Articles (July 11–13, 1929) report the Volusia County Bank & Trust Company failed to open and was closed/placed in the hands of the state banking department pending reorganization or liquidation; this is described as a suspension by board/examiners (government action). The long-run outcome (permanent liquidation vs. reorganization) is discussed as pending, but multiple wire reports list it among banks that 'closed' and were being reorganized or liquidated, so I classify as suspension leading to closure. The First National Bank of DeLand suffered a heavy run precipitated by the Volusia bank's closing; that run affected a different bank.
Events (2)
1.July 11, 1929Suspension
Cause
Government Action
Cause Details
Board/examiners posted notice that the bank suspended business and affairs were placed in the hands of the state banking department pending reorganization or liquidation for protection of depositors.
Newspaper Excerpt
notice, signed by George White, state bank posted the door the Volusia County Bank and Trust Company, that the bank suspended business and now hands of the state banking ... for protection of all depositors has been order of the board directors
Source
newspapers
2.*Other
Newspaper Excerpt
an hour later the First National Bank closed temporarily following a run on that institution after the Volusia County Bank failed to open its doors (run on First National precipitated by Volusia closing).
Source
newspapers
Newspaper Articles (22)
1.July 11, 1929The ItemSumter, SC
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FLORIDA BANKS CLOSED
State Bank Suspends and Run Forces National Bank To
Deland, July Volusia County Bank Company, oldest financial institution in this county, failed to open doors o'clock this morning hour later the First NationBank closed followrun on that institution. notice, signed by George White, state bank posted the door the Volusia County Bank and Trust Company, that the pended and now the hands the state Dr. Lincoln Hulley, University here, recently president County Company. The First National Bank, only in experienced heavy run o'clock the doors closed notice posted on the door that run the supply cash on hand, tating of pend ing arrival of federal bank author B. Titen is president of the First National Bank
2.July 11, 1929The Bradenton HeraldBradenton, FL
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To Open Its Deors
DELAND. Fla., July morning, hour later the First National bank closed temporarily run on that institution notice. signed by George state the door the Volusia ounty Bank and Trust company that the bank suspended business and now hands of the state banking le Another notice on the door stated that the instituion for protection of all depositors has been order of the board directors Plans have been discussed and further action contemplated looking to reorganization of the bank with the purpose in view paying the depositors in full.' oncluded the announcement, which not signed Dr. Lincoln Hulley president Stetson university here. recently president of the Volusia Bank and Trust company The First National Bank, the
3.July 12, 1929The Salisbury PostSalisbury, NC
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Fouts, Headed Four Banks, FurnBond.
Jacksonville, July 12 While state and federal officials or liquidation three Florida banks today, the president four other Florida faced charges of violating of the state banking Two of the banks that closed yesterday were Deland, banks that city. They were the Volusia County Bank Trust company and the First National banw Deland. which shut its doors during the after heavy by ing Volusia bank. The third was the Colonial Bank and Trust company of Miami. John made bond of $10,000 after his arrest filed by State Solicitor Hardin Polk county, president director the State bank of the First bank First National bank and the State bank Winter Haven. Information filed against Fouts three counts charging had "loaned" himself $5,000 from funds the State bank of Bartow without consent board of directors, that had altered the minutes of the board make the loan appear and that had taken money when sources of the institution were not legal The banks headed closed May 15.
4.July 12, 1929The TimesTrenton, NJ
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FLORIDA PRESENTS BANKING PROBLEMS
Three Banks Closed-President Of Four Others Facing
Charges
JACKSONVILLE, Fla, July While State and Federal officers began reorganization or liquidation for three Florida banks today, the president of four other Central Florida banking stitutions faced charges of violating the State banking laws. Two of the banks that closed yesterday were in Deland, the only banks in that city. They were the Volusia County Bank and Trust Company and the First National Bank of Deland, which shut its doors during the morning after heavy run precipitated by closing of the Volusia County Bank. The third institution was the Colonial Bank and Trust Company of Miami. John L. Fouts, who made bond of $10,000 after his arrest on an information filed by State Solicitor Hardin Peterson of Polk County, was president and director of the State Bank Barton, the First National Bank of Lakeland, the First National Bank Auburndale, and the State Bank of Winter Haven. Information filed against Fouts in three counts charged he had "loaned" himself $5,000 from the funds of the State Bank of Barton without consent of the board of directors, that he had altered the minutes of the board to make the loan appear regular, and that he had taken the mony when of the institution were not up to legal requirement. The banks he headed closed May 15. The Colonial Bank and Trust Company was capitalized at $100,000. with surplus of $50,000. It had been organized three years, and attributed its closing to steady withdrawals cash during the last four days. J. was president The Volusia County Bank and Trust Company had resources of deposits of capital stock of $200,000; surplus of $100,000, and discounts of $1,724,516.08. The First National Bank of Deland had resources of capital stock of $100,000; surplus of $25,000, and deposits of $1,211,750.47.
5.July 12, 1929The News JournalWilmington, DE
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3 BANKS CLOSED IN CENTRAL FLORIDA; OFFICIAL ACCUSED
Move to Reorganize or Liquidate Institutions; Arrest Made.
INFORMATION FILED
(By The Associated Press.) JACKSONVILLE Fla., July 12.While State and Federal officials be. gan reorganization or liquidation for three Florida banks today, the president of four other central Florida Lanking institutions faced charges of violation of the State banking laws Two of the banks that closed yesterday were in that city. They were the Volusia County Bank and Trust Company and the First National Bank of De Land. which shut its doors during the morning after a heavy run precipitated by the closing of the Volusia County Bank. The third institution was the Colonial Bank and Trust Company of Miami. John L. Fouts who made bond of $10,000 after his arrest on an information filed by State Solicitor Hardin Peterson of Polk county, was president and director of the State Bank of Bartow, the first National Bank of Lakeland, the First National Bank of Auburndale and the State Bank of Winter Haven Information filed against Fouts in three counts charged he had "loaned" himself $5,000 from the funds of the State Bank of Bartow without consent of the board of directors, that he had altered the minutes of the board to make the loan appear regular, and that he had taken the money when resources of the institution were not to legal requirement. The banks he headed closed May 15. Time of arraignment for preliminary hearing was expected to be set in a few days.
6.July 12, 1929New Britain HeraldNew Britain, CT
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FLORIDA BANKING UNDERGOES PROBE Three Institutions Close-President of Four Faces Charges Jacksonville. Fla., July 12 (AP) While state and federal officers began reorganization or liquidation for three Florida banks today, the president of four other central Florida banking institutions faced charges of violating the state banking laws. Two of the banks that closed yes lerday were in De Land, the only banks in that city. They were the Volusia County Bank and Trust Co., and the First National Bank of De Land, which shut its doors during the morning after a heavy run precipitated by the closing of the Volusia County bank. Miami Bank Closes The third institution was the CoIonial Bank and Trust company of Miami. John L. Fouts, who made bond of $10,000 after his arrest on an information filed by State Solicitor Hardin Peterson of Polk county, was president and director of the State bank of Bartow. the First National Bank of Lakeland, the First National bank of Auburndale, and the State Bank of Winter Haven. Information filed against Fouts in three counts charged he had "loaned" himself $5,000 from the funds of the State Bank of Bartow without consent of the board of directors, that he had altered the minutes of the board to make the loan appear regular, and that he had taken the money when sources of the institution were not up to legal requirement. The banks he headed closed May 15. Organized Three Years Ago The Colonial Bank and Trust company was capitalized at $100,000 with a surplus of $50,000. It had been organized for three years, and attributed its closing to steady withdrawals of cash during the last four days. J. V. Carpenter was president. The Volusia County Bank and Trust company had resources of $2.816,188.12; deposits of $1,840,043.19; capital stock of $200,000; surplus of $100,000. and discounts of $1,724,516.08. The First National Bank of De Land had resources of $1,789,372.81; capital stock of $100,000; surplus of $25,000 and deposits of $1,211,750.47.
7.July 12, 1929Brownsville HeraldBrownsville, TX
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BANKS CLOSED DELAND, Fla., July 12.-(P)-The Volusia Couty Bank and Trust company, oldest financial institution in this county failed to open its doors today, and an hour later the First National Bank closed temporarily following a run on that institution.
8.July 12, 1929The Tampa TimesTampa, FL
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JOHN L. FOUTS, POLK BANKER, IS ARRESTED
Lent Bartow Money to Himself, Says Solicitor.
By The Associated Jacksonville, July 12. While state and federal officials began the process of reorganization or liquidation for three Florida banks today following closing of the institutions, the president of four other central Florida banking institutions faced charges of "lending" himself $5,000 from one of the banks without consent of the board of directors, and with other violations of the state banking laws. Two of the banks that closed were in DeLand the only banks in that city and among the oldest in Volusia county. They were the Volusia County Bank and Trust company and the First National bank of DeLand, which shut its doors during the morning after heavy run precipitated by the closing of the Volusia County bank. The third institution was the Colonial Bank and Trust company of Miami.
Headed Four Banks. The bank official, who made bond of $10,000 after his arrest on an information filed by State Solicitor Hardin Peterson. of Polk county, was John L. Fouts, president and director of the State Bank of Bartow, the First National Bank of Lakeland, the First National Bank of Auburndale, and the State Bank of Winter Haven. Information filed against Fouts in three counts charged that he had "loaned" himself $5,000 from the funds of the State Bank of Bartow without consent of the board of rectors, that he had altered the minutes of the board to make the loan appear regular, and that he had taken the money when resources of the institution were not to legal requirement. Time of arraignment for preliminary hearing is expected to be set in fe wdays. All four of the banks headed by Fouts closed on May 15. Technical charges against him name violation of state banking laws. Steady Withdrawals. The Colonial Bank and Trust company was capitalized at $100,000 with a surplus of $50,000. had been organized for three years, and attributed its closing to steady withdrawals of cash during the last four days. J. V. Carpenter was president. The Volusia County Bank and Trust company had resources of $2,818,888.12; deposits of $1,840,048.19; capital stock of $200,000; surplus of $100,000: and discounts The First National Bank of DeLand had resources of $1,789,971.81; capital stock of $100,000; surplus of $25,000, and deposits of D. B. Tuten, president of this institution, said in statement 'that a strong unexpected run had exhausted our cash supply and we had no time in which to secure additional funds We, therefore. were compelled to close our doors for the protection of depositors, believing it for the best interest of everyone." He added that the bank had been placed in the hands of federal authorities pending reorganization or liquidation. Dr. Lincoln Hulley, president of Stetson university, recently became president of the Volusia County bank. According to statement posted in the window of this institution, the bank was closed and placed in the hands of the state banking department "for protection of all depositors by order of the board of directors. Plans have been discussed and further action is contemplated looking to reorganiaztion of the bank with the purpose in view of paying the depositors in full."
9.July 12, 1929The Austin AmericanAustin, TX
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Runs Cause Heavy Two Other Banks To Close Doors
President Charged With Making Loan to Self Without Consent for Failure
Central Florida Institutions Shaken by Defaulting Banks
Associated Press Fla., July 11. Three Florida banks-two at Deland one one Miami were placed in the hands of bank examiners today, and John Fouts, president and director of four central Florida banks which closed on May 15, was arrested in connection with the failure of these latter. The First National bank and the Volusia County Bank and Trust company at Deland, the only two banks in the city and the Colonial Bank Trust company of Miami closed today.
$5000 Loan Charged Fouts, who was director and president the State bank Bartow, the First National bank Lakeland, the First National bank Auburndale and the State Winter arrested Winter Haven Bartow. The information filed against Fouts alleged that him$5000 of Bartow bank's funds without the consent the board. and that he altered the min. the board to make the loan regular, when resources actually were not norVolusia county bank at Deland Capital of $200,surplus and loans and discounts while First National capital stock, surplus, and deposits
Run Causes Closing
The Colonial Bank Trust Miami, capitalized and with surplus open steady cash during the days. for the closing First National bank Deland. notice the Volusia county said plans had "discussed" and further action looking reorganiza. the bank the purpose view of paying the depositors in Lincoln Hulley president of Stet. president the Volusia bank.
10.July 12, 1929The Crowley Post-SignalCrowley, LA
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BANKERS ADMIT HIDING ASSETS
(Continued from page one) the defunct bank. Some of the women wept audibly during the hearing.
PRESIDENT OF FOUR BANKS FACING CHARGES
Jacksonville, Fla., July While state and federal officials began reorganization or liquidation for three Florida banks today, the president of four other Central Florida banking institutions faced charges of violating the state banking laws. Two of the banks that closed yesterday were in Deland, the only banks in that city. They were the Volusia County Bank and Trust Company and the First National Bank of Deland, which shut its doors during the morning after a heavy run precipitated by the closing of the Volusia County Bank. The third institution was the Colonial Bank and Trust Company of Miami. John L. Fouts, who made bond of $10,000 after his arrest on an information filed by state Solicitor Hardin Peterson of Polk county, was president and director of the State Bank of Bartow, the First National Bank of Lakeland, the First National Bank of Auburndale and the State Bank of Winterhaven.
11.July 12, 1929The Daily RecordLong Branch, NJ
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Federal Officials Begin Reorgganization For Three Institutions Today.
July sociated state and federal officials began reorganization liquidation for three Florida banks today the president of four other central Florida banking institutions faced charges of violation of the state banking laws two of the banks that closed yes. terday were in Deland, the only banks in that city. They were the Volusia County Bank Trust Comand the First National Bank pany of Deland which shut its doors during the morning after heavy by the closing of the precipitated Volusia County Bank third institution was the Colonial Bank Trust Company of Miami John who made bond of $10,000 after his arrest in all information filed by State Hardin Petof Polk was president and director of the State Bank of Bartow, the First National Bank of Lakeland, the First National Bank of Auburndale and the State Bank of Winter Haven. Information filed against Fouts in three counts charged he had "loaned" himself from the funds of the State Bank of Bartow without consent of the board of rectors, that altered of the board make the utes and that he had appear the money when resources of taken the institution legal The banks he headed quirement closed May 15.
12.July 12, 1929The Huntsville TimesHuntsville, AL
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COMELY YOUNG FOR REUNION IN BANKS WOMAN HELD MONTMARTRE FACE CHARGES
Topeka Woman Confesses She Robbed Two Men In Daylight Holdup year and she mitted the holdup Benefit June The Mrs. Vivian and Cecil in an they Marie Rainey, who with them as "nlece" and was Scraper's confidante after the crime, was held for investigation. Officers found $13,690 hidden in an chair behind in the Mrs. said, that her Streit that the holdup after A. salesman, drive her to scene the in front of Security build- Louis Streit brother of Streit, one the employes she robbed. Sheriff Horning said Mrs. Scraphad refused implicate Streit in her confession. Scraper according sheriff, planned the holdup but delayed It because she "lost nerve.' She also said revolver used was There cartridges gun when was found shortly after robbery. arrest the three was said to have resulted given to the authorities by the Rainmother. Rainey Mrs. Scraper and Cecil her home within an hour after the robbery carrying blankets. Officers were inclined to believe the money was hidden in them. Two days later she the returned and took away shoe which, officers said, apparently contained the
Fliers of Pathfinder Expect To Join French Ocean Fliers Soon
July tary shortly for the Orchard Club." The Americans want to their to the French Fevre that both crews succeeded in crossing safely. During the latter part next the will plane crated and will then sail for home. The fliers also drop visit Major Italian flier who is hospital there resting The government has called convene at 6:30 p.m. today Collona render homage to Roger Captain Lewis Yancey, Atlantic aviators. The meeting will mark the of Rome's the two fliers, arrived from Old Orchard, with but one stop enroute, at SanSpain. There will music speeches by ItalThe Aviators will be given a high by the Italian government, Maurice, orders Saints they King Victor Emanuel next Monday.
Four Central Florida Financiers Accused of Violating Bank Laws July and cials liquidation for three Florida banks today, the four other central Florida faced of violating the state Two of the banks closed terday Deland, the banks Volusia Company First National Deland, which during after run the Volusia The Bank and Trust of John Fouts, who $10,000 information Hardin the National Lakeland, the National State Bank Winterhaven Information filed Fouts in counts "loanhimself $5,000 funds the State Bank Bartow out consent directhat had altered the regular that he the institution were not up to legal reThe he headed closed May
Time of for preliminary to be set few The Colonial Bank and Trust Company was capitalized at $100,000 $50,000. closing attributed withdrawa during last few J. The Volusia County Bank and Trust Company had resources capital of surplus $100,000 and discounts of $1,724,The First National Bank of Deland had resources of capital stock of surplus $2,500 and deposits of $1,211,750.47.
13.July 12, 1929The Selma Times-JournalSelma, AL
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THREE BANKS CLOSE RESULT RUNS
Head Of Four Other Institutions Faces Charges
July 12. state and federal offictals began reorganization or liquidation for three Florida banking institutions faced charges of violating the state laws. Two of the banks that closed yesterday were in Deland, the only banks in that They were the Volusia County Bank and Trust Company the First National Bank Deland, which shut doors during the morning after heavy run precipitated by the closVolusia County Bank. ing the third institution the Coloriial Bank and Trust Company of Miami. John made bond of $10,000 his arrest on information filed by State Solicitor Hardin county, was president and the State Pank of Bartow, the First National Bank Lakeland, the First NationBank of and the Bank of Winterhaven filed against Fouts in he had "loancounts himselg $5,000 the funds of the State Bank of Bartow withboard of direcout tors, that altered the utes of the board make the loan that had appear regular and the when of the institution not up to legal The banks he headed closed May
Time of arraignment for preliminary hearing expected to be set few days. The Colonial Bank and Trust Company surplus of $50,000. Its closing was attributed to steady withdrawals during the last few days. J. Carpenter was president. The Volusia County Bank and Trust Company had resources of deposits of 082.19; capital stock surplus of $100,000 and discounts The First National Bank of Deland had stock of
14.July 12, 1929The Birmingham NewsBirmingham, AL
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BANK HEAD HELD
Florida Man Faces Charges For $5,000 "Loan" To Himself JACKSONVILLE Fla., July 12(P)-While state and federal officials began reorganization or liquidation for three Florida banks Friday, the president of four other central Flor ida banking institutions charges of violating the state banking laws. Two of the banks that closed Thursday were in Deland, the only banks in that city. They were the Volusia County Bank & Trust Company and the First National Bank of Deland, which shut its doors during Thursday morning after heavy run precipitated by the closing of the Volusia County Bank The third institution was the Colonial Bank Trust Company of Miami. John Fouts, who made bond of $10,000 after his arrest on an information filed by State Solicitor Hardin PeterPolk County, was president and and of the State Bank of Bartow, the First National Bank of Lakeland, the First National Bank Auburndale, and the State Bank of Winter Haven. Information filed against Fouts in three charged had "loaned" himself $5,000 from the funds of the State Bank of Bartow without consent of the board of directors, that he had altered the minutes of the board to make the loan appear regular and that had taken money when the institution were not to legal requirements
JUDGE FOSTER APPOINTED Ala., July 12Judge H. B. Foster. Tuscaloosa, has been appointed judge advocate of United Spanish- American War Veterans of Alabama, to announcement received by the Henry Bacon Foster Camp. was made by Robert H. Webb. Birming ham. department commander elected at state encampment recently held here.
SEVEN FLORIDA BANKS IN TOILS OF STATE LAWS
Three Institutions Close Doors After "Run"-President of Four Others Under Arrest.
Jacksonville, Fla., July 12.-(A. P.) -While state and federal officials began reorganization or liquidation for three Florida banks today, the president four other central Florida banking faced charges of violation of the state banking laws. Two of the banks that closed yesterday were in Deland- only banks in that city. They the Volusia County Bank and Trust and the First National Bank of Deland. which shut its doors during the morning after heavy run precipitated by the closing the Volusia County bank. The third institution was the Colonial Bank and Trust company of Miami. John L. Fouts, who made bond of $10,000 after his arrest on information filed by State Solicitor Hardin Peterson of Polk county, president and director of the State bank of Bartow, the First National bank of Lakeland, the First National bank of Auburndale the State bank of Winter Haven. Information filed against Fouts in three counts charged he had "loaned" himself $5,000 from the funds of State bank of Bartow without consent of the board of directors; that he. altered the minutes of the board to make the loan appear regular he had taken the money when_ of the institution up to legal requirement. The banks he headed closed May 15. Time of arraignment for hearing is expected to be set ing few The Colonial Bank and Trust company was capitalized at $100,000." surplus of $50,000. It had been ganized for three years/and attributed its closing to steady withdrawals of cash during the last four days. V. Carpenter president. The Volusia County Bank and Trust company had resources of $2,816,188.12. deposits of $1,840,043. capital stock of $200,000, surplus $100,000 and deposits of $1,724,516.08. The First National bank of Deland had of capital stock of $100,000. $25,000 and deposits of $1,211,950.47 D. Tuten, president of this institution, said in that strong run had our cash supply and we had no time in which to funds. We, therefore, were compelled to our doors the protection of depositors, believing It for the best interest of everyone."
16.July 12, 1929The Charlotte NewsCharlotte, NC
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Bank Officers In Florida To Face Charges
Four Other Banks in State Are Being Liquidated or Reorganized - "Run" Closes Bank.
While State and Federal officials began reorganization or liquidation of three Florida banks today, the pres. ident of four other Central Florida banking institutions faced charges of violation of the State banking Two of the banks that closed yesterday were in Deland, the only banks in that city. They were the Volusia County bank and Trust Company and the First National Bank of Deland, which shut its doors during the morning after heavy run precipitated by the closing of the Volusia County Bank The third institution was the Colonial Bank and Trust Company of Miami. John Fouts, who made bond of $10,000 after his arrest on an information filed by State Solicitor Hardin Peterson. of Polk County, was president and director of the State Bank of Bartow. First National Bank Lake. land. the First National Bank Auburndale, and the State Bank of Information filed against Fouts in three counts charged he had "Joanhimself 85,000 from the funds of the State bank of Bartow without the consent of the Board of D1rectors. that had altered the minutes the board to make loan appear regular that he had taken the money when resources of the institution not to legal quirement The banks he headed closed May Time of arraignment for prelimin. ary hearing was expected to be set in few The Colonial Bank and Trust Company was with of $50,000. It had been organized for three attributed its closing to steady drawals cash during the last four days. J. V. Carpenter was president. The Volusia County Bank and Trust had of $2. 816,188 of capital of $200,000; surplus of $100,000, and discounts of $1,724, 516.08 The First National Bank of Deland had resources of 789,972.81: cap. ital stock of $100,000 surplus $25,000, and deposits of $1,211,750
The stem of giant bamboo a tree may grow foot in one day
17.July 12, 1929The Bradenton HeraldBradenton, FL
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Officials Take Steps To Clear Up Bank Cases
Violation Of Bank Laws Of State Charged To John L. Fouts and federal officials began reorganization liquidation for three Florida banks today. the president of four other central Florida banking institutions faced charges violating the state banking laws Two of the banks that closed yesterday were in DeLand, the only banks in that city and among the oldest in Volusia county They were the Volusia County Bank and Trust Company and the First National Bank of DeLand, which shut
18.July 12, 1929The Buffalo NewsBuffalo, NY
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HEAD OF FARM BANKS IN FLORIDA ACCUSED
John L. Fouts Faces Arrest as Finance Scandal Spreads.
JACKSONVILLE Fla. July 12 (P)While and officers began reorganization liquidation three Florida today the president of four Florida banking institutions faced charges of violating the state banking Two the banks that closed vesterday were in De Land, the only banks in that city They were the Volusia County Bank and Trust company and the First National bank De Land. shut its during the morn ing after heavy run by the closing of the County bank The third institution was the Colonial Bank and Trust company of Miami John Fouts. who made bond of $10,000 after on an information Hardin Peterson of Polk was president and director of the State bank of Barton. the First National bank of Lake land the First National bank of Auburndale and the State bank of Winter Information filed against Fouts in three he had "loaned" himself $5000 from the funds of the State bank of Barton without consent the board of directors, that he had altered the minutes of the board to make the loan appear regular and that he had taken the when reof the were not legal requirement The banks he headed closed May 15
19.July 12, 1929The Buffalo NewsBuffalo, NY
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HEAD OF FARM BANKS IN FLORIDA ACCUSED
July 12 While and federal officers began liquidation for three Florida banks today the president of central Florida stitutions faced charges of violating the state banking the that closed De Land banks They the Volusia County Bank and Trust company and the First National bank of De Land which shut doors during the morn heavy run by closing bank The Colonial Bank and Trust company of Miami
20.July 13, 1929Evening StarWashington, DC
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Authorities at Work on Reorganization or Liquidation of Institutions. ONE OF TWO IN SANFORD CLOSED DOORS TODAY Seven Now Have Suspended, Two at Daytona Beach Going Out of Business Yesterday. By the Associated Press. JACKSONVILLE, Fla., July 13.-App.oximately $9,000,000 in depositors' money was tied up today as State and Federal banking authorities worked toward the reorganization or liquidation of six Florida banks which have closed within the last eight days, five of them since Thursday. The latest to fail were two in Daytona Beach, the Merchants' Bank & Trust Co., and the Atlantic Bank & Trust Co., which suspended business yesterday. Both were closed, according to notices on their doors, by State bank examiners pending reorganization for the protection of their customers. The failure of the Daytona Beach banks brought a run on the two remaining institutions in the city, which continued business despite heavy withdrawals. De Land, in the same county, suffered closing of the only two banks in the city, the Volusia County Bank & Trust Co. and the First National Bank, Thursday, while the Colonial Bank & Trust Co. of Miami failed to open on that day. The People's Bank of Jacksonville closed last Friday morning. While banking department officials from the State and Federal Governments audited the books of the six banks, John L. Fouts, president of four other closed Central Florida banks, prepared for preliminary hearing on three charges involving violation of State banking laws. Fouts was president and director of the State Bank of Bartow, the First National Bank of Lakeland, the First National Bank of Auburndale and the State Bank of Winter Haven. Fouts is alleged to have loaned himself $5,000 from one of the banks without the consent of the directors, at a time when the bank was not in a position to make the loan, and to have altered minutes of a directors' meeting to show that the loan was approved. Sanford Bank Closes. SANFORD, Fla., July 13 (AP).-The First National Bank, oldest banking : institution in Seminole County, was closed today with a notice on the doors that its affairs had been placed in the hands of the controller. The notice read: "In order to protect the interests of all its depositors, this bank is closed by its directors and its affairs have been placed in the hands of the controller of currency." The First National was more than 40 years old. It had resourcesof $2,200,000 and deposits of $1,800,000. Only one other bank remains here, the Sanford Atlantic National Bank.
21.July 13, 1929Record-JournalMeriden, CT
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Officers Of Four Florida Banks Held Serious Charges
July While state and federal officers began reorganization liquidation for three Florida banks today. the president of four other Central Florida banking institutions faced charges of violating of the state Two of the banks that closed were De Land. the only banks that They were the Volusia County Bank Trust the First National which shut its doors during the after precipitated by the ing the Volusia County bank. The third was the Trust Fouts, who after his rest information filed by State Solicitor Hardin of Polk county. was president and rector state bank Bartow, the First National bank of Lakeland. the First bank of Auburndale, and the State bank Haven. Information filed against Fouts in three counts charged he had "loaned" himself $5,000 from the funds the State Bank of Bartow without consent of the board of he had altered the minutes the board to make the loan appear regular, and that he had taken the money when sources of the not to legal The banks he headed 15. The Colonial Bank and Trust company capitalized $100.000 with surplus of It organized for three years, and attributed its closing steady withdrawals cash during the last Carpenter was The Volusia County Bank and Trust company resources deposits of capital stock of $200,000: surplus of and discounts $1,724,516.08 The First National bank of De Land had resources $1,789.972.81: capital stock surplus and deposits of $1,211,750.47.
22.July 17, 1929The Watchman and SouthronSumter, SC
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the precedent will be followed on FLORIDA BANKER other ships of the same line, and ARRESTED perhaps other lines. The official President of Four Banks Charged responsible for the innovation With Misuse of Funds he believes travelers prefer to be served by young women than July (AP) men. This is probably true, pro- While state and federal officials began liquidavided the young women are comely tion three Florida today, to look upon, and know their busthe president of four other central iness. faced result may be new boom charges violation of the state ocean travel. woman's banking Two the banks that closed face was once potent enough were in Deland, only "launch thousand ships," banks that city They the may not other women's faces help Volusia County Bank and Trust shipping business? Company the First
