2176. First National Bank of Commerce (Tarpon Springs, FL)

View Charter #12274 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
12274
Charter Number
12274
Start Date
June 12, 1930
Location
Tarpon Springs, Florida (28.146, -82.757)

Metadata

Model
gpt-5-mini
Short Digest
40c3ba7410038617

Response Measures

Accommodated withdrawals, Public signal of financial health, Capital injected

Receivership Details

Depositor recovery rate
67.0%
Date receivership started
1933-10-26
Date receivership terminated
1937-08-13
Share of assets assessed as good
48.0%
Share of assets assessed as doubtful
44.2%
Share of assets assessed as worthless
7.8%

Description

Articles describe a heavy but largely quelled silent run on June 12, 1930 when local citizens and large depositors restored funds; the bank survived that immediate episode. Later articles (1934) show the First National Bank of Commerce at Tarpon Springs was closed and a receiver (Charles I. Dwiggins) named, with dividend distributions in July 1934. The causal link between the 1930 run and the 1934 failure is not stated; I classify as run followed by later suspension/closure (receivership) and closure. OCR errors in Article 1 (garbled lines) were corrected when extracting snippets and dates.

Events (4)
1. November 18, 1922 Chartered
Source
historical_nic
2. June 12, 1930 Run
Cause
Rumor Or Misinformation
Cause Details
A silent run / heavy withdrawals driven by local nervousness (community organized to stop a run); no specific bank insolvency scandal cited.
Measures
Community rescue: ~75 leading depositors pledged/turned over about $400,000; over 350 customers made deposits; incoming wires and deposits from companies supported the bank.
Newspaper Excerpt
PEOPLE SAVE TARPON BANK FAILING ... More than 350 people have made deposits, and fewer than 20 withdrawals ... The First National Bank of Commerce has been flooded with wires ... Stop Silent Run. Last night about 75 loyal ... turned over nearly $400,000 ...
Source
newspapers
3. October 26, 1933 Receivership
Source
historical_nic
4. May 16, 1934 Receivership
Newspaper Excerpt
Charles I. Dwiggins, receiver of the National Bank of Commerce at Tarpon Springs ... was named receiver ... Dwiggins is to be liquidator for the First National bank here ... . (Tampa Tribune, May 16, 1934). Also July 13, 1934: clerk for the receiver of the defunct First National Bank of Commerce ... received several hundred dividend checks ... declared by the bank receiver. (Tampa Tribune, July 14, 1934).
Source
newspapers

Newspaper Articles (4)
1. June 12, 1930 The Tampa Times Tampa, FL
Article from The Tampa Times, June 12, 1930

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Article Text

PEOPLE SAVE TARPON BANK FAILING Special The Times Tarpon Springs, June plan as outlined last night by citizens of Tarpon Springs in protecting their bank has worked out splendidly today. More than 350 people have made deposits, and fewer than 20 withdrawals. These latter were small, and none closing accounts. The First National Bank of Commerce has been flooded with wires all day. many long distance calls this morning, congratulating the plan adopted last night. Florida Power corporation Peninsular others wired the bank that they deposits poration wired an additional deposit. Stop Silent Run. Last night about 75 loyal debank were informed silent the bank and met the Sunset Hills Counclub. and turned over nearly $400,000 in the bank. taking which the bank had unable to liqui- The bank's deposits total 000. The loyal came the rescue moment when officers and directors about not open At meeting every and

2. June 12, 1930 The Buffalo News Buffalo, NY
Article from The Buffalo News, June 12, 1930

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Article Text

$2,000,000 ARRIVES FOR BANKS IN MIAMI 12 among in five local banks decreased late with the nrrival of $2,000,000 in cash by airplane from and porta from city and state banking offiFailure open for business of the Bank of Bay its three branches sent for information money and caused another bank to shut down to avoid a run. SEEK TO SAVE BANK TARPON SPRINGS June 12 (/P) was in this sponge marketing as 75 men women last night took to the future of the First National Bank of Commerce The 75 largest depositors signed statements turning to the bank deposits agregating $400.000 and taking mortgages and Florida municipal bonds.

3. May 17, 1934 The Tampa Tribune Tampa, FL
Article from The Tampa Tribune, May 17, 1934

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Article Text

New Polk Bank Receiver Prepares To Take Charge LAKELAND, May 16.-(Special) Charles I. Dwiggins, receiver of the National Bank of Commerce at Tarpon Springs, who has been named receiver of four closed national banks in Polk county, was here today to check over his new duties with J. C. Shelton, who has resigned because of ill health. Dwiggins is to be liquidator for the First National bank here, the First National in Auburndale, the Polk County National at Bartow and the Snell National at Winter Haven.

4. July 14, 1934 The Tampa Tribune Tampa, FL
Article from The Tampa Tribune, July 14, 1934

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Article Text

CHECKS FOR DEPOSITORS TARPON SPRINGS, July 13-(Special. W. Craig, clerk for the receiver of the defunct First National Bank of Commerce, received several hundred dividend checks from Washington today for distribution on the first dividend of 25 percent declared by the bank receiver. These checks are for claims not proven early enough to be included in the first distribution and include claims made between May 8 and June 15.