2304. Bank of Coconut Grove (Coconut Grove, FL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
July 2, 1926
Location
Coconut Grove, Florida (25.713, -80.257)

Metadata

Model
gpt-5-mini
Short Digest
2ce91fcf

Response Measures

None

Description

Multiple contemporaneous AP reports (dated July 2–3, 1926) state the Bank of Coconut Grove failed to open for business and announced it had decided to suspend operations for the present citing outstanding/frozen loans, outside control and loans on outside paper as the cause. No reopening is reported; articles discuss plans for liquidation or reorganization, indicating a suspension that led to permanent closure (no evidence of timely reopening).

Events (1)

1. July 2, 1926 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Outstanding/frozen loans and loans on outside paper; outside control and inability to deliver on loans cited by directors as reason for suspension; creditors/illiquid loans rather than mere rumor cited as trigger.
Newspaper Excerpt
The Bank of Coconut Grove ... failed to open for business ... The bank has decided to suspend operations for the present and will therefore not open for business today. It is actuated in this cause by desire to conserve its resources and to protect its depositors to the fullest extent.
Source
newspapers

Newspaper Articles (13)

Article from Brownsville Herald, July 2, 1926

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FOUR FLORIDA BANKS CLOSED HOLLYWOOD, Fla., July 2 (AP)The bank of Dania closed shortly before ,noon today, following heavy withdrawals by depositors. I. T. Parker, vice president, announced a readjustment would be made immediately will enable the bank to re-open shortly. MIAMI, Fla., July 2.-Three - financial institutions in Miami suburbs, the Bank of Cocoanut Grove, the Bank of Buena Vista, and the Bank of Little River, suspended operations here today. Outstanding loans on which they could not deliver were given by directors as reasons for suspension activities.


Article from The Indianapolis Star, July 3, 1926

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LORIDA BANKS STOP OPERATION Three in Miami-Run on Hollywood InstitutionBlame Loans. MIAMI, Fla., July Three local operations. financial institution at Dania closed its doors and a Hollywood weath heavy withdrawal of funds today The Bank of Cocoanut Grove and the Bank of Buena Vista falled to open for and the Bank of Little after an hour's duration The Bank of Dania, short distance Miami suffered similar withdrawal of funds and ceased operations shortly before noon At the same the Bank of Hollywood also short distance north this in Broward county, withstood a brief run. MAKE ANNOUNCE The Bank of Buena Vista and the Bank of Cocoanut Grove allied institutions, made the following separate an"The bank has decided to suspend operations for the and will therefore, not open for today It is actuated in this cause by desire to its and to protect its to the fullest extent. Local citizens now are working on plan and will announce the details in few days to organize locally controlled institution for speedy liquidation and to relieve the situa- The Bank of Buena Vista opened on capital stock of $15,000. had been raised to The officers include R. Anthony of president and John Grife vice Officials declined to announce present deposits for either The Bank March 1920. with $15,000 capital On March 10 the bank capitalizati of and deposits totaling the board of directors with A. Sanders president The Bank of Little River, through President B. Teed we feel It advisable And designble to oper ation for the present The bank is sound and good shape. We have in excess of $200,000 in cash in our vaults and a reserve than 40 per cent. do think the depositors will lose EXPECT He intimated his intention of effecting an early reorganization President I. T. Parker of the Bank of Dania announced after closing that readjustment would be made that would enable the bank to reopen short and meet all obligations. The run the Bank of wood was fter receipt news of the bank closings, but was met through the receipt of funds from Miami The run subsided shortafter President George the Miami House in the of suburban that control and loss on outside paper solely were responsible for the embar


Article from The Plain Dealer, July 3, 1926

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Florida Financial Concern Closes Doors, Another Weathers Heavy Run. local operations, Dania closed and bank heavy withdrawal funds today. The Bank of Coconut Grove and the of Buena failed for the Bank Little River closed run The Bank distance from similar and ceased shortly At the same time the of short disnorth of this city in Broward withstood a brief run. of Buena Vista and the of made the following bank has decided to suspend for the present and will not open for business It is actuated in this course desire its and to protect its depositors to the fullest Local citizens now on nounce the details institution for speedy liquidation and to relieve the situation. of Little River, through B. Teed 'In the we feel advisable and desirable to suspend for the present. The sound and in good shape. do not the depositors will lose a dollar. President T. Parker of the after closing that readjustment would be made that would enable the bank to reopen shortly and meet all The run bank of Hollywood precipitated after receipt of of previous bank closings, but was met through the receipts of funds from banks. The run shortly after noon funds sufficient to every deposit.


Article from The Daily Independent, July 3, 1926

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FLORIDA BANKS CLOSE; MIAMI IS HARDEST HIT Institutions in Other Towns and Cities Suspend Business Claim That They Will Open Later Hollywood Bank Withstands the Frozen Loans Said to Be the Cause. Maimi, Fla., July 2, (A. P.) Three local banks suspended operations, financial institution at Dan ia, closed its doors and Hollywood bank weathered heavy with drawal of runds today. The Bank of Cocoanut Grove and the Buena Vista failed to open for business and the Bank of Little River closed after run of an hour. The Bank of Dania, short distance from Miami, suffered similar withdrawal of funds and ceased operations shortly before noon. At the same time the Bank of Hollywood, also short distance from this city, withstood brief run. The Bank of Buena Vista and the Bank of Cocoanut Grove, allied institutions, made the following announcement: The Bank has decided to suspend operations for the present and will therefore not open for business today. It is actuated this by desire to conserve its rescources and protect its depositors to the fullest extent. Local citizens now are working on a plan and will announce in a few days to organize locally controlled institution for the speedy liquidation and to relieve the situation." The Bank of Buena Vsta opened in 1920 with capital stock of $15,000, which had been raised to $50,000. The Bank of Cocoanut Grove opened in 1920 with $15,000 capital. On March 10, the Bank announced capitalization of $30,000 and deposits totaling $1,605,977. The Bank of Little River through President E. B. Teed announced: "In the circumstances we feel it advisable and desireable to suspend operations for the present. The Bank is sound and in good shape. We have in excess of $200,000 in cash in our vaults and reserve greater than 40 percent. do not think the depositors will lose dollar." He intimated his intention of fecting an early reorganization. President L. T. Parker of the Dania Bank, announced immediately after closing that an adjustment would be made that would able the banks to reopen shortly and meet all obligations. The run on the Bank of Hollywood was precipitated after receipt of news of the previous bank closings but was met through the receipts of funds from Miami banks. The run subsided shortly after noon when officers produced funds sufficient to cover every deposit. The President Georges, of the Miami Clearing House Association. commenting upon the suspension of three suburban banks, declared that outside control and loans on out. side paper solely were responsible for the embarassment.


Article from The Paducah Sun, July 3, 1926

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ANOTHER FEELS PRESSURE WITHDRAWALS Officers Of Institutions Say Depositors Not Expected To Suffer BANK OF HOLLYWOOD WEATHERS BIG RUN Little River Bank Says It Has Over $200,000 In Cash The Associated Press Miami, Florida, July local banks suspended operations, financial institution Dania closits doors and Hollywood bank weathered heavy withdrawal of funds today.' The of Coconut Grove and the bank of Buena Vista failed to open for business, and the bank of Little river closed after of an hour's duration. The bank of Dania, short distance from Miami suffered similar withdrawal of funds and ceased operations shortly before noon. At the same time the bank of also short distance north of this city in Broward county, withstood The Bank of Buena Vista and the Bank of Coconut Grove, allied institutions, made the following separate announcements. "The bank has decided to suspend for the present, and will not therefore open for busitoday. actuated in this cause by desire to conserve its and to protect its depositto the fullest extent. Local citizens now are working on plan and will announce the details few days to organize locally controlled institution for speedy liquidation and to relieve the situation." Had Started New Building The bank of Buena Vista opened October 19, 1920, with capital stock of $15,000, which has been raised subsequently to $50,000. In July 1925, when deposits totalled the bank started work building. The officers included Anthony, of Jacksonville, president, and John Griffe, vice-president. Officials declined to announce ent deposits for either institution. The bank of Coconut Grove openMarch 1920, with capital of On March 10 the bank $15,000. announced capitalization of and deposits totaling $1,605,977. R. Anthony headed the board of directors with W. Sanders as president. The bank of Little river, through President B. C. Teed, the circumstances we feel advisable and desirable to suspend operations for the present. The bank sound and good shape. We have in excess of $200,000 in cash in our vaults and reserve greater than forty per cent. police iately after closing that readjustdeclarown capital, thing of which few made than


Article from The Houston Post, July 3, 1926

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THREE FLORIDA BANKS SUSPEND Heavy Withdrawals of Cash Cause Closing of These Institutions. MIAMI, Fla., July 2.-Three local banks suspended operations, financial institution at Dania closed its doors and Hollywood bank weathered heavy withdrawal of funds Fri- day The Bank of Cocoanut Grove and the Bank of Buena Vista failed open for business and the Bank of Little River closed after run of an hour's duration. The Bank of Dania, a short distance from Miami, suffered a similar withdrawal of funds and ceased operations shortly before noon. At the same time the Bank of Holly: wood, also short distance north a this brief city inBroward county, withstood run. The Bank of Buena Vista and the Bank of Cocoanut Grove, allied Institutions, announcements made the following separate "The bank has decided to suspend operations for the present and will therefore, not open for business Friday. It is actuated in this cause by desire to conserve its resources and to protect its depositors to the fullest )xtent. Local citizens now are workmg on plan and will announce the details in few days to organize a locally controlled institution for speedy tion. liquidation and to relieve the situaThe run on the Bank of Hollywood was precipitated after receipt of news of the previous bank closings, but was met through the receipt of funds from Miami banks. The run subsided shortly afternoon when officers had funds sufficient to cover every deposit. President George Romfh of the Miami Clearing House association, in commenting on the suspension of three suburban banks, declared that outside control and loans on outside paper solely were responsible for the embar


Article from The Greenville News, July 3, 1926

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Three Banks Of Miami Close As Result Of Runs Hollywood Institution Withstands Run-Declared In Good Condition. DEPOSITORS NOT TO LOSE July suspended local financial institution at Dania clos. ed its doors and Hollywood bank weathered heavy withdrawal of funds today. The Bank of Cocoanut Grove, and the Bank of Buena failed open for the Bank of Little River run of an hour. The Bank of Dania. short distance from suffered similar withdrawal of funds and ceased operations shortly before noon. At the same time the Bank of Holls wood. also short distance north of this city. withstood a brief run. MAKE STATEMENTS The Bank of Buena the Bank of Cocoanut allied institutions. made the following sep. arate "The banks has decided to suspend operations for the present and will therefore, open for business today It is actuated in this cause by desire its and to protect its depositors to the fullest extent. Local citizens now are working plan and announce the details few days to organize locally controlled Institution for speedy liquidation and to relieve the The Bank of Buena Vista opened October 1920. with capital stock of which had been raised to ADVISABLE STEP The Bank of Cocoanut Grove opened in March 1920. with $15,000 capital. On Mach 10. the bank announced capitalization of 000 and deposits totalling The Bank Little through President B. C. Teed announced "In the circumstances we felt it advisable and desirable to suspend operations for the present. The bank is sound and in good shape. We in excess of $200,000 in cash in our vaults and reserve greater than 40 per cent. do not think the depositors will lose a dollar.


Article from Leader-Telegram, July 3, 1926

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RUNS CLOSE THREE BANKS AT MIAMI July local banks suspended operations, financial institution Daniel closed its doors and Hollywood bank weathered heavy withdrawal of funds today. The bank of Coconut Grove and the bank Vista failed for business and the bank of tle River closed hour's duration bank Daniel, short distance suffered similar withdrawand ceased operation shortly before noon. the same time the bank of also short north of this city withstood brief


Article from Chicago Tribune, July 3, 1926

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BAD LOANS CLOSE 4 STATE BANKS IN SOUTH FLORIDA Miami, Fla., July local suspended operations, financial institution at Dania closed its doors, and Hollywood bank weathered heavy withdrawal of funds today. The bank Coconut Grove and the Bank Buena Vista failed open for business, and the Bank of Little River closed after run an hour's duration. The Bank of Dania suffered similar withdrawal funds ceased operations shortly before noon. At the same the The Bank of Buena Vista and the Bank of Coconut Grove they actuated in closing by desire its and to its to the fullest The Bank of Little River announced that sound and in good shape, and that had in excess of in cash in vaults reserve The Bank Dania that readjustment would be made that would enable to reopen. President George Romfh of the Miami clearing house, in commenting on the suspension of three suburban banks, declared outside control and loans paper solely responsible for the


Article from The Huntington Press, July 3, 1926

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SALOON LEAGUE SPENT SEVEN MILLIONS IN 22 STATES TO AID PROGRAM ASHINGTON, July of more than $7.000,000 by the Anti-Saloon League in 22 states during the past six years were disclosed by additional reports filed today with the senate campaign funds committee by Wayne B. Wheeler, counsel for the national dry organization. These states include New York, Maryland and Rhode Island, which alone have no local dry enforcement statues, as well as Pennsylvania, Illinois, Indiana, Wisconsin, Iowa, Missouri and Kentucky. While the state organization contribute certain of a part their income to the national Anti-Saloon league, it was deWANT UNIFORM veloped from Mr. Wheeler who occupied the stand nearly five hours, that both the national PENSION LAWS and state do their own financing independent of Teachers Approve Demand each other. at National Education Accountants who audited books of the Convention tion at Westerville, Ohio, had furnished July Senator Reed, Democrat, Missouri, National Educational Association, in the chairman with those who conthe closing moments its annual conventributed more than $500 to parent but Wheeler tion, today inaugurated campaign organization, Mr. objected to the names being made pubile. obtain uniform pension laws for teachAsks Reasons ers. This action was taken by the rep "Well, you can state your reasons resentatives' assembly in approving the snapped Senator Reed. report of Miss E. Pyrtle, Lincoln, "Wheeler insisted he would like present the matter to the whole com- Neb., chairman of the committee of 100 mittee the chairman announced the problem retirement allowances. decision would be deferred. The association adopted resolution Wheeler presented also number affirming its faith in the value of other reports, including one from Andrew Wilson, treasurer of the league's petitive athletic sports campaign committee, showing expendibelief that public recognition tures since should be given distinguished achieveOctober 1924. This did not include ments in scholarship as to avoid the expenditures primaries. giving athletics first place After concluding his examination in school life." Senator Reed announced the committee would seek further light the activities dry organization tomorMIAMI BANKS from Dr. Ernest H. Cherrington its general secretary and meantime would inquire tonight in its "campaign chest" raised the Republican and Democratie national committee for the atorial and congressional fights year. Senator Reed subjected Mr. WheelOne at Davia Also Shuts long and examination. Loses Patience Doors in Face of Big The chairman several times lost tience length of the replies and Run finally exclaimed "Now listen here, Doctor, when man flat statement in front your banks finanand quibble about time institution Dania closed its doors for even patient man bank weathered heavy patience You are going funds today. questions and answer them without The bank of Cocoanut Grove and the making speeches if have to stay bank Buena Vista failed until the snow flies" business and the bank Little River I'm ready to stay here," Wheeler retorted The dry leader said closed after run The bank Dania, short distance from Miami, the organization had spent in Pennsylvania suffered similar withdrawal of funds money during the $3,000,000 ceased operation shortly before noon. ent Republican primary contest because dry leaders had been the same time the bank of brief run. to agree candidate oppose Representative William Vare, The bank of Buena Vista and the bank avowed who defeated Governor Pin- Cocoanut Grove, allied institutions, chot Senator Pepper, both counted made the following announcethe dry side. ments: Denies Writing Act Makes Announcement. Wheeler denied he had written the bank has decided to suspend celebrated Volstead act and picked Vol- erations for the present and will stead to champion the measure in for business today. actuated gress. Declaring that the dry organiza- by desire to conserve its tion was willing quit the fight before resources protect its depositors congress prohibition question if the the fullest extent. Local citizens wets would. said, working and will announce stay here the Volstead act would the details days to organize wiped locally controlled institution for speedy Senator Reed then wanted to know liquidation and to relieve the situation." what league President Parker the bank exerted in appointment of enforcement Dania announced after closing that officers. Wheeler conceeded that the re-adjustment would be made that would league enable the bank to re-open shortly and interfere with the appointment all obligations. meet these asked. run on the bank of Hollywood was interfere when think there precipitated after receipt of news of the effort across crooked put previous bank elosings, but was met the dry leader retorted with show the funds from Miami through receipt The subsided shortly after Then Senator Reed read into the series letters touching the services Representative Upshaw, Democrat, Georgia. These showed that Upshaw sought $75 for delivery speech 1924. but finally to deliver the address for plus taxi Chairman made matter record that Pearson Hobson, member the house and hero the Merrimac sinking Santiago the Spanish war received $171,249 league from 1914 to 1922 and that the late Williams was for lecturing for the league 1010. find that Willis drew the year 1919" Reed pursued. "Is that Wheeler replied, adding that this was before Willis was elected the senate.


Article from The Daily Oklahoman, July 3, 1926

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FIVE FLORIDA BANKS TOTTER Three in Miami and One In Dania Suspend: Another Withstands Run. MIAMI, Fla., July local banks suspended operations, financial institution at Dania closed its doors. and a Hollywood bank weathered a heavy withdrawal of funds Friday, The bank of Coconut Grove and the Bank of Buena Vista failed to open for business and the bank of Little River closed after a run of an hour's duration. The bank of Dania, short die tance from Miami. suffered a etmllar withdrawal of funds and ceased operations shortly before noon. At the same time the bank of Holly. wood, also a short distance north of this city, in Broward county, with stood a brief run. The bank of Buena Vista and the bank of Coconut Grove, allied Institutions, made the following separate announcements: "The bank has decided to suspend operations for the present and will therefore not open for business to day. It is actuated In this cause by desire to conserve Its resources and to protect its depositors to the fullest extent." Pres. 1. T. Parker of the bank of Danta announced Immediately after closing that a readjustment would be made that would enable the bank to reopen shortly and meet all obligations. The run on the bank of wood precipitated after receipt of news of the previous bank closings, but was met through receipt of funds from Miami banks. Pres. George Romth of the Miami Clearing House association declared that outside control and loans on outside paper solely were responsible for the embarrasement.


Article from The Anderson Herald, July 3, 1926

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FLORIDA BANKS ON FRIDAY CLOSED Three Miami Institutions and One at Dania Suspend. MIAMI, July banks suspended operations, financial institution Dania closed its door and Hollywood bank weathered heavy drawal of funds today The bank of Cocoanut Grove and bank Buena Vista failed and the bank business River closed after run bank Dania, hour from Miami, suffered similar withdrawal funds and shortly before operations time the bank the brief Hollywood withstood Buena Vista the bank bank of Cocoanut Grove, allied inmade the following arate has decided to bank pend for the will not open for business today actuated in this cause by resources desire protect its the Local citizens fullest extent. and will working plan the details few announce organize locally stitution for speedy Hevidation and relieve the President Parker, of the bank of Dania, announced closing that readjustment would would enable the made that bank to reopen shortly and meet all obligations Natural galts of all horses the trot and canter An airplane that will carry 100 passengers is being built Gold mining conducted Spain in the days of the


Article from Florence Morning News, July 3, 1926

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THREE Two Others Encounter "Runs" After News of Triple Closing July banks suspended financial institution its doors and Hollywood bank heavy funds today. The Bank of Coconut Grove Bank of Buena Vista failed to business, and the Bank of Little River closed after run of an hour. The bank of Dania, short distance from Bhann, suffered similar withdrawal of funds and ceased operations shortly before noon. At the same time the Bank of also short distance north of the city, withstood brief run. The Bank of Buena Vista and the Bank Cocoanut Grove, lied institutions, made the followseparate bank has decided to suspend operations for the present and will, therefore, not open for business today. actuated in this cause by desire to conserve its to protect depositors the fullest extent. Local citizens are working on plan, and will anthe details few days nounce organize institution for speedy liquidation the The Bank Buens Vista opOctober 19, with ened stock of which capital raised to $50,000. Bank of Cocoanut Grove The in March, 1920 with $25, opened March 10, the 000 capital. bank announced capitalization of $30 000 and deposits Bank of Little The President B. Teed anthrough circumstances feel the advisable and desirable operations for the present The bank sound and good We have in excess in cash in our vaults and reserve greater than forty not think the positors will lose dollar He intimated his intention of an early President Parker. of the Bank Dania, im mediately after that would made that adjustment would enable the bank reopen shortly and meet all The run on bank Hollv precipitated after news the but was bank closings. the receipt of funds through Miami The run from after noon when fficers announced they had funds sufficient to cover every deposit. BURNED MACON covered shortly after destroved the bleachers Central home the Macon South Atlantic The obtained considerable headway fore being discovered.