2320. First National Bank of Deland (DeLand, FL)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Start Date
July 11, 1929
Location
DeLand, Florida (29.028, -81.303)

Metadata

Model
gpt-5-mini
Short Digest
784b4a29

Response Measures

Full suspension

Other: Bank subsequently entered reorganization/liquidation by state and federal officials

Description

Multiple contemporaneous wire reports (dated July 12, 1929) state the First National Bank of Deland shut its doors during the morning after heavy run precipitated by the closing of the Volusia County Bank. State and federal officials began reorganization/liquidation for Florida banks the next day. I take the run date as 1929-07-11 (the day before the July 12 dispatches) and the suspension/closure as immediate and followed by reorganization/liquidation. No reopening is reported.

Events (3)
1. July 11, 1929 Run
Cause
Local Banks
Cause Details
Heavy withdrawals at First National Bank of Deland were precipitated by the closing of the Volusia County Bank in the same city.
Measures
Bank closed its doors during the morning to protect depositors (quoted: we, therefore, were compelled to our doors the protection of depositors — OCR errors corrected to indicate closing to protect depositors).
Newspaper Excerpt
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.
Source
newspapers
2. July 11, 1929 Suspension
Cause
Local Banks
Cause Details
Bank suspended/closed operations as a direct result of the heavy run triggered by the Volusia County Bank's closing.
Newspaper Excerpt
Two of the banks that closed yesterday were in Deland... 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.
Source
newspapers
3. July 12, 1929 Other
Newspaper Excerpt
state and federal officials began reorganization or liquidation for three Florida banks today
Source
newspapers

Newspaper Articles (12)
1. July 12, 1929 The Times Trenton, NJ
Article from The Times, July 12, 1929

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Article Text

FLORIDA PRESENTS BANKING PROBLEMS Three Banks Closed-President Of Four Others Facing Charges JACKSONVILLE, Fla, July While State and Federal officers began reorganization or liquidation for three Florida banks today, the president of four other Central Florida banking stitutions faced charges of violating the State banking laws. Two of the banks that closed yesterday were in Deland, the only banks 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 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 Barton, the First National Bank of Lakeland, the First National Bank 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 Barton 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 mony when of the institution were not up to legal requirement. The banks he headed closed May 15. The Colonial Bank and Trust Company was capitalized at $100,000. with surplus of $50,000. It had been organized three years, and attributed its closing to steady withdrawals cash during the last four days. J. was president The Volusia County Bank and Trust Company had resources of deposits of capital stock of $200,000; surplus of $100,000, and discounts of $1,724,516.08. The First National Bank of Deland had resources of capital stock of $100,000; surplus of $25,000, and deposits of $1,211,750.47.

2. 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

3. July 12, 1929 The Crowley Post-Signal Crowley, LA
Article from The Crowley Post-Signal, July 12, 1929

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BANKERS ADMIT HIDING ASSETS (Continued from page one) the defunct bank. Some of the women wept audibly during the hearing. PRESIDENT OF FOUR BANKS FACING CHARGES Jacksonville, Fla., July While state and federal officials 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 yesterday were in Deland, the only banks 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 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 Winterhaven.

4. July 12, 1929 Fitchburg Sentinel Fitchburg, MA
Article from Fitchburg Sentinel, July 12, 1929

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Article Text

FLORIDA BANKERS FACE CHARGES JACKSONVILLE Fla., July 12 (AP) -While state and federal officers began reorganization or liquidation for three Florida banks today, the prosidents of four other central Florida banking institutions faced ebarges of violation of the state banking Laws. Two of the banks that closed yes. Volusta County Bank & Trust and the First National bank of Deland. which suhts its doors during the morning after heavy run precipitated by the closing of the VoCounty The third Institution was the Co. Ionial Bank & Trust Co. of Miami.

5. July 12, 1929 The Daily Record Long Branch, NJ
Article from The Daily Record, July 12, 1929

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Federal Officials Begin Reorgganization For Three Institutions Today. July sociated state and federal officials began reorganization liquidation for three Florida banks today the president of four other central Florida banking institutions faced charges of violation of the state banking laws two of the banks that closed yes. terday were in Deland, the only banks in that city. They were the Volusia County Bank Trust Comand the First National Bank pany of Deland which shut its doors during the morning after heavy by the closing of the precipitated Volusia County Bank third institution was the Colonial Bank Trust Company of Miami John who made bond of $10,000 after his arrest in all information filed by State Hardin Petof Polk 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 from the funds of the State Bank of Bartow without consent of the board of rectors, that altered of the board make the utes and that he had appear the money when resources of taken the institution legal The banks he headed quirement closed May 15.

6. July 12, 1929 Passaic Daily Herald Passaic, NJ
Article from Passaic Daily Herald, July 12, 1929

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Article Text

Florida Bankers Face Charges of Violating State Banking Laws state and Federal officials began reorganization or liquidation for three Florida banks the president of four other central Florida banking institutions faced charges of violating of the State banking Two of the banks that closed yesterday were in Deland, the only banks in that city, They were the County Bank and Trust Company and the First National Bank of Deland, which shut doors during the morning after heavy run precipitated by the of the Volusia County bank. third was the Bank and Trust Company of John Fouts, who made bond of $10,000 after his arrest on filed by State Hardin of Polk president director the State Bank of the First National Bank of First National Bank of and the State Bank of Winter Haven. Information filed against 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 rectors, that he had altered the minutes of the board to make the loan and that he had taken the money when sources of the Institution not to The banks be headed closed

7. July 12, 1929 The Selma Times-Journal Selma, AL
Article from The Selma Times-Journal, July 12, 1929

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THREE BANKS CLOSE RESULT RUNS Head Of Four Other Institutions Faces Charges July 12. state and federal offictals began reorganization or liquidation for three Florida banking institutions faced charges of violating the state laws. Two of the banks that closed yesterday were in Deland, the only banks in that They were the Volusia County Bank and Trust Company the First National Bank Deland, which shut doors during the morning after heavy run precipitated by the closVolusia County Bank. ing the third institution the Coloriial Bank and Trust Company of Miami. John made bond of $10,000 his arrest on information filed by State Solicitor Hardin county, was president and the State Pank of Bartow, the First National Bank Lakeland, the First NationBank of and the Bank of Winterhaven filed against Fouts in he had "loancounts himselg $5,000 the funds of the State Bank of Bartow withboard of direcout tors, that altered the utes of the board make the loan that had appear regular and the when of the institution not up to legal The banks he headed closed May Time of arraignment for preliminary hearing expected to be set few days. The Colonial Bank and Trust Company surplus of $50,000. Its closing was attributed to steady withdrawals during the last few days. J. Carpenter was president. The Volusia County Bank and Trust Company had resources of deposits of 082.19; capital stock surplus of $100,000 and discounts The First National Bank of Deland had stock of

8. July 12, 1929 The Birmingham News Birmingham, AL
Article from The Birmingham News, July 12, 1929

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BANK HEAD HELD Florida Man Faces Charges For $5,000 "Loan" To Himself JACKSONVILLE Fla., July 12(P)-While state and federal officials began reorganization or liquidation for three Florida banks Friday, the president of four other central Flor ida banking institutions charges of violating the state banking laws. Two of the banks that closed Thursday were in Deland, the only banks in that city. They were the Volusia County Bank & Trust Company and the First National Bank of Deland, which shut its doors during Thursday morning after heavy run precipitated by the closing of the Volusia County Bank The third institution was the Colonial Bank Trust Company of Miami. John Fouts, who made bond of $10,000 after his arrest on an information filed by State Solicitor Hardin PeterPolk County, was president and and of the State Bank of Bartow, the First National Bank of Lakeland, the First National Bank Auburndale, and the State Bank of Winter Haven. Information filed against Fouts in three charged 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 had taken money when the institution were not to legal requirements JUDGE FOSTER APPOINTED Ala., July 12Judge H. B. Foster. Tuscaloosa, has been appointed judge advocate of United Spanish- American War Veterans of Alabama, to announcement received by the Henry Bacon Foster Camp. was made by Robert H. Webb. Birming ham. department commander elected at state encampment recently held here.

9. July 12, 1929 The Shreveport Journal Shreveport, LA
Article from The Shreveport Journal, July 12, 1929

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Reorganization Of Three Florida Banks Is Begun (By the Associated Press.) JACKSONVILLE. Fla., July 12.While state and federal officials began reorganization or liquidation of three Florida banks today, the of four other central Florida banking institutions faced charges of violating the state bank. ing laws. Two of the banks that closed yesterday were in Deland, the only banks 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 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 Winterhaven.

10. July 12, 1929 The Chattanooga News Chattanooga, TN
Article from The Chattanooga News, July 12, 1929

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SEVEN FLORIDA BANKS IN TOILS OF STATE LAWS Three Institutions Close Doors After "Run"-President of Four Others Under Arrest. Jacksonville, Fla., July 12.-(A. P.) -While state and federal officials began reorganization or liquidation for three Florida banks today, the president four other central Florida banking faced charges of violation of the state banking laws. Two of the banks that closed yesterday were in Deland- only banks in that city. They the Volusia County Bank and Trust and the First National Bank of Deland. which shut its doors during the morning after heavy run precipitated by the closing 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 information filed by State Solicitor Hardin Peterson of Polk county, president and director of the State bank of Bartow, the First National bank of Lakeland, the First National bank of Auburndale the State bank of Winter Haven. Information filed against Fouts in three counts charged he had "loaned" himself $5,000 from the funds of State bank of Bartow without consent of the board of directors; that he. altered the minutes of the board to make the loan appear regular he had taken the money when_ of the institution up to legal requirement. The banks he headed closed May 15. Time of arraignment for hearing is expected to be set ing few The Colonial Bank and Trust company was capitalized at $100,000." surplus of $50,000. It had been ganized for three years/and attributed its closing to steady withdrawals of cash during the last four days. V. Carpenter president. The Volusia County Bank and Trust company had resources of $2,816,188.12. deposits of $1,840,043. capital stock of $200,000, surplus $100,000 and deposits of $1,724,516.08. The First National bank of Deland had of capital stock of $100,000. $25,000 and deposits of $1,211,950.47 D. Tuten, president of this institution, said in that strong run had our cash supply and we had no time in which to funds. We, therefore, were compelled to our doors the protection of depositors, believing It for the best interest of everyone."

11. July 12, 1929 The Charlotte News Charlotte, NC
Article from The Charlotte News, July 12, 1929

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Bank Officers In Florida To Face Charges Four Other Banks in State Are Being Liquidated or Reorganized - "Run" Closes Bank. While State and Federal officials began reorganization or liquidation of three Florida banks today, the pres. ident of four other Central Florida banking institutions faced charges of violation of the State banking Two of the banks that closed yesterday were in Deland, the only banks 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 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. First National Bank Lake. land. the First National Bank Auburndale, and the State Bank of Information filed against Fouts in three counts charged he had "Joanhimself 85,000 from the funds of the State bank of Bartow without the consent of the Board of D1rectors. that had altered the minutes the board to make loan appear regular that he had taken the money when resources of the institution not to legal quirement The banks he headed closed May Time of arraignment for prelimin. ary hearing was expected to be set in few The Colonial Bank and Trust Company was with of $50,000. It had been organized for three attributed its closing to steady drawals cash during the last four days. J. V. Carpenter was president. The Volusia County Bank and Trust had of $2. 816,188 of capital of $200,000; surplus of $100,000, and discounts of $1,724, 516.08 The First National Bank of Deland had resources of 789,972.81: cap. ital stock of $100,000 surplus $25,000, and deposits of $1,211,750 The stem of giant bamboo a tree may grow foot in one day

12. 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.