Bank of Fort Myers - Fort Myers, FL

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: July 1, 1929*
Location: Fort Myers, Florida (26.641, -81.872)

Metadata

Model: gpt-5-mini
Short Digest: 4e4a5d8d

Response Measures

None

Description

The bank failed to open on 1931-04-16 and was placed in the hands of the comptroller of the state of Florida (government action). Articles also reference a prior run in the summer of 1929 that contributed to weakened condition, but no reopening is reported in the provided articles. OCR typos corrected (e.g., comptroller the state -> comptroller of the state).

Events (2)

1. July 1, 1929* Run

Cause: Macro News
Cause Details: A run during the summer of 1929 tied to widespread bank failures, lack of confidence and general depression.
Newspaper Excerpt: run on the bank during the summer of 1929, bank failures all over the state, lack of confidence, gossip, silent withdrawals
Source: newspapers

2. April 16, 1931 Suspension

Cause: Government Action
Cause Details: Board placed affairs of the bank in the hands of the Florida state comptroller; state examiner immediately took charge of the bank's affairs.
Newspaper Excerpt: failed to open for business this morning. notice on the door stated 'By direction of the board directors and for the protection depositors, affairs of this institution have been placed the hands of the comptroller the state of Florida.'
Source: newspapers

Newspaper Articles (4)

1. April 16, 1931 News-Press Fort Myers, FL

Click image to open full size in new tab

Article Text

COMPTROLLER CHARGE OF BANK OF FORT MYERS City's Oldest Financial Institution Posts Notice The Bank of Fort Myers Trust company, oldest institution of its kind here, failed to open for business this morning. notice on the door stated "By direction of the board directors and for the protection depositors, affairs of this institution have been placed the hands of the comptroller the state of Florida." The notice was signed by Foxworthy, president. Mr. Foxworthy was reported ill at home and could not be reached for statement. Figures on the bank's condition at the close of business were not available today but detailed statement expected soon. The last statement published the bank showing its condition of December 31, 1930, showed posits of and loans and discounts of $607,311.96. The bank has capital stock paid in of $100,000 and surplus fund of $100,000, according to this statement. Etheredge, state bank examiner, arrived shortly after o'clock this afternoon and mediately took charge of the bank's affairs. He was sent here Ernest Amos, state comptrolland works out of the Tallahasoffice. "There won't be very much give out for publication for two or three Mr. Etheredge said. "My first job, of course, will be to go through the bank's accounts and see how we stand. shall be very glad, however, (Continued on page five)

2. April 16, 1931 News-Press Fort Myers, FL

Click image to open full size in new tab

Article Text

Sincere Belief Bank Depositors Will Be Paid In Full Expressed Sincere belief that all depositors in the Bank of Fort Myers and Trust company would be paid in full was expressed today by Sheppard, attorney for the bank, in statement issued on behalf of the bank over Mr. Sheppard's signature in the absence Foxworthy, president, who confined to his home with illness. This statement had been pared by with the assistance of Roger Dodd, cashier, and the bank's directorate and contained their collective views. It follows: first wish to say word defense of Messrs. Kinzie, Lynn, Earl Blackman, John M. Boring and Dr. Ernest Bostleman. Last summer these men were induced to become stockholders and directors in the bank. Their sole motive was try keep the community free of bank failure and its disastrous results. They assumed the responsibility stockholders and directors for the good of the community. They deserve not condemnation. "Messrs. Raymond and Martin who have been stockholders in the bank for long time, also became directors last summer. They, too, have done everything they could to prevent failure. The president and cashier have served the bank honestly and faithfully. "It seems we have been faced with difficulties. The run on the bank during the summer of 1929, bank failures all over the state, lack of confidence, gossip, silent withdrawals, general depression and lastly poor turns from this season's fruit and vegetable crops have all militated against us. With proper fruit and vegetable returns this season, the farmers, growers and others could have paid their indebtedness the bank and would thereby have had the necessary cash capital to prevent closing. liquidator will find clean bank with the exception frozen assets. We have tried to comply with the law and there interlocking companies wheels within wheels. It may be the usual thing but sincerely besay, lieve, with reasonably careful liquidation, the depositors will paid in Mr. Dodd and Mrs. Sheppard declared that Mr. Foxworthy at home, too ill to make state(Continued on page five)

3. January 20, 1932 News-Press Fort Myers, FL

Article from News-Press, January 20, 1932

Click image to open full size in new tab

Article Text

COUNTY SCHOOL ON AUDIT (Continued from Page One) for in the county school business, visiting schools attending school affairs. instance: Martin county lows $45 per month traveling expenses with the county; High lands allowed during the past year for traveling with in the county and $133 for attend ing educational meetings; Manatee allowed $325 for attendance cational meetings; Volusia allows $100 per month for traveling penses Pinellas allows $600 year traveling expenses and $200 expenses to attend educational meetings; Hillsborough allows $600 per year traveling penses and $100 for attending cational meetings. "In view of the fact that Mr English was receiving no allowance for any of these expenses and curring them in order to be con versant with the school matters and plans for state aid to county schools in Florida, pending legislation, taxation measures, bond mat ters, and all of the problems that our local and state school systems have had to solve during the past several years, we made him these allowances in lieu of such expenses for travel. etc. We feel that our local schools have been well repaid improvement in school work and curriculum and benefits from new laws and plans of distribution state funds. Hurd Payment Explained "The auditor also makes menthe fact that $88 was paid the chairman of the school board for per diem and mileage in attendall of the 11 meetings the adjustment board. This board created by the legislature of 1929 to comprise and adjust the back taxes and large sum of money for back taxes was brought the school and county funds the work of this necessary board. The only compensation that the chairman of the school board receives is per day and mileage. The law creating the tax adjustment board. says that 'no member officer shall receive com any pensation for the performance such duties, except the compensa tion allowed by law to officers. In view the that the amount paid by the board the amount allowed to such officer and the only remuneration ceived for this work, we feel the payment was proper. to the advance of salaries made to two employes, the board recognizes that such action proper and taken without the the county The amounts were promptly paid. auditor also mentions that check for $160 permitted drawn about month in advance. In view of the fact that this ploye had been granted vacation and would be out of the state when his salary was to be due, he given his check in advance. the deposit in the Bank Fort Myers, the board had large of interest due bonds at the depository bank New York on May 1931, and deposit was made by the tax lector on April 1931. ditor criticizes the board for having additional security put the bank at this time. The board presented check the bank and asked for New York change to send to the New York bank few days thereafter but the bank suspended before the money could be paid over to the New York bank."

4. January 20, 1932 News-Press Fort Myers, FL

Click image to open full size in new tab

Article Text

THE SCHOOL BOARD EXPLAINS In advance of the formal inquiry by the county commission today the school board has made public its explanation of items mentioned in the recent audit. The board defends its action on most of the matters but in one instance frankly admits its error. With reference to allowances of from $250 to $400 annually to the county ent for expenses in attending summer school the board says this was in lieu of traveling expenses customarily allowed elsewhere in the state for attending school meetings and going about the county on school business. Supt. English, it seems, has never presented bills for personal traveling expenses. In view of this, and also because of the "special benefit to the state and county" of the superintendent's summer school course, the board takes the position that the allowance was justified. The criticism recognized as valid is that which the auditor called attention to tion by the board in advancing to two office employes $500 each for the purchase of automobiles. In the statement made public yesterday members of the board admit this was "improper" and explain that it was done "without the advice of the superintendent.' The advances, it is stated, were promptly repaid. Another advance of $160 to John Hilliard, the board's business manager, was represented as his salary for the month in which he took his vacation. The auditor mentioned a payment of $88 as per diem and mileage to Chairman Hurd for attending 11 meetings of the tax adjustment board. The payment was questioned with notation that the law provides that "no member or officer shall receive any compensation for the performance of such duties except the compensation allowed by law to such officers." The compensation allowed members of the school board is $4 per day and mileage and this was the compensation collected by Mr. Hurd for attending the tax board meetings. It would seem that he was entitled to pay for the work. The duties of the board were arduous and the service was valuable to the taxpayers. The auditor's complaint that the board had neglected to protect its deposits in the Bank of Fort Myers by obtaining was answered an explanation that the less was caused by failure to clear check for large payment of interest" which had been sent to New York few days before the bank suspended. When the audit was made public it was suggested that the school officials would have some tall explaining to do. It appears that the board ready to take full responsibility. The school commissioners and the superintendent are elective officials and by making the issue one of judgment they put the verdict squarely up to the voters. Which is fair enough.