6-13-20-27-(8)-3-5t NOTICE TO CREDITORS Notice given that the undersigned has been duly appointed and qualified as executrix of the estate of Harrie Russell Langdon, deceased. All heirs, creditors, legatees, distribuand all other persons having claims or said estate are hereby notified to present them to the County Judge of Hillsborough County at his office at the Court House, Tampa, Florida, properly sworn to within eight calendar months from date hereof or they will be forever barred by All persons indebted to said estate are required come forward and make settlement without delay. Tampa Florida EMMA MAY LANGDON. Executrix. Address 102 E. Virginia St., Tampa, (7)-13-20-27-(8)-3-4t NOTICE CREDITORS Notice is hereby given that the undersigned has been duly appointed and qualified as executrix of the estate of Amanda Reeves, deceased. All heirs, creditors, legatees, distributees, and all other persons claims or demands against said are hereby notified present to the County Judge of Hillsborough County at his office at the Court Tampa, Florida, properly sworn to within eight calendar months from hereof or they will be forever barred by law All persons indebted to said estate required come forward and settlement without delay. Tampa, Florida. 12th. 1934. OCTAVIA E. RICE. Executrix. Address 1020 2nd (7)-13-20-27-(8)-3-4t CLASSIFIED INDEX (A) and Found Travel Notices Where To Dine Detective (B) PROFESSIONAL b-1 Chiropractic Optometrists Insurance Private Sanitarium Drafting (C) Beauty Culture Dancing (D) HELP WANTED Wanted Female Male Wanted Female and Canvassers Agencies (E) SITUATIONS WANTED Situations Wanted Female Situations Wanted Male (F) FINANCIAL Business Business Opps. Wanted Bonds Money To Len Loans $300 Wanted Borrow (G) RENTALS Board Rooms Rooms For Rent Apartments For Houses For Rent Resorts Stores Garages Wanted (H) REAL ESTATE FOR SALE h-1 Residential H-Hyde Park S-Seminole Tampa Heights D-Davis Springs Tampa Tampa Vacant Property Acreage Farms Real Estate For Exchange h-11 Estate (J) ARTICLES FOR For Sale Miscellaneous Swap This That Furniture For -5 Furniture Wanted Sewing Radio and Equipment Machinery Supplies Auction and Wine Supplies (K) BUSINESS SERVICE Repairing Electric Refrigeration Service. Furniture Repairing Heating Plumbing Hats Cleaned and Blocked Shoe Repairing Plating. Welding Cars For Sale Wanted Tractors For Sale Auto Repairing Accessories Radiator Repairing Boats Carburetor Rebuilding Service Auto Used