2032. City National Bank (Miami, FL)

View Charter #13159 on SPMC

Bank Information

Episode Type
Run Only
Bank Type
national
Bank ID
13159
Charter Number
13159
Start Date
February 7, 1928
Location
Miami, Florida (25.774, -80.194)

Metadata

Model
gpt-5-mini
Short Digest
a608236cdfdefd7a

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Fed/other loan, Capital injected, Full suspension, Books examined

Receivership Details

Depositor recovery rate
40.0%
Date receivership started
1930-12-23
OCC cause of failure
Governance
Share of assets assessed as good
44.6%
Share of assets assessed as doubtful
46.2%
Share of assets assessed as worthless
9.1%

Description

Articles from Feb 6–8, 1928 describe a run/large withdrawals at City National Bank of Miami triggered by anonymous/poison letters circulating in late January that urged depositors to get your money out. The City National experienced heavy withdrawals (about $400,000) but remained open; other Miami banks were suspended or taken over, but City National was resupplied with cash from the Federal Reserve and continued operations. Classification: run_only.

Events (3)
1. December 31, 1927 Chartered
Source
historical_nic
2. February 7, 1928 Run
Cause
Rumor Or Misinformation
Cause Details
Anonymous/mysterious letters mailed Jan 28 urging depositors to 'Quietly get your money out' of Southern Bank & Trust; these unfounded poison notes precipitated runs across Miami banks including City National.
Random Run
Yes
Random Run Snippet
Anonymous letters: Quietly get your money out; unfounded poison notes
Measures
Federal Reserve/district sent cash to Miami national bank; tellers paid depositors throughout the day to meet withdrawals.
Newspaper Excerpt
Clark Davis, president of the City National...had withdrawals at his institution by $400,000
Source
newspapers
3. December 23, 1930 Receivership
Source
historical_nic

Newspaper Articles (4)
1. February 6, 1928 The Times-Tribune Scranton, PA
Article from The Times-Tribune, February 6, 1928

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Article Text

3 BANKS IN MIAMI CLOSED Run Then Starts On Another House-Anonymous Letter Writer Blamed. (By Press.) on the First tional bank the noon hour today following the failure of three other financial institutions to open for business today. The Bank Trust of fairs of of deposits letters predicting its ure. the other instinot open in the belief that they in financial position to withstand large withwhich might result from excitement incident to the ing of the Trust company. Under normal conditions they could operate, he said, adding that there been no sign at either place. Police author of the bank the open counts trust funds were fully banks reported no unusual ithdra It this afternoon that seven million dollars would be sent to the National bank here from the federal reserve in The will be to pay who wish to withdraw their funds. run on the bank continued an manner this

2. February 7, 1928 The M'Alester News-Capital McAlester, OK
Article from The M'Alester News-Capital, February 7, 1928

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Article Text

MIAMI CALM IN FACE BANK RUN Mysterious Author Letters Causing Withdrawal of Deposits From Bank Is Sought by Police. eles in this city today were reactIng from the cumulative effects of "more than dozen anony letters which precipitated suspension of one bank's business, brought on temporary closing for two others and were responsible for an orderly but determined run on fourth Meanwhile, police sought the mys terious author of an inde.erminate number of letters mailed Jan. 28 in tion Miami, signed Hiram and adorn ed with crudely drawn Masonic emblem. "Quietly get your money out of the Southern bank and Trust company: it is going soon. these letters said, in varying language: but similar substance. Results of these missives today had included: Taking over of the Southern bank and Trust company by State Comptroller Ernest at the of bank officials, stimulated to this step by heavy withdrawals. Orders by Comptroller Amos that the Citizens bank and the Bank of porarily close to avoid possible demands of their resources. A run on the First National bank which kept tellers busy until closing time handing out money to depositors as they demanded it. Other institutions of the city day had prepared for their possible in the emergency Increased part of currency had been supplies Nearly all of them perienced slight withdrawal increases early yesterday but several reported later than deposits showed jump. the City National announeing a $400.000 boost. decided best to wait for further developments. Royce Mitchell was on the sick list Sunday and Monday Mrs. John McGinley returned from the hospital Sunday after spending four weeks there. She un. derwent an operation for goiter. Mr. and Mrs. Charles Whitcotton left Sunday for the Dallas market. where they will purchase a stock of millinery for the new store Mrs. Whitcotten expects to put in at once. Mrs. Tom Blalack left Mon day night for St. Louis to market for her millinery store Mr. and Mrs. Frazier and children of McAlester, were Witburton visitors Sunday The Baptist W. M. U. met on Monday afternoon with Mrs. J. E the front door, and exit through the back door The new 6-room parsonage which the Methodists of this city are eroct ing is progressing nicely It will be strietly modern and if the weather permits. will be ready for occupancy by the first of April Miss Lillian Copeland of Okiahoma City arrived Friday night to spend two months with her mother Mrs. Thomas Miss has recently submitted to second operation in the past few major months and compelled to take two months' rest before completing her nurses training course She only has about four months work before finishing Logan Danel of Red Oak WAS transacting business in Wilburton. Monday DEATH OCCURS AT ALDERSON Several of the children of Mr ALDERSON. Okla. (Special and Mrs. Eminett Stivers are ill Funeral services were held here with chicken pox. Their daughter. Tuesday morning for Mrs. Louis Mac Dorothy is much better after be chi, 37, who died Sunday night. ing seriously ill with "flu. The death of Mrs. Macchi occurred Miss Othalyne Wallace and after several weeks' illness Burial Gladys Bailey spent Saturday in was made in Oak Hill cemetery, at Red Oak visiting Mr and Mrs. Ken- McAlester neth Thompson. Mrs. Maechi came to Pittsburg Mrs. J. F. Wallace attended a county nineteen years ago, an immigrant from Italy and has been meeting of the Latter Day Saints resident of the county since. She at Fanshaw Saturday is survived by her husband, three Toe Blalack returned to Holdendaughters and one son. ville Sunday after spending several days at home suffering from an at Fountain pens were invented neartack of appendicitis. At the time ly two centuries avo his parents brought him home it The word "and" occurs 16.277 was thought that he would have to but it wastimes in the undergo an

3. February 8, 1928 The Springfield Daily Republican Springfield, MA
Article from The Springfield Daily Republican, February 8, 1928

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Article Text

POISON NOTES BRING RUN ON MIAMI BANKS Miami, Fla., Feb. With cash coming in from the re. in district, Miami's major banking Institutions prepared last night meet possible rush that might develop as result of excite ment following the action of Ernest taking the affairs of three banks here today. Romfh, president of the First not closed but heavy run day expressed the ad ditional would not be needed, though may continue heavy for few days until pubconfidence is completely restored. Gilman, president the bank of Bay Biscayne. Miami's bank nu merous to unfounded rumors that excite ment, satisfied demand and hand and in transit sufficient continue to Clark Davis, president of the City National, the other member of Mia that had withdraw at his institution by $400,000 Third National and Morris Plan deposits for the day and the opinion prev alent that crisis had been passed Comptroller Amos took Bank and Trust company the E. had continued for several days. apparently prompted by circulation letters. Several these were mailed m., January according Mr Lummus, exhibited one "Quietly get your of Southern Band and money Trust company going HIfollowed by Masonic symbol. the source of these letters under way, but yet no dividual have been connected with There more people in tortured skini druggists. the United States now than 25 years but there are 22,000,000 fewer SYLPHO-DINE cattle, sheep and swine to promeat for them.

4. December 22, 1930 The Stuart News Stuart, FL
Article from The Stuart News, December 22, 1930

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Article Text

proof of claim at his office, 1035 and was also ever ready to respond Collins avenue, beginning today, he to a call for his services in the pulpit. said. No the denomination, he This is the third dividend to be paid always came with joy to preach the by Mr. Keefer since the closing of the gospel of Christ. tank last June, the first one having never gave way to erronebeen for 50 cent of the amount of ous teaching. A defender of the faith each creditor's claim. The second diviof which We are the stewards, he was dend was for per cent. absolutely yet fearless. His teachings made a deep and NE WYORK, Dec. 22. strong impression on our hearts. Penney, chairman of the board of the "We have lost a friend for a brief City National Bank of Miami, today space of time, but we have not lost issued statement here saying his Dr. Kelly's influence in our midst." personal interest in the bank was 244 Mr. McCombs then sang with deep shares of stock. The feeling, am stranger here, heaven corporation of Florida, he said, holds is my home." 7,668 shares and has deposit apRev. E. M. Rooks read the bioproximately $750,000. He said his graphical sketch which appears elseinitial interest in the bank in where in these columns. 1928 "when following flurry causRev. Fred E. Britten read two por the the by tion scripture which seemed very in need of Rev. Snyder corporation 550,000 in on the platform. stock and later the made Rev. McCombs, Mrs. voluntary Heuck, Miss Ruth Jones and Rev. improve the position. This H. Jones sang quartet, not loan but direct Lover of My Soul," and With Edna Coutant served company, said, this year $800,000 A large concourse of frozen assets through lowed the body to the grave kona Johns Mortuary the floral pork their message of respect.