2076. First National Bank (Orlando, FL)

View Charter #10069 on SPMC

Bank Information

Episode Type
Run Only
Bank Type
national
Bank ID
10069
Charter Number
10069
Start Date
August 5, 1929
Location
Orlando, Florida (28.538, -81.379)

Metadata

Model
gpt-5-mini
Short Digest
97020703060af6cc

Response Measures

Accommodated withdrawals, Public signal of financial health

Receivership Details

Depositor recovery rate
30.0%
Date receivership started
1934-02-27
Date receivership terminated
1941-03-31
Share of assets assessed as good
59.6%
Share of assets assessed as doubtful
23.0%
Share of assets assessed as worthless
17.4%

Description

The articles (dated Aug 6, 1929) report a heavy run on the First National Bank of Orlando triggered by the closing/failure of the State Bank of Orlando. First National withstood the withdrawals, remained open, and did not suspend or close.

Events (3)
1. August 22, 1911 Chartered
Source
historical_nic
2. August 5, 1929 Run
Cause
Local Banks
Cause Details
The closing/failure of the State Bank of Orlando precipitated heavy withdrawals at First National.
Measures
Accepted large deposits during the day (including several hundred thousand dollars rushed from Jacksonville); remained open throughout and officers said they would have stayed open all night if necessary.
Newspaper Excerpt
The First National Bank of Orlando yesterday withstood a heavy run of withdrawals following the closing of the State Bank of Orlando.
Source
newspapers
3. February 27, 1934 Receivership
Source
historical_nic

Newspaper Articles (3)
1. August 6, 1929 The Tampa Times Tampa, FL
Article from The Tampa Times, August 6, 1929

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Article Text

ORLANDO BANK STRONG AS RUN COMES TO END First National Goes Through Ordeal Yesterday. Special The Times Orlando, August 6.-The First National Bank of Orlando yesterday withstood a heavy run of withdrawals followings the closing of the State Bank of Orlando. The substantial citizens of the city gave evidence of their faith in the institution by making large deposits throughout the banking hours and when the doors were closed at the end of the day's business, the deposits exceeded withdrawals, President W. O'Neal announced Several hundred thousands of dollars, rushed here by automobile from Jacksonville. in anticipation of a run, were not needed in view of the large deposits made during the day. Judge W. L. Tilden was appointed liquidator of the State bank by State Comptroller Ernest Amos, and Vice President Miller, of the closed institution, announced that plans were already underway which would result in its re-opening The closing of the bank was necessitated. he said, by large withdrawals extending over period of several weeks. In the meantime. plans for constructing the new home of the First National bank were well underway The city building inspector's office yesterday issued permit calling for an outlay of 175. 000 covering the structural work of the new building Equipment will bring the cost of the new banking house to $250,000. The construction is entirely financed by northern capital. Brotherhood of Light to Meet. The Brotherhood of Light will meet tonight at o'clock at the club rooms, 817 Horatio stret. The subject will be "Round Table Discussion. and the Astrological Chart of Tampa Delineated. "Did you enjoy the musical comedy saw in Havana you the first there wasn't a dry throat in the house.

2. August 6, 1929 Pensacola News Journal Pensacola, FL
Article from Pensacola News Journal, August 6, 1929

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Article Text

State Bank Of Orlando Closes ORLANDO, Fla., Aug. The State Bank of Orlando, one of the oldest banks in the state, failed to open its doors this morning following what was described by officials unprecedented withdrawals in the last few weeks. Deposits in the bank were $4,406,705 on June 29. according to the statement of the bank, but this was said to have been decreased by several hundred thousands dollars since that time. The bank was capitalized at $100,000 with surplus of $150,000 and undivided profits of $75,445. Plans for re-organization were being discussed. The closing precipitated a heavy run on the First National bank which was successfully met.

3. August 6, 1929 The Atlanta Constitution Atlanta, GA
Article from The Atlanta Constitution, August 6, 1929

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Article Text

ORLANDO BANK FAILS, RIVAL SUSTAINS RUN The State Bank of Orlando, one of the oldest banks the state, failed to open its this morning following what was described by officials as unprecedented withdrawals in the last few weeks. Deposits in the bank were $4,406.705 on June 29. according the statement of the bank. but this said to been decreased by several hundred thousand dollars since that time. The bank was capitalized $100,000 with surplus of $150,000 and profits of $75,445. While officials declined to make any statement tonight other than that affairs of the institution had been turned state banking department and W Tilden, for mer judge of the Orange criminal court record, had been pointed as liquidator. was said that plans for reorganization were bediscussed. The closing precipitated heavy run on the First National bank which was successfully met. Officers of the First National declared they would have remained open all night if necessary. However, this was not necessary as the line of depositors dwindled to naught early in the evening The Orlando Trust the North Orlando State bank experienced no semblance of a run during the day.