2094. First Bank & Trust Company (Palm Beach, FL)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
trust
Start Date
March 8, 1927
Location
Palm Beach, Florida (26.706, -80.036)

Metadata

Model
gpt-5-mini
Short Digest
882d66750092fbba

Response Measures

None

Description

Multiple March 8, 1927 news dispatches report runs in the Palm Beach district after the First American Bank & Trust failed to open; the First Bank & Trust Company (Palm Beach) closed its doors the same day amid runs and heavy withdrawals. The immediate trigger appears to be the failure/non-opening of First American and runs on other local banks (i.e., a local-banks contagion). Although some articles report First American said it was solvent and would reopen after reorganization, the First Bank & Trust Co. of Palm Beach closed on March 8 and is later referenced in 1930 court/liquidation proceedings, indicating it did not remain viable long-term. Classification focuses on the First Bank & Trust Company (Palm Beach) whose suspension followed runs and which ultimately failed.

Events (3)
1. March 8, 1927 Run
Cause
Local Banks
Cause Details
Runs began after the First American Bank and Trust failed to open; panic spread to other local banks (Farmers' Bank, Citizens' Bank) leading depositors to withdraw funds.
Measures
Armored car dispatched from Miami bearing cash for panicky depositors; police called to control crowds.
Newspaper Excerpt
Mid-day found streets jammed with depositors seeking to save their money by withdrawing it from the remaining banks of the city.
Source
newspapers
2. March 8, 1927 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Large prior withdrawals (decline from $13.5M to ~$3M), unsettled local conditions, hurricane damage and real-estate depression left the bank unable to open; directors described reorganization plans.
Newspaper Excerpt
The First American Bank and Trust Company here failed to open this morning. Directors ... stated the bank is solvent and would be opened after reorganization.
Source
newspapers
3. September 26, 1930 Other
Newspaper Excerpt
mortgage, deposited with him collateral by First Bank Trust company Palm Beach, primarily liable for trust claims against failed bank. ... liquidator the First American, in suit brought ... appointment receiver ... the closed ... bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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Source
newspapers

Newspaper Articles (15)
1. March 8, 1927 The Waukesha County Freeman Waukesha, WI
Article from The Waukesha County Freeman, March 8, 1927

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RUN OPENED FLORIDA BANKS WEST PALM BEACH, Fla. leading banks of the Palm Beach district closed their doors today and started one of the most frenzied runs in the history of Florida finance. found streets jammed with depositors seeking to save their money by withdrawing from maining banks of the city. Runs on the Farmers bank and the Citizens bank of West Palm Beach were such that an armored car was dispatched from Miami bearing cash for panicky depositors. No sooner had the First American Bank and Trust company posted notice that business was suspended for the protection of depositors than two other institutions Northwood Bank and Trust company of West Palm Beach and the First Bank and Trust company Palm Beach.

2. March 8, 1927 The Merrill Daily Herald Merrill, WI
Article from The Merrill Daily Herald, March 8, 1927

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BANKS CLOSE Three Leading Banks Close Doors Today Depositors Rush to Withdraw Their Savings (By United Press) WEST PALM BEACH, Fla. Three leading banks of the Palm Beach district closed their doors today and started one of the most frenzied runs in the history of Florida finance. Mid-day found streets jammed with depositors seeking to save their money by withdrawing it from the remaining banks of the city. Runs on the Farmers Bank and the Citizens Bank of West Palm Beach were such that an armored car was dispatched from Miami bearing cash for panicky depositors. No sooner had the First American Bank and Trust company posted notice that business was suspended for the protection of depositors than two other institutions closed-the Northwood Bank and Trust company of West Palm Beach and the First Bank and Trust company of Palm Beach.

3. March 8, 1927 Pasadena Star-News Pasadena, CA
Article from Pasadena Star-News, March 8, 1927

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BANKS CLOSE IN FLORIDA Frenzied Run Started in Palm Beach District WEST PALM BEACH, March leading banks of the Palm Beaches closed their doors this morning started the most frenzied runs the history Florida finance. Midday found streets jammed depositors seeking to their money withdrawing from remaining banks of the city. Runs on the Farmers Bank and the Citizens Bank West Palm Beach such that an armored car dispatched from Miami bearing cash for panicky positors. No sooner had the First American Bank and Trust Company posted notice that business pended for the protection positors than other instituBank and Trust of Palm Beach and First Bank and Trust Company Palm Beach. Heavy withdrawals on all three banks during past eight months unsettled condition affairs this part the state given reasons for the clos-

4. March 8, 1927 The Daily Alaska Empire Juneau, AK
Article from The Daily Alaska Empire, March 8, 1927

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FLORIDA BANKS FAIL TO OPEN WEST PALM BEACH. Fla., March 8. The First Bank and Trust Com. pany of Palm Beach and the North wood Bank and Trust Company of West Palm Beach, closed their doors this morning when the First American Bank and Trust Company failed to open. Runs began on three other banks here. The police were called to control the mobs which gathered in front of the institutions. The First American Bank and Trust Company announced it was solvent and will reopen after reor ganization.

5. March 8, 1927 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, March 8, 1927

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3 FLORIDA BANKS CLOSE DOORS TODAY Runs Started on Others-Police Take Charge of Crowds Which Gather West Palm Beach, Fla., March 8 (P)-The First Bank and Trust company of Palm Beach and the Northwood Bank and Trust company of West Palm Beach closed their doors today when the First American Bank and Trust company here failed to open this morning. Runs began on two other West Palm Beach banks. Police took charge of the crowds that gathered in front of the institutions and maintained ordr. Directors of the First American Bank and Trust company stated that the bank is solvent and would be opened after a reorganization. The First American was capitalized at $300,000 and a statement issued this morning showed: Loans and discounts $3,416,503; cash in vault $58,255; cash in other banks, $553,730; liabilities, bills payable $1,140,000; deposits $2,982,787. Recent Withdrawals Large The First American bank's officers said it had to be closed because of general conditions following the failure of three Palm Beach banks last June, the hurricanes, the continued depression in real estate, the upheaval in the city affairs, the failure of the First Bank and Trust company a few weeks ago in Lake Worth, and continued large withdrawals by depositors in the past few weeks. More than $10,500,000 has been withdrawn from the bank from a peak of $13,500,000 deposits a few months ago, directors said. The First Bank and Trust company of Palm Beach is capitalized at $50,000 and has $100,000 as surplus and undivided profits. No reason was announced for the closing but it is believed that the bank closed in order to forestall a run. The Northwood bank, which serves the northern part of West Palm Beach, is believed to have closed for the same reason.

6. March 8, 1927 Springfield Leader and Press Springfield, MO
Article from Springfield Leader and Press, March 8, 1927

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One in Palm Beach and Two in West Palm Begin on Two Others. WEST PALM Fla., March First Bank and Trust company of Palm Beach and the Northwood Bank and Trust West Beach their doors the Bank Trust failed open this Runs began West Beach banks Police charge the crowds the instituand order. Clint Directors First American Mo., Bank and Trust company stated the bank solvent would after The directors stated that they more than legal reserve officers who the North three Palm Beach June, the continued Ridge in real the Grove, the city affairs, the failure the First and Trust weeks Lake Worth sons, continued large depositors in the past few Luana was Tre First Bank and Trust Mrs. for closing that the closed in order to forestall The which of the Palm believed have closed for reason.

7. March 8, 1927 Republican and Herald Pottsville, PA
Article from Republican and Herald, March 8, 1927

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United West Beach, March banks of the Palm Beach district today of the most frenzied runs in the history of Florida finance. found streets jammed depositors seeking money by from the Runs the Farmers' Bank the Citizens Bank West Palm Beach that Miami for panicky No sooner had the First American Bank and Trust Company posted notice that business for the protection depositors other Institutions the Northwood Bank Trust West Palm Beach, First Bank and Trust Company, Palm Beach. Heavy withdrawals all three banks during the past eight months unsettled conditions of affairs in this part were given as reasons for closing.

8. March 8, 1927 The Brooklyn Daily Times Brooklyn, NY
Article from The Brooklyn Daily Times, March 8, 1927

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Run on Banks Florida When Close Their Doors United West Palm March leading banks of the Palm Beach District closed their doors day and started one frenzied runs in the history Florida finance. Midday found streets Jammed with depositors seeking save their money from maining banks the Runs Farmers' Bank and the Citizens' Bank West Palm Beach that armored bearing panicky depositors. had the First American Bank and Trust Company posted notice that for the protection of depositors, than two other institutions Northwood Bank and Trust Company West Palm Beach and the First Bank and Trust Company Palm Beach. Heavy withdrawals on all three banks during the eight months and unsettled conditions of affairs this State the closing.

9. March 8, 1927 Transcript-Telegram Holyoke, MA
Article from Transcript-Telegram, March 8, 1927

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THREE BANKS OF WEST PALM BEACH CLOSE THEIR DOORS WEST PALM BEACH. March Three leading banks of the Palm Beach district closed their doors today and started one of the most frenzied runs in the history of Florida Mid-day found streets jammed with depositors seeking to save their their money by withdrawing it from the remaining banks of the city. Runs on the Farmers' Bank and the Citizens' Bank of West Palm Beach were such that an armored car was sent from Miami bearing cash for panicky depositors. No sooner had the First American Bank and Trust Company posted notice that business suspended for the protection of depositors than two other institutions closed-the Northwood Bank and Trust Company of West Palm Beach and the First Bank and Trust Company of Palm Beach. Heavy withdrawals on all these banks, during the past eight or ten months and unsettled conditions of affairs in this part of the state, were given is reasons for the clostag.

10. March 8, 1927 Evening Express Portland, ME
Article from Evening Express, March 8, 1927

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Three Florida Banks Close Up, Runs On Others When First American Bank And Trust Co. Of West Palm Beach Fails To Open Doors, Two Others Forced To Close-Police Maintain Order Among Crowds Outside WEST PALM BEACH, Fla., March 8. (A. First Bank and Trust Company of Palm Beach and the Northwood Bank and Trust Company of West Palm Beach, closed their doors today when the First American Bank and Trust Company here failed to open this morning. Runs began on two other West Palm Beach banks. Police took charge of the crowds that gathered in front of the institutions and maintained order. Officials of the Citizens Bank announced that an armored car had left Miami for West Palm Beach bearing a large sum of currency for the Citizens' Bank and the Farmers' Bank and Trust Company. To Reopen Directors the First American Bank and Trust Company stated that the bank solvent and would be opened after reorganization. The directors stated that they more legal reserve on hand The First American was capitalfred $300,000 and statement issued this morning showed: Loans and cash in vault, cash in other banks, bills payable, $1,140,000; deposits, The First American Bank's offisaid had closed because general conditions following the failure of three Palm Beach banks June, the the continued depression in real estate, the upheaval in the city affairs, the failure of the First Bank and Trust Company ago Lake Worth, and continued large with- sums. drawals by depositors in the past few weeks. Large Withdrawals More than $10,500,000 has been withdrawn from the bank from peak of $13,500,000 deposits few ago, directors The First Bank and Trust Company of Palm Beach capitalized at $50,000, and has $100,000 as surplus and undivided profits. No reawas announced for the closing but believed that the bank closed in order to forestall run. The Northwood Bank, which served the northern part of West Palm Beach is believed to have closed for the same reason. Closing of the reorganized First Bank and Trust Company of Lake Worth few weeks ago had apparently inspired depositors here withdraw their accounts in large

11. March 8, 1927 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, March 8, 1927

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Three Banks in Palm Beach District United Press WEST March leading banks of the Palm Beach district closed their doors today started one of the most frenzied runs in the history of Florida finance. Midday found streets jammed with their money by from maining banks of the city. Runs the Bank and the Bank West Palm Beach were such that from Miami bearing cash for sooner had the First AmerBank and Trust Company posted notice that business pended for of than others NorthBank and Trust Company, West Palm Beach, and the First Bank and Trust Company, Palm Beach. Heavy withdrawals on all three during the eight or ten months and affairs this part of the State reasons for the closing.

12. March 9, 1927 New Britain Herald New Britain, CT
Article from New Britain Herald, March 9, 1927

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PALM BEACH HAS FINANCIAL PANIC But Bank Depositors Are Not Likely to Lose West Palm Beach, Fla., March 9 (P)-Ready money---an incident heretofore in this sort for the wealthy-was of prime concern today. The man in the street regarded apprehensively an abrupt suspension of three banks. Millionaire winter visitors, attracted momentarily from their sports and tea dances, paused to offer financial assistance to two banks that had the burden of keeping the dollar in circulation. Citizens Bank and the Farmers Bank and Trust Company-"as solid as Gibraltar," officials said-awaited additional funds from Jacksonville with which to augment a special consignment of $2,000,000 that yesterday enabled them to meet withdrawals and remain open until two o'clock, the regular closing time. The three closed banks, with capital aggregating $500,000 awaited inspections by state bank examiners. The First American Bank and Trust Company and the First Bank and Trust Company of Palm Beach failed to open yesterday. The Northwood Bank and Trust Company suspended business "in the interest of depositors" an hour after opening. Offers of assistance were made by several prominent tourists, some of whom had pressed through long lines of anxious clients, bent on withdrawing accounts, to make comparatively large deposits. T. T. Reese, president of the Farmers Bank, said that among those who volunteered support were E. R. Bradley, Lexington, Ky.; E. T. Stoesbury, Philadelphia; S. Davies Warfield. Baltimore and John S. Phipps, Pittsburgh. Mr. Reese, attributing the failures to several causes, said there was no real emergency. Bank deposits have dwindled throughout the section in the last six months. Officials of the First American Bank and Trust Company, an institution with deposits of $13,500,000 early in 1926, reported that deposits now were approximately $3,000,000. Losses to depositors hardly will result from the latest difficulty, bankers said.

13. March 9, 1927 The Urbana Daily Citizen Urbana, OH
Article from The Urbana Daily Citizen, March 9, 1927

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FLORIDA BANKS PANIC IN STATE By United Press WEST PALM BEACH, Fla., March leading banks of the West Palm Beach district, closed their doors today and started one of the most frenzied runs the history of Florida finance. Runs on the Farmers' Bank and the Citizens' Bank of West Palm Beach were such that an armored car was dispatched from Miami, bearing cash for depositors. No soner had the First American Bank and Trust company posted notices that business suspended for protection positors than other institutions closed—the Northwood Bank and Trust company of West Palm Beach and the First Bank and Trust company of Palm Beach. Heavy withdrawals on all three banks during the past eight ten months unsettled conditions this part of the state, given as reasons for the closing.

14. March 11, 1927 The Daily Worker Chicago, IL
Article from The Daily Worker, March 11, 1927

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LAST PALM BANK CLOSES UP; SIXTH SINCE JUNE Real Estate Gambling Important Cause PALM BEACH, March The sixth bank close in Palm Beach since June, and the last in the town, has shut its doors. The business day opened, and the First Bank and Trust Co., of Palm Beach did not. Its failure do cut off the wealthy residents here from all banking facilities. Nearby, town of West Palm Beach, two banks were also defunct, and heavy runs were taking place the left. Loans Fail. Three banks have closed here within the last two in spite of loans from rich men visiting here, who raised money an effort them. Crowds in front of the buildings were 80 large that police broke them up. The chief injury to the Palm Beach banks came from the wild land speculations, resulting in inflated values. on which money was lent, and to the wreckage caused by last summer's gale and tidal wave. largely due also to speculation. the heaviest loss was suffered by hastily built structures. of put up cheap materials to sell at high price. Faker Gets Sentenced March 10. Antonio Mario Caccovaro. alleged be an swindwas sentenced to months today by Justice William Leeds in police court here. according to the police, carried wholesale swindling game in the disguise of priest Block 300% Salary Raise March vancement of bill to increase the salary of the county judge of Suffolk County from $3,500 $10.000 year, blocked the assembly today Assemblyman Bloch characterized the as "salary

15. September 26, 1930 The Tampa Times Tampa, FL
Article from The Tampa Times, September 26, 1930

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Bank Collateral Case Appealed by State Treasurer West Palm Beach, Sept. State W. Knott today took appeal the court in suit whether mortgage, deposited with him collateral by First Bank Trust company Palm Beach, primarily liable for trust claims against failed bank. The appeal taken from circourt here demurrers filed Knott, State Comptroller Amos and the Florida Bank and Trust company, liquidator the First American, in suit brought Morris, trustee for an and appointment receiver take trust of the closed also denied Morris' petition in the Owing the importance of the case, general's office seeking to have advanced on the supreme court cording word received here interested officials