2340. Fort Pierce Bank & Trust Company (Fort Pierce, FL)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
trust company
Start Date
June 17, 1932
Location
Fort Pierce, Florida (27.447, -80.326)

Metadata

Model
gpt-5-mini
Short Digest
981db296

Response Measures

Partial suspension, Full suspension, Books examined

Other: Liquidator/receivership actions and lawsuits to recover assets described in later articles.

Description

Articles report a run in mid-June 1932 (directors took cognizance of the fact that there was run on the bank and petitioned for partial freezing). The bank invoked the 90-day/80% freezing arrangement in June, then suspended business Sept. 9, 1932; a liquidator was appointed and suits were later filed — the bank was being liquidated (closure). Trust chosen from the name; state examiner and comptroller actions indicate state-level proceedings.

Events (4)
1. June 17, 1932 Run
Cause
Bank Specific Adverse Info
Cause Details
Directors noted a run on the bank in mid-June 1932 that led them to petition the comptroller to freeze 80% of deposits under a partial freezing plan; run appears driven by the bank's liquidity/solvency concerns.
Measures
Petitioned comptroller and invoked a partial freezing arrangement (90-day / 80% freeze) on deposits; deposits represented by certificates for prior closures.
Newspaper Excerpt
directors ... took cognizance of the fact that there was run on the bank, and petitioned the comptroller for permission to freeze 80 per cent of the deposits
Source
newspapers
2. September 9, 1932 Suspension
Cause
Government Action
Cause Details
Bank suspended by actions of the state bank examiner; inability to raise funds to meet depository liabilities noted by examiner.
Newspaper Excerpt
the Fort Pierce bank suspended business Sept. 9. Fenn, state bank examiner, who has been in charge since the suspension of business, has virtually completed his examination
Source
newspapers
3. October 6, 1932 Other
Newspaper Excerpt
Peter Tomasello, Okeechobee, liquidator ... has assumed charge of the affairs of the Fort Pierce bank, which suspended business Sept. 9. ... Blank forms for the filing of claims against the bank will be available ... the services of the liquidator will be provided without expense to the claimants ... (liquidator appointed to wind up affairs).
Source
newspapers
4. December 9, 1932 Other
Newspaper Excerpt
Suit has been filed ... by Tomasello, Jr., liquidator of the insolvent Fort Pierce ... alleging conveyances while insolvent and seeking recovery of bank property; recounts June 17 meeting when directors took cognizance of run and petitioned comptroller for permission to freeze 80 percent of the deposits.
Source
newspapers

Newspaper Articles (6)
1. September 12, 1932 The Palm Beach Post West Palm Beach, FL
Article from The Palm Beach Post, September 12, 1932

Click image to open full size in new tab

Article Text

FORT PIERCE NEWS Liquidator to Be Named For Fort Pierce Bank Fort Pierce, Sept. 11.-A liquidator will probably be appointed shortly for the Fort Pierce bank, which suspended business Friday, according to L. E. Fenn, state bank examiner, who is in charge of its affairs. The bank some two and a half months ago invoked the state 90day deposit-freezing law, tieing up deposits of some $180,000. The institution, the old Fort Pierce Bank & Trust Co., closed in 1927 and reopened the following March under five-year freezing plan, freezing deposits of some $350,000 now represented by certificates Deposits since invocation of the 90-day freezing law should be returned to the depositors within the next few days, Mr. Fenn said.

2. September 12, 1932 The Stuart News Stuart, FL
Article from The Stuart News, September 12, 1932

Click image to open full size in new tab

Article Text

FT. PIERCE BANK CLOSED FRIDAY FT. PIERCE Sept. 12. -The Fort Pierce bank suspended business Friday and L. E. Fenn, state bank examiner assumed charge of its affairs for the state banking department. The closing of the bank resulted to a large degree by reason of its inability to raise funds with which to meet its depository liability, Mr. Fenn said, but he did not care to go into other matters pertaining to the condition of the bank at this time or to give out any statement of further details before the completion of his report. A liquidator is likely to be appointed at an early date by the comptroller and the bank will be turned over to him when the examiner's report is completed, Mr. Fenn said. Mr. Fenn further stated that under the recent freezing arrangement granted by the comptroller in June of this year, deposits on hand, made since

3. September 12, 1932 The Stuart News Stuart, FL
Article from The Stuart News, September 12, 1932

Click image to open full size in new tab

Article Text

that time. should be returned to the depositors within the next few days. The bank, formerly known as the Fort Pierce Bank & Trust Co: closed in August of 1927 and was reopened the following March under a five year partial freezing plan. Some two and a half months ago it invoked the state law permitting freezing of 80 per cent of deposits for a 90day period. Approximately $180,000 is due depositors on deposits made during the period from the reopening of the bank in 1928 to the recent invocation of the 90day freezing law, and, according to the last statement of condition the old deposits, represented by certificates of deposit accruing from the original closing, total approximately Whether the depositors and certificate holders of the institution, who at a meeting held a few days ago took action looking toward the provision of relief through the formation of a holding company and flotation of a loan, will take further action was not known today.

4. October 6, 1932 Fort Pierce Tribune Fort Pierce, FL
Article from Fort Pierce Tribune, October 6, 1932

Click image to open full size in new tab

Article Text

LIQUIDATOR CHARGEBANK Affairs to be Wound Up With All Possible Dispatch, Said Peter Tomasello, Okeechobee, liquidator for closed state banks this district, Thursday charge of the affairs of the Fort Pierce bank, which suspended business Sept. Fenn, state bank examiner, who has been in charge since the suspension of business, has virtually completed his examination and report of the status of the institution's affairs. Pending completion and examination of the report, Mr. Tomasello said he was unable to give out any statement as to the status of the bank's affairs and the prospects as to their liquidation. He stated, however, that he proposed to wind up the affairs of the bank with all possible dispatch, efficiency and economy. The office force will be comprised only of Anderson as bookkeeper and Miss Jean Creed as stenographer, while Mr. Tomasello said he expected to spend a good portion of his time on duty at the bank. Blank forms for the filing of claims against the bank will be available there within the next eight or ten days. The Florida law permits claims to be filed during period of one year from the date the liquidator qualifies, although it is hoped to have all claims filed a much shorter period. The services of the liquidator will be provided without expense to the claimants for a period of at least the next six months, Mr. Tomasello said, for the reason that the maximum compensation allowed the liquidator under state law has already been reached for that period by his percentage of collections from other banks under his jurisdiction. Mr. Tomasello, who is liquidator for closed banks in Brevard, St. Lucie, and Glades counties, is representative in the state legislature from Okeechobee county and stands high in state legislative circles.

5. October 7, 1932 The Palm Beach Post West Palm Beach, FL
Article from The Palm Beach Post, October 7, 1932

Click image to open full size in new tab

Article Text

SOCIETY NEWS ST. MARGARET'S CHAPTER CARD PARTY, OCTOBER 10 The card party, sponsored by St. Margaret's chapter of Holy Trinity Church Service league, which was announced for Thursday, October 13. has been changed to Monday, October 10, at 8 o'clock at the Holy Trinity parish house, because of the Business and Professional Women's Stunt night program at the city park High score awards will be presented at each table, awards will be given for the first four aces, the first blank hand and a door award will be given. Refreshments will be served. The public is invited to attend. The committee in charge of arrangements consists of Mrs. M. G. Lambdin, chairman, assisted by Mrs. P. W. Weybrecht and Mrs. Chris Erneston. CHORUS CLUB FORMED HERE A group of local singers met at the home of Mr. and Mrs. B. H. Gault on Kanuga drive last night for the purpose of organizing chorus club. Twenty-five charter members were enrolled and more are expected to be added later. Plans wert made to use both secular and sacred music in order to have selections suitable for any occasion. The club is non-profit, and was formed to be of service to local organizations in providing musical programs and entertainment. A weekly rehearsal will be held on Thursday evenings. At the first rehearsal last night, the cantata "Ruth" by Gaul, was used. At its initial meeting the club elected the following officers R. W. Pinder, president: W. H. Boozer, vice-president Miss Harriette Latterner, secretary Mrs. D. D. Newberry, treasurer; Mrs. B. H. Gault, director and Miss Marjorie Brown. accompanist. In addition to the officers the following charter members were enrolled: Mr. and Mrs. A. B. Hartsfield, Mr. and Mrs. W. L. Halsey, Mr. and Mrs. L. W. Johnson, Mr. and Mrs. W. D. Wagner, Mr. and Mrs. W. R. DeWitt, Dr. and Mrs. R. H. Baldwin, Mrs. Belle Iles, Mrs. Randolph Pinder, Mrs. W. H. Boozer, Henry Lee Davis, Gus Davis, B. H. Gault and Dr. D. D. Newberry. B. Cook. Peggy Graham, Elva White, Dixie Graham. Nina Ellis, Pearl Walker, Mae Farnum, Freda Drake, Wilma Arnold, Doris Houfer, Agnes Reddick, Marie Long and Virginia Blackwell and Mrs. Mary Harrison. WOMEN'S REPUBLICAN CLUB MEETS THIS AFTERNOON A special program has been ar ranged for the weekly meeting of the Women's Republican club of Palm Beach county, to be held this afternoon o'clock at El Verano hotel, with Mrs. Ralph Payne, president, in charge. Sydnor Tucker of Palm Beach will be the speaker of the afternoon, using the republican platform as his topic. OFFICERS ELECTED BY UNUSUAL CLUB Almer Tedder was elected president of the Unusual club last night at the regular meeting at the home of Ray Allen, 621 Ardmore road. Other officers elected to serve the next quarter were Ray Allen, vicepresident: Miss Myrtie Chastain. secretary; Miss Mary Lee Cottle treasurer. and Miss Helen Huff. publicity chairman Bob Sasser and Miss Lucille Blair were appointed to be in charge of Halloween party to be given the last of the month. The next meeting will be held at the home of Miss Myrtie Chastain, 533 Gardenia street. Following the meeting refreshments were served. Attending were the Misses Helen Riggs, Lois Drawdy. Myrtie Chastain, Mary Lee Cottle. Lucille Blair Edna Winters and Helen Huff and Ralph Kohl, Jimmy Lord. Ray Allen, Boyd Ellis. Almer Tedder. Richard Sparks, John Crabtree. Ed Pieper and Riley Sims. TOMASELLO IS LIQUIDATOR Fort Pierce, Oct. Peter Tomasello. Okeechobee, liquidator for closed state banks in this district, has assumed charge of the affairs of the Fort Pierce bank, which suspended business Sept. 9. Pending completion and examination of the examiner's report, Mr. Tomasello said he was unable to give out any statement relative to the status of the bank's affairs.

6. December 9, 1932 Fort Pierce Tribune Fort Pierce, FL
Article from Fort Pierce Tribune, December 9, 1932

Click image to open full size in new tab

Article Text

RECOVERY OF PROPERTY BY SOUGHT Suit Filed Against Younghusband by Tomasello as Liquidator ALLEGED CONVEYED WHILE INSOLVENT Another Action Instituted Against Geneieve Parr and Others Suit has been filed in circuit court here by Thomasello, Jrs, liquidator of the insolvent Fort Pierce F. Younghusband and Anna R. Younghusband, his wife, Scott Fruit Co., and East Coast Service Corp., seeking to recover the property on which the bank building is located, including those portions which house the postoffice and the Silver Palace pharmacy, together with the furniture and fixtures of the bank, conveyed to Mr. Younhusband by the bank on June 18, 1932, allegedly without legal authority and while the bank was insolvent. It is alleged in the bill of complaint that the said property was conveyed to the defendant "for purpose and with the intent of preferring one creditor over other creditors" and "after an act of insolvency had been committed" by the bank or in contemplation of insolvency. It is further alleged that "the conveyance of the said property to the said F. S. Younghusband, thereby making him preferred creditor, defrauddepositors and stockholders of their rights to and in a large and valuable asset" of the said bank. The orator prays that the note, mortgage, deed and bill of sale involved the several transactions leading up to conveyance of the property be declared null and void and cancelled by the court, and that title to said property be invested in the liquidator of the bank the same as if they had never been executed; and defendants be restrained from selling or otherwise disposing of said properties, and from collecting rents or profits therefrom. Tracing the history of the several transactions involved in the proceedings, the bill of complaint mentions the following: That deed to the bank property was executed by the Fort Pierce Bank & Trust now the Fort Pierce, to the East Coast Service Corp., on that on Dec. 31, 1930, the East Coast Service Corp. executed to Mr. Younghusband promissory note for the sum of $45,000, and that in order to secure payment of said note the Service corporation executed to Mr. Younghusband mortgage deed encumbering the bank property, at which time it is alleged that Mr. Younghusband creditor of the bank and the bank at that time was insolvent contemplation of insolvency; that on March 23, 1931, Mr. Youngshusband assigned the said note and mortgage to the Scott Fruit Co., allegedly a corporation owned and controlled by him; that June 13, 1932, the East Coast Service Corp. conveyed to the bank part of the property involved; 17, 1932, the directors of the bank held special meeting at other than the regular meeting place, took cognizance of the fact that there was run on the bank, and petitioned the comptroller for permission to freeze 80 percent of the deposits, said permission havbeen granted on June that June 18, 1932, while the bank was allegedly insolvent, it executed warranty deed conveying the said property to Mr. Younghusband. It is further alleged that the bank directors at the aforesaid special meeting authorized officers of the bank to procure from Mr. Younghusband loan of $7,500. It further represented that the directors and stockholders of the bank did not authorize nor ratify the giving of the bill of sale the furniture and fixtures of the bank. Attorneys for the complainant are Nottingham & Denison and Sumner & Sumner, while Alto Adams represents the defendant. Another Suit Filed the same time of filing the above suit, another was filed by Mr. Tomasello as liquidator of the bank and against Geneieve B. Parr, widow, Parr as ministratrix of the last will and testament of Lucy M. Part,