The First American Bank & Trust Co. failed to open 1927-03-08, triggering runs and closures of other local banks; the bank suspended operations (posted notice it was suspended for protection) and reopened after reorganization and capital increase on 1927-05-25. Causes cited in the articles include prior local bank failures, depressed real-estate conditions and heavy withdrawals (local banking distress).
Events (3)
1.March 8, 1927Run
Cause
Local Banks
Cause Details
Runs were sparked by the First American's failure to open and by recent failures of other Palm Beach banks, plus continued large withdrawals amid depressed real-estate conditions and prior bank failures.
Measures
Armored car dispatched from Miami with cash to supply panicky depositors; police controlled crowds.
Newspaper Excerpt
Runs began on three other banks here. The police were called to control the mobs which gathered in front of the institutions.
Source
newspapers
2.March 8, 1927Suspension
Cause
Local Banks
Cause Details
Bank posted notice that business was suspended for protection of depositors after failing to open amid heavy withdrawals and local banking distress (prior bank failures, real-estate depression).
Newspaper Excerpt
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.
Source
newspapers
3.May 25, 1927Reopening
Newspaper Excerpt
After remaining closed for two months as the result of heavy runs last March, the First American Bank and Trust company has announced it will reopen for business here today. The First American bank has increased its capital to $500,000 and will carry surplus of $100,000.
Source
newspapers
Newspaper Articles (19)
1.March 8, 1927The Daily Alaska EmpireJuneau, AK
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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.
2.March 8, 1927The Sheboygan PressSheboygan, WI
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Frenzied Run On Three Palm Beach Banks Is Started
United Press]
Three West Palm Beach, the Palm Beach leading banks closed their doors today district one of the most frenand started in the history of Florida zied runs finance. found streets jammed seeking to with depositors withdrawing their money banks of the city. from remaining Runs on the Farmers bank and bank of West Palm the Citizens Beach were such that an armored dispatched from Miami bearing cash for panicky deposisooner had the First AmeriBank Trust company posted notice that business was for the protection of positors two other institutions Northwood Bank and Trust company West Palm Beach and First Bank and Trust of Palm Beach. company
3.March 8, 1927The Columbus TelegramColumbus, NE
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PALM BEACH BANKS CLOSED
Failures Frenzied Precipitate Run Other Florida Banks on
West Palm Beach, Fla., Mar. Three leading banks of Palm Beach district closed their doors today and started one of the most frenzied runs in the history of Florida finance. Midday found streets jammed with depositors, seeking to save their money by withdrawing from 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 notices 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.
4.March 8, 1927Tulare Advance-RegisterTulare, CA
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WEST PALM BEACH. Mar. leading banks of the Palm Beaches closed their doors this morning and started one of the most frenzied runs history of Florida finance. Mid-day found streets jammed depositors seeking their money by withdrawing from remaining banks of the
Runs on the Farmers Bank and Citizens Bank of West Palm Beach each were such that 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 depositors than two other institutions Bank and Trust Company of West Palm Beach and the first Bank and Trust Company Palm Beach Heavy withdrawals on all three banks during the past eight months and unsettled condition of affairs in this part of the state were given reasons for the closings.
5.March 8, 1927The Winona Daily NewsWinona, MN
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Three West Palm Beach Banks Closed; Runs Begin on Two Other Financial Institutions
West Palm Beach, Fla., March 8. -The First Bank and Trust Co. of Palm Beach and the Northwood Bank and Trust Co. of West Palm Beach closed their doors today when the First American Bank and Trust Co. here failed to open this n-orning. 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. DIrectors of the First National Bank and Trust Co. 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 cash in vault. $58,255 cash in other banks, $553,730; liabilities, bills said it had to be closed because of general conditions follow ng 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 Co a few weeks ago in Lake Worth, and continued large withdrawals by depositors in the last few weeks. More than $10,500,000 has been withdrawn from the bank from peak of $13,500,000 deposits a few months age, directors said The First Bank and Trust Co of Palm Beach is cagitalized at $50,000 and has $100,000 as surplus and un divided profite. No reason was announced for the crosing but It is L'eved that the bank closed in order to forestall run. The Northwood bank, which serves the northern part of West Palm Beach, is believed to have closed for
3 PALM BEACH BANKS FAIL, 3 RUNS BEGIN
By Press. WEST PALM BEACH. Fla. March First Bank and Trust Company of Palm Beach and the Northwood Bank and Trust Company of West Palm Beach closed their doors Tuesday when the First American Bank and Trust Company here failed to open Tuesday morning. Runs three other West Palm 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 large sum of currency for the Citizens Bank and the Farmers Bank and Trust Company One May Reopen. Directors of First American Bank and Trust Company stated that bank is solvent and would be opened after reorganization. The directors stated that they have more than a legal reserve on hand. First American was capitalized $300,000 and statement issued Tuesday morning showed Loans and discounts. $3. 416,503.52 cash in vault. in $1,140,000; deposits. The First American Bank's officers said it had to be closed because of general conditions following the fail ure 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 conlarge withdrawals by depositors in the past $10,500,000 Withdrawn. More than $10,500,000 has been from the bank from peak of $13,500,000 deposits a few months 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 reason was announced for the closing. but it is believed that the bank closed in order to forestall run. The Northwood Bank, which serves part of West Palm Beach. is believed to have closed for the reason. of the reorganized First Bank and Trust Company of Lake Worth few weeks ago had apparent inspired depositors here to draw their accounts in large sums.
7.March 8, 1927The Sedalia DemocratSedalia, MO
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CURRENCY
Three At West Palm Shut Doors Heavy Withdrawals
Associated Press. WEST PALM BEACH, Mar. Citizens Bank and The Farmers Bank and Trust survived prolonged runs today observed their usual o'clock closing hour custom, following the closing of three other banks
PALM BEACH, Mar. armored car bearing in currency arrived shortly after noon today from Miami prevent closing of banks following the closing of three other banks today. Heavy withdrawals deposits the two continued in the bank officials expressed belief that the impendhad been averted the relief from Miami.
WEST PALM BEACH, March First Bank and Trust Company Palm Beach and the Northwood Bank and Trust Company of West Palm Beach clostheir doors today when the First American Bank and Trust Company here failed this morning. open Runs began two other Palm Beach banks. Police took charge of the crowds that gathered in front of the instituand maintained order. Directors of First American Bank and Trust Company stated that bank would opened after The directors stated that they have than legal reserve on hand. The First American Bank's said had to closed general conditions following failure of three Palm Beach banks last June, the hurricanes, the continued in real estate, the upheaval the city affairs, failure of the First Bank and Trust Company weeks ago in Lake Worth continued withdrawby depositors in the past weeks. It capitalized at First Bank and Trust pany of Beach capitalized $50,000. No reason was announced the closing but is believed that the bank closed in order to forestall The Northwood Bank, which the northeastern part of West Palm Beach, believed to have closed the same reason.
8.March 8, 1927Transcript-TelegramHolyoke, MA
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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.
9.March 8, 1927The Frederick LeaderFrederick, OK
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Frenzied Depositors Seek Funds In Other Banks
West Palm Beach. March Three leading banks of the Palm Beaches closed their doors this morning and started one of the most frenzied runs in the history of Florida finance Midday found streets jammed with depositors seeking to save their money by withdrawing it from remaining banks of the city. Runs of the Farmers bank and the Citizens' bank. of West Paim Beach, were such that an armored car was dispatched from Miami to bring cash to satisfy demands of depositors. No sooner had the First American Bank and Trust company post ed notice that business was suapended for the protection of depositors than two other instiutions Northwood Bank and Trust company. of West Palm Beach. and the First Bank and Trust company, of Palm Beach
10.March 8, 1927The Maryville Daily ForumMaryville, MO
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Three Banks Close; Palm Beach in Panic Financial Crisis Brings One of Most Frenzied Runs in Florida
West Palm Beach, March leading banks of the Palm Beaches clos. ed their doors this morning and started one of the most frenzied runs in the history of Florida finance. Midday found streets jammed with depositors seeking to save their money by withdrawing deposits from banks which remained open. 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 to be dis tributed among the panicky depositors. No sooner had the First American Bank and Trust Co. posted notice that the doors had been closed for the protection of depositors than the North wood Bank and Trust Co. of West Palm Beach and the First Bank and Trust Co. of Palm Beach, took similar action.
11.March 8, 1927The Lawton ConstitutionLawton, OK
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PALM BEACH Pardon And Parole Board Is Sought BANKS CLOSE; PARLEY BEGINS ON Low Grades Cause BILL IS PREPARED RUN STARTED NAVAL REDUCTION
Panicky Depositors Rush Banks Seeking to Withdraw Money.
WEST PALM BEACH. Fla., Mar. 8.-Three leading banks of the Palm Beaches closed their doors this morning and started one of the most frenzied runs in the history of Florida finances. Midday found the streets jammed with depositors seeking to save their money by withdrawing it from remaining banks of the cty. 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 the depositors than two oher institutions closed-the Northwood Bank and Trust company of West Palm Beach and the First Bank and Trust company of Palm Beach.
12.March 8, 1927The World-NewsRoanoke, VA
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BANKS AT PALM BEACH WEST TO OPEN FAIL
First American Bank Says More Than $10,000,000 Withdrawn in Few Months.
West Palm Beach, March First Bank and Trust Company Palm Northwood Trust the failFirst open this morning. The was capitalized and statement issued this resources follows: Loans and vaults $58,255.35. Cash banks Deposits for the First Americlosing Bank as the of three Palm Beach June, the the continued in real estate, the upheaval affairs, the failure the First Trust Company, few weeks ago Lakeworth the by depositors in the past few been withdrawn bank of few months ago, directors Directors the First American Bank and Trust Company today stated that solvent would opened reorganization. they more hand. for the protecof officers Bank and Trust Company Palm 000 and surplus profits. No was given for the but was believed bank closed in order to forestall Northwood Bank. which serves city to have closed for the same ren-
The closing of the local institutions upon the reorganibed First Bank and Trust Company Lakeworth, few weeks which inspired depositors withdraw their accounts here in large The other large banks in the crowds streets institutions. crowds are orOfficials the Citizens Bank announced armored route Miami for West Palm Beach bearing amount currency for both Citizens Bank the Farmers Band and Trust Company.
GARBAGE SACKS. Buy paper sacks with the lifted out when full, leaving clean
13.March 8, 1927The BulletinBend, OR
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Three Florida Banks Fail to Open Today
West Palm Beach, Fla Mar (LP)-Three leading banks of the Palm Beaches closed their doors this morning and started one of the most frenzied runs in the history of Florida finance. Midday found streets jammed with depositors seeking to save their money by withdrawing it from 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
14.March 8, 1927The Butte Daily PostButte, MT
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Hurricane, Continued Real tate Depression and Other Failures Bring Crash. Reopenings Are Promised.
WEST PALM FLA., March armored car bearing in currency arrived here today from Miami to prevent the closing of two local banks following the closing of three other banks today. Heavy withdrawals of deposits in the two banks continued in the early afternoon but bank officials expressed belief that the impending closings had been The First Bank and Trust company Palm Beach and the Bank and Trust company of West Palm Beach closed their doors when the First American Bank and Trust company failed to open this morning. Cops Control Crowds. Police took charge of the crowds that gathered in front of the Institutions, the Bank and the Farmers Bank and Trust company, which runs began. Directors the First American Bank and Trust company stated that the bank is solvent would be opened after reorganization. The directors stated that they more than legal reserve on hand. The First American capitalized $300,000 and statement issued this Loans and cash in vault. other Habilbills payable, $1,140,000; deposits, The First American bank's officers said had be closed because of general conditions following the fallthree Palm Beach banks last June, the hurricanes, the continued pression real estate, the upheaval the city affairs. the failure of First Bank and Trust company few weeks ago In Lake Worth, and continued large withdrawals by depositors in the past few weeks. Forestalled Run. More than has been withdrawn from the bank from peak of deposits few months ago, directors said. The First Bank and Trust company Palm Beach capitalized at $50,000 and has $100,000 as surplus divided profits. No reason was nounced closing but lieved that the bank closed In order to forestall run. The Northwood bank, which serves the part of West Beach, believed to have closed for the same Closing the reorganized First Bank and Trust company Lake Worth ago had apparentinspired depositors here withdraw their accounts in large
15.March 9, 1927News-PressFort Myers, FL
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PALM BEACH BANKS CLOSE By The Associated Press) WEST PALM BEACH Mar The First Bank and Trust company of Palm Beach and the Northwood Bank and Trust company closed their doors this morning following the failure of the First American Bank and Trust company to open
16.May 24, 1927Johnson City Staff-NewsJohnson City, TN
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WEST PALM May remaining closed for two months the result of heavy last the First American Bank and Trust Company has announced will for business Cornish, will head the new institution in place of Brelsford, became chairman the beard The First American Bank has creased its capital $500,000 will carry surplus of $100,000. announced. The bank after period during which officials worked stantly untie thetangle in which involved in March. All and doubtful paper has been charged off. claimed. Ernest Amos. comptroller of rency for Florida has wired ulations the new officers the bank. Lynn H. Dinkins. president of the Trust and Banking and M. president Marine Bank and Trust both New Orleans, were added to the rectorate the new president of the First American.
17.May 25, 1927The Birmingham PostBirmingham, AL
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BANK WILL RE-OPEN
West Palm Beach Institution To Resume Business.
By United Press Leased Wire WEST PALM BEACH, Fla. May 25.-After remaining closed for two months as the result of heavy runs last March, the First American Bank and Trust company has announced it will reopen for business here today. Ed Cornish, of Little Rock, Ark. will head the new Institution in the place of E. M. Brelsford, who becomes chairman of the board. The First American bank has increased its capital to $500.000 and will carry surplus of $100,000. it was announced.
18.May 25, 1927The San Diego SunSan Diego, CA
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Bank is Reopened With New Capital
By United Press WEST PALM BEACH, Fla. May 25.-The First American Bank & Trust Co., closed after heavy runs last March, reopened Its doors for business here today.
The bank increased Its capital to $500,000 and will carry a surplus of $100,000. it was announced. Three new directors were added.
19.June 1, 1927The Palm Beach PostWest Palm Beach, FL
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FIRST AMERICAN HERE ADDS GRATIFICATION
Twenty-five Banks Closed In State Are Reopened In Last Nine Months
BANK OPENS May thority has been granted the People's Bank, St. Cloud to reopen was announced today the state banking department. The bank pended operations sometime ago.
By the Associated Press May by the state banking the rapid succession of bank reopenings taking Reopening of the Bank of Orange Trust and the American Bank and of West Palm the latest of the institutions announce resumption of business satisfaction here by the department officials. The was declared. has due largely operative efforts extended among banking department officials and heads the institutions, and excellent prevailing among the public Particularly the latter, such progress could not be accomplished, was stated. Since banks had have reopened. according to revised list compiled by banking department heads. Two other institutions and later closed Following list of the reopened banks of the state, their location. and the date their repoening: Citizens Bank of Bushnell, Bushnell, Feb. 1927 Delray Bank and Bank and St. Oct. Bank County Sept. 14. Bank Dade City, Dade City, Palatka Bank and Trust company, Palatka, Bank GroveDec. Bank of Umatilla, Umatilla, 1926: First State Bank Clermont, ClerSept 28, 1926 Citizens Bank Eustis, Oct. 1926: Bank Mount Dora, Mount Dora, Sept. 1926: Bank of Aug. 24, 1926 Bank of OakOct. Bank of Live Oak. Live Oak, Sept. Bank Sept. 13, 1926 Lake Butler, Dec. Bank of Monticello, 14, 1926: Polk County Trust Lakeland. 28, State Bank. Lake 1926: East Florida Stuart Bank and Trust company. Stuart, Oct. 1926: People's Bank Sept 1926: Palmetto State Bank. Palmetto, May 19. 1927: Bank Orange and Trust company. Orlando, May 23. 1927, and First American Bank and Trust company. West Palm Beach, May
