2341. Citizens Bank (Frostproof, FL)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
July 17, 1929
Location
Frostproof, Florida (27.746, -81.531)

Metadata

Model
gpt-5-mini
Short Digest
f1e454f6

Response Measures

Full suspension, Books examined

Other: Multiple newspapers describe a regional wave of closures in SW Florida; Federal Reserve shipments of currency to Tampa and establishment of depots mentioned.

Description

Multiple July 17–18, 1929 news items report heavy withdrawals and state examiners taking charge of the Citizens Bank of Frostproof. Causes blamed on unwise gossip and nervousness following appearance of the Mediterranean fruit fly. Examiner took charge (bank failed to open / was placed in hands of state bank department), indicating suspension and failure rather than simple temporary closure; no clear reopening reported.

Events (3)
1. July 17, 1929 Run
Cause
Rumor Or Misinformation
Cause Details
Heavy withdrawals triggered by 'unwise gossip' and public nervousness after reports about the Mediterranean fruit fly.
Measures
None specific for the Frostproof branch described; broader relief efforts included shipments of Federal Reserve currency to Tampa area and state examiners taking charge of failing institutions.
Newspaper Excerpt
ordered closed by the State banking department after heavy withdrawais by depositors.
Source
newspapers
2. July 17, 1929 Suspension
Cause
Rumor Or Misinformation
Cause Details
State examiner took charge after runs attributed to gossip and fruit-fly-caused nervousness; bank 'failed to open' and was taken into custody by the examiner.
Newspaper Excerpt
Citizens Bank of Frost Proof ... placed in the hands of the state bank department; failed to open their doors today.
Source
newspapers
3. July 18, 1929 Receivership
Newspaper Excerpt
Taken Over by Examiner. ... state bank examiner said the institution was in his hands.
Source
newspapers

Newspaper Articles (6)
1. July 17, 1929 Daily American Republic Poplar Bluff, MO
Article from Daily American Republic, July 17, 1929

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Article Text

FLORIDA BANKS AFTER "RUN" Citizens Bank of Tampa and Nine Subsidiary Institutions Taken Over by Examiner. GOSSIP BLAMED FOR THE CRASH Feeling of Unrest Following Appearance of Fruit Fly Responsible for Closing. By The Associated Press. Tallahassee, Fla., July State Bank Department late today reported the failure of the Citizens Bank of Frost Proof, in Polk counbring to 23 the number of financial institutions to close their doors Florida in the past two weeks. The Frost Proof Bank had capital stock of $35,000; deposits of $311,and assets of By The Associated Press. Tampa, Fla., July 17.-Fourteen state banks in Southwest Florida closed their doors today, bringing to 22 the number of financial institutions to fail within the state within the past two weeks. Capital and surplus of the stitutions that closed today, according to figures released by the state banking department, totaled $3,595,000, deposits aggregated $22,263,961.47 and assets $29,211,075.22. Deposits of the eight banks which failed during the two weeks prior today were estimated at bringing the total deposits tied bank failures to date to Money Arrives. A consignment of $1,000,000 from the Federal Reserve Bank at Atlanta to the First National Bank of Tampa arrived here shortly noon plane from Jacksonville. Meanwhile other banks in the city reported numbers of small depositors withdrawing their funds, but officials said there was plenty of cash on hand. Creed Taylor, deputy governor of the Federal Reserve Bank of Atlanta, who in the city, backed up statements of the bank officials, declaring that the institutions could have the money needed to meet the situation. Directors of the Citizens Bank later issued statement saying that reorganization plans for that institution under way. Tampa, Fla., July Citizens Bank and Trust Company, state institution, nine subsidiary banking institutions failed to open their doors today. Besides the Citizens Bank four the depositories were in Tampa. Notice posted at the Citizens Bank by state bank examiner said the institution in his hands. The branches were: the Bank Ybor City on which run was made the Lafayette Bank; Citizens Monday; Nebraska Avenue Bank; Franklin Bank and the Bank of Plant City; Bradenton Bank and Trust Company; First Bank and Trust Company, First State Bank of Fort Sarasota; Meade, and the Bank of Pasco County Dade Gossip Blamed. Jackson, state examiner, has been here since Monday checking up conditions. The board of directors of the Citiand at meeting zens Bank early today issued statement conditions as due to "unwise plaining gossip and continued adverse conditions following the appearance of the Mediterranean fruit fly which sponsible for feeling of unrest and fear on the part of the people." that all deThe directors predicted positors would be paid in full and that the depositories would go out of business. Bank Capital. Paid in capital of the Citizens Bank Trust $1,000,000, according and was to the published statement of the of June 29 last. Deposits bank as in excess of $3,000,000. were given as cashier; Bize, John Bize is of the board, and Aney chairman president. Bank and Trust, assets Citizens John Bize. $18,412,064.89; cashier, Avenue, assets Citizens Nebraska cashier, $645,802.03; cashLafayette, assets McCord. ier, Franklin, assets ier, W. Jackson. Ybor City, assets cashier, Crowder. Total, The United States supplies onethe world trade in chemifourth of cals.

2. July 18, 1929 The Washington Times Washington, DC
Article from The Washington Times, July 18, 1929

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Article Text

BANK IN TAMPA, Fla. July 18 (I.N.S.).With millions of dollars of Federal reserve money arriving or en route here, confidence was gradually be ing restored today following the closing of 15 State banks in this section yesterday. The institutions, with combined deposits in excess of $22,500,000. were ordered closed by the State banking department after heavy withdrawais by depositors. They included the Citizens' Bank and Trust Company of this city, with its 10 subsidiaries; the American State Bank of Tampa, the Citizens: Bank of Frostproof, the Bank of Mul. berry, and the Ellenton State Bank. The 15 have aggregate assets of nearly $30,000,000. and capitol stock of more than $3,500,000. Millions Rushea In When word of the crisis was sent to was Atlanta, sent here $1,000,000 by train in from currency the Federal Reserve Bank there, an. other million reached here by airplane, and three additional millions were said to, be en route. Arrival of the Federal reserve money late yesterday and a state ment of Creed Taylor, deputy gov. ernor of the Reserve Bank at At. lanta, that Tampa banks could have "all the money they need to meet the situation, diminished the lines of depositors seeking with. drawais. Confidence was also aided by the announcement from Washington that Federal money depots would be established at Tampa and Miami to provide funds for banks that may suffer sudden withdrawals. 23 in Two Weeks The 15 Banks closing yesterday Brought the total closings in the State during the last forthight to 23, 20, of which were State institu tions. Presence in the State of the Medi terranean fruit fly and the resultan nervousness in business circles, to gether with the general business de pression, was blamed for the bank runs.

3. July 18, 1929 The Morning Call Allentown, PA
Article from The Morning Call, July 18, 1929

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Article Text

15 FLORIDA BANKS CLOSE THEIR (Continued from Page One) who asked for their all depositors State bank examiners took charge of the closed institutions have beaudits of their affairs. Today's closures brings to 23 the number of banks suspending business within two weeks Banks in the city affiliated with the citizens which Bank, Nebraska Bank, the Bank Ybor. in affiliated with the closing the Bank Plant Bank Trust the First Bank and Trust Company Sarasota, the First Bank and Trust Meade the Bank of Pasco County of Dade Other banks not affiliCitizens of Frostproof, the Bank Mulberry and the Ellenton State Bank Ellenton. The First Bank of Port Tampa and the State Bank. not affiliated with the Citizens. closed temporarily for to their All deposits of Comptroller Ernest blamed the closing on withdrawals ganda and the mental attitude of the man the Amos that while there was "financial certain degree over the state. accentuated by effect the Mediter ranean fly and regarded the "the just before the peowill not tear down the temple above heads. developed Monday on the Bank Ybor. but the institution open beyond the regular hours and all depositors to close the Citizens Bank and its made morning meeting throughout the night of the directors.

4. July 18, 1929 Tampa Bay Times St. Petersburg, FL
Article from Tampa Bay Times, July 18, 1929

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Article Text

BANKING CRISIS OVER, BELIEF, AS SENDS HELP Five Millions Sent Tampa and St. Petersburg Institutions (Continued from Page financial institutions which closed today, according figures at the banking department, was $3,630,000; deposits $22,575,728.97 and Names of the defunct institutions, which the hands state bank department today, Citizens Bank and Trust company, Tampa. *Franklin bank, Tampa. Lafayette bank, Tampa. American State Tampa. *Citizens Nebraska Avenue bank, Tampa. *Bank of Ybor City, Ybor City. *Bank Plant City, Plant City. *Bradenton Bank and Trust Bradenton. *First Bank and Trust company Sarasota. *First State bank, Fort Meade. *Bank Citizens bank of Frostproof. bank Tort City. Bank Mulberry. Mulberry. Ellenton State bank, Ellenton. with Citizens Eight other banks have failed the past weeks, bringthe number of failures within time board directors of the CitiBank Trust company of Tampa today issued written stateexplaining that the present situation due to "unwise gossip continued adverse fol"lowing the appearance of the Mediterranean fruit fly. was sponsible for feeling unrest and fear developed on the part of the Directors of the Citizens bank predicted that all depositors would be full and indicated that its subsidiaries would go out of busibolster up public confidence, $1,000,000 cash was brought here airplane today from Atlanta and delivered the First National bank Tampa, member the Federal Reserve. Meanwhile, officials of other solbanks Tampa, where withdrawals by few depositors reported, issued statements plenty of been obtained demands. Creed governor the Federal Rebank Atlanta, arrived today, also declared that local bankers could all the money need with which meet the from Washington stated the shipment of from Tampa said by FedReserve officials to have been authorization by the for the establishment of two depots one in each million dollars would quick use by the member officials of the Bank Sarasota, the Ringling Trust and First Trust company. the three solinstitutions there, said of the First and Trust "company that city no effect their banks. The three under usual business today, they said. Ringling circus fame, the board the Bank Sarasota and the Ringling Trust Savings bank. officials has the entire fortune the late Charles Ringling. brother.

5. July 18, 1929 Morning Examiner Bartlesville, OK
Article from Morning Examiner, July 18, 1929

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Article Text

SOUTHWEST CLOSE Aggregate Deposits of Failed Institutions Are $22,575,728 'GOSSIP' BLAMED Depression Accentuated by Effects of Fruit Fly Others Have Closed in Last Two Weeks TAMPA, Fla., July 17. Failure fifteen state banks southwest Florida Wednesday with aggregate deposits of more than $22,500,000 regarded by State Comptroller Ernest Amos being the "darkened hour just before dawn." In statement Wednesday night the Associated Press, the comptroller said he believed primary cause of the failures withdrawals, and the mental titude the "There financial deprescertain degree everywhere the he explainhas been accentuated the effect the Mediterranfruit fly and quarantine. regard this as darkened hour before the dawn, however, if people will not tear down temple upon their own heads. This what they are doing Aggregate capital stock of the fifteen financial institutions which closed Wednesday, according figures at the state banking partment, was $3,630,000; deposand assets $29,641,366.68. Names of the defunct institutions, which were placed in the hands of the state bank department Wednesday, are: Citizens Bank and Trust company, Tampa; bank, Tampa; bank, Tampa; American State bank, Tampa; Nebraska Avenue Tampa; Ybor City, Ybor City; of Plant City, Plant X-Bradenton Bank and Trust company, Bank and Trust comSarasota: State bank, Fort of Paseo county, Dade City; Citizens Bank of Frostproof; Bank of Port Tampa Bank of Mulberry, Mulberry: Ellenton State bank, Ellenton; X-Affiliated Citizens bank Tampa. Eight other banks have failed Florida the past weeks, bringing the total number failthat time to board of Citizens Bank and Trust company, which parent instifor ten of the banks which Wednesday, issued writstatement, explaining the present situation "unwise gossip continued adconditions following the pearance Mediterranean fruit which was responsible for feeling of unrest and fear devolon the part of the people." Directors Citizens bank predicted all would in full and indicated its subsidiaries would go out To bolster up public confidence, cash was brought airplane from Atlanta delivered to the First NatBank Tampa, member Federal Reserve. Meanwhile officials of other solvent banks in Tampa, where withdrawals by few small depositors reported, issued statements that plenty of cash had been obtained meet At Sarasota officials of the Bank of Sarasota, and the RingTrust and Savings bank, and First Trust company, the remaining solvent institutions there said the closing the First Bank and Trust comof that city "had no effect whatever,' the banks. Both conducted under usual busiWednesday they said. John Ringling of circus fame, chairman of the board the Bank Sarasota the RingTrustees Savings bank, ficials said, has behind the entire fortune of the late Charles Ringling, brother.

6. July 18, 1929 Poplar Bluff Republican Poplar Bluff, MO
Article from Poplar Bluff Republican, July 18, 1929

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Article Text

FLORIDA BANKS CLOSE AFTER Citizens Bank of Tampa and Nine Subsidiary Institutions Taken Over by Examiner. GOSSIP BLAMED FOR THE CRASH Feeling of Unrest Following Appearance of Fruit Fly Responsible for Closing. By The Associated Press. Tallahassee, Fla., July State Bank Department late today reported the failure of the Citizens Bank of Frost Proof, in Polk county, bring to 23 the number of financial institutions to close their doors in Florida the weeks. past two The Frost Proof Bank had capital stock of $35,000; deposits of $311,767.50, and assets of $430,291.46. By The Associated Press. Tampa, Fla., July state banks in Southwest Florida closed their doors today, bringing to 22 the number of financial institutions to fail within the state within the past two weeks, Capital and surplus of the institutions that closed today, according to figures released by the state banking department, totaled $3.595,000. deposits aggregated $22,and assets Deposits of the eight banks which failed during the two weeks prior today were estimated at $10,800,000, bringing the total deposits tied up bank failures to date to Money Arrives. A consignment of $1,000,000 from the Federal Reserve Bank at Atlanta to the First National Bank of Tampa arrived here shortly after noon by plane Jacksonville. Meanwhile other banks in the city reported numbers of small depositors withdrawing their funds, but officials said there plenty of cash on hand. Creed Taylor, deputy governor of the Federal Reserve Bank of Atlanta, in the city, backed up statements of the bank officials, declaring that the could have the money they needed to situation. Directors of Citizens Bank later issued statement saying that reorganization plans for that institution were under way. Tampa, Fla., July Citizens Bank and Trust Company, state institution, and nine subsidiary banking institutions failed to open their doors today. Besides the Citizens Bank four the depositories were in Tampa. Notice posted at the Citizens Bank by state bank examiner said the institution was in his hands. The branches were: the Bank Ybor City on which run was made Monday; the Lafayette Bank; Citizens Nebraska Avenue Bank; Franklin Bank and the Bank of Plant City; Bradenton Bank and Trust Company; First Bank and Trust Company, Sarasota; First State Bank of Fort Meade, and the Bank of Pasco County at Dade City. Gossip Blamed. E. Jackson, state examiner, has been here since Monday checking up conditions. The board of directors of the Citizens Bank and Trust, at meeting early today issued statement plaining conditions as due to "unwise gossip and continued adverse conditions following the appearance of the fruit fly which was sponsible for feeling of unrest and fear on the part of the people." The directors predicted that all depositors would be paid in full and that the depositories would go out business. Bank Capital. Paid in capital of the Citizens Bank and Trust was $1,000,000, according to the published statement of the bank as of June 29 last. Deposits given as in excess of $3,000,000. John Bize cashier; Bize, chairman of the board, and D. Aney president. Citizens Bank and Trust, assets cashier, John Bize. Citizens Nebraska Avenue, assets cashier, Acree. Lafayette, assets $645,802.03; cashier, McCord. Franklin, assets cashier, Jackson. Ybor City, assets $3,198,820.68; cashier, Crowder. Total, $22,927,003.36. The United States supplies onefourth of the world trade in chemicals.