Partial suspension, Full suspension, Books examined
Receivership Details
Depositor recovery rate
47.7%
Date receivership started
1927-04-02
Date receivership terminated
1933-09-30
OCC cause of failure
Economic conditions
Share of assets assessed as good
57.9%
Share of assets assessed as doubtful
30.7%
Share of assets assessed as worthless
11.4%
Description
Contemporary AP reports (Mar 14, 1927) state the First National Bank of Lake Worth did not open after March 13 closures and withdrawals precipitated by other Palm Beach county bank closings. There were determined withdrawals in the area and the Lake Worth bank suspended and did not reopen; a receiver (John B. Cunningham) was later appointed and paid dividends in late 1927. A local freezing/reopening plan was discussed April 15 but the bank ultimately went into receivership. Cause of the run/suspension appears to be contagion from other local bank closures (local_banks).
Events (6)
1.May 14, 1920Chartered
Source
historical_nic
2.March 13, 1927Receivership
Newspaper Excerpt
the collapse of the institution on March 13, 1927 ... receiver for the First National Bank of Lake Worth (John B. Cunningham). Later reports (Dec 1927) refer to the receiver paying dividends to depositors and suits brought by the receiver in 1928 and thereafter.
Source
newspapers
3.March 13, 1927Run
Cause
Local Banks
Cause Details
Withdrawals and runs were prompted by the recent closings of other Palm Beach county banks; contagion from neighboring bank failures
Measures
Local officials and directors discussed assurances; armored currency shipments from Miami aided other banks; officers later proposed a freezing agreement to reopen (discussed April 15, 1927).
Newspaper Excerpt
The closing at Lake Worth left that city without bank. A long line of men and women braved a pelting intermittent rain in a determined run on the Citizens Bank ... Reports circulated that the closing Lakeworth precipitated withdrawals at the First National of this city
Source
newspapers
4.March 13, 1927Suspension
Cause
Local Banks
Cause Details
Bank suspended (closed) in the interest/protection of depositors after withdrawals precipitated by other local bank closings.
Newspaper Excerpt
Simultaneously the First National bank of Lake Worth ... did not open this morning. The closing at Lake Worth left that city without a bank.
Source
newspapers
5.April 2, 1927Receivership
Source
historical_nic
6.April 15, 1927Other
Newspaper Excerpt
Several hundred depositors met with officers and directors of the First National Bank of Lake Worth ... and voted as being in favor of the freezing agreement and other plans for reopening the bank.
Source
newspapers
Newspaper Articles (25)
1.March 14, 1927The Daily HeraldEverett, WA
Click image to open full size in new tab
Article Text
THREE FLORIDA BANKS FAIL TO OPEN DOORS; ONE BRAVES BAD RUN
WEST PALM BEACH, Fla., March 14 AP) Three Palm Beach county banks failed to open their doors today while another local financial institution sought to stave off severe The Farmers' Bank and Trust company of Palm Beach of the largest banks in this section, did not open today, midnight announcement by Reese, its president. that the closing two local banks and Palm Beach bank last Tuesday had precipitated the action. Simultaneously, the First National bank of Lake Worth and the Ocean City bank of Delray did not open this morning. No reasons for their separate actions were made public T. Hawkins state bank
(Continued on Page Ten)
2.March 14, 1927CommercialBangor, ME
Click image to open full size in new tab
Article Text
THREE MORE BANKS AROUND PALM BEACH FAIL TO OPEN DOORS
West Palm Beach, Fla., March Palm Beach county banks failed to open their doors day while another local financial stitution sought stave off run. The Farmers Bank and Trust Co. West Palm Beach, one of largest banks in this section did open today following nouncement Reese, the closing cal banks and Palm Beach action. Simultaneously the First National bank of Lakeworth and the Ocean City bank of Delray did open this No reason their separate actions were made public The closing Lakeworth left that city without bank. long line men and women braved pelting intermittent rain determined run the today Citizens Bank of West Palm The line stretched solidly block Clematis and Narcissus street half block Mild excitement prevailed when of the banks sought talk to the crowd in attempt against of funds.
The line remained Officials and directors of the Citizens Bank assured the depositors that sufficient funds had been tained pay every and that bank would not close The Citizens Bank together with (Continued on Page Twelve)
New girls than boys drove out of college, survey at Columbia and Barnard shows. The principal reason for the difference marriage but more boys than girls quit because of deficiency in studies
3.March 14, 1927Daily SentinelRome, NY
Click image to open full size in new tab
Article Text
THREE MORE FLORIDA BANKS CLOSE THEIR DOORS TODAY
West Palm Beach, Fla., March Palm Beach coun banks failed to open their doors today, while another local financial institution sought stave off severe The Farmers Bank Trust Company West Palm Beach, one the largest banks in this section, did not open today after midnight by T. Reese, president, that the closing two local banks and Palm Beach bank last Tuesday had precipitated the Simultaneously the First Na- tional Bank of Lakeworth and the Ocean City Bank did not open this morning. No reasons for their separation actions were made public. Hawkins, state bank examiner, assumed charge of the Delray institution. The closing Lakeworth left that city without bank. long line of men and women braved rain in termined the Citizens' Bank of West Palm Beach. Reports were circulated that an armored truck en route here with substantial financial aid.
4.March 14, 1927New Britain HeraldNew Britain, CT
Click image to open full size in new tab
Article Text
THREE MURE BANKS IN FLORIDA CLOSE Fourth Institution Seeks to Stave Off Severe Run TREASURY NOT WORRIED Statement Issued From Washington Declares Condition of National Banks in Florida is "Generally Good." West Palm Beach, Fla. March 14 (P)-Three Palm Beach county banks failed to open their doors today, while another local financial institution sought to stave off a se& were run. The Farmers' Bank Trust company of West Palm Beach. one of the largest bank in this section did not open today following a midnight announcement by T. T. Reese, its president. that the closing of two local banks and a Palm Beach bank last Tuesday had precipitated the action. Two Others Closed Simultaneously the First National bank of Lake Worth and the Ocean City bank of Delray did not open this morning. T. C. Hawkins state bank examiner, assumed charge of the Delray institution. The closing at Lake Worth left that city without a bank The Delray bank was capitalized at $25,000. with deposits aggregating $1,699,850 and the Lake Worth bank had a capital of $100,000 and deposits of $2,622,690. both in their last statements published in July, 1926. Run Starts Early A long line of men and women braved a pelting. Intermittent rain this morning in a determined run on the Citizens Bank of West Palm Beach. A sizeable crowd started forming an hour before its usual opening time and was augmented by the reports that the Farmers' Bank had not been opened The line stretched solid almost a block on Clematis street and on Narcissus street a half block Mild excitement prevailed. while friends of the bank sought to talk with each person in line in an attempt to influence all against withdrawal of funds. The line remained intact. Reports were circulated that an armored truck was en route here with substantial financial aid from Miami banks. Words of Assurance Officia's and directors of the Citizens Bank who had been in session all night. met the run this morning with a statement assuring the depositors that sufficient funds had been obtained to pay everyone and that the "bank would not close now or thereafter." "We believe that the successful withstanding of the ordeal through which West Palm Beach has gone will be a favor in the early reestablishment of confidence," the statement declared. The Citizens bank together with the Farmers bank last week weathered determined runs.
5.March 14, 1927Lansing State JournalLansing, MI
Click image to open full size in new tab
Article Text
BANKS CLOSED
Another Seeks to Stave Off Severe Run
WEST PALM Fla., March 14. (By A.P.) Three Palm Beach county banks failed open their doors Monday, while another local financial institution sought to stave off The Farmers Bank Trust company of West Palm Beach, one of the largest banks in this tion, did open Monday following midnight by Reese, its president, that closing of local banks and Palm Beach bank last Tuesday, had precipitated the action. Simultaneously First National bank Lakeworth Ocean City bank of Delray did open Monday morning. reasons for their separate tions were made public. Hawkins, state bank examiner, assumed charge of the Delray Intion worth left that city without at and The Delray bank was capitaldeposits aggregating and the Lakeworth bank had deposits of 622.690 both their statements published in July, 1926. line here Monday morning in termined run Citizens' bank West Palm Beach. sizeable crowd started forming hour before usual opening time augmented by the Farmers bank reports had not been opened. The line stretched solid almost block Clematis street and on Narcisstreet
6.March 14, 1927Lancaster New EraLancaster, PA
Click image to open full size in new tab
Article Text
MORE FLORIDA BANKS CLOSED
Three Fail to Open and Another Tries to Stave Off Severe Run.
WEST PALM BEACH, March P.)-Three Palm Beach county banks failed to open their doors today. while another local financial institution tried to stave off severe run. The Farmers' Bank and Trust Company, Palm banks this did not open today night by Reese, that the closing of banks Palm Beach bank last Tuesday precipitated the the First National Lake Worth. the Ocean did morning. their actions were made public.
7.March 14, 1927The Bradenton HeraldBradenton, FL
Click image to open full size in new tab
Article Text
Three Banks Close Today
WEST PALM BEACH, March Three Palm Beach county banks failed to open their doors today. while another local financial institution sought to stave off severe run. The Farmers Bank and Trust company of West Palm Beach, one of the largest banks in this section. failed to open after mid-night announcement by T. Reese, its president, that the closing of two local banks and Palm Beach bank last Tuesday had precipitated the action. Simultaneously the First National Bank of Lakeworth and the Ocean City Bank of Delray did not open for business this morning. No reasons for the separate actions were made public. T.C. Hawkins, state bank examiner. immediately assumed charge of the Delray institution. The closing at Lakeworth left that city without bank. The Delray bank was captalized at $25,000. with deposits aggregating $1,699,850 while the Lakeworth bank had a capital of $100.000 and deposits of $2,622,690 both in their list statements published in July, 1926.
A long line of men and women braved a pelting intermittent rain here this morning in determined run on the Citizens Bank of West Palm Beach A sizeable crowd started forming an hour before its usual opening time and was augmented with the reports that the Farmers Bank had not opened. The line stretched solid almost block on Clematis street and on Narcissus street half block. Mild excitement prevailed. while friends of the bank sought to talk with each person in line in an attempt to influence al against withdrawa. of The line remained intact, although hard shower dispersed curious crowds which threatened at times to jam traffic at this inReports were circulated that an armored truck was speeding here with substantial financial aid from Miami banks.
The United States army is one of the few institutions in the world that operates on cash basis. All its bills are paid monthly.
8.March 14, 1927Sun HeraldBiloxi, MS
Click image to open full size in new tab
Article Text
FLORIDA'S
Three Banking Institutions in Palm Beach Open Doors County Fighting Against Severe Run.
(By The Associated Press) Beach, March Palm Beach county banks failed while local open today, sought to stave off nancial Bank and Trust The Company West Palm Beach, this section, did the largest banks in today midnight open Reese, that closing two president, banks last Tuesday precipitated action. First National of Lake Worth Ocean Bank Bank Ray not open business this morning. No reafor actions were for their Hawkins, state public. immediately assumed bank examiner, Del Ray institution. charge the Lake Worth left that The closing to bank. Del Ray bank capitalized $25,000, with deposits aggregating the Lake Worth Bank of $100,000 deposits had capital both in their statements published in July, 1926. line women intermittent here determined run the Citizens' Bank of West Palm sizable forming before the bank's opening The line stretched solid almost block Narcissus street half block. Wild while friends of bank sought talk each the Itne attempt person against funds. The hard shower crowds which threatened times jam traffic this Reports an speeding here with mored substantial from Miami Officials the Citizens' Bank had session all met morning night statement assuring the positors that sufficient funds been obtained every one that pay the bank "would not close
9.March 14, 1927The Daily Inter LakeKalispell, MT
Click image to open full size in new tab
Article Text
THREE PALM BEACH BANKS CLOSE DOORS
(By Associated Press) West Palm Beach, Fla., Mar. 14. Three Palm Beach county banks today failed to open their doors, while another local institution sought to stave off a severe run. The Farmers' Bank and Trust company of West Palm Beach, the First National Bank of Lake Worth and the Ocean City Bank of Del Ray remained closed. A long line of men and women braved the pelting rain in the run on the Citizen's Bank of West Palm Beach.
10.March 14, 1927The Times RecordBrunswick, ME
Click image to open full size in new tab
Article Text
FLORIDA BANKS DO NOT OPEN TODAY
West Palm Beach, Fla.. March (AP) West Palm Beach county banks failed their doors today while open another local financial institution sought to stave off severe run. The Farmers Bank Trust Co. of West Palm Beach, of the largest banks in this section. did not open today following midnight its president that the closing of two local banks and Palm Beach bank last Tuesday had precipitated the act. the First National Bank of Lake Worth and the Ocean City bank of Delray did not open this morning.
11.March 15, 1927Birmingham Post-HeraldBirmingham, AL
Click image to open full size in new tab
Article Text
FRANTIC RUN ON FLORIDA BANKS HALTS
Armored Truck Rushes 12 Sacks Of Currency To Rescue
THREE CLOSINGS START TROUBLE
Officials Issue Quieting Statements To Excited Depositors
(By Associated Press) BEACH. March WEST PALM in the Palm quiet tone prevailed period of Beaches tonight following when determined excitement today the bank. prompted run on of three Beach by the closing county banks. early in the afternoon. only short lines of depositors at the windows. Two of the three banks remaining open here did not experience runs. They the regular closing hours announcing that plenty of funds had been obtained pay remained until o'clock to meet all requests for payments.
Truck Bring Aid
The was aided largely by the arrival armored truck from Miami, bearing sacks currency the beleagured Citizens which did not for business included Bank and Trust the largest banking institutions here, which closed was announce the positors the clared not result of the closing. Plans reopening the within 30 days were anThe First National bank of Lakeworth and the Ocean City of were other which did open official statement closing officials here and quieting ments, upon the banks their "proper assuring depositors that the banks which remained be meet every Officials of Citizens pressed to bank will even stronger than when we open directors of the Farmers' Bank Trust company, said It was decided to the
12.March 15, 1927The Vicksburg PostVicksburg, MS
Click image to open full size in new tab
Article Text
LAKE WORTH WITHOUT BANK
LAKE WORTH Fla., March 15 Worth today is withthe first time since 1913. the First National rth announcing this morning with sign the doors to the effect that the bank closed for the protection of depositors The Bank of Lake Worth first to serve this city. expended in 1925 and operated under the name of the First Bank and Trust Company It closed its doors February 24. and is now in charge of Tomkins C Haw. "ine state bank examiner The closing of this hank was said to have precipitated withdrawal of deposits at the First National of this city and the suspension of the Farmers' Bank and Trust Company at West Palm Beach was announced. cause. the officers of the bank here to suspend for the protection of depositors
13.March 15, 1927The Palm Beach PostWest Palm Beach, FL
Click image to open full size in new tab
Article Text
NATIONAL BANKS HOLD GOOD FLORIDA STATUS
Treasury officials not over the national banking situation in Florida, characterized the con dition of the national banks ther "generally The closed National Bank of Lake Worth the first important banking stitution in the state to uspend opeLee H. Northcott national bank xaminer for Florida is in charge the national bank situation in Flor. ida.
14.March 15, 1927Daily PressNewport News, VA
Click image to open full size in new tab
Article Text
PALM BEACH BANKS QUIETER AFTER SUSTAINING
Citizens Bank is Besieged by Depositors But Cares For All Applicants With Cash, Ending Stampede.
WEST PALM BEACH, Mar. tone prevailed in the Palm Beach tonight following riod of when ermined run on the Citizens Bank, prompted by closing of additional Palm Beach county banks, abated early in the afternoon only lines of depositors at the Two of the three banks remaining did runs. The announcing that plenty of funds obtained pay every dtpositor, remained open six o'clock meet all requests for payments. The normaley was alded largely by the from bringing sacks Citizens Bank The banks which did open for business included Farmers Bank Trust Company of the largest nounced the interest positors whom declared cent result the for opening the bank within 30 or 60 announced The First National Bank of Lake Worth and the Ocean Bank Delray the other banks which did not open official issued regarding their closing today brought the total number banks which had suspended in the Palm Beaches within few months seven Three of closed last officials here the the 'proper operation that the will be able to meet every demand Officials of the Citizens Bank pressed their determination bank will be stronger and Bank Trust said after which was decided institution. Inactivity the real estate market and the fact that much the banks receivables kind of was given the for the recent closings Florida. "The great withdrawals which faster than the banks can their the breaking down reserves, making necessary for the institutions said the comptroller ding follow because bank is closed that insolvent.'
15.March 15, 1927The Sioux City JournalSioux City, IA
Click image to open full size in new tab
Article Text
QUIETER TONE IN PALM BEACH BANK SITUATION
West Palm Beach, Fla., March quieter tone prevailed Palm Beaches tonight following period of excitement when determined run on the Citizens bank, prompted by the closing of three banks in Palm Beach county, abated early this afternoon, only lines of deat the windows. Two the three banks remaining open here did experience runs. They the regular closing hours. Citizens bank, however, remained until o'clock to meet all requests for payments. The return normality was aided largely by the arrival from Miami of sacks of currency for the Citizens bank. The banks which did not open today included the Farmers Bank and Trust company. The bank closed temporarily, was announced, in the interest the depositors. Plans for reopening the bank within 30 to 60 were announced. The First National bank, of Lake Worth, and the Ocean City bank, of Delray, were the other banks which did open today. No official statement was issued regarding their closMeanwhile banking officials here and at Tallahassee quieting statements calling patrons give their institutions "proper co-operation' and assuring depositors that the banks which have remained open able to meet every demand Officials the Citizens bank expressed their determination not to close "now or hereafter "The bank will be even stronger than when open offiand directors of the Farmers said. Inactivity of the real estate market and the fact that much of the bank's based upon real estate security was given by Er nest Amos, state comptroller, the cause for the recent closings.
16.March 15, 1927The Miami HeraldMiami, FL
Click image to open full size in new tab
Article Text
NEW YORK CURB
NEW YORK STOCKS
THE ASSOCIATED and transactions Exchange
SITUATION IS EASIER Richmond State and Federal Officials DeRichmond (Sales clare Financial Houses Are Close. Packers In Good Condition. [BY THE ASSOCIATED PRESS.]' WEST PALM March Marine quieter tone prevailed in the tonight following of excitement today determined run on the Bank prompted by the closing of three Tobacco ditional Beach county banks, early the only thin lines of depositors at Export of the three banks remaining open here did not experience They the closing hours. Citizens Bank. announcing that plenty of funds been obtained to pay every remained open until o'clock to meet all requests for The was aided largely by arrival shortly after the noon hour of armoured truck from Miami bearing twelve sacks of currency for the beleaguered Citizens Mch The banks which did not open for STANDARD the Farmers today included Bank and Trust Company, one of banking which was was announced, in the interest of the positors, whom the would not lose cent result of the closing Plans for the bank within 30 or 80 days were The First National Bank of Lake Worth and the Ocean City Bank of Delray were the other banks which did not open today No official statement was issued regarding their closing MISCELLANEOUS banking officials here and Tallahassee issued quieting calling upon the patrons to their "proper and assuring depositors that the banks which have remained open will be able to meet THE ASSOCIATED PRESS. Products every demand. Royalty March Farm Officials Citizens Bank the transactions Packing Central pressed their etermination not to Stock Exchange close "now or Foorign The bank will be even stronger Canada than now when we open again, officers and directors of the Farmers and said all which it was Lead close the institution stated Farmers Bank has received Dye offers of assist"halmers but had time to the collateral necessar in short Several plans have under considera during the few days, precipiby the closing these other which dire will and open the bank stronger than Mr. announced that the Farmers Bank had sources totaling $10 capital surplus profits of The MINING organized here in 1914 grea faster than the banks can their have resulted in down Min for the to said State Ernest Amos, adding that does not cessarily follow that a bank is is insolvent evidence of the the comptroller pointed to the opening of 23 of 51 suspended banks in Florida within the past that the Mining the suspended banks has been the and the Amos am for the keep their heads. If and make any of the situation The themselves such DOMESTIC not with the proper co-operat of depositors and community spirit to put of the Central and the Bank have declared the condition of banks to be They no came word the treasury officials ried over the condition in Florida which was terized generally good. of the First National Bank of Lake Worth was to be the first closing of a national bank the state. The today brought the total number banks have suspended in this territory past few to Three these closed NEW YORK POULTRY YORK freight TAX RETURNS PREPARED Individuals No charge for MIAMI AUDIT CORPORA TION 604 Exchange Bldg. Phone 36701 Income Tax Service Those liability their counsel. JONES, OATES & CO. Realty Board Bldg. among the oldest accountand reviewed by Phone 23751 C.H. HURST Thomson & McKinnon CERTIFIED Members New York Stock Exchange PUBLIC ACCOUNTANT Miami Office: Sixth Floor First National Bank Bldg., Telephone 35130 (Ind. and Miami Beach Offices: INCOME Nautilus Hotel Telephone 2104 Fleetwood Hotel Telephone 2105 PURVIS & RING Flamingo Hotel Telephone 2106 TAXES Coral Gables Office: Miami Billmore Hotel, Telephone 631 Income Tax Consultants GIVE-UP BUSINESS FOR CLIENTS OF EXCHANGE 302 Olympia Bldg. Bank Bay Biscayne MEMBERS SOLICITED Tel. 3-5068 Telphone 3-2902
17.March 15, 1927The Roanoke TimesRoanoke, VA
Click image to open full size in new tab
Article Text
DETERMINED PALM BANK
Excitement Caused By Closing of Three More Institutions
FROZEN ASSETS CAUSED TROUBLE
Treasury Officials Not Worried Over Condition of Banks
West Palm Beach, March quieter prevailed in the Palm Beaches tonight following period today when determined Citizens prompted by the closing three additional Beach county abated early the afternoon leaving only thin lines of depositors the windows. banks remaining did not The that funds been every depositor ments. o'clock to meet all requests for pay-
Money Sent From Miami. return normalcy was aided largely the arrival armored truck from Miami twelve currency for the The which not open for the Bank and Trust Company, one of largest here, closed temporarily. was announced. the interest of the depositors the bank's clared would not cent sult the closing. Plans reopenthe thirty or sixty National of Lake Worth and the City Delray the which open today. official statement their closing The closings today brought the banks have Palm Beaches within suspended the few seven. Three of these officials here and Tallahassee issued upon the patrons of banks to institutions "proper tion," and assuring that the banks have remained will be able every Will Close.
Officials Citizens bank pressed determination not to close bank be even stronger than when open officers directors of the Farmers Bank and Trust said an night was decided to the of the market are based that troller security was given by State CompErnest Amos the cause for the closings in Florida great withdrawals which are faster the banks can liquidate in the necessary sussaid the comptroller. adding follow that because bank is closed that insolvent. evidence of the latter statement, the pointed the re-opening suspended banks in Florida within the that the of most the banks has gravated and attitude the Amos Aggravate Situation. am looking greater the people will their heads. If they become frightened on any bank locality the situation aggravated. The people theminjure help Banks With the proper operation of depositors and community spirit to put reason for the recent susbelieved has checks into winter This costs the banks some-
Continued on Page Column
18.April 15, 1927The Palm Beach PostWest Palm Beach, FL
Click image to open full size in new tab
Article Text
MAY OPEN BANK
Special The Post Lake Worth April Several hundred depositors met with officers and of the First National Bank of Lake Worth at 7:30 o'clock tonight at the American Legion arena here and voted as being in favor of the "freezing" agreement and other plans for reopening the bank.
EFFICIENCY "HI! Kelley to brickon the scaffold above him, "throw me brick "Phwat for?" demanded the brick. layer need one more to fill this hod I'm bringing London. measure for indeterminate prison Representatives Catts and Oliver would authorize purchase of Con nor's highway.
19.December 4, 1927The Palm Beach PostWest Palm Beach, FL
Click image to open full size in new tab
Article Text
BANK RECEIVER TO PAY INITIAL DIVIDEND
Tunnicliffe Announces Early Payment of 10 Percent to Depositors
TOTAL OF $107.232.38 WILL BE DISTRIBUTED
Report Shows Interest Due Institution Has Paid for Receivership
Following the heels of nouncement by Cunningham, that dividends would be paid depositors of both First Nation. bank of Lake Worth the Palm Beach National dividend of 10 per of the Commercial Bank Trust company declared yesterday The dividend declared follow. Mr. return from Tallahassee where the approval of the given. Checks aggregating the amount were issued by the brought here by the Dividends will paid all deposi. the bank hold certificates issued Payments be made immediately presentation of the certificates. notification of the divi. dend being mailed out yester. day by Mr. Tunnicliffe holders of certificates in the The contents as hereby notified that first has issued by the of the be made at the office of the mercial Trust Palm Beach, and that the certificates presented that proper made ceiver's must the same the address given above the proper on the certificate, be turned to the owner together dividend Mr. as The bank took the office receiver last recent to the that the the earned the the up to No. vember had been the the and leave operating profit of dividends the National Lake Worth and the Palm Beach National bank December made Thursday Cunningham, for these He said that the dividend depositors First National bank of Lake Worth would and those the Palm Beach bank would With the payment of the dividend the Palm Beach stitution 1926 The dividend the Worth institution be its
20.March 1, 1928The Tampa TimesTampa, FL
Click image to open full size in new tab
Article Text
Lake Worth Bank Receiver Wins Suit
A verdict in favor of the plaintiff was awarded by jury in the federal court today in the suit of John B. Cunningham, receiver for the First National Bank of Lake Worth, Fla., against C. N Smith, one of the of the inand owner of 24 shares of Cunningham testified that stockholders the bank had been assessed 100 cent. of their stock following the collapse of the institution on March 13, 1927. awarded judgment against Smith for
21.June 22, 1928The Palm Beach PostWest Palm Beach, FL
Click image to open full size in new tab
Article Text
PROMISE IS GIVEN OF BANK DIVIDENDS
Receiver of Two Defunct Institutions Announces Early 10 Percent Payment
A note of optimism was injected yesterday into the local financial situation by announcement that dividends would be paid shortly to depositors defunct National bank of West Palm Beach the First National of Lake Worth. B. Cunningham, receiver for both institutions, announced yesterday that in late July or early Angust substantial dividend would be deposits the West Palm Beach first to be paid since it closed last fall. At the same time he announced that checks were expected shortly from Washington for 10 per cent dividend on the Lake Worth bank. This bring the dividends to 35 per cent.
Policeman J. M. Tapscott showed the boys how is done yesterday on the when hung up of Yackie and Adams each scored 62 to tie for
22.June 15, 1929The Palm Beach PostWest Palm Beach, FL
Click image to open full size in new tab
Article Text
DEPOSIT ACCEPTANCE BY INSOLVENT BANKS IS HELD TO BE FRAUD
Judge Ritter, at Miami, Renders Decision of Widespread Local Interest In Settling Suit Against First National Bank Lake Worth
ENDERING a verdict of wide interest in local circles, Judge Halsted L. Ritter of the U. S. southern district court at Miami has held that acceptance of deposits by banks when the officers know the institution is in an insolvent condition, is fraud. Judge Ritter directed jury to return verdict for Mrs. Nellie M. Bunker of Lake Worth, defendant in suit instituted by the receiver of the defunct First National Bank of
Lake Worth. The receiver brought suit against Mrs. Bunker, sister-in-law of E. Bunker, president of the First Bank & Trust Company of Lake Worth, on check made out to Mr. Bunker made out 15 minutes before the bank closed at noon March 12, 1927, never reopen. On March 12, 1927, Mrs. Bunker with her brother-in-law went the bank to deposit $17,000 check. The money was part of the purchase price of an ice plant and was drawn on Tenn., bank. At the bank Mrs. Bunker deposited the check and drew for $6,500 made Mr. Bunker, his share of the money. They left the bank at about 11:45 16 minutes before the bank closed at noon and declared insolvent. Hearing the next day, Sunday, the bank was insolvent, Mrs. Bunker wired the Chattanooga bank to stop payment on the check. Later the receiver instituted suit against Mrs. Bunker for $6,500, the face value the check. Rufus Boozer and Wallace H. Boozer of Boozer & Boozer, attorneys for the defendant, filed plea of fraud, holding that the bank officials knew of the bank's insolvent condition and wrongfully neglected to make the The complainant's demurrer to the plea of the defendant was argued before District Judge H. D. Clayton at Miami, January 31, 1928. Sherman Bainum Daytona Beach and Wideman Wideman represented the complainant. Mr. Boozer declared Friday that probably many persons could institute suit with some hope of success, butmight be stopped by the statute of limitations or through having signed claims. Mr. Boozer cited the following case, brought before the United States supreme court, of St. Louis San Francisco R. Co. Johnson, 33 L. ed. 683, where the question the sufficiency of fraud allegations "The bill alleged that the bank was on the 5th day of May: that this was well known to its officers: that it wrongfully neglected to disclose its insolvency to complainant, and, by continuing business and otherwise. represented to complainant and all other persons dealing with it that was solvent; that complainant, on the faith of these representations, believed such be the fact, without suspicion that the bank was, or was in danger of becoming, insolvent; that, acting upon the representations, and on the bank's solvency, complainant delivered the draft; the next morning the bank closed its doors, and the draft was collected thereafter; and that by reason the premises the draft or its proceeds did not become the property of the bank. The receiver in his answer specifically denies these averments. We think the issue thus framed was sufficient to enable the court to proceed to decree. The fraudulent intention flowed from the guilty knowledge, and the bank must be held to the consequences of representation which it knew to be contrary to facts and upon which the complainant innocently acted. Granted that the omission to disclose the insolvency, if there had been ground for the supposition that the bank might continue in would not be sufficient there nothing for such a belief rest on here. As matter of pleading, the was that the bank wrongfully neglected to make the disclosure; as matter of fact the condition of the bank was so that it was its duty to make it. The omission specifically state in the pleading the degree of insolvency the bank's conduct fraudulent was not fatal, as the showed the intention of the pleader, and the particular contention could be fairly tested on the hearing.
23.July 25, 1929The Palm Beach PostWest Palm Beach, FL
Click image to open full size in new tab
Article Text
DAILY RECORD
CIRCUIT COURT
John B. Cunningham, as rec. of First National Bank of Lake Worth, Fla., vs. Simi, al., bc. fm.; John B. Cunningham, as rec. of Bank of Lake Worth, Fla., vs. Simi, al., bc. fm.; The Edward Roddy Corporation Thomas Farrell, also known Farrell, al., be. fm.; WilMalony. Elizabeth Taylor Foster, by William Foster, next friend, vs. The Publishing Company, corp., praec. sums. ad resp, dams. $10,000; Gould & McWilbur S. Foster VS. The Metropolis Publishing Company, Fla., corp., prace. for sums, ad resp. dams. $2,500; Gould McGee.
TRIAL
D. L. Shackelford, doing business Bainbridge Motor Car Co., Percifield, and H. E. Percifield, doing business as Percifield Automobile Co., dams. $975: Winters, Foskett Wilcox: McCoy & Finch. Strick on motion of plaintiff; no objection by defendant. Thomas H. Fancher VS. George Johnson, dams. Fancher, Paty Warwick: Houser Wood. Final judgment entered. Carl Hannon, his father and next Will Palm Beach Oil dams. $50,000: Blackwell, Moore: Baker White and Wideman. Continued o'clock Thursday morning. Oother cases continued until today.
MARRIAGE LICENSES Garland Howe Jacques, M. street, Katherine DuBruth, 741 street.
REAL Master's Clarence Geist. 1-2 NE of NW Sec. 32-47-43 (10 and all that part NE 1-4 of Sec. 32of WD-Henry Phipps and wife. Gladys Frederick Johnson. Lot Vita Serena, Miller to John McDonald Lots to incl. Blk. in Miller being Trs. to Sec. WD-John Miller (wdr.) to John BUDDY BRIAN McDonald, Lots incl., MARY Blk. Miller Being Trs. In OF 77 incl., Sec. 19-46-42. "THE Master's Deed White (Spec. M.) Ira J. Brussel. Tract Picturesque Blk. Plat Developers, Inc., to L-F Realty Co. Lots and 46, Belvedere Court Add. No. Days Hunter to Tabb. Civil 41 of Ridgeway Beach, Units Vitaphone 18-42-37. Hunter, wf. of Thomas Hunter to Tabb. Lot Ridgeway Beach S-D, Sec. 18-
24.July 16, 1931The Palm Beach PostWest Palm Beach, FL
Click image to open full size in new tab
Article Text
Bank Receiver Sues Col. W. J. Southam
The Post Lake Worth Bureau Col. William Southam, widely known Canadian publisher of Hamilton, Ont., named defendant in $7,500 attachment suit filed in circuit court Wednesday by Roy Garnett, the First National Bank of Lake Attachment in the sum of with the United States Fidelity Guaranty Company of Baltimore, Md., surety, was filed. While with the law firm of Wideman. Wideman Wardlaw representing the plaintiff. refused divulge the they would not deny that connected the reported purchase Southam the bank's building at Lake Worth Authority was the receiver federal court sell the property Notice the on by the sheriff of five parcels of property owned by Southam and in the vicinity of Boca Raton including considerable ocean frontage signed by Deputy Sheriff Packwood and filed in court Wed. nesday
25.December 2, 1933The Palm Beach PostWest Palm Beach, FL
Click image to open full size in new tab
Article Text
Former Bank Receiver Here Dies in Boston
Word received the Boston John receiver national banks Miami West Palm Beach His followed stroke, suffered three weeks earlier. He years Mr. Cunningham for many the employ the federal government, and served ceiver for Boston banks. He became widely known federal circles through his connection the office the comptroller currency and member the bureau criminal investigation, department of justice receiver Palm Beach National bank, the National Bank West Palm Beach the First National Lake Worth, Cunningham made enviable
Rio Grande Texas cently voted for her cease being
