2380. Kelsey City State Bank (Kelsey City, FL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
June 1, 1928*
Location
Kelsey City, Florida

Metadata

Model
gpt-5-mini
Short Digest
fbef2c4d

Response Measures

None

Description

The bank closed in June 1928 and a receiver/liquidator administered assets; by 1931 a liquidator was making a 10% dividend distribution to depositors. No run is described in the articles. This is a suspension (failure) with receivership and subsequent liquidation payments, i.e., permanent closure.

Events (3)
1. June 1, 1928* Receivership
Newspaper Excerpt
taken over the bank receiver (the receiver, on taking over the bank, claimed the securities ... as part of the bank's property.)
Source
newspapers
2. June 1, 1928* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed and was taken over by a receiver; assets and collateral were claimed by the receiver indicating insolvency/ failure of the bank.
Newspaper Excerpt
The bank closed in June, 1928
Source
newspapers
3. January 27, 1931 Other
Newspaper Excerpt
The Kelsey City State Bank is expected to pay 10 per cent dividend ... J. P. Cochrane, as liquidator of the defunct bank, announced Monday following final settlement with the county ... The bank closed in June, 1928, and has not made a dividend payment.
Source
newspapers

Newspaper Articles (2)
1. August 26, 1930 The Palm Beach Post West Palm Beach, FL
Article from The Palm Beach Post, August 26, 1930

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Article Text

COUNTY TAKES ACTION TO REGAIN COLLATERAL FROM BANK RECEIVER Many Matters of Business Handled By Commission In Monday Meet Legal action to recover on collateral worth approximately $140,000 given by the Kelsey City State Bank to secure county deposits aggregating approximately $135,000 representing Special Road and Bridge District No. 3 funds, taken over the bank receiver, will be pushed, to the county commission in meeting Monday. The board directed George W. Coleman to proceed with the suit he had started against the bank. The action, taken on motion of Commissioners Willard G. Smith, of Pahokee, and Ralph Osborn, of Lake Worth, with Chairman I. Himes, of this city, voting for the motion, was Mr. Coleman expected to bring his suit to successful conclusion as soon as possible. The collateral was placed in the bank by the district trustees and the receiver, on taking over the bank, claimed the securities, mostly in the form of notes and mortgages, as part of the bank's property. Replying to letter of inquiry from County Attorney Rufus M. Robbins, County Attorney John E. Matthews, of Duval County, wrote "I know absolutely nothing concerning any money which may be due the county from the state.' Attorney Robbins had addressed the letter of inquiry to Mr. Matthews following the reading of despatches that Fred O. Eberhardt Tallahassee publisher, had entered into contract with the Duval County commission for securing certain money for the county from the state. Eberhardt was arrested several days ago in connection with an alleged assassination plot against Governor Carlton. letter from Raymond S. Yeomans, as attorney for the town of Riviera, concerning the board's plans for the repair of Singer Bridge which was badly damaged by the 1928 hurricane, was referred to Commissioner A. B. Wilson, of Jupiter, who is out of the state as is Commissioner T. M. O'Neal, of Delray Beach. The board relieved the bondsmen of former Deputy Sheriff Elmer Padgett from further responsibility by Sheriff R. C. Baker that he had revoked Padgett's County Engineer Jake Boyd was instructed by the to prepare float for the Labor Day parade to represent the county A communication read from Charles J. Parmelee, president of the Greater East Coast Labor Day celebration, inviting the commission to participate in the parade

2. January 27, 1931 The Palm Beach Post West Palm Beach, FL
Article from The Palm Beach Post, January 27, 1931

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Article Text

KELSEY CITY BANK EXPECTED TO PAY 10 PER CENT SOON Dividend Expected About February 1, Following Settlement The Kelsey City State Bank is expected to pay 10 per cent dividend by next Monday or shortly thereafter, J. P. Cochrane, as liquidator of the defunct bank, announced Monday following final settlement with the county of suit involving approximately $105,000 in collateral and $15,000 cash. In the event the dividend becomes available as Liquidator Cochrane expects total of about $6,700 will be distributed among depositors. The bank closed in June, 1928, and has not made a dividend payment. Liquidator Cochrane already has asked State Comptroller Ernest Amos for permission to make the payment. The county commission Monday morning gave instructions to George W. Coleman, attorney for the trustee, to dismiss damage suit brought against the former receiver, R. 6. Barker, involving col ateral amounting to approximately 6143,000 for deposit of about $130,000 made by trustees of Special Road and Bridge District No. 3. Praecipe for dismissal of the suit was signed for the county Monday after Liquidator Cochrane had given $15,000 check, collateral having face value of $105,019.50 and jurisdiction over three or four suits involving mortgaged property to the county Suit was started after former Receiver Barker had appropriated the collateral which had been placed in a safety deposit box in the bank the receiver claiming the collateral should be listed among the general assets of the bank. Confirmation of the settlement has been given by Comptroller Amos and Circuit Judge C. E. ChilSettlement of a claim for $21,000 held against the Citizens Bank of West Palm Beach to the credit of the Palm Beach County Road Special Fund, was authorized by the board. The original claim was for $30,000, secured by $21,000 in Town of Boynton bonds Receivers certificates for $9,000 were issued and negotiations for the settlement reached Monday was started. Under the terms of the settle-