2287. State Bank (Bartow, FL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
May 15, 1929
Location
Bartow, Florida (27.896, -81.843)

Metadata

Model
gpt-5-mini
Short Digest
6a5c3345

Response Measures

None

Description

The State Bank of Bartow was one of four banks headed by John L. Fouts that closed on May 15, 1929. Articles report information filed against Fouts for having 'loaned' himself $5,000 and altering minutes; the bank was closed May 15 and placed in the hands of state/federal authorities pending reorganization or liquidation. No specific depositor run on the Bartow bank is described in the articles — closure appears driven by bank-specific misconduct and subsequent authority intervention.

Events (1)
1. May 15, 1929 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Information filed charging President John L. Fouts 'loaned' himself $5,000 from State Bank of Bartow funds and altered board minutes; bank closed and placed in hands of state/federal authorities pending reorganization or liquidation.
Newspaper Excerpt
All four of the banks he headed closed on May 15.
Source
newspapers

Newspaper Articles (11)
1. July 12, 1929 Asbury Park Press Asbury Park, NJ
Article from Asbury Park Press, July 12, 1929

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FOUR Examiners Start Probes of Three Other State Banks. July While and federal officials began reorganization liquidation for three Florida banks the president Central Florida banking faced violating the charges state banking Two the banks that closed terday were Deland, the only banks that city. were Volusia county and company and the National Bank Deland, which shut during the mornafter heavy closing the Volusia county The third the Colonial Bank and Trust company of Fouts, who made bond after information filed by Solicitor Hardin Peterson Polk county, president and director the State bank Barthe First National LakeFirst National bank burndale, and the State Winter Information filed against Fouts charged himself from the funds the State bank Bartow without the board directors, he had altered the the the appear regular, and that taken when resources the institution not quirement. banks he headed closed May 15.

2. July 12, 1929 The News Journal Wilmington, DE
Article from The News Journal, July 12, 1929

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3 BANKS CLOSED IN CENTRAL FLORIDA; OFFICIAL ACCUSED Move to Reorganize or Liquidate Institutions; Arrest Made. INFORMATION FILED (By The Associated Press.) JACKSONVILLE Fla., July 12.While State and Federal officials be. gan reorganization or liquidation for three Florida banks today, the president of four other central Florida Lanking institutions faced charges of violation of the State banking laws Two of the banks that closed yesterday were in that city. They were the Volusia County Bank and Trust Company and the First National Bank of De Land. which shut its doors during the morning after a heavy run precipitated by the closing of the Volusia County Bank. The third institution was the Colonial Bank and Trust Company of Miami. John L. Fouts who made bond of $10,000 after his arrest on an information filed by State Solicitor Hardin Peterson of Polk county, was president and director of the State Bank of Bartow, the first National Bank of Lakeland, the First National Bank of Auburndale and the State Bank of Winter Haven Information filed against Fouts in three counts charged he had "loaned" himself $5,000 from the funds of the State Bank of Bartow without consent of the board of directors, that he had altered the minutes of the board to make the loan appear regular, and that he had taken the money when resources of the institution were not to legal requirement. The banks he headed closed May 15. Time of arraignment for preliminary hearing was expected to be set in a few days.

3. July 12, 1929 New Britain Herald New Britain, CT
Article from New Britain Herald, July 12, 1929

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FLORIDA BANKING UNDERGOES PROBE Three Institutions Close-President of Four Faces Charges Jacksonville. Fla., July 12 (AP) While state and federal officers began reorganization or liquidation for three Florida banks today, the president of four other central Florida banking institutions faced charges of violating the state banking laws. Two of the banks that closed yes lerday were in De Land, the only banks in that city. They were the Volusia County Bank and Trust Co., and the First National Bank of De Land, which shut its doors during the morning after a heavy run precipitated by the closing of the Volusia County bank. Miami Bank Closes The third institution was the CoIonial Bank and Trust company of Miami. John L. Fouts, who made bond of $10,000 after his arrest on an information filed by State Solicitor Hardin Peterson of Polk county, was president and director of the State bank of Bartow. the First National Bank of Lakeland, the First National bank of Auburndale, and the State Bank of Winter Haven. Information filed against Fouts in three counts charged he had "loaned" himself $5,000 from the funds of the State Bank of Bartow without consent of the board of directors, that he had altered the minutes of the board to make the loan appear regular, and that he had taken the money when sources of the institution were not up to legal requirement. The banks he headed closed May 15. Organized Three Years Ago The Colonial Bank and Trust company was capitalized at $100,000 with a surplus of $50,000. It had been organized for three years, and attributed its closing to steady withdrawals of cash during the last four days. J. V. Carpenter was president. The Volusia County Bank and Trust company had resources of $2.816,188.12; deposits of $1,840,043.19; capital stock of $200,000; surplus of $100,000. and discounts of $1,724,516.08. The First National Bank of De Land had resources of $1,789,372.81; capital stock of $100,000; surplus of $25,000 and deposits of $1,211,750.47.

4. July 12, 1929 The Clarksdale Press Register Clarksdale, MS
Article from The Clarksdale Press Register, July 12, 1929

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Florida's Banks are Reorganized or Liquidated; President Faces Charges JACKSONVILLE, Fla., July state and federal officials began reorganization or liq. uidation for three Florida banks today, president of four other central Florida banking institutions faced charges of violation of the state banking laws. Two of the banks that closed yesterday in only banks in that city. They were the Colusia County Bank and Trust comand the First National Bank pany of Deland, which shut its doors during the morning after heavy run precipitated by the closing of the Colusia County Bank. third in stitution was the Colonial Bank and Trust Company of Miami. John Fouts, who made bond of $10,000 after his arrest on information filed by State Solicitor Hardin Peterson of Polk county, was president and director of the state Bank of Bartow, the First National Bank of Lakeland, the First NationBank of Auburndale, and the State Bank of Winter Haven. Information filed against Fouts in three counts charged "loaned himself $5,000 from the funds of the State Bank of Bartow without consent of the board of directors, that had altered the minutes the board to make the loan appear regular, and that he had taken the money when resources of the insti tution were not to legal require ment. The banks he headed closed May 15. Time of arraignment for prelimin ary hearing expected to be set few days. The Colonial Bank and Trust com pany was capitalized $100,000 with surplus of $50,000. It had

5. July 12, 1929 The Tampa Times Tampa, FL
Article from The Tampa Times, July 12, 1929

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JOHN L. FOUTS, POLK BANKER, IS ARRESTED Lent Bartow Money to Himself, Says Solicitor. By The Associated Jacksonville, July 12. While state and federal officials began the process of reorganization or liquidation for three Florida banks today following closing of the institutions, the president of four other central Florida banking institutions faced charges of "lending" himself $5,000 from one of the banks without consent of the board of directors, and with other violations of the state banking laws. Two of the banks that closed were in DeLand the only banks in that city and among the oldest in Volusia county. They were the Volusia County Bank and Trust company and the First National bank of DeLand, which shut its doors during the morning after heavy run precipitated by the closing of the Volusia County bank. The third institution was the Colonial Bank and Trust company of Miami. Headed Four Banks. The bank official, who made bond of $10,000 after his arrest on an information filed by State Solicitor Hardin Peterson. of Polk county, was John L. Fouts, president and director of the State Bank of Bartow, the First National Bank of Lakeland, the First National Bank of Auburndale, and the State Bank of Winter Haven. Information filed against Fouts in three counts charged that he had "loaned" himself $5,000 from the funds of the State Bank of Bartow without consent of the board of rectors, that he had altered the minutes of the board to make the loan appear regular, and that he had taken the money when resources of the institution were not to legal requirement. Time of arraignment for preliminary hearing is expected to be set in fe wdays. All four of the banks headed by Fouts closed on May 15. Technical charges against him name violation of state banking laws. Steady Withdrawals. The Colonial Bank and Trust company was capitalized at $100,000 with a surplus of $50,000. had been organized for three years, and attributed its closing to steady withdrawals of cash during the last four days. J. V. Carpenter was president. The Volusia County Bank and Trust company had resources of $2,818,888.12; deposits of $1,840,048.19; capital stock of $200,000; surplus of $100,000: and discounts The First National Bank of DeLand had resources of $1,789,971.81; capital stock of $100,000; surplus of $25,000, and deposits of D. B. Tuten, president of this institution, said in statement 'that a strong unexpected run had exhausted our cash supply and we had no time in which to secure additional funds We, therefore. were compelled to close our doors for the protection of depositors, believing it for the best interest of everyone." He added that the bank had been placed in the hands of federal authorities pending reorganization or liquidation. Dr. Lincoln Hulley, president of Stetson university, recently became president of the Volusia County bank. According to statement posted in the window of this institution, the bank was closed and placed in the hands of the state banking department "for protection of all depositors by order of the board of directors. Plans have been discussed and further action is contemplated looking to reorganiaztion of the bank with the purpose in view of paying the depositors in full."

6. July 12, 1929 The Bradenton Herald Bradenton, FL
Article from The Bradenton Herald, July 12, 1929

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NOTICE ORDER OF IN THE NAME OF THE STATE Robert York and Mrs. Robert Pryor Street Atlanta Georgia You required and appear Circuit Court Eighteenth Circuit Manatee Florida, Chancery Monday 5th day of August Bradenton, Florida answer the Bill of Complaint filed against Sallie complainant therein fail under penalty the allegations said Bill being against you each further ordered that this notice and order published week ceding August 5th the denton Herald newspaper eral circulation published Manatee County Done Bradenton Manatee 5th ROBT ROESCH By Deputy Clerk OF COURT) Solicitor IN THE CIRCUIT COURT MANATEE OF IN NO. 3057-C OF MORTGAGE NORFOLK, STATE AS TRUS Closed May 15 Information filed against Fouts in three charged that he had "loaned" himself $5,000 from the funds of the State Bank Bartow without consent of the board directors, that he had altered the minutes the board to McSWEENEY the loan appear regular, and that he had taken the money when Defendants, resources the institution were OF SALE not legal requirements The four banks he headed closed may and May certain Decree the Circuit Court Time arrangement for prelimFlorida, inary hearing is expected to be therein set pending Dougherty The Colonial Bank and Trust Manatee River Bank company was capitalized $100, 000 surplus of $50,000 It had organized for three years. and attributed its closing steady withdrawals of cash Special Master ing the last four days. Carbest bidder penter was president. The Volusia County Bank and House Braden Trust company had resources $2,816,188.12; deposits of $1,840.043.19; capital stock of $200,000; during legal hours sale surplus $100,000; and discounts in Manatee Florida of The First National bank of De- Block fifteen land of $1,789.three 972.81; capital stock of $100,000 one surplus $25,000 and deposits of Section lots one Martin's Subdivision Unexpected Run Section D. B. Tuten. president of this institution, said statement Range County that strong unexpected run had exhausted our cash supply and had no time in which to secure ad- Decree, together with all ditional funds. We, therefore, were compelled to close doors Special Master Chancery for the protection of depositors. believing it for the best interest of CIRCUIT COURT every He added that the MANATEE FLORIDA bank had been placed in the hands CHANCERY of federal authorities pending re. organization GEORGE H. Dr. Lincoln Hulley, president of Complainant Stetson university, recently LAURA E. came president of the Volusia County bank. According to ORDER OF statement posted in the window of IN OF THE STATE FLORIDA: this institution the bank closed and placed in the hands Southwest the state banking department" for and Avenue, Moines State all depositors by or. IS HEREBY ORDERED That der of the board of directors appear before the Circuit Plans have been discussed and Eighteenth Judicial Circuit further Florida County Manatee action is the Clerk the Circuit looking to a reorganization of the Court the Courthouse said bank with the purpose view of County Bradenton paying the depositors in full." Florida, Monday the Game law violators are to be chased by game wardens along the Mississippi river motorboat

7. July 12, 1929 New Britain Herald New Britain, CT
Article from New Britain Herald, July 12, 1929

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FLORIDA BANKING UNDERGOES PROBE Three Institutions Close-President of Four Faces Charges Jacksonville. Fla., July 12 (P)While state and federal officers began reorganization or liquidation for three Florida banks today, the president of four other central Florida banking institutions faced charges of violating the state banking laws. Two of the banks that closed yes terday were in De Land, the only banks in that city. They were the Volusia County Bank and Trust Co., and the First National Bank of De Land. which shut its doors during the morning after heavy run precipitated by the closing of the VoluMiami Bank Closes The third institution was the Cojonial Bank and Trust company of Miami. John L. Fouts, who made bond of $10,000 after his arrest on an information filed by State Solicitor Hardin Peterson of Polk county. was president and director of the State bank of Bartow. the First National Bank of Lakeland, the First National bank of Auburndale. and the State Bank of Winter Haven. Information filed against Fouts in three counts charged he had "loaned" himself $5,000 from the funds of the State Bank of Bartow without consent of the board of directors. that he had altered the minutes of the board to make the loan appear regular. and that he had taken the money when sources of the institution were not up to legal requirement. The banks he headed closed May 15. Organized Three Years Ago The Colonial Bank and Trust pany was capitalized at $100,000 with surplus of $50,000. It had been organized for three years and attributed its closing to steady withdrawals of cash during the last four days. J. V. Carpenter was president. The Volusia County Bank and Trust company had resources of $2.capital stock of $200,000: surplus of $100,000. and discounts of $1,724.The First National Bank of De Land had resources of $1,789,972.81: capital stock of $100.000: surplus of $25,000 and deposits of $1,211,750.47.

8. July 12, 1929 The Valdosta Daily Times Valdosta, GA
Article from The Valdosta Daily Times, July 12, 1929

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PRESIDENT FOR FRAUD Loaned Himself Five ThousWithout Conand Dollars sent of Directors FLORIDA FAILURE IN A July federal officials While state and of reorganizabegan the process for three Flortion or liquidation following closing ida banks today of the institutions, the president of four other Central Florida banking institutions faced charges of "lending" himself $5,000 from one consent of the banks without the board of directors, and with the state bankother violations of fng laws. banks that closed Two of the only banks were in the oldest of that city and among Volusia county. They were the Volusia County Bank and Trust company and the First National which shut its Bank of Deland, doors during the morning after heavy run precipitated by the closing of the Volusia County Bank. institution was the the third Colonial Bank and Trust company of The bank official. who made bond $10.000 after his arrest on an information filed by State Solicitor Hardin Peterson of Polk county. was John L. Fouts, president and director of the State Bank of Bartow. the First National Bank of Lakeland. the First National Bank of Auberndale, and the State Bank of Winter Haven All four of the banks headed by Fouts closed on May 15. Technical charges against him name violation of state banking laws.

9. July 12, 1929 The Greensboro Record Greensboro, NC
Article from The Greensboro Record, July 12, 1929

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REORGANIZE 3 FLORIDA BANKS President Of Four Others Held For Law Violations JACKSONVILLE, Fla., July 12. state and federal of ficials began reorganization or Hquidation for three Florida banks today, the president of four oth er central Florida banking Institutions faced charges of violating of the state banking laws. Two of the banks that closed yesterday were in Deland the only binks in that city. They were the Volusia County Bank and Trust company and the First National bank of Deland. which shut its doors during the morning after heavy run precipitated by the closing of the Volusia county bank. The third institution was the Colonial Bank and Trust company of Miami. John L Fouts, who made bond of $10.000 after his arrest on an information filed by State Solicitor Hardin Peter son of Polk county. was presi- dent and director of the State bank of Bartow, the First National bank of Lakeland The First National bank of Auburndale and the State bank of Winterhaven. Charges Information filed against Fouts is three counts charged he had "loaned" himself $5,000 from the funds of the State bank of Bartow without consent of the board of directors. that he had altered the minutes of the board to make the loan appear regular. and that he had taken the money when resources of the institution were not to legal requirement. The banks he headed closed May 15.

10. July 18, 1929 Herald and News Randolph, VT
Article from Herald and News, July 18, 1929

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races, which promise to be very excitthis year In consideration of the interest shown during many years in the motion of the development of this summer resort, and also in promoting sports and the regattas held here during the past five years, motion was made by Dr. Hand that Egbert Platt, H. Riford and Thayer be made life members of the society It was carried by unanimous vote. was further voted that each year person should be elected. the one who had done the most during the past to promote the best interof Highgate Springs, and of course this included sports, etc. Mr. Thayer expressed his deep appreciation the honor. though he thought it hardly deserved in his case. Florida Banks in Trouble especially from Ran dolph and vicinity. many have spent winters or sojourned. have property interests in near De Land. Fla., learned with surprise of the failure of the two banks in that city last week. the Volusia County bank and the First National. Law rence Stockwell, of Mr. and Mrs. Stockwell of Randolph. has been cashier of the latter bank. following several years service in the institu tion subordinate capacity His of its directors. news despatch reports the closing these two banks follows: DeLand, July Volusia CounBank and Trust company. oldest financial institution in this county, failed open its doors at o'clock this morning. and an hour later the First National bank closed temporari ly, run on that institution notice. signed by George White state bank examiner. was posted the door the Volusia County Bank and Trust company. announcing that the suspended business and is now in the hands of the state bank ing Another notice on the door stated that the institution the protec tion of all depositors has been closed by order of the board of directors Plans been discussed and fur action contemplated looking of the bank with the purpose in view the deposit in full. concluded the announcement. which not signed. Dr. Lincoln Hulley. president of Stetson university here recently bepresident the Volusia County Bank and Trust company. The First National bank. the only other bank in DeLand. experienced heavy run during the morning business hours and shortly after 10 o'elock the doors were closed. notice posted the door of that institution stated that the unantici oated run has exhausted the supply of ash on hand. necessitating business pending arrival of federal bank B Tuten is president of the First National bank The DeLand failures were preceded the closing of four banking institu tions located in the central part of the which took place May 13th These State Bank of Bartow. First National Bank of Lakeland. First National Bank of Auburn and State Bank of Haven John Fouts president and director these four banks, arrested July 11 Winter Haven. charged with violated the banking 'aws in loaning himself $5,000 of the funds of the Bartow bank without the approval of the board of directors and with altering the minutes of the board make appear that the loan was regular the resources of the bank up to the legal requirement. Last Friday. the day following the DeLand failures. two of the four the neighboring city of Day Beach. the Merchants' Bank and Trust company and the Atlantic Bank and company. closed. Runs made the remaining sanks but they were able to meet the lemands depositors withdrawals The Colonial Bank and Trust bany Miami closed Thursday

11. July 18, 1929 The Bethel Courier Bethel, VT
Article from The Bethel Courier, July 18, 1929

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races, which promise to be very exciting this In consideration of the interest shown many years in the promotion of the development of this summer and in and the regattas held here sports during the past five years, motion was made by Dr. Hand that Egbert Platt. H. Riford and Thayer be made members of the society. was carried by unanimous vote. It was further voted that each year one person should be SO elected, the one who had done the most during the past year to promote the best interests Highgate Springs. and of course this included the sports, etc. Mr. Thayer his deep appreciation of the honor, though he thought hardly deserved in his case. Florida Banks in Treuble Vermonters. especially from Randolph and vicinity. many of whom have spent winters or sojourned, or have property interests in or near DeLand. Fla., with surprise the failure of the banks in that city last the Volusia County bank and the First National. Law rence Stockwell, of Mr. and Mrs. Stockwell of Randolph, has been cashier of the latter bank. following several years' service in the subordinate capacity His is one of its directors. news despatch reports the closing these two follows: July Volusia CounBank and Trust company, oldest financial institution in this county. failed open doors at o'clock this morning, and an hour later the First National bank closed temporari following run on that institution. notice. signed by George White, state bank examiner. posted on the door of the Volusia County Bank and Trust company. that the bank suspended business and is in the hands of the state banking department. Another notice on the door stated that the institution the protection of all depositors has been closed by order of the board of directors. "Plans been discussed and ther action contemplated looking reorganization of the bank with the purpose in view of the depositors in concluded the announcewhich not signed. Dr. Lincoln Hulley. president of Stetson university here. recently came president the Volusia County Bank and Trust company The First National bank. the only other bank in DeLand. experienced heavy during the early morning business hours and shortly after 10 o'clock the doors closed. notice posted on the door of that stated that 'the pated run has exhausted the supply of cash on hand. necessitating suspension of pending arrival of federal bank authorities. D. Tuten president of the First National bank. The failures were preceded the closing of four banking institutions located in the central part of the state, which took place May 13th. These were State Bank Bartow. First National Bank of Lakeland. First National Bank of Auburnand State Bank Winter Haven John Fouts, president and director these four banks. was arrested July 11 Winter Haven. Fla., charged with violated the state banking laws in loaning $5,000 of the funds of the bank without the approval of the board of directors and with the of the board make appear that the loan was regular the of the bank not to the legal Last the day following the failures, of the four banks in the neighboring of DayBeach. Merchants' Bank and Trust company and the Atlantic Bank and Trust company. closed. Runs made the remaining banks. but they able to meet the lemands depositors The Colonial Bank and Trust company of Miami closed Thursday.