Phifer State Bank - Gainesville, FL

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: state
Start Date: July 24, 1929
Location: Gainesville, Florida (29.652, -82.325)

Metadata

Model: gpt-5-mini
Short Digest: 92cb9229

Response Measures

Full suspension, Books examined

Other: Federal bank officials took charge of affairs (receivership/official takeover).

Description

Article (Bradenton Herald 1929-07-25) reports Phifer State Bank of Gainesville closed 'yesterday' and federal bank officials took over affairs after heavy withdrawals. This indicates a deposit run leading to suspension and authorities taking control (receivership/closure).

Events (3)

1. July 24, 1929 Run

Cause: Local Banks
Cause Details: Heavy withdrawals; contemporaneous closures of other Florida banks (e.g., First National Bank St. Augustine) precipitated runs.
Measures: Closed doors to protect depositors (suspension of payments)
Newspaper Excerpt: the Phifer State Bank of Gainesville... the institutions were closed to protect depositors in the face of heavy withdrawals.
Source: newspapers

2. July 24, 1929 Suspension

Cause: Government Action
Cause Details: Federal bank officials took over affairs after the bank closed its doors following heavy withdrawals.
Newspaper Excerpt: Authorities Take Over Bank Affairs... federal bank officials today were charge accounts of Florida banks that closed their doors yesterday... the Phifer State Bank of Gainesville.
Source: newspapers

3. July 25, 1929 Receivership

Newspaper Excerpt: Authorities Take Over Bank Affairs... federal bank officials today were charge accounts of Florida banks that closed their doors yesterday.
Source: newspapers

Newspaper Articles (1)

1. July 25, 1929 The Bradenton Herald Bradenton, FL

Article from The Bradenton Herald, July 25, 1929

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Article Text

Authorities Take Over Bank Affairs ACKSONVILLE Fla., July federal bankofficials today were charge accounts of Florida banks that closed their doors yesterday. Officials the banks, the First National Bank St. Augustine Phifer State Bank of Gainesville. said the institutions were closed protect depositors the face of heavy withdrawals. The Augustine has posits of $2,122,588.92. capital stock of $130,000 and surplus $70,000. The Gainesville bank's posits were listed and capital stock Other banks the two cities light during day, officials but had plenty cash on hand to withstand them. Permission of the United States comptroller recently granted for the consolidation of the First National Bank St. Augustine and two other banks of that city, but the fusion had not been made. President Puller of the First National bank said that the other banks. the Peoples Bank and the Bakers Trust company, would continue operate before and probably would not be affected by the closing of the First National.