1978. First National Bank of Florida (Jacksonville, FL)

View Charter #2174 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
2174
Charter Number
2174
Start Date
March 16, 1903
Location
Jacksonville, Florida (30.332, -81.656)

Metadata

Model
gpt-5-mini
Short Digest
80247ad49670c07e

Response Measures

None

Receivership Details

Depositor recovery rate
51.2%
Date receivership started
1903-03-14
Date receivership terminated
1908-09-30
OCC cause of failure
Excessive lending
Share of assets assessed as good
43.3%
Share of assets assessed as doubtful
22.6%
Share of assets assessed as worthless
34.1%

Description

The articles consistently report that the First National Bank of Florida (Jacksonville) was closed by order of the Comptroller of the Currency on March 16, 1903 after an examiner's report showed insolvency; a national bank examiner was appointed receiver. No run is reported. Later items show a receiver paying dividends, confirming a formal receivership/closure rather than a temporary run or reopening.

Events (4)
1. August 24, 1874 Chartered
Source
historical_nic
2. March 14, 1903 Receivership
Source
historical_nic
3. March 16, 1903 Receivership
Newspaper Excerpt
National Bank Examiner J. W. Norvell has been appointed receiver.
Source
newspapers
4. March 16, 1903 Suspension
Cause
Government Action
Cause Details
Closed by order of the Comptroller of the Currency following an examiner's report showing insolvency due to losses/three large long-standing loans and poor-quality assets (phosphate, lumber machinery, real estate, insurance policies).
Newspaper Excerpt
The First National Bank of Florida, at Jacksonville, Fla., was closed today by direction of the controller of the currency, upon the report of an examination ... which showed the bank to be insolvent.
Source
newspapers

Newspaper Articles (18)
1. March 16, 1903 Evening Star Washington, DC
Article from Evening Star, March 16, 1903

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Article Text

JACKSONVILLE BANK CLOSED. Result of the Report of the Examiner to the Controller. The First National Bank of Florida, at Jacksonville, Fla., was closed today by direction of the controller of the currency, upon the report of an examination made by National Bank Examiner Charles A. Hanna, which showed the bank to be insolvent. National Bank Examiner J. W. Norvell has been appointed receiver. The failure of the bank, it is said at the Treasury Department, was due to losses which absorbed the entire capital and surplus, leaving a deficiency in assets, which are of a slow character and of poor grade, consisting largely of prosphate and lumber mill machinery, insurance policies, real estate, etc. The bank has liabilities of $375,182. The resources and liabilities of the bank, as shown by the last report of condition, February 6, 1903, were as follows, cents omitted: Resources-Loans and discounts, $204,111; overdrafts, $2,293; United States bonds to secure circulation, $50,000; stocks, securities, claims, etc., $21,829; banking house and other real estate, $29,220; due from banks and bankers, $19,695; cash items, redemption fund, etc., $22,727; specie, $25,294. Total, $375,182. Liabilities--Capital stock, $50,000; surplus and undivided profits, $11.519; circulating notes, $48,200; due to banks and bankers, $46,997; individual deposits, $188,465; bills payable, $30,000. Total, $375,182. ATLANTA, Ga., March 16.-A Journal special from Jacksonville, Fla., says: The First National Bank of Florida closed its doors today by order of the controller of the currency. A national bank examiner has been placed in charge of the bank. No statement has been given out by the president of the bank, Joseph M. Shoemaker, or any of the officials. The First National Bank was one of the oldest and strongest institutions in the state. Secretary Gen. Spinner of the United States treasury was A its first treasurer.

2. March 17, 1903 The Daily Morning Journal and Courier New Haven, CT
Article from The Daily Morning Journal and Courier, March 17, 1903

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Article Text

JACKSONVILLE BANK CLOSED. Oldest National Institution In Florida -Suspension Due to Loans. Jacksonville, Fla., March 16.-The First National bank, the oldest national bank in Florida, failed to open its doors this morning. It was closed by order of the comptroller of the currency. James W. Norvell, of the treasury department, is in charge of the bank as receiver. The suspension is due to three large loans which the bank has been carrying for more than ten years. On the recommendation of the examiner some time ago the bank proceeded with the hope of collecting the outstanding indebtedness, but the crash came unexpectedly to the officials. The president of the bank, James M. Schumacher, is a native of Herkimer county, New York. He came to Jacksonville in 1874, and in connection with his father-in-law, General Francis E. Spinner, formerly treasurer of the United States, established the bank in that year. The failure has caused no run on other banks. The officials of the bank say that if collections can be made the depositors will be paid in full.

3. March 17, 1903 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, March 17, 1903

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Article Text

FIRST NATIONAL BANK OF FLORIDA GOES UNDER 111. Washington, March 16.-The First NaOverdrafts, $2293. tional bank of Florida, at Jacksonville, United States bonds to secure circulaFla., was closed today by direction of tion, $50,000. the comptroller of the currency upon the Stocks securities, claims, etc., $21,829. report of an examination made by NaBanking house and other real estate, tional Bank Examiner Charles A. Hanna, $29,220. which showed the bank to be insolvent. Due from banks and bankers, $19,695. National Bank Examiner J. W. Norville Cash item, redemption fund, etc., $22,has been appointed receiver. 737. Specie, 25,294. The failure of the bank, it is said at total, $375,182. the treasury department was due to losses Liabilities: which absorbed the entire capital and Capital stock, $50,000. surplus, leaving a deficiency in assets, Surplus and undivided profits, $11,519. which are of a low character and of Circulating notes, $48,200. Due to banks and bankers, $46,997. poor grade, consisting largely of phosIndividual deposits, $188,200. phate and lumber mill machinery, insurBills payable, $30,000. ance policies, real estate, etc. The bank Total, $375,182. has liabilities amounting to $375,182. Is Unimportant. The resources and liabilities of the New York, March 16. .-The Chemical bank as shown by the last report of National bank is the local correspondent the condition, February 16, 1903, were as of the First National bank of Jacksonfollows: ville, Fla., which has suspended. A representative of the Chemical bank says (Cents omitted). the failure is unimportant. Resources, loans and discounts, $204,-

4. March 17, 1903 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, March 17, 1903

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Article Text

111. Overdrafts, $2293. United States bonds to secure circulation, $50,000. Stocks securities, claims, etc., $21,829. Banking house and other real estate, $29,220. Due from banks and bankers, $19,695. Cash item, redemption fund, etc., $22,737. Specie, 25,294. total, $375,182. Liabilities: Capital stock, $50,000. Surplus and undivided profits, $11,519. Circulating notes, $48,200. Due to banks and bankers, $46,997. Individual deposits, $188,200. Bills payable, $30,000. Total, $375,182. Is Unimportant. New York, March 16. -The Chemical National bank is the local correspondent of the First National bank of Jacksonville, Fla., which has suspended. A representative of the Chemical bank says the failure is unimportant.

5. March 17, 1903 The News & Observer Raleigh, NC
Article from The News & Observer, March 17, 1903

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Article Text

Bank Failure (By the Associated Press.) Washington, March 16.-The First National Bank of Florida, at Jacksonville, Fla., was closed today by direction of the Comptroller of the Currency. National Bank Examiner J. W. Norvelle has been appointed receiver. The failure of the bank, it is said at the Treasury Department, was due to losses which absorbed the entire capital and surplus, leaving a difference in assets. which are of a slow character and of poor grade, consisting largely of phosphate and lumber mill machinery, insurance policies, real estate, etc. The bank has liabilities of $375,182.

6. March 17, 1903 New-York Tribune New York, NY
Article from New-York Tribune, March 17, 1903

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Article Text

FLORIDA NATIONAL BANK FAILS. Washington, March 16-The First National Bank of Florida, at Jacksonville, Fla., was closed today by direction of the Controller of the Currency on the report of National Bank Examiner Charles A. Hanna, which showed the bank to be insolvent. National Bank Examiner J. W. Nervell has been appointed receiver. The failure of the bank, it is said at the Treasury Department, was due to losses which absorbed the entire capital surplus, leaving 8. deficiency in assets, which are of a slow character and of poor grade, consisting largely of phosphate and lumber mill machinery, insurance policies, real estate, etc. The bank has liabilities of $375,182.

7. March 17, 1903 The Times Dispatch Richmond, VA
Article from The Times Dispatch, March 17, 1903

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Article Text

BANK FAILS First National at Jacksonville Closed by Order of Comptroller of the Currency. (By Associated Press.) WASHINGTON, D. C., March 16.-The First National Bank of Florida, at Jacksonville, Fla, was closed to-day by direction of the Comptroller of the Currency upon the report of an examination made by National Bank Examiner Charles A. Hanna, which showed the bank to be insolvent. National Bank Examiner J. W. Norvel has been appointed receiver. The failure of the bank is said at the Treasury Department to be due to losses which absorbed the entire capital and surplus, leaving a deficiency In assets, which are of slow character and of poor grade, consisting largely of phosphate and lumber mill machinery, Insurance policies, real estate, etc. The bank has liabilities of $375,812.

8. March 17, 1903 The Times Dispatch Richmond, VA
Article from The Times Dispatch, March 17, 1903

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Article Text

Regarded as Unimportant. (By Associated Press.) NEW YORK, March 16.--The Chemical National Bank is the local correspondent of the First National Bank of Jacksonville, Fla., which has suspended. A representative of the Chemical Bank says the failure is unimportant.

9. March 17, 1903 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, March 17, 1903

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Article Text

Florida Bank Closed. JACKSONVILLE, Fla., March 17.The First National bank, the oldest national bank in Florida, which yesterday was closed by order of the comptroller of the currency, is in charge of James W. Norvell of the treasury department as receiver. The suspension is due to three large loans which the bank has been carrying for more than ten years. On the recommendation of the examiner some time ago the bank proceeded with the hope of collecting the outstanding indebtedness, but the crash came unexpectedly to the officials. The president of the bank, James M. Schumacher, is a native of Herkimer county, N. Y. He came to Jack sonville in 1874 and in connection with his father-in-law, General Francis E. Spinner, formerly treasurer of the United States, established the bank in that year.

10. March 17, 1903 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, March 17, 1903

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Article Text

FLORIDA BANK CLOSED. First National, of Jacksonville, Was Overloaded with Poor Assets. WASHINGTON, March 16.-The First National Bank of Florida at Jacksonville, Fla., was closed to-day by direction of the controller of the currency upon the report of an examination made by National Bank Examiner Charles A. Hanna, which showed the bank to be insolvent. National Bank Examiner J. W. Norvell has been appointed receiver. The failure of the bank, it is said at the Treasury Department, was due to losses which absorbed the entire capital and surplus, leaving a deficiency in assets which are of a slow character and of poor grade, consisting laregly of phosphate and lumber mill machinery, insurance policies, real estate, etc. The bank has liabilities of $375,182. The resources and liabilities of the bank, as shown by the late report of condition, Feb. 16, 1903, were:. Resources-Loans and discounts, $204,111; overdrafts, $2,293; United States bonds to secure circulation, $50,000; stocks, securities, claims, etc., $21,829; banking house and other real estate, $29,220; due from banks and bankers, $19,695; cash items, redemption fund, etc., $22,737,6 specie, $25,294; total, $375,182. Liabilities--Capital stock, $50,000; surplus and undivided profits, $11,519; circulating notes, $48,200: due to banks and bankers, $46,997; individual deposits, $188,465; bills payable, $30,000; total, $375,182. NEW YORK, March 16.-The Chemical National Bank is the correspondent of the First National Bank of Jacksonville, Fla., which has suspended. A representative of the Chemical Bank says the failure is unimportant. JACKSONVILLE, Fla., March 16.-The First National Bank was one of the oldest and strongest institutions in the State. Secretary General Spinner, of the United States Treasury, was its first treasurer.

11. March 17, 1903 The Savannah Morning News Savannah, GA
Article from The Savannah Morning News, March 17, 1903

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Article Text

Chemical Says Unimportant. New York, March 16.-The Chemical National Nank is the local correspondent of the First National Bank of Jacksonville, Fla., which has suspended. A representative of the Chemical Bank says the failure is unimportant.

12. March 17, 1903 The Savannah Morning News Savannah, GA
Article from The Savannah Morning News, March 17, 1903

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Article Text

COLLECTION OF DEBTS WILL MEAN PAYMENT. Jacksonville, Fla., March 16.-The First National Bank, as its name implies, the oldest national bank in Florida, failed to open its doors this morning. It was closed by the order of the controller of currency. James W. Norvell of the Treasury Department is in charge as receiver. The suspension IS due to three large loans, which the bank has been carrying for more than ten years. Upon the recommendation of the examiner some time ago the bank proceeded with the hope of collecting the outstanding indebtedness, but the crash came unexpectedly to the officials. The president of the bank, J. M. Schumacher, is a native of Herkimer county, New York. He came to Jacksonville in 1874 and in connection with his father-in-law, Gen. Francis E. Spinner, formerly treasurer of the United States, established the bank in that year. The failure has caused no run on the other banks. The officials of the bank say that if collections can be made the depositors will be paid in full.

13. March 17, 1903 The Washington Times Washington, DC
Article from The Washington Times, March 17, 1903

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Article Text

Jacksonville Bank Fails. The First National Bank of Florida, at Jacksonville, was closed by order of Comptroller of the Currency Ridgely. National Bank Examiner J. W. Norvell has been appointed receiver. The last report of the resources and liabilities showed $375,182.29. The failure of the bank was due to losses which absorbed the entire capital and surplus, leaving a deficiency in assests which are of a slow character and of poor grade, consisting of phosphate and lumber mill machinery, insurance policies, and real estate.

14. March 18, 1903 The Savannah Morning News Savannah, GA
Article from The Savannah Morning News, March 18, 1903

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RECEIVER IS NAMED For Manufacturing Concerns as a Result of the Bank Failure. Jacksonville, Fla., March 17.-As a result of the failure of the First National Bank, a bill of complaint was filed in the United States Court today by A. Cosmo Little against the Little Bros. Phosphate and Fertilizer Company, and the Georgia-Florida Chemical Company to foreclose a mortgage of $25,000 on the land in South Jacksonville, where the Little Bros. phosphate plant is located. The bill prayed for a receiver and Walter Mucklow was appointed receiver by the court. Mucklow is directed to take charge of the property. There is talk of a re-organization of the First National Bank by capitalists living out of Jacksonville, who it is said will take control and pay all indebtedness, but nothing definite is known.

15. March 19, 1903 The Montgomery Advertiser Montgomery, AL
Article from The Montgomery Advertiser, March 19, 1903

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Jacksonville, Fla., March 18-As a result of the failure of the First National Bank, a bill of complaint has been filed in the United States Court by A. Cosmos Little, against the Little Brothers' Phosphate and Fertilizer Company and the Georgia-Florida Chemical Company, to foreclose a mortgage of $25,000 on the land in South Jacksonville, where the Little brothers' phosphate plant is located. The bill prayed for a receiver and Walter Mucklow was appointed receiver by the court.

16. March 19, 1903 The Free Lance Fredericksburg, VA
Article from The Free Lance, March 19, 1903

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Florida Bank Fails. Jacksonville, Fla., March 17.-The First National Bank, the oldest national bank in Florida, failed to open its doors yesterday morning. It was closed by order of the comptroller of the currency. James W. Norvell, the treasury department, is in char as receiver. The suspension is ( to three large loans which the bank has been carrying for more than 10 years. On the recommendation of the examiner some time ago the bank proceeded with the hope of collecting the outstanding indebtedness, but the crash came unexpectedly to the the officials. The officials of the bank say that if collections can be made the depositors will be paid in full.

17. May 1, 1903 The Palatka News and Advertiser Palatka, FL
Article from The Palatka News and Advertiser, May 1, 1903

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Shoe Store, City A. M. Mclver, Proprietor. Receiver Norvell of the defunct First National Bank, in Jacksonville, has announced to the creditors that he has funds with which to pay a 221/2 percent dividend, and that he believes that by May 15th he will have enough to make the dividend 25 per cent. It strikes us that depositors ought to be very grateful to get back even one-quarter of their money,

18. May 8, 1903 The Ocala Banner Ocala, FL
Article from The Ocala Banner, May 8, 1903

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Receiver Norville, of the First National Bank of Florida, which recently failed in Jacksonville, announces that the bank will soon pay a dividend of 25 per cent.