d067211cAccommodated withdrawals, Full suspension
Other: Directors closed bank because cash reserves were below legal requirements; later state comptroller authorized reopening.
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FLORIDA BANK FAILS. DADE CITY, Fla., July 13 (P).The Bank of Dade City failed to open its doors this morning, and a notice posted on the door stated that the directors had decided to close the institution, as the cash reserves were below the legal requirements. The action was taken by the directors last night following a run yesterday. All depositors participating in the run yesterday were paid in full, it was
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FLORIDA BANK CLOSES, CASH RESERVE TOO LOW DADE CITY, Fla., July 13.-The Bank of Dade City failed to open today and a notice posted on the door stated the directors had decided to close the institution as the cash reserves were below legaPrequirements. As the bank was considered solvent it was believed that depositors would suffer no loss. This action was decided upon by the directors at a meeting last night following a run during the day, participated in largely by out-of-town depositors. All depositors taking part in the run were. paid in full, officials said.
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Florida Bank Closes Run DADE CITY. Fla., Bank of Dade City falled to open its doors this morning and notice posted on the door stated that the directors bad decided to close the Institution as the cash reserves were below legal resuirements. The bank was considered solvent. The action was taken by the directors last wight following run yesterday. It was said that all depositors participating in the THE were paid up is
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BANK FAILURE IN FLORIDA. Dade City, Fla. July 14 Following the crash of three banks in Miami, Fla., and suburbs, the Bank of Dade City failed tb open its doors yesterday morning as the directors decided to close it. The cash reserve was below the legal requirement. It is reported the bank is solid. On Monday there was a run on the bank. All the depositors who made the run were paid their money.
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BANK AT KISSIMMEE TO BE REOPENED BY PRESENT DIRECTORS COMPTROLLER DECLARES LOANS ARE SOLVENT; NO ONE TO LOSE Business Men Offer Additional Capital and Big Deposit Awaits Reopening KISSIMMEE, July News Service of business by the Bank of Osceola County was forecast when two local business men volunteered $20,000 for additional stock, if it is needed, one man offered to buy any present stock that is for sale, and the official announcement came that the bank is solvent and that no receiver would be appointed The bank closed temporarily Saturday morning when it became apparent it could not stand another day continuous withdraw als. Rumors had caused many to become and many wild and unfounded stories The directors then decided to close the bank and protect the Books Show Solvency Examination of the facts by the comptroller the bank is solvent, that the loans are good, that the surplus had not been touched, and no loans were excessive or unreasonable. Officials of the bank were invited to speak at the regular Kiwanis meeting, to number of other business men had been Invited, and the meeting turned out to be an optimistic gathering Attorneys who had gone over the books of the bank, directors of the other local bank, and many business men, the public that the Bank of is in good condition, that no one would lose dollar and that no bank in the country could stand the steady drain which rumors had caused in the last few preceding the closing. Many business firms are advertising their willingness deposit slips in the bank, dollar for dollar. New Deposit Ready Dr. T. M. Rivers, president of the bank, Wade Steed, and other officials of the bank "laid their cards on the table and the business men of Kissimmee are unanimous. as far as could be learned, in holding convictions of confidence in the directorate and In the solvency of bank. Dolph Walker, general manager of Candler Lumber Company, his offer take up deposit slips, dollar for dollar, of all men_in his organization, aggregating dollars. A new deposit of $10,000 awaits the reopening of the bank to start an account for group of Washington and New York capitalists who have acquired considerable property here since the bank N. C. Bryan and Dolph Walker offered to buy $20,000 worth of stock if it was needed for increasing capitalization. Dade City Bank Solvent DADE CITY, July Tribune News Service.) decision of the board of directors of the Bank of Dade City close the bank the run cording to statement made by the president. M. Williams, because the system with which the bank is affillated. not able to help, for the first in years that Mr. Williams has connected with Directors said the bank is solvent and depositors will be fully protected.
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BANKS CLOSINGS Flowed Florida Money Banks into Georgia Causing the Trouble The story of banking failures is of and in Florida one Georgia it involves the same terest because the downfall that worked principles where one in other states of banks bank trust dominating or lot of subordiunder its wing drew which to operate nate banks were feeders to the mother institution. banks as such are Florida But for the sound. and conof Georgia orgin bank system trol there would have scarcely been ripple on the financial sea of Florhas and that the calm come ida. Now more clearly the are seeing people Banks review the situation. well to entirely free locality being in this Georgia entanglements from the tained the confidence of the home ple whose institutions they are. of all banking the criterion From the Washington comes institutions at of Governor Crissinger, statement that Florreserve board, the federal fundamentally, and Georgia are ida W. McIntosh, sound. And attributes the trolled of the currency, the long chain of recent losing and Georgia to banks in Florida methods of that banking like ticular Florida, and troller Amos, state banking Bennett, that these Gorgia, predicts ent of will for the most part banks in the chain that banks not and be affected. not Can Be Told with his Sir Phillips Gibbs, Like after of the great war inside story be told" to "now it can the armistice, ready for reason. quiet minds Why the banks in Georgia and to close banks in Florida came the 27 the Bankers' is laid to their doors which of Atlanta, Trust Company for these banks acted fiscal agent as federal receivership and for whic ha jury in granted. A grand has been court in AtlanFulton county superior the of ordered to investigate ta has been Trust Com< of the Bankers' "failure instructed to and has been pany" its duty if violation of the state laws, is found." note the steps interesting to It is through which the series of closing Florida the first closing In passed. bank in Daytonia Beach, that of was the result of run which was of the ioned by the gathering their for to withdraw money teachers home during the for their departure An excitable months. summer of teachers lined the handful saw up to get their small deposits few and the bank!" In cried run on and an actual hours the news spread did result. of run West Palmi Followed closings at Beach, Palm Beach Buena Vista, Cocoanut Grove, Homestead and Dade City. The scene shifted to the town of loctaed bank where was Umatilla, capital of $30,000, with reported delesurplus of $20,000, and deposits of $430.00 and $480,000 placed with the Bankers' Trust Company of Atlanta. Hotel it shows that If the report be true, the entire bank's capital, surplus all placed with the deposits were ent organization in Georgia. On Page Eight Continued JULY TIDES Local tides are approximately earlier than the hours below which is for the table given nearest standard port. Water Water High Day 3:01 25 26 10:34 11:27 4:45 27 5:45 6:50 0:31 1:14 6:50 1:14 2:00 2:18 8:02 30
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DADE CITY BANK TO BE REOPENED Suspended Institution Authorized by State Comptroller to Resume Business Bank of Dade City, which was suspended recently, was wired authoriza tion today by State Comptroller Amos to reopen and probably will begin business again Monday morning. is capitalized at $25,000. The Peoples bank of Crescent City, another recently suspended bank, day requested the comptroller for thorization to reopen Sept. 27. The probably will be granted. When these two banks reopen, with the Commercial bank of Live Oak scheduled to reopen today, nine recently banks in this state have been reopened.