Contemporary reports (Mar 8, 1927) state the Northwood Bank and Trust Company 'closed their doors' when the First American Bank and Trust Co. failed to open, apparently to forestall a run. Articles describe panicky withdrawals and police controlling crowds; First American announced it was solvent and would reopen after reorganization. There is no explicit statement about Northwood's ultimate fate in these articles, but closure is presented as a precautionary suspension triggered by troubles at another local bank. I therefore classify the episode as a suspension that produced depositor agitation and likely temporary disruption; reopening is plausible given contemporaneous language about reopening of First American, but Northwood's reopening is not explicitly reported — I select suspension_run_reopening as the most likely category while noting uncertainty.
Events (2)
1.March 8, 1927Other
Newspaper Excerpt
Mid-day 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.
Source
newspapers
2.March 8, 1927Suspension
Cause
Local Banks
Cause Details
Closed after First American Bank and Trust Co. failed to open; believed to have closed to forestall a run triggered by failure/trouble at other local banks.
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 Northwood Bank and Trust company of West Palm Beach and the First Bank and Trust company Palm Beach.
Source
newspapers
Newspaper Articles (14)
1.March 8, 1927The Waukesha County FreemanWaukesha, WI
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RUN OPENED FLORIDA BANKS
WEST PALM BEACH, Fla. leading banks of the Palm Beach district closed their doors today and started one of the most frenzied runs in the history of Florida finance. found streets jammed with depositors seeking to save their money by withdrawing from maining 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 Northwood Bank and Trust company of West Palm Beach and the First Bank and Trust company Palm Beach.
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, 1927Daily Republican-RegisterMount Carmel, IL
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TWO FLORIDA BANKS CLOSE THEIR DOORS
(United WEST PALM BEACH, Fla. March leading banks the Beach district closed their doors today and started the runs in the history of Florida finance. found streets jammed with depositors seeking their money withdrawing from remaining banks of the city. Runs on the Farmers' bank and the Citizens' bank of West Palm Beach such an armored car dispatched from Miami bearing cash for panicky depositNo sooner had the First American bank and Trust company posted notice that business suspended for the protection depositors than two other institutions Northwood bank and Trust company of West Palm Beach First Bank and Trust of Palm Beach. company
4.March 8, 1927Marshfield News-HeraldMarshfield, WI
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START RUNS ON THREE FLORIDA TRUST CONCERNS
WEST PALM BEACH, Fla., March AP) The First National Bank and Trust company of Palm Beach and the Northwood Bank and Trust company at West Palm Beach closes their doors today when the First American Bank and Trust company here failed to open this morning 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. Officials of the Citizens Bank announced that an armored car left Miami for West Palm Beach bearing a large sum of currency for the Citi, zens bank and the Farmers Bank and Trust company Directors the First American bank and Trust company stated that the bank is solvent and would be reopened after reorganization. The directors stated they have more the legal reserve on hand Officers of the First American bank which capitalized at $300,000 said the bank had to be closed because of general conditions following failure of three Palm Beach banks last June. the First Bank and Trust company officers gave no reason for closing; but it is believed the bank closed to forestail a run. The Northwood bank, which serves the part of West Palm Beach, is believed to have closed for the same reason.
5.March 8, 1927The Capital TimesMadison, WI
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3 Palm Beach Banks Close Doors Today
Officials Say Institutions Sound But Close To Prevent Run
[By the Associated Press] WEST PALM BEACH, The First Bank and Trust Co. of Palm Beach and the Northwood bank and Trust Co. West Palm Beach closed their doors today when the First American bank and Trust Co. here failed to open this morning. 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. Officials of the Citizens' bank 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 Directors of the First American Bank and Trust Co. stated that the bank is solvent and would be opened after a reorganization. The directors stated that they have more than legal reserve on hand. Officers the First American bank, which is capitalized at $300,000 said it had to be closed because of general conditions following the failure of three Palm Beach banks June. The First Bank and Trust Co. officials gave no reason for the closing but it is believed that the bank closed in order to forestall a run. The Northwood bank, which serves the northern part of West Palm Beach, is believed to have closed for the same reason.
Greenview Bank Closes SPRINGFIELD, Doors of the Marbold State bank at Greenview, 30 miles north of Springfield, were closed today as a result of a run started Monday when it was rumored that the bank had heavy holdings in the North Side Bank of Springfield, which closed last week.
Arlington Bank Closed MENDOTA, Arlington State bank of Arlington, III., near here, was closed today by action of the directors who are awaiting examination of the books by the state auditors. Frozen assets were the cause of the closing.
6.March 8, 1927Simpson's Leader-TimesKittanning, PA
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THREE BANKS IN FLORIDA CLOSE DOORS
West Palm Beach, Fla., March 8. (U.P.)-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 finance. Mid-day found streets jammed with depositors seeking to save 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 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 closedthe Northwood Bank and Trust Company of West Palm Beach and the First Bank and Trust Company of Palm Beach. Heavy withdrawals on three banks during the past eight or ten months and unsettled conditions of affairs in this part of the state were given as reasons for the closing.
Marriage Licenses Victor R. Hilty, Pittsburg, Ethel A: Nyquist, Tarentum. Daniel R. Burns, Leechburg, Emma M. Foote, Freeport.
Leader-Times ads reach the peopie every time.
BOWLING NEWS At the end of the second sevenweeks period, the season twothirds over, the standing is as folThe McMasters in first place followed: closely. by the Prudentials. The Adelsons hold high total pins, high game and high match record. Poole of the Adeleens hold high individual score of and high match average of 181 plus. High individual average for the season has not been determined. Dodge Bros. vs K. of c. Daugherty 166 133 Schall 134 112 119 Rearic 99 136 155 Schenk 87 117 Berline 143 127 130 660 566 654 Pierce 136 150 102 Jame 133 131 129 Hoffman 93 142 166 Caretti 102 123 132 Glenn 175 117 Dummy 90 554 721 646 W. P. vs. Dodge Bros. Householder 118 132 154 Mills 85 116 95 Parfitt 113, 130. 106 Slagle 116 165 101 Simpson 108 87 102 539. 630. 558 Hays 121 118 105 Rearic 78 108 108 B. Erwin 137 162 141 Erwin 120 126 114 Dummy 90 90 90 546 604 558 K. of Poole 124 123 159 Geary 162 154 134 136 121 149 Curren 98 130 133 90 90 90 620 618 665 James 113 97 130 99 135 105 T. Lehner 111 82 128 125 172 109 152 97 101 600 583 573 M. Mills 155 145 119 Yount 87 Simpson 89 98 Parfitt 103 129 152 Parke 107 93 109 House 123 144 142 575 600 620 Shuster 170 119 100 99 153 136 Jack 142 144 120 Apple 103 128 103 Carl 131 140 147 645 704 606 L. A. Vs Prud. Poole 128 112 Curren 150 124 129 Jack 131 143 163 Dummy 90 90 90 Dummy 90 90 90 604 585 584 Lehner 106 107 89 Stouffer 107 150 137 Schrecengost 102 91 110 McPherson 109 143 114 Murray 140 127 128 564 618 578
7.March 8, 1927The Brooklyn Daily TimesBrooklyn, NY
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Run on Banks Florida When Close Their Doors
United West Palm March leading banks of the Palm Beach District closed their doors day and started one frenzied runs in the history Florida finance. Midday found streets Jammed with depositors seeking save their money from maining banks the Runs Farmers' Bank and the Citizens' Bank West Palm Beach that armored bearing panicky depositors. had the First American Bank and Trust Company posted notice that for the protection of depositors, than two other institutions Northwood Bank and Trust Company West Palm Beach and the First Bank and Trust Company Palm Beach. Heavy withdrawals on all three banks during the eight months and unsettled conditions of affairs this State the closing.
8.March 8, 1927Evening ExpressPortland, ME
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Three Florida Banks Close Up, Runs On Others
When First American Bank And Trust Co. Of West Palm Beach Fails To Open Doors, Two Others Forced To Close-Police Maintain Order Among Crowds Outside
WEST PALM BEACH, Fla., March 8. (A. First Bank and Trust Company of Palm Beach and the Northwood Bank and Trust Company of West Palm Beach, closed their doors today when the First American Bank and Trust Company here failed to open this morning. 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. Officials of the Citizens Bank announced that an armored car had left Miami for West Palm Beach bearing a large sum of currency for the Citizens' Bank and the Farmers' Bank and Trust Company.
To Reopen Directors the First American Bank and Trust Company stated that the bank solvent and would be opened after reorganization. The directors stated that they more legal reserve on hand The First American was capitalfred $300,000 and statement issued this morning showed: Loans and cash in vault, cash in other banks, bills payable, $1,140,000; deposits, The First American Bank's offisaid had closed because general conditions following the failure of three Palm Beach banks June, the the continued depression in real estate, the upheaval in the city affairs, the failure of the First Bank and Trust Company ago Lake Worth, and continued large with- sums. drawals by depositors in the past few weeks. Large Withdrawals More than $10,500,000 has been withdrawn from the bank from peak of $13,500,000 deposits few 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 reawas announced for the closing but believed that the bank closed in order to forestall run. The Northwood Bank, which served the northern part of West Palm Beach is believed to have closed for the same reason. Closing of the reorganized First Bank and Trust Company of Lake Worth few weeks ago had apparently inspired depositors here withdraw their accounts in large
3 LEADING BANKS OF PALM BEACH CLOSE THEIR DOORS
West Palm Beach, Fla., March 8. (UP)- 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. Mid-day 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 Co. posted notice that business was suspended for the protection of depositors than two other institutions North wood bank and Trust Co. of West Palm Beach. and the First bank and Trust Co. of Palm Beach. Heavy withdrawals on all three banks during the past eight or ten months and unsettled conditions of affairs in this part of the state were given as reasons for the closings.
10.March 8, 1927The Enid Daily EagleEnid, OK
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FRENZIED RUN STARTED WHEN BANKS CLOSE
Three Leading Institutions In Palm Beaches Go Under
WEST PALM BEACH, Fla., March 8.-Three leading banks of the Palm Beaches closed sheir doors this morning and started one of the most frenzied runs in the history of Florida finance. Mid-day found streets jammed with depositors seeking to save their money by withdrawing it from re maining 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.
ARMORED CAR BRINGS $2,000,000 WEST PALM BEACH Fla., March S.-(P)-An armored car bearing $2.000,000 in currency arrived here shortly after noon 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 averted by the relief from Miami.
11.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
12.March 9, 1927The Springfield Daily RepublicanSpringfield, MA
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sent from Miami bearing cash for panicky depositors. No sooner had the Brst Bank and Trust company posted notice that business the 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 three banks during the past 8 or 10 months and unsettled conditions of affairs in this part of the state were given as reasons for the closing.
13.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
14.March 11, 1927Effingham Daily RecordEffingham, IL
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FRENZIED RUN ON WEST PALM BEACH BANKS STARTED
West Palm Beach, Fla., 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 finance. Mid-day found streets Jammed with depositors seeking to save 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 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 Mank and Trust Company of West Palm Beach and the First Bank and Trust Company of Palm Beach.
