Contagion from other Florida bank failures produced a multi-hour run on First National Bank of Lakeland on/around May 15, 1929; the bank suspended operations that day to conserve assets and later was placed in receivership and its assets sold to form a new Lakeland National Bank. Dates taken from contemporaneous newspaper reports (May 15, 1929 run/suspension; receivership appointment reported Nov 7, 1931).
Events (5)
1.July 12, 1910Chartered
Source
historical_nic
2.May 15, 1929Receivership
Source
historical_nic
3.May 15, 1929Run
Cause
Local Banks
Cause Details
Part of a contagion of bank failures/closures in Polk County and nearby Florida banks; heavy withdrawals exhausting cash supplies.
Measures
Directors closed the bank to conserve assets and protect depositors; suspended operations pending federal/state action.
Newspaper Excerpt
The First National Bank of Lakeland closed its doors yesterday to conserve its assets and protect depositors, according to a statement of the directors, following a run of nearly three hours.
Source
newspapers
4.May 15, 1929Suspension
Cause
Local Banks
Cause Details
Suspension followed the run and exhaustion of available cash amid a regional wave of bank closings; directors suspended to protect depositors while awaiting examiners/authorities.
Newspaper Excerpt
Sale of the First National Bank of Lakeland, which suspended operations May 15, to the Almours Securities, Inc., was here yesterday by Federal Judge Akerman ...
Source
newspapers
5.November 7, 1931Receivership
Newspaper Excerpt
SHELTON NAMED BANK RECEIVER ... he will make headquarters. Mr. Shelton had been trust officer ... receiver for the First National Lakeland ... to take effect Nov. ... Shelton informed his appointment by comptroller ... Mr. Shelton ... report Lakeland.
Source
newspapers
Newspaper Articles (18)
1.May 16, 1929Evening StarWashington, DC
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FLORIDA BANKS CLOSE. Lakeland, Winter Haven, Barto and Lake Alfred Firms Involved. LAKELAND. Fla., May 16 (P).-The First National Bank of Lakeland closed its doors yesterday to conserve its assets and protect depositors, according to a statement of the directors, following a run of nearly three hours. It was the fifth bank in Polk County to close. The First State Bank of Winter Haven, Bartow and Lake Alfred and the First National Bank of Auburndale were the others. Chile will spend $10,000,000 on new irrigation dams and canals this year.
2.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.
3.July 12, 1929The Clarksdale Press RegisterClarksdale, MS
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Florida's Banks are Reorganized or Liquidated; President Faces Charges
JACKSONVILLE, Fla., July state and federal officials began reorganization or liq. uidation for three Florida banks today, president of four other central Florida banking institutions faced charges of violation of the state banking laws. Two of the banks that closed yesterday in only banks in that city. They were the Colusia County Bank and Trust comand the First National Bank pany of Deland, which shut its doors during the morning after heavy run precipitated by the closing of the Colusia County Bank. third in stitution was the Colonial Bank and Trust Company of Miami. John Fouts, who made bond of $10,000 after his arrest on 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 NationBank of Auburndale, and the State Bank of Winter Haven. Information filed against Fouts in three counts charged "loaned himself $5,000 from the funds of the State Bank of Bartow without consent of the board of directors, that had altered the minutes the board to make the loan appear regular, and that he had taken the money when resources of the insti tution were not to legal require ment. The banks he headed closed May 15. Time of arraignment for prelimin ary hearing expected to be set few days. The Colonial Bank and Trust com pany was capitalized $100,000 with surplus of $50,000. It had
4.July 12, 1929The Boston Daily GlobeBoston, MA
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BANK PRESIDENT FACES CHARGES
Claim Florida Man Had "Loaned" Self Money
JACKSONVILLE, Fla, July State Federal officers began reorganization liquidation three president Florida stitutions faced of violating the State Banking the closed yesterthe banks the Volusia County Bank Trust and the First National Bank which shut its doors during the mornafter precipitated closing the Volusia County The third institution the ColoBank and Trust Company Miami. John Fouts, made after filed State Peterson Polk County, and State Bank the First National Bank Lakeland, the First National Bank the State Winter filed Fouts three he himself $5000 the funds of the Bank the altered the of the make appear regular, and that he had money when the the institution not up The banks headed closed May 15,
Steady Withdrawals Colonial Trust Comcapitalized ganized for closing cash during the last four days. Carpenter Volusia County Trust Company of deposits $200,000, surplus $100,000 and discounts $1,724,516.08 First National Bank le Land capital of $25,000 deposits of $1,211,750.47.
5.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.
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 (P)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 terday 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 heavy run precipitated by the closing of the VoluMiami Bank Closes The third institution was the Cojonial 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 pany was capitalized at $100,000 with 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.capital stock of $200,000: surplus of $100,000. and discounts of $1,724.The First National Bank of De Land had resources of $1,789,972.81: capital stock of $100.000: surplus of $25,000 and deposits of $1,211,750.47.
7.July 12, 1929The Valdosta Daily TimesValdosta, GA
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PRESIDENT FOR FRAUD
Loaned Himself Five ThousWithout Conand Dollars sent of Directors
FLORIDA FAILURE IN A
July federal officials While state and of reorganizabegan the process for three Flortion or liquidation following closing ida banks today of the institutions, the president of four other Central Florida banking institutions faced charges of "lending" himself $5,000 from one consent of the banks without the board of directors, and with the state bankother violations of fng laws. banks that closed Two of the only banks were in the oldest of that city and among Volusia county. They were the Volusia County Bank and Trust company and the First National which shut its Bank of Deland, doors during the morning after heavy run precipitated by the closing of the Volusia County Bank. institution was the the third Colonial Bank and Trust company of The bank official. who made bond $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 Auberndale, and the State Bank of Winter Haven All four of the banks headed by Fouts closed on May 15. Technical charges against him name violation of state banking laws.
REORGANIZE 3 FLORIDA BANKS
President Of Four Others Held For Law Violations
JACKSONVILLE, Fla., July 12. state and federal of ficials began reorganization or Hquidation for three Florida banks today, the president of four oth er central Florida banking Institutions faced charges of violating of the state banking laws. Two of the banks that closed yesterday were in Deland the only binks 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 L Fouts, who made bond of $10.000 after his arrest on an information filed by State Solicitor Hardin Peter son of Polk county. was presi- dent 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. Charges Information filed against Fouts is 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.
9.July 13, 1929New Britain HeraldNew Britain, CT
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FLORIDA BANKS IN FINANCIAL TROUBLE TWO More Fail in Daytona Beach-Probe Continues Jacksonville, Fla.. July 13 (AP) Approximately $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 and Trust company and the Atlantic Bank and Trust company, which suspended business vesterday. 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 and Trust company and the First National bank. Thursday, while the Colonial Bank and Trust company of Miami failed to open on that day. The Peoples' bank of Jacksonville nad closed last Friday morning. While banking department officials from the state and federal government audited the books of the six banks. John 1.. 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.
10.July 13, 1929The Tampa TribuneTampa, FL
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NEW LAKELAND BANK APPROVED IN COURT HERE
Closed Institution's Assets To Be Sold
Sale of the First National Bank of keland. which suspended operations May 15, to the Almours Securities, Inc., was here yesterday by Federal Judge Akerman in an order granting the bank's A. M. Anderson. authority to make the transaction. Under the terms of the sales contract, approved by the comptroller of the Securities, Inc., will organize new national bank. to be known the Lakeland National bank and will pay "at the earliest practicable time 25 percent dividend to all general creditors' and "pay in full all preferred claims." The Lakeland bank, located at the corner of Kentucky avenue and Main street. was of group. headed by John L. Fouts, which were closed recently.
Property In Deal
The new bank. under the terms of its contract, will purchase $233,101 worth of bills receivable, the bank property. furniture and furnishings (exclusive of the property adjoining the bank and known as the Munn annex). and "quick totaling $188,733.68. constituting total of $492,834 or sum corresponding in amount to 25 percent of the known net liabilities. The contract specifies that the new bank to sufficier additional assets, at face value, as may be necessary to pay 100 percent of all preferred claims." each depositor or creditor." according to the contract terms, "establishes his claim with the receiver, receiver's certificate will be issued," and upon presentation the certificate at the bank. an individual credit will be set up in favo. of the certificate holder amounting "to the percentage of ratio provided," or 25 percent, credit will be subject to immediate check."
Liquidation Move Lakeland residents here yesterday saw in the sale liquidation move they believed would eventually pay depositors and creditors 100 cents on the dollar Net liabilities of the closed bank on June 30 were listed in the petition at $1,971,339 Known of bills receivable of net par value given at the banking house, furniture and fixtures were valued at $71,000; "quick assets' of par value at and "other real estate at $41,000 at an estimated value and above liens and en-
11.July 18, 1929The Bethel CourierBethel, VT
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races, which promise to be very exciting this In consideration of the interest shown many years in the promotion of the development of this summer and in and the regattas held here sports during the past five years, motion was made by Dr. Hand that Egbert Platt. H. Riford and Thayer be made members of the society. was carried by unanimous vote. It was further voted that each year one person should be SO elected, the one who had done the most during the past year to promote the best interests Highgate Springs. and of course this included the sports, etc. Mr. Thayer his deep appreciation of the honor, though he thought hardly deserved in his case.
Florida Banks in Treuble
Vermonters. especially from Randolph and vicinity. many of whom have spent winters or sojourned, or have property interests in or near DeLand. Fla., with surprise the failure of the banks in that city last the Volusia County bank and the First National. Law rence Stockwell, of Mr. and Mrs. Stockwell of Randolph, has been cashier of the latter bank. following several years' service in the subordinate capacity His is one of its directors. news despatch reports the closing these two follows: July Volusia CounBank and Trust company, oldest financial institution in this county. failed open doors at o'clock this morning, and an hour later the First National bank closed temporari following run on that institution. notice. signed by George White, state bank examiner. posted on the door of the Volusia County Bank and Trust company. that the bank suspended business and is in the hands of the state banking department. Another notice on the door stated that the institution the protection of all depositors has been closed by order of the board of directors. "Plans been discussed and ther action contemplated looking reorganization of the bank with the purpose in view of the depositors in concluded the announcewhich not signed. Dr. Lincoln Hulley. president of Stetson university here. recently came president the Volusia County Bank and Trust company The First National bank. the only other bank in DeLand. experienced heavy during the early morning business hours and shortly after 10 o'clock the doors closed. notice posted on the door of that stated that 'the pated run has exhausted the supply of cash on hand. necessitating suspension of pending arrival of federal bank authorities. D. Tuten president of the First National bank. The failures were preceded the closing of four banking institutions located in the central part of the state, which took place May 13th. These were State Bank Bartow. First National Bank of Lakeland. First National Bank of Auburnand State Bank Winter Haven John Fouts, president and director these four banks. was arrested July 11 Winter Haven. Fla., charged with violated the state banking laws in loaning $5,000 of the funds of the bank without the approval of the board of directors and with the of the board make appear that the loan was regular the of the bank not to the legal Last the day following the failures, of the four banks in the neighboring of DayBeach. Merchants' Bank and Trust company and the Atlantic Bank and Trust company. closed. Runs made the remaining banks. but they able to meet the lemands depositors The Colonial Bank and Trust company of Miami closed Thursday.
FLORIDA CALM AFTER PANIC Washington Crop Movement Report Restores Composure to Public ORLANDO, Fla, Aug. 6.-Florida's second bank panic in two years, due largely to uncertainity over marketing crops next winter because of the fruit fly quarantine, has become a thing of the past, financial interests believe. About 30 banks having closed their doors. The unexpectedness of the runs, which gained impetus after reports were circulated that Tampa and most other banks were closing, caused many sound institutions to close their doors when the reserve cash gave out, officials said. All of these banks *re preparing to reopen as soon as their affairs have been straightened out to the satisfaction of the state comptroller. The people of Florida are recovering their composure with the news from Washington that citrus crops will be moved out of infested and protective zones and that other vegetables will also go to market. In this county the State Bank of Ocoee opened the first part of the week. This bank closed more than a year ago. The bulk of the depositors have agreed to freeze their deposits for a period of from one to four years rather than force liquidation and poor settlements at this time. The depositors get 25 per cent of their money each March 1, beginning next year through 1933, with interest at four per cent. The First National Bank of Winter Garden in all probability will reopen shortly. There will be some changes in the directorate, with one or two Orlando financiers on the board. The depositors are assured full payment. At St. Augustine three banks are to be consolidated, namely; the First National, the People's Bank for Savings and the Bankers Trust Company. Announcement is said to have been made by the United States Comptroller, approving the consolidation. At St. Petersburg the Fidelity Bank & Trust Company has acquired the banking rooms of the Alexander National, at Seventh and Central avenues, which will be inlarged. The Fidelity has a capital of $100,000, which will be increased, according to announcement plans for reorganization. Announcement of the approval for sale of assets of the First Nattional of Lakeland to the DuPont interests, by the treasury department, has caused Sebring business men to predict that such action might cause the sale of the assets of the First national of Sebring to the same concern. Under the terms of the sales contract, approved by the comptroller of currency the Almours Security Company, inc., will organize a new bank to be known as the Lakeland National Bank, and will pay at the earliest "practical time a 25 per cent dividend to all creditors and pay in full all preferred claims.' New Institution At Sarasota the Palmer National Bank and Trust Company, a new financial institution capitalized at $100,000, opened for business last week. The principal stockholders are Honoree and Potter Palmer of Chicago. The bank is temporarily occupying the banking rooms of the former American National bank. Its president is John B. Cleveland, for the past three years manager of the Tampa offices of the Palmer corporation.
FLORIDA CALM AFTER PANIC Washington Crop Movement Report Restores Composure to Public ORLANDO, Fla., Aug. 6.-Florida's second bank panic in two years, due largely to uncertainity over marketing crops next winter because of the fruit fly quarantine, has become a thing of the past, financial interests believe. About 30 banks having closed their doors. The unexpectedness of the runs, which gained impetus after reports were circulated that Tampa and most other banks were closing, caused many sound institutions to close their doors when the reserve cash gave out, officials said. All of these banks are preparing to reopen as soon as their affairs have been straightened out to the satisfaction of the state comptroller. The people of Florida are recovering their composure with the news from Washington that citrus crops will be moved out of infested and protective zones and that other vegetables will also go to market. In this county the State Bank of Ocoee opened the first part of the week. This bank closed more than a year ago. The bulk of the depositors have agreed to freeze their deposits for a period of from one to four years rather than force liquidation and poor settlements at this time. The depositors get 25 per cent of their money each March 1, beginning next year through 1933, with interest at four per cent. The First National Bank of Winter Garden in all probability will reopen shortly. There will be some changes in the directorate, with one or two Orlando financiers on the board. The depositors are assured full payment. At St. Augustine three banks are to be consolidated, namely; the Firest National, the People's Bank for Savings and the Bankers Trust Company. Announcement is said to have been made by the United States Comptroller, approving the consolidation. At St. Petersburg the Fidelity Bank & Trust Company has acmired the banking rooms of the llexander National, at Seventh and Central avenues, which will be inlarged. The Fidelity has a capital of $100,000, which will be increased, according to announcement plans for reorganization. Announcement of the approval for sale of assets of the First Nattional of Lakeland to the DuPont interests, by the treasury department, has caused Sebring business men to predict that such action might cause the sale of the assets of the First national of Sebring to the same concern. Under the terms of the sales contract, approved by the comptroller of currency the Almours Security Company, inc., will organize a new bank to be known as the Lakeland National Bank, and will pay at the earliest "practical time a 25 per cent dividend to all creditors and pay in full all preferred claims.' New Institution At Sarasota the Palmer National Bank and Trust Company, a new financial institution capitalized at $100,000, opened for business last week. The principal stockholders are Honoree and Potter Palmer of Chicago. The bank is temporarily occupying the banking rooms of the former American National bank. Its president is John B. Cleveland, for the past three years manager of the Tampa offices of the Palmer coration.
14.December 18, 1930The Tampa TribuneTampa, FL
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Bank Receivers Are Awarded Judgments
Verdicts for damages totaling $41.363 were awarded receivers of closed banks in federal court yesterday. the largest being for $31,397 in favor of H. J. Spurway, as receiver of the First National bank of Lakeland, against L. N. Pipkin. Spurway also was given a verdict for $8837 against the Lakeland Manufacturing company and others. Albert W. Doepke, as receiver of the First National of Avon Park, was awarded verdict of $1129 against Jessie R. Smith and others. Harold S. Day, as receiver of the First National bank of Avon Park. won verdict against C. M. Hill. A motion by the United States for judgment was granted by Judge Akerman in the case of Gertrude W. Yowvs. the United States for an income tax refund.
15.November 7, 1931Tampa Bay TimesSt. Petersburg, FL
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SHELTON NAMED BANK RECEIVER
Former Local Banker Gets Word of His Federal Appointment
John Shelton, trust officer the Central National bank until closed April 17, received word day that had been appointed ceiver the National bank Auburndale, the First National Lakeland the Polk County National bank Bartow take effect Nov. Shelton informed his appointment by comptroller, in Shelton leave this morning for Lakeland where he will make headquarters. Mr. Shelton had been trust officer the Central bank for six years, from Chattanooga where he had banking experience. the closed Mr. Shelton retained by M. Anderreceiver for the First National Central National banks, for two in capacity. Due federal laws an officer of cannot of his Anderretained Shelton, however, after the trust department closed Central bank. Griffin, had been receiver the three Florida banks, and Shelton appointed vacancy. Mr. Shelton some time ago to Comptroller position bank receiver and asked whether position accept Mr. Shelton that the came him to report Lakeland. Mr. has property here. to make tersburg
16.May 11, 1934The Tampa TribuneTampa, FL
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J. C. Shelton Resigns As Polk Bank Receiver
LAKELAND, May (Special)J. C. Shelton, who was appointed receiver for several Polk county banks Nov. 9, 1931, today announced he has submitted his resignation to Comptroller J. F. T. O'Connor in Washington because of ill health. Shelton, who came here from St. Petersburg, is receiver for the First National bank, of Lakeland, the Snell National bank. of Winter Haven, the Polk County National bank, of Bartow, and the First National bank, of Auburndale.
17.May 17, 1934The Tampa TribuneTampa, FL
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New Polk Bank Receiver Prepares To Take Charge
LAKELAND, May 16.-(Special) Charles I. Dwiggins, receiver of the National Bank of Commerce at Tarpon Springs, who has been named receiver of four closed national banks in Polk county, was here today to check over his new duties with J. C. Shelton, who has resigned because of ill health. Dwiggins is to be liquidator for the First National bank here, the First National in Auburndale, the Polk County National at Bartow and the Snell National at Winter Haven.
18.August 22, 1936Evening StarWashington, DC
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FINAL PROBATE PAPERS FOR TRAMMELL FILED Of $200 Cash Left Widow, Lawyer Who Acted as Administrator Gets $100. By the Associated Press. BARTOW. Fla., August 22.-Final probate papers in the settlement of the estate of the late United States Senator Park Trammell were filed here yesterday. Of the $200 cash bequeathed to Trammell's widow $100 was awarded to J. P. Marchant, attorney, who acted as administrator. Marchant reported to 'the County Court that a notice to creditors had been published, that he had collected as administrator $4,242 from a New Orleans life insurance company and that he had paid it over to C. I. Wiggins, receiver of the First National Bank of Lakeland. An accounting of the estate showed that the insurance policy had been made payable to the Lakeland bank as collateral for a loan.
