2367. First National Bank (Jacksonville, FL)

View Charter #2174 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
2174
Charter Number
2174
Start Date
March 16, 1903
Location
Jacksonville, Florida (30.332, -81.656)

Metadata

Model
gpt-5-mini
Short Digest
98935bdc

Response Measures

None

Receivership Details

Depositor recovery rate
51.2%
Date receivership started
1903-03-14
Date receivership terminated
1908-09-30
OCC cause of failure
Excessive lending
Share of assets assessed as good
43.3%
Share of assets assessed as doubtful
22.6%
Share of assets assessed as worthless
34.1%

Description

The First National Bank of Florida (Jacksonville) was closed by order of the Comptroller of the Currency after an examiner found it insolvent due to long-standing large loans. A national bank examiner/receiver (J. W. Norvell) was appointed. No run is reported; the bank was placed in receivership (permanent closure).

Events (4)
1. August 24, 1874 Chartered
Source
historical_nic
2. March 14, 1903 Receivership
Source
historical_nic
3. March 16, 1903 Receivership
Newspaper Excerpt
National Bank Examiner J. W. Norvell has been appointed receiver. James W. Norvell of the Treasury Department is in charge as receiver.
Source
newspapers
4. March 16, 1903 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Examiner's report showed insolvency due to losses and three large long-standing loans; assets of poor grade (phosphate, lumber machinery, real estate).
Newspaper Excerpt
The First National Bank of Florida, at Jacksonville, Fla., was closed today by direction of the controller of the currency... National Bank Examiner J. W. Norvell has been appointed receiver.
Source
newspapers

Newspaper Articles (19)
1. March 16, 1903 Evening Star Washington, DC
Article from Evening Star, March 16, 1903

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Article Text

JACKSONVILLE BANK CLOSED. Result of the Report of the Examiner to the Controller. The First National Bank of Florida, at Jacksonville, Fla., was closed today by direction of the controller of the currency, upon the report of an examination made by National Bank Examiner Charles A. Hanna, which showed the bank to be insolvent. National Bank Examiner J. W. Norvell has been appointed receiver. The failure of the bank, it is said at the Treasury Department, was due to losses which absorbed the entire capital and surplus, leaving a deficiency in assets, which are of a slow character and of poor grade, consisting largely of prosphate and lumber mill machinery, insurance policies, real estate, etc. The bank has liabilities of $375,182. The resources and liabilities of the bank, as shown by the last report of condition, February 6, 1903, were as follows, cents omitted: Resources-Loans and discounts, $204,111; overdrafts, $2,293; United States bonds to secure circulation, $50,000; stocks, securities, claims, etc., $21,829; banking house and other real estate, $29,220; due from banks and bankers, $19,695; cash items, redemption fund, etc., $22,727; specie, $25,294. Total, $375,182. Liabilities--Capital stock, $50,000; surplus and undivided profits, $11.519; circulating notes, $48,200; due to banks and bankers, $46,997; individual deposits, $188,465; bills payable, $30,000. Total, $375,182. ATLANTA, Ga., March 16.-A Journal special from Jacksonville, Fla., says: The First National Bank of Florida closed its doors today by order of the controller of the currency. A national bank examiner has been placed in charge of the bank. No statement has been given out by the president of the bank, Joseph M. Shoemaker, or any of the officials. The First National Bank was one of the oldest and strongest institutions in the state. Secretary Gen. Spinner of the United States treasury was A its first treasurer.

2. March 16, 1903 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, March 16, 1903

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Article Text

TELEGRAPHIC BREVITIES. Every hour increases the number of victims that the Philadelphia police suspect were poisoned by the "slow doses," furnished by George Hoossey, the negro herb doctor. A wreck occurred on the Wabash at Elm Point, five miles west ofSt. Charles, Mo., yesterday in which nine passengers were injured. The train was running fifty-five miles an hour, when the entire train with the exception of the engine and express car jumped the track. Five of the cars were ditched and badly wrecked. Mrs. John Anderson, aged 55, wife of a wealthy farmer, living near Cooperstown, N Y., committed suicide yesterdav by drowning herself. She left a note requesting that five dollars be given to the clergyman who officiates at the funeral. Her father killed himself five years ago. She said she had lived as long as she cared to. The First National Bank of Jacksonville, Fla., was closed today by order of the Comptroller of the Currency. J. W. Norvell, national bank examiner, was appointed receiver. Wm. Kennedy, president of the KennedyMurphy Brewing Company, died in Troy, N. Y., this morning of valvular disease of the heart, aged 87. He was a native of Ireland.

3. March 17, 1903 The Daily Morning Journal and Courier New Haven, CT
Article from The Daily Morning Journal and Courier, March 17, 1903

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Article Text

JACKSONVILLE BANK CLOSED. Oldest National Institution In Florida -Suspension Due to Loans. Jacksonville, Fla., March 16.-The First National bank, the oldest national bank in Florida, failed to open its doors this morning. It was closed by order of the comptroller of the currency. James W. Norvell, of the treasury department, is in charge of the bank as receiver. The suspension is due to three large loans which the bank has been carrying for more than ten years. On the recommendation of the examiner some time ago the bank proceeded with the hope of collecting the outstanding indebtedness, but the crash came unexpectedly to the officials. The president of the bank, James M. Schumacher, is a native of Herkimer county, New York. He came to Jacksonville in 1874, and in connection with his father-in-law, General Francis E. Spinner, formerly treasurer of the United States, established the bank in that year. The failure has caused no run on other banks. The officials of the bank say that if collections can be made the depositors will be paid in full.

4. March 17, 1903 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, March 17, 1903

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Article Text

FIRST NATIONAL BANK OF FLORIDA GOES UNDER 111. Washington, March 16.-The First NaOverdrafts, $2293. tional bank of Florida, at Jacksonville, United States bonds to secure circulaFla., was closed today by direction of tion, $50,000. the comptroller of the currency upon the Stocks securities, claims, etc., $21,829. report of an examination made by NaBanking house and other real estate, tional Bank Examiner Charles A. Hanna, $29,220. which showed the bank to be insolvent. Due from banks and bankers, $19,695. National Bank Examiner J. W. Norville Cash item, redemption fund, etc., $22,has been appointed receiver. 737. Specie, 25,294. The failure of the bank, it is said at total, $375,182. the treasury department was due to losses Liabilities: which absorbed the entire capital and Capital stock, $50,000. surplus, leaving a deficiency in assets, Surplus and undivided profits, $11,519. which are of a low character and of Circulating notes, $48,200. Due to banks and bankers, $46,997. poor grade, consisting largely of phosIndividual deposits, $188,200. phate and lumber mill machinery, insurBills payable, $30,000. ance policies, real estate, etc. The bank Total, $375,182. has liabilities amounting to $375,182. Is Unimportant. The resources and liabilities of the New York, March 16. .-The Chemical bank as shown by the last report of National bank is the local correspondent the condition, February 16, 1903, were as of the First National bank of Jacksonfollows: ville, Fla., which has suspended. A representative of the Chemical bank says (Cents omitted). the failure is unimportant. Resources, loans and discounts, $204,-

5. March 17, 1903 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, March 17, 1903

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Article Text

111. Overdrafts, $2293. United States bonds to secure circulation, $50,000. Stocks securities, claims, etc., $21,829. Banking house and other real estate, $29,220. Due from banks and bankers, $19,695. Cash item, redemption fund, etc., $22,737. Specie, 25,294. total, $375,182. Liabilities: Capital stock, $50,000. Surplus and undivided profits, $11,519. Circulating notes, $48,200. Due to banks and bankers, $46,997. Individual deposits, $188,200. Bills payable, $30,000. Total, $375,182. Is Unimportant. New York, March 16. -The Chemical National bank is the local correspondent of the First National bank of Jacksonville, Fla., which has suspended. A representative of the Chemical bank says the failure is unimportant.

6. March 17, 1903 The Times Dispatch Richmond, VA
Article from The Times Dispatch, March 17, 1903

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Article Text

BANK FAILS First National at Jacksonville Closed by Order of Comptroller of the Currency. (By Associated Press.) WASHINGTON, D. C., March 16.-The First National Bank of Florida, at Jacksonville, Fla, was closed to-day by direction of the Comptroller of the Currency upon the report of an examination made by National Bank Examiner Charles A. Hanna, which showed the bank to be insolvent. National Bank Examiner J. W. Norvel has been appointed receiver. The failure of the bank is said at the Treasury Department to be due to losses which absorbed the entire capital and surplus, leaving a deficiency In assets, which are of slow character and of poor grade, consisting largely of phosphate and lumber mill machinery, Insurance policies, real estate, etc. The bank has liabilities of $375,812.

7. March 17, 1903 The Times Dispatch Richmond, VA
Article from The Times Dispatch, March 17, 1903

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Regarded as Unimportant. (By Associated Press.) NEW YORK, March 16.--The Chemical National Bank is the local correspondent of the First National Bank of Jacksonville, Fla., which has suspended. A representative of the Chemical Bank says the failure is unimportant.

8. March 17, 1903 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, March 17, 1903

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Article Text

Florida Bank Closed. JACKSONVILLE, Fla., March 17.The First National bank, the oldest national bank in Florida, which yesterday was closed by order of the comptroller of the currency, is in charge of James W. Norvell of the treasury department as receiver. The suspension is due to three large loans which the bank has been carrying for more than ten years. On the recommendation of the examiner some time ago the bank proceeded with the hope of collecting the outstanding indebtedness, but the crash came unexpectedly to the officials. The president of the bank, James M. Schumacher, is a native of Herkimer county, N. Y. He came to Jack sonville in 1874 and in connection with his father-in-law, General Francis E. Spinner, formerly treasurer of the United States, established the bank in that year.

9. March 17, 1903 The Savannah Morning News Savannah, GA
Article from The Savannah Morning News, March 17, 1903

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Article Text

Chemical Says Unimportant. New York, March 16.-The Chemical National Nank is the local correspondent of the First National Bank of Jacksonville, Fla., which has suspended. A representative of the Chemical Bank says the failure is unimportant.

10. March 17, 1903 The Savannah Morning News Savannah, GA
Article from The Savannah Morning News, March 17, 1903

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COLLECTION OF DEBTS WILL MEAN PAYMENT. Jacksonville, Fla., March 16.-The First National Bank, as its name implies, the oldest national bank in Florida, failed to open its doors this morning. It was closed by the order of the controller of currency. James W. Norvell of the Treasury Department is in charge as receiver. The suspension IS due to three large loans, which the bank has been carrying for more than ten years. Upon the recommendation of the examiner some time ago the bank proceeded with the hope of collecting the outstanding indebtedness, but the crash came unexpectedly to the officials. The president of the bank, J. M. Schumacher, is a native of Herkimer county, New York. He came to Jacksonville in 1874 and in connection with his father-in-law, Gen. Francis E. Spinner, formerly treasurer of the United States, established the bank in that year. The failure has caused no run on the other banks. The officials of the bank say that if collections can be made the depositors will be paid in full.

11. March 17, 1903 The Washington Times Washington, DC
Article from The Washington Times, March 17, 1903

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Article Text

Jacksonville Bank Fails. The First National Bank of Florida, at Jacksonville, was closed by order of Comptroller of the Currency Ridgely. National Bank Examiner J. W. Norvell has been appointed receiver. The last report of the resources and liabilities showed $375,182.29. The failure of the bank was due to losses which absorbed the entire capital and surplus, leaving a deficiency in assests which are of a slow character and of poor grade, consisting of phosphate and lumber mill machinery, insurance policies, and real estate.

12. March 18, 1903 The Savannah Morning News Savannah, GA
Article from The Savannah Morning News, March 18, 1903

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RECEIVER IS NAMED For Manufacturing Concerns as a Result of the Bank Failure. Jacksonville, Fla., March 17.-As a result of the failure of the First National Bank, a bill of complaint was filed in the United States Court today by A. Cosmo Little against the Little Bros. Phosphate and Fertilizer Company, and the Georgia-Florida Chemical Company to foreclose a mortgage of $25,000 on the land in South Jacksonville, where the Little Bros. phosphate plant is located. The bill prayed for a receiver and Walter Mucklow was appointed receiver by the court. Mucklow is directed to take charge of the property. There is talk of a re-organization of the First National Bank by capitalists living out of Jacksonville, who it is said will take control and pay all indebtedness, but nothing definite is known.

13. March 19, 1903 The Montgomery Advertiser Montgomery, AL
Article from The Montgomery Advertiser, March 19, 1903

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Jacksonville, Fla., March 18-As a result of the failure of the First National Bank, a bill of complaint has been filed in the United States Court by A. Cosmos Little, against the Little Brothers' Phosphate and Fertilizer Company and the Georgia-Florida Chemical Company, to foreclose a mortgage of $25,000 on the land in South Jacksonville, where the Little brothers' phosphate plant is located. The bill prayed for a receiver and Walter Mucklow was appointed receiver by the court.

14. March 19, 1903 The News & Observer Raleigh, NC
Article from The News & Observer, March 19, 1903

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Results of Bank Failure. (By the Associated Press-) Jacksonville, Fla., March 17.-As a result of the failure of the First National Bank a bill of complaint was filed in the United States Court today by A. Cosmo Little against the Little Brothers Phosphate and Fertilizer Company and the Georgia-Florida Chemical Company, to foreclose a mortgage of $25,000 on the land in South Jacksonville where the Little Brothers' phosphate plant is located. The bill prayed for a receiver and Walter Mucklow was appointed receiver by the court. Mucklow is directed to take charge of the property. There' is talk of a reorganization of the First National Bank by capitalists living out of Jacksonville, who, it is said, will take control and pay all indebtedness, but nothing definite is known.

15. March 19, 1903 The Free Lance Fredericksburg, VA
Article from The Free Lance, March 19, 1903

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Florida Bank Fails. Jacksonville, Fla., March 17.-The First National Bank, the oldest national bank in Florida, failed to open its doors yesterday morning. It was closed by order of the comptroller of the currency. James W. Norvell, the treasury department, is in char as receiver. The suspension is ( to three large loans which the bank has been carrying for more than 10 years. On the recommendation of the examiner some time ago the bank proceeded with the hope of collecting the outstanding indebtedness, but the crash came unexpectedly to the the officials. The officials of the bank say that if collections can be made the depositors will be paid in full.

16. March 24, 1903 The Savannah Morning News Savannah, GA
Article from The Savannah Morning News, March 24, 1903

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LOCAL PERSONAL. Dr. Charles C. Harold of Americus was at the De Soto yesterday. Mr. W. T. Elder and Mr. J. K. Livingston of Cordele are guests of the Pulaski. Mr. H. Joseph Wise and Mr. James Cannon of Thomasville are registered at the Screven. Mr. W. M. Hammond and Mr. C. P. Hansell, prominent citizens of Thomasville, are in the city on business, and are registered at the Pulaski. Mr. W. J. Quinan, returned yesterday after several days pleasantly spent in Macon, the guest of Miss Edna Studstill, formerly of Savannah. Rev. Father McMahon of St. Patrick's Church of Augusta accompanied Right. Rev. Bishop Keiley to the city last night and is a guest of the Cathedral. Rev Father McMahon will preach to-morrow at the evening service in the Cathedral. Capt. W. W. Gordon, Jr., leaves this morning for Jacksonville, where he goes on legal business relative to the case of the First National Bank of that city, which was recently placed in the hands of a temporary receiver, Capt. Gordon represents Maj. A. C. Little, who holds a mortgage for $39,000 against the bank. It was upon his petition, on the occasion of Capt. Gordon's recent visit to Jacksonville, that the temporary order was granted. The argument to-day before Judge Locke is on the appointment of a permanent receiver. At the De Soto-La Motte Van Riper, Detroit; E. S. Kimberly and wife, New Haven, Conn.; Mrs. C. S. Edwards, New York; Mr. M. Ellnet, New York; George E. Horton and wife, New York; J. C. Cooper, Jacksonville, Fla.; Mr. and Mrs. Almutt, Philadelphia, Pa.; F. A. Hill, Providence, R. I.; George S. Bailey, New York; D. D. Atkinson, Brunswick, Ga.; N. D. Russell, Brunswick, Ga.; F. E. Twitty, Brunswick, Ga.; J. J. McDonald, New York; Dr. Charles C. Harold, Americus, Ga.; B. C. Crew, Atlanta, Ga.; H. H. Bradlee, Boston, Mass.; A. E. Trowbridge, New Haven, Conn.; J. W. Hightower, Thomasville, Ga.; J. H. Merrill, Thomasville. Ga.; William Whiting Andrews, Asheville, N. C.; Mrs. L. M. McKeown, Pittsburg, Pa.; Miss McKeown, Pittsburg, Pa.; S. L. McKeown, Pittsburg, Pa.; Edward Mohling, New York; Robert G. Pachman, New York; H. L. Hartwell, Richmond, Va.; O. O. Stealy and wife, Washington, D. C.; Miss Stealy, Washington, D. C.; Roger J. Sullivan, Detroit, Mich.; Mrs. Bailey Sargent, Merrimac, Mass.; Mrs. S. A. Balee, Boston; Miss E. I. Adams, Boston; Joseph S. Richardson, Tampa, Fla.: George A. Heywood, wife and child, New York; A. A. Sacks, Providence, R. I.; Mrs. D. B. Bannum, New York; Mrs. J. M. Keeler, Whitinsville, Mass.; Miss Clarke. Whitinsville, Mass.; Miss Laselle, Whitinsville, Mass.; John H. Anderson, New Orleans; Jack R. Werner, New York; H. N. Burpee, Portland, Ore.: J. P. O'Donnell, New York; J. Hollman and wife, New York; Frank W. D. Smith, Elizabeth, N. J.; Miss E. H. Thorp, Shelton, Conn.; Miss L. H. Nichols, Shelton, Conn.: Miss R. M. Hanlon. New Haven, Conn.; Mrs. J. K. Weldon, New Haven. Conn.: Miss Weldon, New Havan, Conn.: R. D. Armstrong and wife, New York: A. J. Edgett and wife, Bradford, Pa.; H. R. Valpey and wife, Boston, Mass.; Mrs. 1. K. Moore, Bos-

17. May 8, 1903 The Ocala Banner Ocala, FL
Article from The Ocala Banner, May 8, 1903

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Receiver Norville, of the First National Bank of Florida, which recently failed in Jacksonville, announces that the bank will soon pay a dividend of 25 per cent.

18. February 7, 1928 Bristol Herald Courier Bristol, TN
Article from Bristol Herald Courier, February 7, 1928

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Bank Closed and Two Others Suspend Business Temporarily SOUGHT BY POLICE State Takes Change of Southern Bank & Trust Co.; Reserve Funds to Be Obtained Feb. Anonymous predicting the failure of one bank caused that institution suspend business here today, the porary closing of two hours, brought about run fourth which called for $7,000,000 from the Federal branch bank Jacksonville to bolster its cash The run, determined but orderstarted at noon First National Bank following announcement that State Comptroller Ernest Amos had taken charge the fairs Southern Bank and Trust Company and ordered the Citizens Bank and the Bank Allapattah temporarily closed. Asserting he had assumed conthe Bank and Trust the request its officials because withdrawcaused the circulation the letters, Comptroller Amos said ordered other through fear they might be able to weather possible runs growing of the closing Southern. He made for coo: collected public declaring that the banks would have been able remain open under normal conditions. Run Started Meanwhile, reverberations felt an unexpected quarter when the quietly was begun the First National. Until closing the tellers were rapidly handing money every positer demanding while officials institution mingled with the crowd to spread encouragement. time of the bank, holding about persons, crowded beyond its capacity. estimated that the day began with $1,750,000 cash and that only about $350,000 was paid out during the day. When the bank closed at the hour two o'clock, officials announced that, in event the run renewed would more than $7,000,000 cash and would every mand. They said an airplane bringing $1,500,000 and that the rest the money would be sent from by train. No other banks in the city were affected. Outside Influence W. H. president of the Chamber Commerce attributed "whole to outside influences and fault in the institutions in the territory.' He said the chamber would consider the situameeting tomorrow. Romfh, president First National, announced later that the Jacksonville Federal Reserve branch had vetoed the plan send part of the by plane, but that part the (Turn to Page Two)

19. June 12, 1930 The Sioux City Journal Sioux City, IA
Article from The Sioux City Journal, June 12, 1930

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FOUR BANKS IN FLORIDA CLOSE Miami Institution and 3 Branches Fail to Open Doors Miami, Fla.-(P)-The Bank of Bay Biscayne, with deposits of $15,037,198 as of the March 27 statement, and three affiliated financial institutions, failed to open for business Wednesday. A by directors of the bank attributed the closing to "resubstantial withdrawals.' The affiliated banks were the Biscayne Trust company, the Miami Beach Bank and Trust company, and the Bank of Coral Gables. The Bank of Bay Biscayne in its quarterly statement showed deposits of $15,037,198 and total resources of $17,182,292. J. H. Gilman is president of the bank. The Biscayne Trust company had $1,520,040 deposits and $1,962,14 resources. The Miami Beach Bank and Trust company had deposits of 943 and resources of $2,539,281 The Bank of Coral Gables, the third of the affiliated institutions, had deposits of $606,598 and resources of $743,759 Money Sent by Airplane E C. Romfh, president of the First National bank, said that $2,000,000 left Jacksonville by airplane Wednesday from the federal reserve depository there. He said the First National bank and its subsidiaries has money on hand to play all depositors, if necessary Depositors were orderly as they made withdrawals during the morning from other banks of the city and President Gilman said: "At meeting of the directors Wednesday morning, after consultation with the state comptroller, it was decided not to open this bank and its affiliated institutions, the Biscayne Trust company, Miami Beach Bank and Trust company and the Bank of Coral Gables, in order to protect all of our depositors to the fullest extent. "This decision was made after due consideration and was due to recent substantial withdrawals. Arthur W. Saarinen, bank examiner. has charge of the institution. The bank's resources include loans and discounts amounting to $7,478.458 and securities and commercial paper bonds valued at $5,368,497. Runs on Other Banks Withdrawals from other banks here up to the closing time were made in orderly fashion. bank officials said, and available funds were not E. Romfh, president of the First National bank, Laurie Yonce, Jacksonville pilot, had landed here shortly after 2 p. m. with $2, 000,000 in cash which he brought from the federal depository in Jack Hugh R. Gordon, Jr., president of the City National bank, said that approximately $350,000 had been withdrawn from his bank up to p. m (eastern standard time) and that the doors of the institution would be kept open as long as depositors remained. Mr. Romfh said approximately $500.000 had been withdrawn from the First National bank today telegram signed by E R. Black, governor of the federal reserve district in Atlanta. was posted in the window of the Third National bank which said 000.000 is en route to Miami banks. This total was believed locally to include the that came by airplane from Jacksonville Approximately 10,000 depositors in Miami, Miami Beach and Coral Gables were affected by the bank closings. $6,000,000 Sent to Miami Atlanta R. Black, governor of the Atlanta district of the federal reserve bank, said Wednesday that $6,000,000 was being sent to Miami from the Jacksonville branch of the federal reserve. This money, he said, would be available to all Miami banks that are members of the federal reserve. Mr. Black said $2,000.000 of the amount was sent from Jacksonville to Miami by airplane, and that $4,000,000 more was being sent "by mail.' Asked if any additional amount had been sent from the Atlanta depository of the federal reserve to Jacksonville, Mr. Black said the depository here "is continuously sending money to Jackjsonville, just as it does to the branches in Birmingham, Memphis and other southern Homestead Bank Closes of Homestead closed its doors at 10 a. m. eastern standard time, Wednesday after opening for a short time. Assistant Cashier H. Grady Smith said the bank was in good condition and that suspension of business was but temporary, taken for the purpose of avoiding a local bank run on account of bank failures in Miami. He said the bank expects to open in a few days.