1925. Bank of Coral Gables (Coral Gables, FL)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
June 11, 1930
Location
Coral Gables, Florida (25.721, -80.268)

Metadata

Model
gpt-5-mini
Short Digest
d585e78d2e71c6e6

Response Measures

None

Description

Articles report the Bank of Coral Gables (a subsidiary/affiliate of the Bank of Bay Biscayne) failed to open on June 11, 1930 after substantial withdrawals. Directors, after consulting the state comptroller, decided not to open to protect depositors. A state-appointed liquidator was later named and depositors contested the appointment, indicating permanent closure. Cause attributed to runs connected to the Bay Biscayne failure and unfavorable talk. OCR errors in some articles corrected (e.g., Biscayne Trust Co., dates interpreted as June 11–12, 1930).

Events (4)
1. June 11, 1930 Run
Cause
Local Banks
Cause Details
Substantial withdrawals following failures/closures among affiliated Miami banks (Bank of Bay Biscayne) and unfavorable talk about the city's banks.
Measures
Directors, after consultation with the state comptroller, elected not to open the bank (temporary suspension decision) to protect depositors; cash reinforcements were sent to Miami banks by the Federal Reserve.
Newspaper Excerpt
This decision was made ... and was due to recent substantial withdrawals.
Source
newspapers
2. June 11, 1930 Suspension
Cause
Local Banks
Cause Details
Bank closed (did not open) because of recent substantial withdrawals tied to the wider Miami bank failures and runs.
Newspaper Excerpt
The Bank of Coral Gables ... failed to open for business Wednesday ... decided not to open this bank ... in order to protect all of our depositors to the fullest extent.
Source
newspapers
3. July 3, 1930 Other
Newspaper Excerpt
The appointment of Duncan liquidator for Bank Coral Gables ... depositors committee expects to offer its resistance ... The Bank Coral Gables closed June 11 ... appointment contested in circuit court for confirmation here Saturday, ... Duncan, liquidator ... June ... by the comptroller for Bank Coral Gables and the Miami Beach Bank and Trust ... (OCR-corrected summary).
Source
newspapers
4. July 3, 1930 Receivership
Newspaper Excerpt
The appointment of Duncan liquidator for Bank Coral Gables ... depositors committee expects to offer its resistance ... The Bank Coral Gables closed June 11 ... appointment Duncan liquidator ... brought circuit court for confirmation ... (article reports liquidator appointment and contest).
Source
newspapers

Newspaper Articles (13)
1. June 11, 1930 Cumberland Evening Times Cumberland, MD
Article from Cumberland Evening Times, June 11, 1930

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LEADING BANK OF MIAMI FAILS TO OPEN (Continued from Page 1) and Trust Company, and the Bank of Coral Gables. J. H. Gilman. president of the bank. said today: "At meeting of the directors this morning. after with the state comptroller, it was decided not to open the bank and its affiliated institutions, the Biscayne Trust Company, Miami Beach Bank and Trust Company, and the Bank of Coral Gables, in order to protect all of our depositors to the fullest extent. "This decision was made after due consideration and was due to recent substantial withdrawals." Homestead. Fla., June 11. (AP) The Bank of Homestead closed its doors at 10 a. m., EST.. today, after opening for short time. Assistant Cashier H. Grady Smith said the bank was in good condition and that suspension of business was but temporary, taken for the purpose of avoiding local bank run on account of bank failures today in Miami. He said the bank expects to open in a few days. Cashier Suicide: Bank Closes Cheboygan, Mich.. June 11, (AP) A shortage of $303,000 has been discovered in the First National Bank whose savings teller. Clyde Milliken suicide, Monday night. The bank has been closed by order of the board of directors and has been placed in charge of Henry F. Quinn, examiner.

2. June 12, 1930 The Sioux City Journal Sioux City, IA
Article from The Sioux City Journal, June 12, 1930

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BANKS FLORIDA Miami Institution and 3 Branches Fail to Open Doors Miami, Bisenyne, with deposits of $15,037,198 of the March 27 statement, and three affiliated financial Institutions, failed to open for business Wednesdirectors of the day. attributed the closing to substantial The affiliated banks were the Biscayno Trust the Miami Bench Bank and Trust company, and the Bank Coral The Bank of Bay Biscayne In showed deposits and total of II. Gilman is president the bank. The Trust company had and sources. The Miami Bank and Trust company had deposits and of The Bank of Coral Gables, the third had posits of $606,598 and resources of Money Sent by Airplane Romth, the First National said that $2,000,000 left Jacksonville by airplane Wednesday from the federal reserve depository there. He said the First National bank and its money on hand to play all positors, were orderly as they made during the from other banks of the city suburbs. President Gilman said: meeting of the directors after consultation with the state decided not open this bank and its affiliated the Biscayne Trust company, Miami Beach Bank Trust and the Bank Coral Gables, in order to protect all of our depositors to the fullest extent. decision was made after due and due to recent substantial withdrawals.' Arthur W. bank examhas charge of the The bank's include loans amounting to $7,478.458 and and paper bonds valued at Runs on Other Banks from other banks here up to the closing time made orderly bank officials said, and available funds were not E. Romfh. president of the First National Laurie Yonce. pilot. had landed here shortly after with $2.cash which he brought from the federal depository in JackHugh R. Gordon. president of City said that had drawn from his bank up (eastern time) and that the doors of the would kept open long as depositors Mr. said approximately had withdrawn from First National bank signed by the federal trist in posted in the the Third National bank said route Miami This locally to include the that by airplane from depositors Miami and Coral were affected by the bank closings. $6,000,000 Sent to Miami Black, goverthe Atlanta district that $6,000,000 was being sent

3. June 12, 1930 Republican and Herald Pottsville, PA
Article from Republican and Herald, June 12, 1930

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$2,000,000 TO AID FIVE MIAMI BANKS Bankers Confident Normalcy Will Soon Be Restered. Miami, Fla., June 12. (U.P.)-The arrival of $2,000,000 in cash by airplane and several reassuring statements by State Banking officers helped today to allay the uneasiness of depositors who had funds in five banks which closed here yesterday. One of the banking officials insisted the situation was not acute, and declared that the condition which led to the closures would have adjusted themselves if there had not been unfavorable "talk," some of it by bankers themselves. The banks which closed were the Bank of Bay Biscayne, with resources of $17,182,292; the Biscayne Trust Company, with $1,962,148: the Miami Beach Bank and Trust Company, with $2,593,281; the Bank of Coral Gables, with $743,759. and the Bank of Homestead. Local bankers said they were confident normalcy would be restored promptly when the public understood the cause of the heavy run made on the Institutions. They had the assurance of additional aid from the Federal Reserve if it were needed, they said. Two More Banks Close. Miami, Fla., June 12. (U.P.)-The Bank of Clearwater, capitalized at $250,000 and the Guaranty Title and Trust Company, smaller institution. also of Clearwater. closed their doors today, bringing to 12 the number of recent bank closures in Florida. Clearwater is on the Florida west coast, near Tampa. Attended Graduation. Mr. and Mrs John Breslin, Misses Alice and Margaret Breslin. Joseph Breslin and P. J. Rattigan returned from Washington, D. C., where they attended the graduation exercises of the Georgetown Medical College John Brealin. Jr., was one' of the graduates receiving the Bachelor of Science degree in medicine.

4. June 12, 1930 The Sioux City Journal Sioux City, IA
Article from The Sioux City Journal, June 12, 1930

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FOUR BANKS IN FLORIDA CLOSE Miami Institution and 3 Branches Fail to Open Doors Miami, Fla.-(P)-The Bank of Bay Biscayne, with deposits of $15,037,198 as of the March 27 statement, and three affiliated financial institutions, failed to open for business Wednesday. A by directors of the bank attributed the closing to "resubstantial withdrawals.' The affiliated banks were the Biscayne Trust company, the Miami Beach Bank and Trust company, and the Bank of Coral Gables. The Bank of Bay Biscayne in its quarterly statement showed deposits of $15,037,198 and total resources of $17,182,292. J. H. Gilman is president of the bank. The Biscayne Trust company had $1,520,040 deposits and $1,962,14 resources. The Miami Beach Bank and Trust company had deposits of 943 and resources of $2,539,281 The Bank of Coral Gables, the third of the affiliated institutions, had deposits of $606,598 and resources of $743,759 Money Sent by Airplane E C. Romfh, president of the First National bank, said that $2,000,000 left Jacksonville by airplane Wednesday from the federal reserve depository there. He said the First National bank and its subsidiaries has money on hand to play all depositors, if necessary Depositors were orderly as they made withdrawals during the morning from other banks of the city and President Gilman said: "At meeting of the directors Wednesday morning, after consultation with the state comptroller, it was decided not to open this bank and its affiliated institutions, the Biscayne Trust company, Miami Beach Bank and Trust company and the Bank of Coral Gables, in order to protect all of our depositors to the fullest extent. "This decision was made after due consideration and was due to recent substantial withdrawals. Arthur W. Saarinen, bank examiner. has charge of the institution. The bank's resources include loans and discounts amounting to $7,478.458 and securities and commercial paper bonds valued at $5,368,497. Runs on Other Banks Withdrawals from other banks here up to the closing time were made in orderly fashion. bank officials said, and available funds were not E. Romfh, president of the First National bank, Laurie Yonce, Jacksonville pilot, had landed here shortly after 2 p. m. with $2, 000,000 in cash which he brought from the federal depository in Jack Hugh R. Gordon, Jr., president of the City National bank, said that approximately $350,000 had been withdrawn from his bank up to p. m (eastern standard time) and that the doors of the institution would be kept open as long as depositors remained. Mr. Romfh said approximately $500.000 had been withdrawn from the First National bank today telegram signed by E R. Black, governor of the federal reserve district in Atlanta. was posted in the window of the Third National bank which said 000.000 is en route to Miami banks. This total was believed locally to include the that came by airplane from Jacksonville Approximately 10,000 depositors in Miami, Miami Beach and Coral Gables were affected by the bank closings. $6,000,000 Sent to Miami Atlanta R. Black, governor of the Atlanta district of the federal reserve bank, said Wednesday that $6,000,000 was being sent to Miami from the Jacksonville branch of the federal reserve. This money, he said, would be available to all Miami banks that are members of the federal reserve. Mr. Black said $2,000.000 of the amount was sent from Jacksonville to Miami by airplane, and that $4,000,000 more was being sent "by mail.' Asked if any additional amount had been sent from the Atlanta depository of the federal reserve to Jacksonville, Mr. Black said the depository here "is continuously sending money to Jackjsonville, just as it does to the branches in Birmingham, Memphis and other southern Homestead Bank Closes of Homestead closed its doors at 10 a. m. eastern standard time, Wednesday after opening for a short time. Assistant Cashier H. Grady Smith said the bank was in good condition and that suspension of business was but temporary, taken for the purpose of avoiding a local bank run on account of bank failures in Miami. He said the bank expects to open in a few days.

5. June 12, 1930 Intelligencer Journal Lancaster, PA
Article from Intelligencer Journal, June 12, 1930

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$2,000,000 FUND CALMS DEPOSITORS OF MIAMI BANKS Situation Not Acute, State Officials Declare-Uncertain On Losses Miami. (UP) among five local banks decreased arrival of $2,000,000 by from optimistic reports from city and state banking officials. open for business Wednesday of the est and its three branches for and their caused another bank to shut down to avoid stopped abruptly the padlock on the AIBank Bay with its affilTrust Company, Bank Coral Gables and Miami Beach Bank and Trust Company stood closed behind notice officials that followed withdrawals and reported frozen assets.' The bank Homestead shut down early the expressed purpose of avoiding run. The $1,000,000, holds $15,000,000 in deposits State banking officials at Tallahasblamed bearish around frozen assets for failure the Biscayne and added the in St. Bank (Continued On Page Six)

6. June 12, 1930 Waukegan News-Sun Waukegan, IL
Article from Waukegan News-Sun, June 12, 1930

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RUSH FUNDS TO FLORIDA BANKS MIAMI, Fla., June 12 (U.P.) The arrival of $2,000,000 in cash by airplane and several reassuring statements by state banking officers helped today to allay the uneasiness of depositors who had funds in five banks which closed here yesterday One of the banking officials insisted the situation was not acute, and declared that the conditions which led to the closures would have adjusted themselves if there had not been unfavorable "talk," some of it by bankers themselves The banks which closed were the bank of Bay Biscayne, with resources of $17,182,292; the Biscayne Trust company. with $1,962,148 the Miami Beach Bank and Trust company, with $2,593,281 the bank of Coral Gables. with $743,759 and the bank of Homestead The bankers said they were confident normaley would be restored promptly when the public understood the cause of the heavy run made on the institutions They had the assurance of additional aid from the Federal Reserve if it were needed, they said FINDS OLD PAPER ing among the drawers of an old sideboard. William Bonnell found an old newspaper giving the account of the death and burial of George Washington.

7. June 12, 1930 The Bellingham Herald Bellingham, WA
Article from The Bellingham Herald, June 12, 1930

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MONEY FLOWS IN FIRE LOSS IS HEAVY REGISTERED QUAKE Refineries of Texas Oil Company Are In Flames PORT ARTHUR. Tex., June 12.the refineries the Texas Company near here billows of sending flame and feet of the air and taking toll of life property. Starting undeterminer origin the plant, fire destroyed refining unit and vastated an eight blocks square Damage estimated at between $3,000,000. Hatch, died in hospital here today from burns when tanks of and exploded in the terrific heat. Eleven other were burned when flaming oil and for pitals. Another slight bruises. Physicians all the injured The fire started in of the one treating units, where, oil treated by chemicals, spread quickly to nearby structures. Employes were unable escape before the three tanks exploded. As uninjured employes clothing of the fire spread to the huge The oil-soaked ground and buildings caught fire easily, and the blaze spread 80 fast that feremen could not cope 200 feet away from the Employes and officials alike labored construct fire breaks keep the flames from spreading. was thought they had fire to the unit in which Damage to the refinery was mated K. Holmes, plant superintendent. An engineer the company that the loss might mount as high as before the The pumphouse, fertilizer plant, three tanks of oil and gasoline and six batteries of treating units were destroyed. Disturbance Believed Not Far From Puget Sound hour duration, which at 1:51 and was 'not far was described today seismoregistered graphs at the University of Washington. THREE SHOCKS REGISTERED earthquake were registered the St. Louis university today on Father Joseph Joliet The disturbances about miles distant. first 1,140 few The second. lasted 45 minutes third short. All the were of medium intensity. Rush On Southern Florida Banks Believed at End MIAMI. Fla., June arrival $2,000,000 in cash The airplane and several reassuring state banking offistatements by cers helped allay the of depositors funds in which yesterday. In addition the plane ship$4,000,000 was expected by rail today to aid in restoring confidence. One the banking officials inthe situation not that conditions which closures would have adjusted themselves there had not unfavorable "talk," bankers The closed were the Bank Biscayne, with resources of the Biscayne Trust Company, with and Miami Beach Bank and Bank Coral Gables, with and the Bank of Homestead. Local bankers said they were confident be stored the public the the heavy made the institutions. They the assurance of additional aid from the federal reserve if it were needed, they said. FAIL TO OPEN Fla., June small financial instituthe Bank of Clearwater Guaranty Title Trust failed today. Notices pany. stated the had been asked to take charge to protect depositors.

8. June 12, 1930 The Belleville News-Democrat Belleville, IL
Article from The Belleville News-Democrat, June 12, 1930

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in Florida Banks Being Regained Miami, June arrival of $2,000,000 in cash by plane and several reassuring statements by state banking offiiers helped today to allay the uneasiness of depositors who had funds in five banks which closed here yesterday One the banking officials sisted the situation was not acute, and declared that the conditions which led to the closures would have adjusted themselves there had not been unfavorable "talk," some of bankers themselves. The banks which closed were the Bank of Bay Biscayne, with sources of $17,182,292; the Biscayne Trust Company, with the Miami Beach Bank and Trust Company, with $2,593,281; the Bank of Coral Gables, with and the Bank of Homestead. The bankers said they were confident normalcy would be restored promptly when the public understood the cause of the heavy made on the institutions. They had the assurance of additional aid from the Federal Reserve if it were needthey said.

9. June 12, 1930 The Knoxville News-Sentinel Knoxville, TN
Article from The Knoxville News-Sentinel, June 12, 1930

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MIAMI RECEIVES MONEY BY PLANE $2,000,000 Rushed to City Where Five Banks Closed. By United Press MIAMI, Fla.-The arrival of $2,000,000 in cash by airplane and several reassuring statements by state banking officers helped today to allay the uneasiness of depositors who had funds +n five banks which closed yesterday. One of the banking officials insisted the situation was not acute, and declares the conditions which led to closures would have adjusted themselves if there had not been unfavorable "talk," some of it by bankers themselves. It was said today that an additional $4,000,000 was being rushed Into the Miami district by mail. It will arrive this afterThe banks which closed were the Bank of Bay Biscayne, with resources of $17,182,292; the Biscayne Trust Co., with $1,962,148; the Miami Beach Bank & Trust Co., with $2,593,281; the Bank of Coral Gables, with $743,759, and the Bank of Homestead. Local bankers said they were confident normality would be restored promptly when the public understood the cause of the heavy run made on the institutions. They had the assurance of additional aid from the Federal Reserve if it were needed, they said. CLEARWATER BANK FAILS By United Press Bank of Clearwater, capitalized at $250,000 and the Guaranty Title and Trust Company, smaller institution, also of Clearwater, went into the hands of the state banking department today and closed their doors.

10. June 12, 1930 Berwick Enterprise Berwick, PA
Article from Berwick Enterprise, June 12, 1930

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RIGHT OFF THE WIRE. Sticks To Oxen Calicoon, June general beasts burin this section was disearded years Jacob Dreher. farmer Beechwoods, still prefers them to horses. he they are Electricity In Japan Tokyo, June by electricity has strong hold on Japcountry many economic conditions have been unchanged for hundreds years. conductby the government shows electric light bulbs the of 1929. Tokyo led the of users, with 105 bulbs per 100 Treasury Balance. Washington, June The treasJune Customs receipts for the month that date totaled expenditures Attempted Jail Break. June tempted break county jail here when Martin bor, made attempts escape from prisons various of the was prehended Warden Tablor from the county jail August, 1925, by gling through window five three fourths inches He had brought year term for burglary term years for mail robbery the McNeil Island federal penitenWashington. had been watching for weeks after finding cell. placed itary confinement today. Banks Close Doors. Miami, June The Bank Clearwater, Guaranty Title and $250,000 and the Trust Company, smaller Clearwater, closed their doors also today, bringing twelve the number recent bank closures Florida. Clearwater the Florida coast, Tampa. banks closed yesteday the Bank of Bay Biscayne, of the Biscayne the Trust Beach and Trust Miami the Bank pany, and the Coral Gables, with Homestead. bankers said when the public promptly heavy run made the the They had the institution. from the fedadditional needed. they reserve Voluntary Bankruptcy. June 12(LP)Mount Rock trading the Knepp. Ideal Block blocks, filed ufacturers cement bankruptcy voluntary petition here listing Federal Court and bilities estate valued Real Knepp agreed in the assets, surrender proppetition benefit of his for the Commitee Wants Papers. June Foreign Relations today by vote adopted right resolution asserting Naval Conference London been refused the which committee President Hoover. Chairman Borah the the committee to Mr. Hover and Secretary Stimson through whom State former's refusal produce the papers known the committee. resolution will be presented the Senate for action expression opinion. Lingle Buried. Chicago, June Lingle, by men he had followed for police was years buried with military honors today while civil authorities sent expert out end, with bullets, the gang which have claimed lives. The funeral procession through Garfield Park the West Side from the bureau that the hoodlum roundup of the last hours had behind jail

11. June 12, 1930 Mount Vernon Argus White Plains, NY
Article from Mount Vernon Argus, June 12, 1930

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FUNDS RUSHED FIVE BANKS State Officials Allay Fears of Miami Depositors Miami. Fla. June The arrival of $2,000,000 in cash by airplane and several reassuring statements by State Banking offihelped today to allay the easiness had funds in five banks which closed One of the banking officials insited the not acute and the conditions which led to the closures would have adjusted themselves if there had not unfavorable "talk," some of it by bankers The banks which closed were the of Bay Biscayne, with resources of $17,182,292; the Biscayne Trust Company, with $1,962,148; the Miami Beach Bank Trust Company, with $2,593,the Bank Coral Gables, with $743,759, and the Bank of Local bankers said they were normalcy be restored promptly when the public understood the cause of the heavy run made on the institutions. They had the assurance additional aid from the Federal Reserve it they said.

12. June 13, 1930 The Morning Press Santa Barbara, CA
Article from The Morning Press, June 13, 1930

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$8,000,000 in Cash Stems Heavy Runs on Banks in Miami Miami area bankers tonight believed they seen the end of the financial flurry caused yesterday by the closing of the Bank Bay Biscayne and its three subsidiaries. The subsidlaries are the Biscayne Trust company, the Miami Beach Bank and Trust company and the Bank of Coral Gables. Arrival here yesterday and this morning of $8,000,000 in cash from Jacksonville and Atlanta was believed to have stemmed the tide of anxious depositors who formed in line at the city's larger banks yesterday to withdraw their accounts. Only the First National bank reported continued withdrawals today.

13. July 3, 1930 The Tampa Tribune Tampa, FL
Article from The Tampa Tribune, July 3, 1930

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TAMPA OVERRUN IN ON CROOKS, BANK RECEIVER. KIWANIAN To Act To Ritter Recesses Club Urged ArguSituation in Miami ments Remedy The time has come for Tampans stop letting gamblers, bootleggers and ballot box stuffers run their city into the Brengle, local contractor. told the Tampa Kiwanis club fiery speech that brought out heated discussion the club luncheon political situation Tampa, recognized the papers rotten. disgusting honcitizens throughout our trade keeping business away from Brengle that whole and every individual member make known grand Skinner that backing efforts dig the tom primary frauds. Kiwanians jumped up in rapid sucmost them advising against club into the grand jury and soliciSome they would The talks Tampa's "situarose the point, speakers parodies lighter vein failed to relieve the ten- Says Past Elections Worse bad our elections have been would almost made should do thing good Dan heeding ears waited they used steal ballot boxes, and recollect used shoot This did better. They just counted poorly fired back Ed Blackrising feet. the the county supervisor registration. been time when there much crooked and voting. Others point out the too be treated lightly, the club to find (Continued Page hearing few minutes argument the motion of the state comptroller dismiss petition for federal receiver for the defunct Bank Bay Federal Judge Ritter today recessed court until tomorrow. The judge previously had overruled motion bank's attorneys dismiss the petition. brought by Mrs Rosa and her Cook county, Illinois, depositors in the Judge Ritter yesterday threatened representacomptroller's office ceeded the bank's affairs without declaring "neutral for transaction business after hearing of the Hankins petition. set for July 21. Appointment Contested Meanwhile, depositors committee the Bank Coral Gables nounced contest the appointment Comptroller Amos of Duncan liquidator the bank. The Bank Coral Gables closed June 11. and two other subsidiaries the Bank Bay Biscayne closed the same time Miami bank. The appointment Duncan liquidator for Bank Coral Gables brought circuit court for confirmation here Saturday, which time depositors committee expects offer its resistance learned today Duncan. liquidator Dade Broward county June by the troller for Bank Coral and the Miami Beach Bank and Trust June He of the Bank of Bay Biscayne.