2142. American Bank & Trust Company (St Petersburg, FL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust
Start Date
April 29, 1932
Location
St Petersburg, Florida (27.771, -82.679)

Metadata

Model
gpt-5-mini
Short Digest
891321b65998baa2

Response Measures

None

Description

The articles describe the American Bank & Trust Company in St. Petersburg as having closed (suspended) at the end of April 1932 (ref. closing of the American Bank and Trust company and April 29) and being wound up: the bank's president A. P. Avery filed bankruptcy, a trustee/liquidator was appointed and safe-deposit box examinations and liquidation activity are described. There is no description of a depositor run prior to suspension; events point to bank-specific insolvency/financial misconduct and subsequent liquidation/receivership.

Events (2)
1. April 29, 1932 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed amid insolvency and financial problems of president A. P. Avery; Avery filed a voluntary petition in bankruptcy and trustee/liquidator appointed.
Newspaper Excerpt
closing of the American Bank and Trust company ... the bank's April 29
Source
newspapers
2. May 18, 1932 Receivership
Newspaper Excerpt
petition in bankruptcy ... the closing of the American Bank and Trust company ... trustee. petition originally scheduled liabilities ... The trustee's appraisal of the brought the hearing This figure Questioned Two Hours nearly Tuesday afternoon Avery ... Petersburg appointed trustee. ... Guy Shepard, liquidator for the American Bank and Trust company, also refused estimate any beneficial results ... (May and Aug articles describe trustee/liquidator activity). (Excerpted and corrected for OCR errors.) Note: article names both a trustee in bankruptcy (Luther W. Jones) and a liquidator (Guy Shepard). This event documents appointment and active liquidation/receivership proceedings for the closed bank.
Source
newspapers

Newspaper Articles (3)
1. May 18, 1932 Tampa Bay Times St. Petersburg, FL
Article from Tampa Bay Times, May 18, 1932

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Article Text

BANKER, TELLS OF HIS DEALS Listed Assets of $252,168 Appraised at $1,214 at Bankruptcy Hearing FINANCIAL AFFAIRS of Avery from the time of his pioneering days in Petersburg up to the closing of the American Bank and Trust company, of which he president, were related in detail at hearing on his petition in bankruptey at Tampa Tuesday. Although admitting he kept record of personal financial transactions for three years prior to the bank's April 29, other in business career. Avery repeated several times the examination had to because he "never anybody "Played Game Square" didn't every Tom, Dick Harry: played the game Avery told examining torneys Referee H. Baya, the proceedings. "There any reason keeping records. always took them burned them after five months." Avery filed voluntary petition bankruptcy the Tampa federal district court last April which nearly score creditors are Principal among them the closed First National and Ameribanks Petersburg and the First National bank Tampa The meeting the creditors held before Referee May Luther W. Petersburg appointed trustee. petition originally scheduled liabilities aggregating and assets of claimed homestead emption real $750 property exempThe trustee's appraisal of the brought the hearing This figure Questioned Two Hours nearly Tuesday afternoon Avery of firm Arthur which reprereceiver National disclosed that stockholder Column

2. May 22, 1932 Tampa Bay Times St. Petersburg, FL
Article from Tampa Bay Times, May 22, 1932

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Article Text

AVERY BANK BOX WILL BE OPENED BY COURT ORDER Contents Will Be Revealed Monday; Bankruptcy Case Continues Investigation of creditors in the A. P. Avery bankruptcy proceedings Saturday led to safe deposit box in the Florida National bank in the name of Avery's wife, Mrs. Tilla B. Avery. when Referee H. P. Baya is sued an order for examination of the box. The box, it was learned, will be opened during banking hours Monday in the presence of the trustee in bankruptcy, Luther W. Jones, Avery,an Mrs. Avery, the creditors and their attorneys. Issuance of the order by Referee Baya is.said to have followed series of examinations in the case after hearing Tuesday in Tampa in which Avery was grilled at length on his financial affairs previous to the closing of the American Bank and Trust company. of which he was Voices No Objection Mrs. Avery, it was stated, voiced no objection to the examination of the box. The only safe deposit box brought into the case the hearing Tuesday was one in Mrs. Avery's name at the American bank, to which Avery had access, at the time of the bank's suspension. During the hearing it was disclosed that the former bank president had been stockholder in sev. eral local enterprises in récent years but his actual investment, profits or losses in most of them were not ascertained. Avery repeatedly stated he had "nothing to hide" because he "never owed anybody anything.' He testified that he never kept any records in his transactions adding he "always took them out and burned them after five or six months." The West Coast Paving company. of which Avery held third interest with W. J. Overman and Dixie M. Hollins, and the General Sanitarium and Espiritu Santo Springs at Safety Harbor. were among several enterprises figuring in the testimony. Avery said he "sunk about $250,000" in the latter and denied he ever received any "fabulous sums, as reported. from the others. His petition in bankruptcy originally scheduled assets of $252,168.50 and liabilities in the amount of $234.364.05. The assets figure was later revised to approximately $200,000. and the trustee's report appraised the assets at $1,214.49. Principal creditors are the closed First National and American banks here and the First National bank in Tampa.

3. August 27, 1932 Tampa Bay Times St. Petersburg, FL
Article from Tampa Bay Times, August 27, 1932

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Article Text

BANK RECEIVER AWAITING WORD ON MORATORIUM Foreclosure Proceedings Suspended for 60 Days By Federal Comptroller M. Anderson. receiver for the two closed national banks here, Friday night that had no instructions from Washington connection with the plan to adopt 60-day moratorium mortgage foreclosures on homes throughout the country. Shown an Press dispatch the was to elaborate the effect the suspension might St. Petersthe receiver that the bulk of by the two national banks here on homes had been completed. Have Humane Effect "On the basis this Anderson said, contemplate difficult timate nature of those instructions don't doubt but that as outlined the dispatch will effect quarters, but in St. Petersburg would not attempt estimate how beneficial it might be. only natural assume that in the course two years liquidation claims the Central National and First banks in St. Petersburg against homes have been reduced to possession," adding that 50 homes have been involved liquidation of the institutions. Guy Shepard. liquidator for the American Bank and Trust company, also refused estimate any beneficial results that might accrue the suspension plan, but indicated that the bulk foreclosures on also completed. "The proposition is encouraging," Shepard. He added large number persons had called on him connection finding and means of their from mortforeclosures, only by his but individuals and instiwell. said he had been the Reconstruction Finance corporation pleas of his inquirers, but refused contents of answers from the