Accommodated withdrawals, Capital injected, Full suspension, Books examined
Receivership Details
Date receivership started
1914-09-02
Date receivership terminated
1914-11-30
OCC cause of failure
Run
Description
Contemporary newspapers report a short run on Sept 1, 1914 that caused the directors to close (suspend) the bank; a receiver was appointed and the bank reopened Nov 30, 1914 after reorganization. Articles attribute the immediate trigger to sensational reports/rumors, though later accounts note tied-up foreign paper from a failed correspondent/customer as an underlying cause.
Events (7)
1.October 22, 1900Chartered
Source
historical_nic
2.September 1, 1914Run
Cause
Rumor Or Misinformation
Cause Details
Sensational reports/circulated rumors the night before aroused depositors and produced a run lasting about an hour.
Measures
Bank closed its doors to stop further withdrawals; directors met and resolved to suspend and notify the comptroller.
Newspaper Excerpt
The American National Bank of Pensacola closed its doors today after a run lasting about an hour. Aroused by sensational reports circulated last night depositors flocked to the bank this morning.
Source
newspapers
3.September 1, 1914Suspension
Cause
Rumor Or Misinformation
Cause Details
Directors closed the bank after reserves were being depleted by heavy withdrawals driven by persistent damaging rumors about the bank's solvency.
Newspaper Excerpt
At a meeting ... the president reported ... heavy withdrawals, caused by persistent damaging rumors ... RESOLVED ... that the American National Bank of Pensacola, Florida, be closed to business ... and that the comptroller be duly notified immediately by telegraph.
Source
newspapers
4.September 2, 1914Receivership
Source
historical_nic
5.September 2, 1914Receivership
Newspaper Excerpt
the comptroller of the currency appointed W. H. Milton as receiver of the institution and he will take charge this morning.
Source
newspapers
6.November 30, 1914Reopening
Newspaper Excerpt
the American National Bank is hereby authorized to resume business on Monday, Nov. 30, 1914. ... After 90 Days' Suspension Reopens Doors Tomorrow.
Source
newspapers
7.November 30, 1914Restored To Solvency
Source
historical_nic
Newspaper Articles (20)
1.January 9, 1914The Times DispatchRichmond, VA
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SHOW FAITH IN BANKS Pensneola Business Men Make Heavy Deposits When Run Is Started. Pensacola, Fla., January 8.-News of the failure of the First National Bank of Pensacola to open its doors this morning started runs on the American National and the Citizens' and Peoples' National Banks. Both institutions withstood the run, local business men, showing their faith in each by making heavy deposits Both banks closed the day's business with more money on hand than when they opened this morning. Officers of the First National Bank issued a statement to-Gay setting forth reasons for closing, charging their troubles to a Liverpool, England. firm that could not meet heavy drafts on them that had been honored by the local banks. The books and assets of the bank are. sealed, awaiting the arrival of bank examiners.
2.September 1, 1914The Daily ArdmoreiteArdmore, OK
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FLORIDA BANK IS CLOSED. With Nearly Two Millions in Depos. its, Bank Closes Following Run. Pensacola, Fla., Sept. 1.-The American National Bank closed its doors today after a run. The bank had deposits of one million, seven hundred thousand dollars.
PENSACOLA BANK CLOSED ITS DOORS (By Associated Press) Pensacola, Fla., Sept. 1.-The American National Bank of Pensacola closed its doors today after a run lasting about an hour. Sensational reports circulated yesterday are responsible. The streets were crowded after the doors closed. The officials refused to talk. The bank's capital is $300,000 with a surplus of $35,000; deposits $1,715,000. On Jan. 1 the loans and discounts totaled $2,000,000.
4.September 1, 1914Evening StarWashington, DC
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BANK CLOSES DOORS. Run of Depositors Overwhelms Pensacola, Fla., Institution. PENSACOLA, Fla., September 1.-The American National Bank of Pensacola closed its doors today after a run lasting about an hour. Aroused by sensational reports circulated last night depositors flocked to the bank this morning. For some time after the doors were closed streets in front of the bank's tenstory building were crowded. Officials of the bank have made no statement.
5.September 1, 1914Bryan Daily Eagle and PilotBryan, TX
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PENSACOLA BANK CLOSED ITS DOORS (By Associated Press.) Pensacola, Fla., Sept. 1.-The American National Bank closed its doors today after a run. It carried deposits of $1,7000,000.
6.September 1, 1914The Topeka State JournalTopeka, KS
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Run Closes a Bank. Pensacola, Sept. 1.-The American National bank of Pensacola closed its doors today after a run lasting about an hour. Aroused by sensational reports circulated last night, depositors flocked to the bank ,this morning. Officials of the bank have made no statement.
The American National Bank closed its doors yesterday morning as the result of a run on the bank by depositors who began to draw out their money when the bank opened for business at 9 0° 'clock. Late yesterday afternoon the comptroller of the currency appointed W. H. Milton as receiver of the institution and he will take charge this morning. Whether the bank will be opened and operated by the receiver or put through a process of reorganization can only be determined after an examination by the agents of the comptroller of the currency, but it is generally believed by the business public that the bank will be found to be perfectly solvent and that depositors will all be paid in full when the affairs of the institution are adjusted. At the hour of opening yesterday the bank had cash on hand to the amount of $162,000 and this with the addition of its exchange and other cash items represented much more than the required legal reserve. The withdrawals during the morning amounted to $62,000, and when it became evident that the run was to be continued the only thing the bank could do, for the protection of all interests, was to close its doors. RUN RESULT OF RUMORS. The run on the American National Bank was the direct result of rumors which had been in circulation for Several days in reference to the bank's solvency. There seemed to be no foundation for the rumors and none of them could be traced to the original source, but they proved their effect tiveness to a most remarkable degree. The rumors were particularly persistent Monday night and by Tuesday morning many of the small depositors of the bank were at the door waiting to get their money. When it appeared that the run was likely to develop into larger proportions, President C. W. Lamar called a meeting of the directors and after at canvass of the situation the following resolution was passed: RESOLUTION ADOPTED. "At a meeting of the board of directors of the American National Bank of Pensacola, Florida, held in the directors' room of said bank in the city of Pensacola, at the hour of ten o'clock, pursuant to notice duly given to each director residing in the city of Pensacola, there were present Messrs. C. W. Lamar, H. L. Covington, Thos. V. Hannah, W. S. Rosasco and Frank Reilly. The president reported to the directors that, owing to conditions arising during the course of business on the 31st day of August and the early morning of the first day of September, followed by heavy withdrawals, caused by persistent damaging rumors, the reserve of the bank was rapidly being depleted to such an extent as to reduce it below the legal requirement, and that the reserve could not be within a limited time replaced within the usual course of business. Upon motion duly made by H. L. Covington and seconded by Frank Reilly, it was "RESOLVED, That the American National Bank of Pensacola, Florida, be closed to business and that no further deposits be received, nor checks, drafts, moneys or other of its assets be paid out until the further order of the comptroller of the currency and that the comptroller be duly notified immediately by telegraph and that this announcement be made by the bank at once.' Following this action by the direc. tors the bank's doors were closed and a notice posted on the door announcing (Continued an Page Three)
8.September 2, 1914Pine Bluff Daily GraphicPine Bluff, AR
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RUMORS DO FOR ANOTHER BANK The American National of Pensacola, Fla., Forced to Close by "Run." Pensacola, Fla., Sept. 1-The American National bank of Pensacola closed its doors today after a run lasting about an hour. Aroused by sensational reports circulated late yesterday and last night depositors flocked ot the bank this morning. For some time after the doors were closed streets in front of the bank's tenstory building were crowded. Officials of the bank could not be communicated with un until noon. The bank had deposits of $1,715,000, according to the last annual statement. The capitalization is $300,00 and the surplus $35,000 On last January 1 its loans and discounts amounted to $2.000.000, C. W. Lamar is president of the institution, and M. E. Clark cashier. The American National successfully weathered a severe storm a few months ago when the First National bank closed its doors.
9.September 2, 1914The Times DispatchRichmond, VA
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PENSACOLA BANK CLOSES Depositors Aroused by Sensational Reports. Make Run on Institution. PENSACOLA, FLA., September 1.The American National Bank of Pensacola closed its doors to-day after a run lasting about an hour. Aroused by sensational reports circulated last night. depositors flocked to the bank this morning. For some time after the doors were closed streets in front of the bank's ten-story building were crowded. Officials of the bank have made no statement The bank had deposits of $1,715,000. according to the last annual statement. The capitalization is $300,000, and the surplus $35,000. On last January I its loans and discounts amounted to $2,000,000. C. W. Lamar is president of the institution, and M. E. Clark, cashier. The American National successfully weathered a severe storm a few months ago. when the First National Bank closed its doors.
10.September 3, 1914Ottumwa Tri-Weekly CourierOttumwa, IA
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TO PUT RECEIVER IN CHARGE OF BANK Washington, D. C., Sept. 2-Arrangements are being made to put a temporary receiver in charge of the American National bank of Pensacola, Fla., which closed its doors today after a short run. A brief report to the comptroller of the currency says the bank was closed by its directors but gives no details.
THE LATTER BUSY ALL OF YESTERDAY Will Require Several Days Before Proposed Plan Can be Got Into Shape For Presentation to Comptroller of Currency, But All Depends Upon the Depositors Themselves. No one is taking any more interest in the reopening of the American National Bank than is Receiver W. H. Milton. He is co-operating with the committee of depositors in every way, and to a Journal representative last night, Mr. Milton said: "I am deeply interested in seeing the American National re-opened No depositor could feel a keener interest in it than I feel and I am ready to co-operate in every way possible to the end that the bank may be able to resume business at the earliest possible time. Pensacola and West Florida need this bank and I sincerely trust the plans now being made for re-opening It will prove effective." The depositors committee, headed by Morris Bear, was busy all day yesterday and until late last night going into the details of the bank's condition and satisfactory progress is being made. It will require several days, however, before the proposed plan, as outlined in The Journal yesterday, can be got into shape for presentation to the comptroller of the currency, but the public will be advised as the work progresses. The plan of course depends entirely on the depositors themselves and until they can be communicated with and their agreement to it secured, it cannot be put into effect. Public sentiment regarding the American National seems to be unani mously in favor of its resuming business and all depositors who have been heard from are free in their approval of the plan proposed. The suspension of a bank is, in probably 99 cases out of 100, followed by more or less criticism of the management of the institution. The case of the American National, however, appears to be an exception to the rule, Not only has there developed no criticism, but the bank and the bank management probably never had so many friends as they have now. An examiner sent by the comptroller of the currency is expected to arrive in a day or two, but the committee will in the meantime keep at work on the plan for an early resumption of business by the bank.
To Reinstate Local K. of C. An important meeting of the local branch of the Knights of Columbus will be held at the usual hour this evening, and the attendance of every member is earnestly desired. Important work is to be done. It was stated officially yesterday that the local branch stands suspended, and the meeting this evening will mainly be for the purpose of remedying this condition with national headquarters. The draft which was sent in payment of the local branch's c-bligations to the national headquarters was not honored on account of the failure of the American National Bank in Pensacola, and there will be some plan worked out at the meeting to place the Pensacola branch in the usual good standing. Dr. M. A. Lischkoff is out aug23tf of the city
PENSACOLA'S SUSPENDED BANK TO REOPEN NEXT WEEK Pensacola, Nov. 21 . -As soon as the accounts can be checked over so that Receiver W. H. Milton can be given a receipt for the bank's assets. the American National Bank will reopen for business. This announcement was made yesterday afternoon by a member of the committee which has been interested in the reorganization of the institution. It is expected that the checking will be completed and the bank will be open again by the first of next week, or by the middle of next week at the most. John G. Pace will be president of the American National under the new management and Morris Bear will be vice president. It is announced that the other officers and directors as yet have not been officially determined upon. President Pace and Vice President Bear left Pensacola. accompanied by Receiver W. H. Milton. Saturday night. Advices to begin checking out with the view of opening as soon as possible were received vesterday. The committee of citizens has been hard at work on the reorganization of the bank since it closed its doors on the first of last September. Hearty co-operation was met on all sides as there was an abiding fidelitv in the institution which was forced to close as the victim of wild rumors and extraordinarv conditions.
AMERICAN NATIONAL BANK AFTER 90 DAYS' SUSPENSION REOPENS DOORS TOMORROW With New Money and New Officers Institution Now Telegram From Comptroller. One of Strongest Washington, D. C., Nov. 28, 1914. W. H. Milton, Receiver American National Bank, Pensacola, Fla. MORE THAN $600,000 This office having been advised by you that the directors of the American National Bank of Pensacola, Florida, have complied with the IN CASH ON HAND requirements requested of them, and that the bank now has sufficient funds with which to conduct business, the American National Bank is hereby authorized to resume business on Monday, Nov. 30, 1914. James G. Pace is President JOHN SKELTON WILLIAMS, Comptroller of the Currency. and Morris Bear is Vice-
Reopening of the American National A Significant Event. The reopening of the American National Bank tomorrow morning is a significant event for Pensacola. It means that, in stock subscriptions and payments of obligations due the bank, Pensacola has raised in 90 days approximately a half million dollars in actual money-and that in a city that some people said was a "busted" community. It requires no particular ability and not very much money to start a new bank. But it requires ability, money, confidence, and energy to reopen an old one and particularly under the world-wide conditions existing at this time. To the men who have succeeded in reopening the American National Bank Pensacola owes a debt of gratitude. To the public, who had any doubts as to Pensacola's stability and resources, we have only to point to this accomplishment as the answer to their attitude. During the past year all but one of Pensacola's banks have suspended. The one that did not suspend is stronger now than it was a year ago, and for each of those that did suspend we have an absolutely solvent and infinitely stronger institution than existed before. Could anything more be said, and could any Pensacolian desire more as an evidence of the recuperating power of the Deep Water City and section?
17.December 4, 1914The Palatka News and AdvertiserPalatka, FL
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PENSACOLA BANK REOPENS American National Bank, Which Recently Closed, Reopens Its Doors For Business Pensacola.-The American National Bank, which closed its doors following a run several months ago, threw open its doors again under new management. With that end in view, a large corps of clerks and assistants are working day and night this week, and it is expected that there will be no hitch in the arrangements to resume business. The announcement that business will be commenced again came from the lips of the committee on reorganization and the new officers to form the official personnel of the institution. Receiver Milton is busy in making out time certificates of deposits for periods of three, six nine and twelve months to those having over a certain sum on deposit, in conformity with agreements signed by the depositors.
OTHER BANKS WELCOME BACK THE AMERICAN THE GREATER PENSACOLA CLUB LUNCHEON MEETING HEARS ENTHUSIASTIC SPEECHES OF GRATIFICATION OVER RETURN OF AMERICAN NATIONAL BANK TO BUSINESS ACTIVITY. Yesterday's luncheon meeting of the Greater Pensacola Club was the largest and most enthusiastic that has occurred in a long time. According to President Bingham's announcement the meeting was in the nature of a celebration over the return to business activity of the American National Bank and it aroused great enthusiasm. A significant and pleasing feature of the affair was the ovation given to President Jas. G. Pace and former President C. W. Lamar, of the American National, when they entered the room and later to Mr. Lamar when he arose to respond to the several speeches of welcome. The cheers and applause lasted for some moments and it was with difficulty that he could begin his remarks. John S. Beard presided as toastmaster in his usual eloquent and happy manner, and he announced President J. S. Reese of the Citizens and Peoples National Bank as the first speaker. Mr. Reese spoke in strong terms of his gratification over the return of the American National to active business and he complimented the men whose energy and means had made it all possible. He paid a fine tribute to Receiver W. H. Milton for his own good work in looking after the interests of the bank. In closing, Mr. Reese gove eloquent expression to his faith in Pensacola, her people and her future. President R. W. Goodhart responded on behalf of the National Bank of Commerce. He said the reopening of the American National had accomplished more good than was visible. It had restored confidence and we need confidence. Its suspension was due to conditons which no one could foresee, and its rehabilitation shows that we are all getting together-a very essential thing. Mr. Goodhart extended the compliments and best wishes of his own bank to the reorganized institution. Wm. Fisher, a director in the Banking, Savings and Trust Co., spoke in behalf of that institution. Mr. Fisher said that adversity sometimes served a good purpose. It brings out friendships and removes the glitter of material prosperity, enabling one to see the facts as they are. It teaches that We are all dependent on each other and that when a competitor goes down it is our duty to help him onto his feet again. He welcomed the American National back and said the thanks of the community were due to the men who reopened it. C. W. Lamar responded on behalf of the American National Bank, but it was apparent that he was greatly affected by the remarks of the previous speakers and the ovation which was given him when he arose to speak. Mr. Lamar expressed his heartfelt appreclation of the welcome to the bank and of the co-operation which had made its reorganization possible. He had found that one of the chief assets of a business was friends and he was happy that the bank had SO many friends. In adjourning the meeting, President Bingham announced that next Saturday would be "Chamber of Commerce day," and he expressed the hope that a large gathering would be present.
Pensacola's Revival As Seen on the Outside. Pensacola's business revival is being noted by outside people and papers and their expressions, added to the faith of our own people, are splendidly indicative of the high place which Pensacola holds in the purview of every careful student of future events. The Montgomery Advertiser recently said: Times are better in Pensacola. The banks of that city have been reinvigorated, after a season of punishment and illness; they are stronger now than ever before. Pensacola should go forward now. She is recovered, practically, from her many troubles which ailed her long before she started. The American National Bank of Pensacola, which suspended operations three months ago has re-opened with over $600,000 in actual cash with which to begin. The bank has been re-organized by the business men of Pensacola. In speaking of this cheering event, The Pensacola Journal says: "During the past year all but one of Pensacola's banks have suspended. The one that did not suspend is stronger now than it was a year ago, and for each of those that did suspend we have an absolutely solvent and infinitely stronger institution than exlisted before. "Could anything more be said, and could any Pensacolian desire more as an evidence of the recuperating power of the Deep Water City and section?" The Advertiser begs to extend its congratulations to Pensacola. We have seen good and deserving families touched with sickness, proving again that troubles come in bunches. But all of a sudden all members of the family begin to recover; when they do recover they are healthier and more prosperous than before. It was much the same with Pensacola. Within the past eighteen months her troubles seem to come in bunches. But now they are leaving in bunches. There is no reason in the world why Pensacola should not go forward in leaps and bounds. Pensacola, like Mobile, is bound to become one of the great seaport cities of the country. We think it has already started to gain that growth which will make it such a city. This is exactly the view that our own people hold, and we are gratified to see it expressed by so able and observing a journal as the Montgomery Advertiser.
Congratulations to PensacolaAfter a suspension of ninety days the American National Bank of Pensacola on yesterday re-opened its doors with a capitalization of $300,000. According to the news dispatches the depositors whose money had been tied up since the suspension showed their confidence in the bank and those directing its affairs by not withdrawing their accounts. On the contrary more than $100,000 in deposits was added, and of that sum the city government deposited $10,000. The temporary embarrassment of the bank was not due to mismanagement but to the failure of one of its largest customers abroad and the consequent tying up of much paper on which a fair realization will be made in due time. The Times congratulates Pensacola, which has had more than its share of hard luck during the past two years. There is nothing really wrong with the Deep Water City or the fine territory that is back of it, as will be shown in due season.-Tampa Times.
