2136. First National Bank (St Augustine, FL)

View Charter #3462 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
3462
Charter Number
3462
Start Date
July 25, 1929
Location
St Augustine, Florida (29.895, -81.315)

Metadata

Model
gpt-5-mini
Short Digest
bf5b16882309cb39

Response Measures

Capital injected, Full suspension, Books examined

Other: Bank placed in receivership; comptroller-approved consolidation/merger of First National with two other local banks and receiver arranging partial dividend to depositors.

Receivership Details

Depositor recovery rate
29.1%
Date receivership started
1929-07-25
Date receivership terminated
1937-02-11
Share of assets assessed as good
32.5%
Share of assets assessed as doubtful
46.5%
Share of assets assessed as worthless
21.0%

Description

Newspaper articles report heavy withdrawals and the First National Bank of St. Augustine closed on July 25, 1929 to protect depositors (part of a broader Florida banking panic). The bank went into receivership (receiver M. G. McNair) and by March 1930 the receiver was paying a dividend to depositors, indicating the bank did not resume normal independent operations. Cause of the run appears linked to runs elsewhere in Florida (reports of other banks closing), so classified as local_banks.

Events (5)
1. March 3, 1886 Chartered
Source
historical_nic
2. July 25, 1929 Receivership
Source
historical_nic
3. July 25, 1929 Run
Cause
Local Banks
Cause Details
Heavy withdrawals driven by runs in Florida after reports that other banks (e.g., Tampa) were closing; part of a broader state panic.
Measures
Closed to protect depositors; permission later granted for consolidation with other local banks (per articles).
Newspaper Excerpt
The First National Bank of St. Augustine ... were closed today excessive withdrawals and for the protection of depositors.
Source
newspapers
4. July 25, 1929 Suspension
Cause
Local Banks
Cause Details
Suspension of payments/closure due to excessive withdrawals tied to runs affecting multiple Florida banks.
Newspaper Excerpt
Authorities Take Over Bank Affairs ... First National Bank St. Augustine ... the institutions were closed protect depositors the face of heavy withdrawals.
Source
newspapers
5. March 10, 1930 Receivership
Newspaper Excerpt
A 10 percent dividend will be paid next Wednesday to all depositors of the First National Bank, announced here Saturday by M. McNair, bank receiver.
Source
newspapers

Newspaper Articles (5)
1. July 25, 1929 The Tennessean Nashville, TN
Article from The Tennessean, July 25, 1929

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Article Text

STEVENSON, RAILROADER, Native of Ireland Served for 50 Years; Funeral to Be Friday. Thomas J. Stevenson, native of County Clare, Ireland and for 50 years well known among Nashville railroaders as "Uncie Tom" because of his career as an engineer, died at the home of his daughter, Mrs. Harrison, 607 North Third street, at 3:30 o'clock Wednesday Mr. Stevenson who was retired from 16 years by the Nashville Terminals by whom was employed when he suffered injuries fall from his engine in the East Nashville yards, 31. He came here shortly after the Civil in which he served in the Born in County Clare, Mr. Stevenson to America as small child. His family settled in Vermont and it there when the war broke out in the 60s that he joined the New York cavalry regiment with which he served until the over. Meanwhile his brother, Pat had come to Nashville and was engaged conductor here. Mr. Stevenson came here and soon was also an em: ploye railroads here. He was employed as engineer by various companies. total of years hefore his retirement accident caused his years to be spent Since his wife died two years Mr. had lived with his deughter Four and three Mrs. Stevenson of Augusta. Ga.. also survive Mr. member the Church the Holy TTe also was -"Mated with the Brothnt home Friday with high mass o'cleak. Burial will be in CalHonorary will he members the Helv Name Active he: Holes, Mitch Green and George Thompson. TWO BANKS OSE Jacksonville, Fla., July The First National Bank of St. Augustine and the Phiefer State Bank of Gainesville, having aggregate more than $3,000.000, were closed today excessive withdrawals and for the protection of depositors.

2. July 25, 1929 The Bradenton Herald Bradenton, FL
Article from The Bradenton Herald, July 25, 1929

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Article Text

Authorities Take Over Bank Affairs ACKSONVILLE Fla., July federal bankofficials today were charge accounts of Florida banks that closed their doors yesterday. Officials the banks, the First National Bank St. Augustine Phifer State Bank of Gainesville. said the institutions were closed protect depositors the face of heavy withdrawals. The Augustine has posits of $2,122,588.92. capital stock of $130,000 and surplus $70,000. The Gainesville bank's posits were listed and capital stock Other banks the two cities light during day, officials but had plenty cash on hand to withstand them. Permission of the United States comptroller recently granted for the consolidation of the First National Bank St. Augustine and two other banks of that city, but the fusion had not been made. President Puller of the First National bank said that the other banks. the Peoples Bank and the Bakers Trust company, would continue operate before and probably would not be affected by the closing of the First National.

3. August 6, 1929 Brownsville Herald Brownsville, TX
Article from Brownsville Herald, August 6, 1929

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Article Text

FLORIDA CALM AFTER PANIC Washington Crop Movement Report Restores Composure to Public ORLANDO, Fla., Aug. 6.-Florida's second bank panic in two years, due largely to uncertainity over marketing crops next winter because of the fruit fly quarantine, has become a thing of the past, financial interests believe. About 30 banks having closed their doors. The unexpectedness of the runs, which gained impetus after reports were circulated that Tampa and most other banks were closing, caused many sound institutions to close their doors when the reserve cash gave out, officials said. All of these banks are preparing to reopen as soon as their affairs have been straightened out to the satisfaction of the state comptroller. The people of Florida are recovering their composure with the news from Washington that citrus crops will be moved out of infested and protective zones and that other vegetables will also go to market. In this county the State Bank of Ocoee opened the first part of the week. This bank closed more than a year ago. The bulk of the depositors have agreed to freeze their deposits for a period of from one to four years rather than force liquidation and poor settlements at this time. The depositors get 25 per cent of their money each March 1, beginning next year through 1933, with interest at four per cent. The First National Bank of Winter Garden in all probability will reopen shortly. There will be some changes in the directorate, with one or two Orlando financiers on the board. The depositors are assured full payment. At St. Augustine three banks are to be consolidated, namely; the Firest National, the People's Bank for Savings and the Bankers Trust Company. Announcement is said to have been made by the United States Comptroller, approving the consolidation. At St. Petersburg the Fidelity Bank & Trust Company has acmired the banking rooms of the llexander National, at Seventh and Central avenues, which will be inlarged. The Fidelity has a capital of $100,000, which will be increased, according to announcement plans for reorganization. Announcement of the approval for sale of assets of the First Nattional of Lakeland to the DuPont interests, by the treasury department, has caused Sebring business men to predict that such action might cause the sale of the assets of the First national of Sebring to the same concern. Under the terms of the sales contract, approved by the comptroller of currency the Almours Security Company, inc., will organize a new bank to be known as the Lakeland National Bank, and will pay at the earliest "practical time a 25 per cent dividend to all creditors and pay in full all preferred claims.' New Institution At Sarasota the Palmer National Bank and Trust Company, a new financial institution capitalized at $100,000, opened for business last week. The principal stockholders are Honoree and Potter Palmer of Chicago. The bank is temporarily occupying the banking rooms of the former American National bank. Its president is John B. Cleveland, for the past three years manager of the Tampa offices of the Palmer coration.

4. March 16, 1930 The Palm Beach Post West Palm Beach, FL
Article from The Palm Beach Post, March 16, 1930

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Article Text

IS OPEN AGAIN Lights again are blazing while the music of jazz band blares from the orchestra of famed club West Palm Beach, long known as the Marathon But, today. the name is changed and the management is different, according The closed more than eight months ago series prohibition raids brought fame to the place, now the name of the Two-Bit Club. Baldwin POLICE ATHLETIC MEET the new "Baldy, he Regular the known to the Police Athletic club will be held in cently closed Paradise Club, on the police this at South Poinsettia, orchestra o'clock. All members are urged leader at the latter attend, according an announcement by Richard Post, secNINE NEGROES HELD retary. BANK TO PAY DIVIDEND Augustine, March 10 percent dividend will be paid next Wednesday all depositors of the First National Bank, an nounced here Saturday by M. McNair, bank receiver. IRISH FINDS PREHISTORIC Discovery cemetery in County Meath, Irish Free State, believed prove that there are still many interesting finds in this former seat of the cient kings of Ireland Antiqua declare that the rich pasture lands cover valuable relies of the time when all roads led Tara and great held on the planns finds much interin that part the COSTLY PIGS H. Clinton Leonard didn't like when the neighbors' pigs strayed onto farm. So caught them and sold them for $90 The owners, James Carphan and Everett Banks, found that had sold them and brought against him. He fined $196 for the pigs and $22.80 court costs, thereby losing more than $10 Oon the deal. Nine negroes, caught in skin game, face police court Monday morning answer gambling Officer A. Conner made the Along with these are six other negroes being confined city jail larceny charge case goods from the Florida Sugar Bond was set $200 H. Verner and C. O. Pierce made the ar- STATE FAIR OPENS Jacksonville, March Despite the driving rain Saturday, about 3,000 persons attended the opening of the annual Florida state School children, given free admitup most the The with Flor ida fish life, was the chief attraction HUGE NEW ZEPPELIN Berlin ship of the Graf Zeppelin is started this year the Zeppelin Airship Company The ship will be 740 feet long and will larger than either of the huge English ships, the "R 100" and expected that the ship will completed in the summer 1931.

5. March 16, 1930 Tampa Bay Times St. Petersburg, FL
Article from Tampa Bay Times, March 16, 1930

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Article Text

WILL PAY "DIVIDEND" ST. AUGUSTINE, March 10 per cent dividend will be paid next Wednesday all depositors of the First National bank, was here today by M. G. McNair, bank receiver. organizing competition for the best out campaign among clubs. During the Easter and Passover periods will be at least 4,000 in Moscow city and 10,000 in Moscow province. Four picture projectors, three troupes and 100 brigades will dispatched to the Radio loud will be placed in the streets to transmit anti-religious propaganda. For workers are busy in the day time, night demonstrations will given at the cow planetarium materialaspects of the world as opposed to