1924. Bank of Coconut Grove (Coconut Grove, FL)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
July 2, 1926
Location
Coconut Grove, Florida (25.713, -80.257)

Metadata

Model
gpt-5-mini
Short Digest
5ef94f22998018ae

Response Measures

None

Description

Multiple contemporaneous AP pieces (dated July 2–3, 1926) report the Bank of Coconut Grove 'failed to open for business' / 'suspended operations' rather than suffering a depositor run itself. Articles cite outstanding loans on which they could not deliver and outside control and loans on outside paper as the reasons for suspension. Several reports state plans or intentions to reorganize and reopen (e.g., To Reopen Soon), so I classify this as a suspension with later reopening rather than a permanent closure. OCR variants of the bank name appear in the sources (Cocoanut/Coconut) — corrected here to 'Coconut Grove.'

Events (1)
1. July 2, 1926 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Directors cited outstanding loans on which the bank could not deliver and outside control / loans on outside paper as the reason for suspending operations.
Newspaper Excerpt
The Bank of Cocoanut Grove ... suspended operations for the present and will therefore not open for business. Outstanding loans on which they could not deliver were given by directors as reasons for suspension activities.
Source
newspapers

Newspaper Articles (13)
1. July 2, 1926 Brownsville Herald Brownsville, TX
Article from Brownsville Herald, July 2, 1926

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FOUR FLORIDA BANKS CLOSED HOLLYWOOD, Fla., July 2 (AP)The bank of Dania closed shortly before ,noon today, following heavy withdrawals by depositors. I. T. Parker, vice president, announced a readjustment would be made immediately will enable the bank to re-open shortly. MIAMI, Fla., July 2.-Three - financial institutions in Miami suburbs, the Bank of Cocoanut Grove, the Bank of Buena Vista, and the Bank of Little River, suspended operations here today. Outstanding loans on which they could not deliver were given by directors as reasons for suspension activities.

2. July 3, 1926 The Daily Herald Everett, WA
Article from The Daily Herald, July 3, 1926

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THREE BANKS SUSPEND OPERATIONS July Three local suspended operfinancial institution at Dania closed door Holly. wood bank weathered heavy with drawal of funds yesterday bank Coconut Grove and the bank Buena Vista failed open for the Little after run of an bank of Dania short dia tance from suffered llar of funds and ceased operations shortly before noon. the same time the bank of Hollywood near Miami, withstood brief run bank of Buena Vista opened stock of had been raised to $60 Officials announce deposits for either institution The bank Coconut Grove opened in March 1920. with $15.000 capital. On March 10 the bank innounced capitalization of 000 deposits totaling $1,605,977 The bank of Little River, through President C. Teed announced: bank is sound in good shape. of $200. cash vaults and regreater than 40 President of the bank of Dania readjustment would be made would enable the bank to reopen shortly and meet all obligations President George Romfh of the Miami Clearing House association declared outside control and loans on solely of the three suburban banks

3. July 3, 1926 The Indianapolis Star Indianapolis, IN
Article from The Indianapolis Star, July 3, 1926

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LORIDA BANKS STOP OPERATION Three in Miami-Run on Hollywood InstitutionBlame Loans. MIAMI, Fla., July Three local operations. financial institution at Dania closed its doors and a Hollywood weath heavy withdrawal of funds today The Bank of Cocoanut Grove and the Bank of Buena Vista falled to open for and the Bank of Little after an hour's duration The Bank of Dania, short distance Miami suffered similar withdrawal of funds and ceased operations shortly before noon At the same the Bank of Hollywood also short distance north this in Broward county, withstood a brief run. MAKE ANNOUNCE The Bank of Buena Vista and the Bank of Cocoanut Grove allied institutions, made the following separate an"The bank has decided to suspend operations for the and will therefore, not open for today It is actuated in this cause by desire to its and to protect its to the fullest extent. Local citizens now are working on plan and will announce the details in few days to organize locally controlled institution for speedy liquidation and to relieve the situa- The Bank of Buena Vista opened on capital stock of $15,000. had been raised to The officers include R. Anthony of president and John Grife vice Officials declined to announce present deposits for either The Bank March 1920. with $15,000 capital On March 10 the bank capitalizati of and deposits totaling the board of directors with A. Sanders president The Bank of Little River, through President B. Teed we feel It advisable And designble to oper ation for the present The bank is sound and good shape. We have in excess of $200,000 in cash in our vaults and a reserve than 40 per cent. do think the depositors will lose EXPECT He intimated his intention of effecting an early reorganization President I. T. Parker of the Bank of Dania announced after closing that readjustment would be made that would enable the bank to reopen short and meet all obligations. The run the Bank of wood was fter receipt news of the bank closings, but was met through the receipt of funds from Miami The run subsided shortafter President George the Miami House in the of suburban that control and loss on outside paper solely were responsible for the embar

4. July 3, 1926 The Plain Dealer Cleveland, OH
Article from The Plain Dealer, July 3, 1926

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Florida Financial Concern Closes Doors, Another Weathers Heavy Run. local operations, Dania closed and bank heavy withdrawal funds today. The Bank of Coconut Grove and the of Buena failed for the Bank Little River closed run The Bank distance from similar and ceased shortly At the same time the of short disnorth of this city in Broward withstood a brief run. of Buena Vista and the of made the following bank has decided to suspend for the present and will not open for business It is actuated in this course desire its and to protect its depositors to the fullest Local citizens now on nounce the details institution for speedy liquidation and to relieve the situation. of Little River, through B. Teed 'In the we feel advisable and desirable to suspend for the present. The sound and in good shape. do not the depositors will lose a dollar. President T. Parker of the after closing that readjustment would be made that would enable the bank to reopen shortly and meet all The run bank of Hollywood precipitated after receipt of of previous bank closings, but was met through the receipts of funds from banks. The run shortly after noon funds sufficient to every deposit.

5. July 3, 1926 Star Tribune Minneapolis, MN
Article from Star Tribune, July 3, 1926

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Four Florida Banks Suspend Operations Institution at Hollywood, Fla., Survives Run by Obtaining Funds From Miami. Miami. Fla., July 2.-(By Associated Press -Three local banks suspended op. nia closed its doors and Hollywood bank weathered a heavy withdrawal of funds today. The Bank of Coconut Grove and the Bank of Buena Vista. suburbs. failed to open for business, and the Bank of Little River closed after a run of an hour's duration. The Bank of Dania a. short distance from Miami, suffered a similar withdrawal of funds and ceased operations shortly before noon At the same time the Bank of Holly wood. also short distance north of this city, in Broward county, withstood brief run. The Bank of Buena Vista opened Oc tober 19. 1920, with capital stock of $15,000. which had been raised to $50.000. Officers declined to announce pres. ent deposits for either institution The Bank of Coconut Grove opened in March, 1920, with $15,000 capital. On March 10 the bank announced capitalization of $30,000 and deposits total. ing $1,605,977. The run on the Bank of Hollywood was precipitated after receipt of news of the previous bank closings, but was met through the receipt of funds from Miami banks President George Rompfh of the MI. ami Clearing House association de clared that outside control and loans on outside paper solely were responsible for the embarrassment.

6. July 3, 1926 The Richmond Item Richmond, IN
Article from The Richmond Item, July 3, 1926

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THREE MORE FLORIDA BANKS SUSPEND OPERATION (By The Associated Press) MIAMI. July local banks suspended operations, financial institution Dania closed its doors and Hollywood bank weathered heavy withdrawal of funds today. The bank of Cocoanut Grove and the Buena Vista failed open business the bank of Little River closed after run hour. The of Dania, short distance from Miami, suffered similar withdrawal funds and ceased operations shortly before noon. At the same time the bank of Hollywood brief run. The bank Buena Vista the 250 bank of Cocoanut Grove, allied stitutions, made the following separate "The bank decided to suspend operations for the present and will Passed by open for business today It actuated in this cause by desire to conserve its and to protect Its depositors the fullest extent. Local citizens now are on plan announce the details in days organize locally controlled institution for speedy liquidaand the situation." President Parker of the Bank Dania announced closing that readjustment would be made would the bank open shortly and meet all obligations. The run on the bank of Hollywood precipitated receipt the bank closings, but was met through the receipt funds from Miami banks. The run subsided shortly after noon. Miss Hanna Popper and Miss Nellia Baker are School Oxford, spent the guests of Brookville relatives and friends. Webb his home Columbus, spending the of Brookville friends. Mr. and Mrs. Herman Hunter and family of Rushville, Robert and Mr. Hanna Fairfield guests of Clifford their home on East Eleventh Street.

7. July 3, 1926 Leader-Telegram Eau Claire, WI
Article from Leader-Telegram, July 3, 1926

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RUNS CLOSE THREE BANKS AT MIAMI July local banks suspended operations, financial institution Daniel closed its doors and Hollywood bank weathered heavy withdrawal of funds today. The bank of Coconut Grove and the bank Vista failed for business and the bank of tle River closed hour's duration bank Daniel, short distance suffered similar withdrawand ceased operation shortly before noon. the same time the bank of also short north of this city withstood brief

8. July 3, 1926 The Journal News Hamilton, OH
Article from The Journal News, July 3, 1926

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DOORS CLOSED BY FOUR BANKS OF MIAMI, FLA. "Outside Control," Said To Have Been Cause Of "Embarrassment." MIAMI, FLA., July 3-(AP) Three local banks suspended operations, financial institution nt Dania closed its doors and a Hollywood bank weathered & heavy withdrawal of funds Friday The Bank of Cocoanut Grove and the Bank of Buena Vista failed to open for business and the Bank of Little River closed after run of an hour. The Bank of Dania, a short distance from Miami, suffered a simi lar withdrawal of funds and ceased operations shortly before noon. At the same time the Bank of Holly wood, also a short distance north 0: this city in Broward County, withstood a brief run. The bank of Buena Vista opened on October 19, 1920, with capital stock of $15,000, which had been raised to $50,000 The officers in clude J. R. Anthony, of Jacksonville, President, and John Grife, Vice. Presndent Officials declined to an. nounce the present deposits for either institution The bank of Cocoanut Grove opened in March, 1920, with $15,000 cap: tal. On March 10 the bank announced capitalization of $80,000 and deposits totaling $1,605,977 J. R. Ar.theny headed the Board of Directors with A. W. Sanders as President President 1. T. Parker of the Donia, announced immediately after closing that a readjustment would be made that would enable the bank to reopen shrortly and meet all obli gations. The run on bank of Hollywood was precipitated after receipt of news of the previous bank closings. but W18 met through the receipts of funds from Miami banks NO ISSUE OF THE DAILY NEWS MONDAY Monday being Independence Day. there will be no issue of The Daily News.

9. July 3, 1926 The Huntington Press Huntington, IN
Article from The Huntington Press, July 3, 1926

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SALOON LEAGUE SPENT SEVEN MILLIONS IN 22 STATES TO AID PROGRAM ASHINGTON, July of more than $7.000,000 by the Anti-Saloon League in 22 states during the past six years were disclosed by additional reports filed today with the senate campaign funds committee by Wayne B. Wheeler, counsel for the national dry organization. These states include New York, Maryland and Rhode Island, which alone have no local dry enforcement statues, as well as Pennsylvania, Illinois, Indiana, Wisconsin, Iowa, Missouri and Kentucky. While the state organization contribute certain of a part their income to the national Anti-Saloon league, it was deWANT UNIFORM veloped from Mr. Wheeler who occupied the stand nearly five hours, that both the national PENSION LAWS and state do their own financing independent of Teachers Approve Demand each other. at National Education Accountants who audited books of the Convention tion at Westerville, Ohio, had furnished July Senator Reed, Democrat, Missouri, National Educational Association, in the chairman with those who conthe closing moments its annual conventributed more than $500 to parent but Wheeler tion, today inaugurated campaign organization, Mr. objected to the names being made pubile. obtain uniform pension laws for teachAsks Reasons ers. This action was taken by the rep "Well, you can state your reasons resentatives' assembly in approving the snapped Senator Reed. report of Miss E. Pyrtle, Lincoln, "Wheeler insisted he would like present the matter to the whole com- Neb., chairman of the committee of 100 mittee the chairman announced the problem retirement allowances. decision would be deferred. The association adopted resolution Wheeler presented also number affirming its faith in the value of other reports, including one from Andrew Wilson, treasurer of the league's petitive athletic sports campaign committee, showing expendibelief that public recognition tures since should be given distinguished achieveOctober 1924. This did not include ments in scholarship as to avoid the expenditures primaries. giving athletics first place After concluding his examination in school life." Senator Reed announced the committee would seek further light the activities dry organization tomorMIAMI BANKS from Dr. Ernest H. Cherrington its general secretary and meantime would inquire tonight in its "campaign chest" raised the Republican and Democratie national committee for the atorial and congressional fights year. Senator Reed subjected Mr. WheelOne at Davia Also Shuts long and examination. Loses Patience Doors in Face of Big The chairman several times lost tience length of the replies and Run finally exclaimed "Now listen here, Doctor, when man flat statement in front your banks finanand quibble about time institution Dania closed its doors for even patient man bank weathered heavy patience You are going funds today. questions and answer them without The bank of Cocoanut Grove and the making speeches if have to stay bank Buena Vista failed until the snow flies" business and the bank Little River I'm ready to stay here," Wheeler retorted The dry leader said closed after run The bank Dania, short distance from Miami, the organization had spent in Pennsylvania suffered similar withdrawal of funds money during the $3,000,000 ceased operation shortly before noon. ent Republican primary contest because dry leaders had been the same time the bank of brief run. to agree candidate oppose Representative William Vare, The bank of Buena Vista and the bank avowed who defeated Governor Pin- Cocoanut Grove, allied institutions, chot Senator Pepper, both counted made the following announcethe dry side. ments: Denies Writing Act Makes Announcement. Wheeler denied he had written the bank has decided to suspend celebrated Volstead act and picked Vol- erations for the present and will stead to champion the measure in for business today. actuated gress. Declaring that the dry organiza- by desire to conserve its tion was willing quit the fight before resources protect its depositors congress prohibition question if the the fullest extent. Local citizens wets would. said, working and will announce stay here the Volstead act would the details days to organize wiped locally controlled institution for speedy Senator Reed then wanted to know liquidation and to relieve the situation." what league President Parker the bank exerted in appointment of enforcement Dania announced after closing that officers. Wheeler conceeded that the re-adjustment would be made that would league enable the bank to re-open shortly and interfere with the appointment all obligations. meet these asked. run on the bank of Hollywood was interfere when think there precipitated after receipt of news of the effort across crooked put previous bank elosings, but was met the dry leader retorted with show the funds from Miami through receipt The subsided shortly after Then Senator Reed read into the series letters touching the services Representative Upshaw, Democrat, Georgia. These showed that Upshaw sought $75 for delivery speech 1924. but finally to deliver the address for plus taxi Chairman made matter record that Pearson Hobson, member the house and hero the Merrimac sinking Santiago the Spanish war received $171,249 league from 1914 to 1922 and that the late Williams was for lecturing for the league 1010. find that Willis drew the year 1919" Reed pursued. "Is that Wheeler replied, adding that this was before Willis was elected the senate.

10. July 3, 1926 The Montgomery Advertiser Montgomery, AL
Article from The Montgomery Advertiser, July 3, 1926

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FLORIDA BANKS HIT BY FINANCIAL GALE Four Financial Institutions Are Forced to Colse; Another Suffers Heavily local banks suspended operations, flnancial Institution at Dania closed its doors and bank weathered a heavy withdrawal of funds today The Bank of Cocoanut and the Bank of Buena Vista falled to open for business, and the Bank of Little River closed after run of an hour's duration. The bank of Dania, short distance from Miami, suffered similar withdrawal of funds and ceased operations shortly before noon, at the same time the Bank of Hollywood, also short distance north of this city in Broward county. withstood brief run The Bank of Buena Vista and the Bank of Grove, alied Institutions, made the following separate "The bank has decided to suspend operations for the present and will, therefore, not open for business today. It is actuated in this cause by desire to conserve its resources and to protect its depositors to the fullest extent. Local citizens now are working plan, and will announce the details few days to organize locally controlled institution for speedy liquidation and to relieve the situation The Bank of Bpena Vista opened on October 19, 1920. with capital stock of $15,000, which has been raised subsequently to $50,000 In July, 1925, when deposits totalled 150,000. the bank started work $100,000 build. ing. The officers included R. Anthony, of and John L. Grice, vice- Officials declined announce present deposits for either institution. The Bank of Cocoanut Grove opened in March, 1920, with $15,000 capital. On March 10, the bank announced capitalization of and deposits totalling $1,605,977. J. R. Anthony the board of directors, with A. W. Sanders as The Bank of Little River, through President B. Teed, "In the circumstances, we feel advisable and desirable to suspend operations for the present. The bank is sound and in good shape We have in excess of $200,000 in cash in our vaults and reserve greater than forty per cent. I do not think the depositors will lose a dollar. He intimated his intention of effecting an early At the hour crowd entrance to the Little River bank and within an hour the number had increased for making withdrawals. Two squadrons of police were dispatched to prevent disorder, and an armored truck bearing funds from downtown banks was sent. President I. T. Parker, of the Bank of Dania, after closing that readjustment would be made that would enable the bank to reopen shortly and meet all obligations. The run on the Bank of Hollywood

11. July 3, 1926 Drumright Weekly Derrick Drumright, OK
Article from Drumright Weekly Derrick, July 3, 1926

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4 FLORIDA BANKS FAIL IN BIG RUN Three Miami Houses, One in Nearby Town of Dania, Close Doors Miami, Fla. July 3.-Three local banks suspended operations, a financial institution at Dania closed its doors and a Hollywood bank weathered heavy withdrawal funds Fri. day. The Bank of Coconnut Grove and the Bank of Buena Vista failed to open for business, and the Bank of Little River closed after a run of an hour's duration. The Bank of Dania, a short distance from Miami suffered a similar withdrawal of funds and ceased operations shortly before noon. At the same time the same time the Bank of Hollywood also a short distance north of the city'in Broward county, withstood brief run. The Bank of Buena Vista and the Bank of Cocoanut Grove, allied institutions, made the following separate announcements: "The bank has decided to suspend operations for the present and will therefore not open for business Fri day. It is actuated in this cause by a desire to conserve its resources and to protect its depositors to the fullest extent. Local citizens are now working out a plan and will an nounce the details in a few days to organize a locally controlled institu tion for speedy liquidation and to relieve the situation." The Bank of Beuna Vista opened on October 19. 1920. with a capital stock of $15,000 which had been raised to $50,000. The officers in clude J. R. Anthony of Jacksonville president, and John L. Grife, vice president. Officials declined to an nounce present deposits for either To Reopen Soon The Bank of Cocoanut Grove opened in Marek. 1920, with $15,000 capital. On March 10. the bank an. nounced capitalizatio of $30,000 and deposits totaling $1,605,977 R. Anthony headed the board of di rectors with A. W. Sanders as presi dent. The Bank of Little River, through President B. C. Teed, announced: "In the circumstances we feel advisable for the present. The bank is sound and in good shape. We have in excess of $200,000 in cash in our vaults and a reserve greater than 40 per cent and I do not think the depositors will lose a dollar.' He intimated his intention of ef fecting an early reorganization. President I.T. Parker of the Bank of Dania announced immediately af ter the closing that = readjustment would be made that would enable the bank to reopen shortly and meet all obligations.

12. July 3, 1926 Blackwell Journal-Tribune Blackwell, OK
Article from Blackwell Journal-Tribune, July 3, 1926

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FLORIDA BANKS FORCED TO CLOSE Three Miami Banks Are Among Number Compelled To Suspend local banks suspended operations, institution Dania closed its doors and bank heavy withdrawfunds Bank Grove and the Bank of Buena Vista failed for and the Bank Little River closed after hours' duration. The Bank Dania, short distance from Miami suffered similar withdrawal funds and ceased operations shortbefore noon. At the same time Bank of Hollywood, also short distance north of this city in Browcounty, withstood brief run. The Bank of Buena Vista and the Bank Cocoanut Grove, allied institutions, made following separate bank deceided to susoperations for present will therefore, not open business today. actuated this cause by desire conserve resources and protect its depositors the fullist extent. Local are plan and announce the few days to organize locally controlled for liquidation and to relieve Then Bank of Buena Vista openOctober 1920, with ital stock of $15,000, which been raised to $50,000. The officers include Anthony, of Jacksonville, president, John Graife, vice president. Officials declined present deposits for either institution. The Bank Cocoanut Grove March 1920 with $15,000 capital. On March 10, the bank announced capitalization of $30,000 and posits Anthony headed the board of directors with W. Sandpreseident. The Bank Little River, through President C. Teed, anthe circumstances, we feel advisable desirable suspend operations for the present. The bank is sound and in good shape. We have in excess of cash in our vaults and reserve greater than forty per cent, and do not think the depositors will dollar.' He initmated his intention effecting an President the Bank Dania, announced after the closing that readjustment would be made that would able to reopen shortly and meet all obligations.

13. July 3, 1926 The Lima Morning Star and Republican-Gazette Lima, OH
Article from The Lima Morning Star and Republican-Gazette, July 3, 1926

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Three Florida Banks Fail; Run On Two Dania Institution Closes After Withdrawals MIAMI. Fla., July 2-(AP)-Three local banks suspended operations, financial institution at Dania closed its doors and Hollywood bank weathered heavy withdrawal of funds today. The Bank of Cocoanut Grove and the Bank of Buena Vista failed to open for business and the Bank of Little River closed after run of an hour. The Bank of Dania, short distance from Miami, suffered simi lar withdrawal of funds and ceased operations shortly before noon. At the same time, the Bank of Holly. wood. also a short distance north of this city, in Broward county. with stood brief run. The run on the Bank of Holly. wood was precipitated after receipt of news of the previous bank closings, but was met through the receipts of funds from Miami banks The run subsided shortly after noon when funds proved sufficient to cover every deposit. appointment of federal prohibition information. That isn't what both. enforcement agents, Sen. Reed want- ered Senators Reed. King. LaFollette, Goff and McNary so much. ed to know what influence the antiWhat got on their nerves is the ap. saloon league exerted in that direcparent insistence of the average tion. Wheeler conceded that the witness to make speech instead of league had made recommendation answering a question. Now and then for appointments. the stream of loquacity has had to "You interfere with the appoint be foreibly dammed, and the witment of these ment" Reed asked. ness none too gently led back to We when we think there the subject in hand, with instrucis an effort to put across crooked tions to stick to it, and nothing but men" the dry leader resorted with it. show fire. Turning to the speakers paid by Honors Harvey Wiley the league, Sen. Reed read into the June 30. 1926, marks the 20th anrecord series of letters touching niversary of pure food legislation upon the services of Rep. Upshaw, by congress, so in honor of the day Democrat. Georgia. These showed the New York Consumers and Prothat Upshaw sought $75 for deliver- ducers luncheon ing a speech at field day meeting party for Dr. Harvey W. Wiley, of here on 14, 1924, but that Washington. As chief chemist of the he finally consented to deliver the department of agriculture in 1906, address for $25 plus $x taxi fare. Dr. Wiley was mainly responsible for the passage of the pure food act. Others Paid The New York organization, which Chairman Reed made it matter recently made him honorary and of record that Richmond Pearson advisory chairman of its national Hobson, former member of the food standards committee, thought house, and hero of the Merrimac it fitting to pay tribute to Wiley's sinking at Santiago during the pioneer work. Spanish war, received total of "Oscar," famous chef of the $171,249 from the Anti-Saloon league Waldorf Astoria hotel, made birth from 1914 to 1922 and that the late day cake for the veteran who has William Jennings Bryan was paid lived 80 years and is still active in $11,000 for lecturing for the league in 1919. "I find that F. B. Willis drew $1,200 in the year 1915" Reed pursued. "Is that Sen. Willis?" "Yes," Wheeler replied, adding that this was before Willis was elected to the senate. "As matter of fact, he lectured for number of years under the auspices of the anti-Saloon league did he not?" the chairman asked. think he spoke in number of states", the witness replied. The state league reports submit ted by Wheeler engulfed the commit tee and its official stenographer. Sen. Reed started out to read them. but finally decided to admit them to the record without reading They gave in detail the purposes of ex penditures and almost without ex ception showed that the high cost was for speakers for the dry