Citizens Bank - Live Oak, FL

Bank Information

Episode Type: Run → Suspension → Unsure
Bank Type: state
Start Date: January 17, 1917
Location: Live Oak, Florida (30.296, -82.984)

Metadata

Model: gpt-5-mini
Short Digest: 5252cebcdcb60907

Response Measures

None

Description

Article (Palatka News and Advertiser, 1917-01-19) reports a silent steady run on the Live Oak Citizens Bank which prompted directors to close the bank and notify the state comptroller. The run was triggered by uneasiness after the Heard National Bank of Jacksonville failed to open, so the immediate cause is distress at another local bank. The article does not state whether the bank later reopened or was placed in receivership, so the outcome is unclear.

Events (2)

1. January 17, 1917 Run

Cause: Local Banks
Cause Details: Uneasiness and withdrawals triggered by the failure/suspension of the Heard National Bank of Jacksonville.
Measures: Depositors continued depositing but directors convened; subsequently decided to close the bank and notify the comptroller.
Newspaper Excerpt: a silent steady run on the Live Oak Citizens Bank this afternoon was responsible for a meeting of the directors
Source: newspapers

2. January 17, 1917 Suspension

Cause: Local Banks
Cause Details: Directors closed the bank in response to the run sparked by the Heard National Bank's failure to open in Jacksonville (fear of connection).
Newspaper Excerpt: it was decided to close the bank and notify the comptroller of such action, the step being deemed the proper one to protect all interests concerned.
Source: newspapers

Newspaper Articles (1)

1. January 19, 1917 The Palatka News and Advertiser Palatka, FL

Article from The Palatka News and Advertiser, January 19, 1917

Click image to open full size in new tab

Article Text

JACKSONVILLE BANKS SUSPEND PAYMENT Action Said To Have Been Taken to Prevent Loss to Depositors. : On Tuesday morning the big Heard National Bank of Jacksonville failed to open its doors for business. The affairs of the bank were left in the hands of J. K. Doughton, chief national bank examiner. On Wednesday evening J. B. Pike, one of the vice presidents of the bank was appointed receiver. President Heard said: "The suspension comes as a result of four years in which business has been admittedly not of the best, and while the progress of the institution during that time has been remarkable under the circumstances, at a special meeting of the board of directors Monday night it was decided to take summary action as a protection against loss to the depositors. The bank has $1,046,396.68 cash on hand and in banks, and deposits of $3,020,555.31. Comptroller Williams of Washington on day in night a statement attributed issued the suspension Tuesto "mismanagement by the bank's officers," whom he characterized as "incompetent and reckless," and to directors, who "seriously neglected their duties and ignored their responsibilities." On Wednesday President Heard took to the exception the language the of comptroller; he denied all of comphis troller's statements and reiterated would belief that every depositor be paid in full. This seems to be the general opinion of business men in Palatka who are posted regarding the Heard's assets. On Wednesday the First Germania Bank of Jacksonville also closed its doors and notified State Comptroller Ernest Amos. The Germania is a State Bank. D. J. Herrin, president of the bank. the board of directors had met residence said at that his Tuesday night, and that after a full discussion of the condition of the bank it had been decided to close the institution. This bank is composed of the First Savings bank and the Germania bank, two institutions which were consolidated about two years ago. The bank is declared to be solvent and it is the belief of the officers and directors that the depositors will be paid in full. It was stated by President Herrin that there was no connection physical between the FirstGermania bank and the Heard National bank. Live Oak Bank Closes. a On The Wednesday News also afternoon contained the special to information that " a silent steady run on the Live Oak Citizens Bank this afternoon was responsible for a meeting of the directors and officers, held last night, at which time it was decided to close the bank and notify the comptroller of such action, state step being deemed the this proper one to protect all interests concerned. The uneasiness here was caused by the failure of the Heard National Bank of Jacksonville, to open its doors on Tuesday, it being the general impression that there was some connection between the two banks. While the closing of the doors of the Live Oak Citizens bank caused inconvenience, the depositors feel confident that their interests will be protected. So strong was the confidence of the peonle in the bank that in the face of the run being made, friends continued to make deposits up to the hour of closing.