2286. Polk County National Bank (Bartow, FL)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: national
Bank ID: 4627
Charter Number: 4627
Start Date: May 17, 1929
Location: Bartow, Florida (27.896, -81.843)

Metadata

Model: gpt-5-mini
Short Digest: b3c1b90b

Response Measures

Accommodated withdrawals, Full suspension

Description

A threatened run occurred May 17, 1929 and was briefly halted by deposits, but the Polk County National bank closed early in the summer 1929. A federal receiver was later appointed (Nov 1931) and the bank remained closed; later litigation and receivership activity through 1934 confirm permanent closure. OCR errors in some articles corrected (e.g., receiver appointment dates).

Events (6)

1. September 11, 1891 Chartered

Source: historical_nic

2. April 16, 1929 Voluntary Liquidation

Source: historical_nic

3. May 17, 1929 Run

Cause: Rumor Or Misinformation
Cause Details: Threat of withdrawals driven by local rumors about reopening of banks and district bank conditions; article describes rumors current here as motivating the threatened run.
Measures: Local business men and wage earners deposited funds; community deposits exceeded withdrawals and halted the run within half an hour.
Newspaper Excerpt: Deposits Offset Run On Bank in Bartow...the threat came at the opening for business yesterday, but was ended within half an hour when depositors outnumbered those who sought to remove their funds.
Source: newspapers

4. June 1, 1929* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank was described as in a failing condition and closed early in the summer of 1929; closure followed the earlier run and failing condition of the older bank.
Newspaper Excerpt: first since the closing of the Polk County National bank early in the summer.
Source: newspapers

5. November 8, 1929 Voluntary Liquidation

Source: historical_nic

6. November 9, 1931 Receivership

Newspaper Excerpt: Shelton named bank receiver...appointed receiver the National bank Auburndale, the First National Lakeland the Polk County National bank Bartow take effect Nov. Shelton informed his appointment by comptroller, in Shelton leave this morning for Lakeland where he will make headquarters.
Source: newspapers

Newspaper Articles (7)

1. May 17, 1929 The Tampa Times Tampa, FL

Article from The Tampa Times, May 17, 1929

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Article Text

Deposits Offset Run On Bank in Bartow Bartow, May 17.-Officials of the Polk County National bank found today when they checked up yesterday's business that deposits far exceed withdrawals and that a threatened run on the institution had been halted by business men and wage earners. The threat came at the opening for business yesterday, but was ended within half an hour when depositors outnumbered those who sought to remove their funds. Rumors current here were to the effect that New York capitalists interested in other Polk county institutions had that if investigation showed the five banks closed in this district early this week were found solvent they would be reopened as soon as negotiations could be completed. Conditions were reported "as usual' at other financial institutions in this section.

2. November 15, 1929 The Tampa Times Tampa, FL

Article from The Tampa Times, November 15, 1929

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Article Text

NEW BARTOW BANK TO OPEN NEXT MONDAY Financial Institution First Since Early Summer Special The Times Bartow, Nov. 15.-The Florida National Bank of Bartow will open its doors here Monday, providing the citizens of this community with their first financial institution since the closing of the Polk County National bank early in the summer. Announcement of the creation of the Florida National bank under the direction of Almours Securities, inc., of which Alfred I. Dupont is president, was received here from Jacksonville today. Capital of $100,000. The new bank will begin with paid in capital of $100,000 and surplus of $50,000. Harold S. Day, for a number of years connected with the Fourth National bank, Macon, Ga., and more recently a national bank receiver for various Florida banks. will head the institution as president. George E. Tribble, assistant vice president of the Florida National Bank of Jacksonville, with which the bank here will be affiliated. will be vice president. Mr. Tribble is also vice president of the Florida bank of Thomas E. Chambers, also formerly the Fourth National bank of Macon, will be cashier The directors are W. H. Swann E. Pierce. R. M. Oglesby and Mr. Day, of Bartow. and Mr. Tribble. of The tellers will be W. H. Winseman and Preston Knapp. The bank will occupy the quarters of the old State Bank of Bartow, which also closed, the prop-

3. November 7, 1931 Tampa Bay Times St. Petersburg, FL

Article from Tampa Bay Times, November 7, 1931

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Article Text

SHELTON NAMED BANK RECEIVER Former Local Banker Gets Word of His Federal Appointment John Shelton, trust officer the Central National bank until closed April 17, received word day that had been appointed ceiver the National bank Auburndale, the First National Lakeland the Polk County National bank Bartow take effect Nov. Shelton informed his appointment by comptroller, in Shelton leave this morning for Lakeland where he will make headquarters. Mr. Shelton had been trust officer the Central bank for six years, from Chattanooga where he had banking experience. the closed Mr. Shelton retained by M. Anderreceiver for the First National Central National banks, for two in capacity. Due federal laws an officer of cannot of his Anderretained Shelton, however, after the trust department closed Central bank. Griffin, had been receiver the three Florida banks, and Shelton appointed vacancy. Mr. Shelton some time ago to Comptroller position bank receiver and asked whether position accept Mr. Shelton that the came him to report Lakeland. Mr. has property here. to make tersburg

4. November 8, 1932 The Tampa Tribune Tampa, FL

Article from The Tampa Tribune, November 8, 1932

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Article Text

BANK RECEIVERS GET JUDGMENTS IN U. S. COURT Awards Made on Stock Assessments Default judgments totaling more than $235,000 were awarded by jury in federal court yesterday at the opening of the November session, called chiefly for hearing of criminal cases. The largest judgment was for $47,191 in favor of M. Anderson, as receiver of the First National bank. St. Petersburg, against Elsie Knight Bize, joined by her husband, Marshall Bize. for damages resulting from pay an assessment $40,000 400 stock in the bank owned by Mrs. Bize at the time the bank closed. Another judgment for $45,612 was returned in favor Anderson ceiver the same bank and against John N. Thorn. He obtained judgment against the Thorn Estate, Inc., and Lewis Holding Co., Inc., for $2951, and against Martin. joined by husband, Douglas D Martin, for $29,494 Gets Other Judgments As receiver of the Central National Bank Trust of St. Petersburg. Anderson obtained judgments against the following William Deklyne, $2281: Herman Dann, $10,889; Murok Realty corporation George E. Cook, $25,600; Alvina Griffin, joined by her husband, Thomas R. Griffin, $3333: Charles Powell and Frank Jones, $13,784. and Welton. $2578. receiver of the National City bank, Tampa, Anderson got judgment against M. Leo Elliott for $1535. C. Shelton receiver of the First National bank of Auburndale got judgment against Dean Hickman $3499 As Polk County National bank. Bartow, ceived judgment against Wilson for $25,869 Joseph Gamble, receiver of the City National Tenn., given judgment of $2080 against W. Murrian judgment for was awarded Ida K. Wood against J. G. Whitfield

5. March 2, 1934 The Tampa Tribune Tampa, FL

Article from The Tampa Tribune, March 2, 1934

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Article Text

COURT REVERSES BARTOW BANK CASE JUDGMENT Holds With Old Bank in Liquidation Suit The United States circuit court of appeals at New Orleans yesterday reversed a decision by Federal Judge Akerman in which he awarded a judgment for $61,330 against the Polk County National bank of Bartow, and in favor of the Polk County National bank in Bartow, which took over assets of the older bank. The decision was in a suit brought in 1931 by the receiver of the successor bank. The receiver sought to establish liability of the older bank for endorsement of certain notes, which would enable him to assess its stockholders. Took Over Assets Early in 1929 the older bank was in a failing condition and the new bank was formed to take over its assets and assume its liabilities. The old bank gave its note for $1,576,520 pledged by all its assets. This note was to be liquidated from the essets and the stockholders were to be relieved of liability. Some of the notes sued on had been transferred to other institutions and in time were paid off by the new bank or its receiver in accordance with the agreement to pay debts of the old bank. Himes & Himes and C Edmund Worth, attorneys for the old bank, maintained this payment relieved the old bank. They maintained that the endorsement on other notes had been allowed to remain on them through oversight at the time they were delivered to the new bank. Judge Akerman held these pleas were not a valid defense and entered judgment. The receiver was represented by McKay, Withers & Ramsey. Court's Opinion The appellate which remanded the case for further hearing in reversing Judge Akermen's ruling, held in effect that the agreement between the two banks made the old bank a principal debtor and the new bank surety with respect to debts of the old bank, and that when the new bank paid off other banks, which held part of the notes, the old bank's liability was discharged. The court also held that the old bank could not be held liable on the notes on which its endorsement had been allowed to remain through oversight.

6. May 11, 1934 The Tampa Tribune Tampa, FL

Article from The Tampa Tribune, May 11, 1934

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J. C. Shelton Resigns As Polk Bank Receiver LAKELAND, May (Special)J. C. Shelton, who was appointed receiver for several Polk county banks Nov. 9, 1931, today announced he has submitted his resignation to Comptroller J. F. T. O'Connor in Washington because of ill health. Shelton, who came here from St. Petersburg, is receiver for the First National bank, of Lakeland, the Snell National bank. of Winter Haven, the Polk County National bank, of Bartow, and the First National bank, of Auburndale.

7. 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.