2382. Island City National Bank (Key West, FL)

View Charter #7942 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
7942
Charter Number
7942
Start Date
July 23, 1915
Location
Key West, Florida (24.556, -81.783)

Metadata

Model
gpt-5-mini
Short Digest
1c8ae68c

Response Measures

None

Receivership Details

Depositor recovery rate
83.5%
Date receivership started
1915-07-29
Date receivership terminated
1923-03-31
OCC cause of failure
Losses
Share of assets assessed as good
30.3%
Share of assets assessed as doubtful
33.0%
Share of assets assessed as worthless
36.7%

Description

Multiple contemporaneous articles (July 22–24, 1915) report the Island City National Bank of Key West suspended business and turned its affairs over to the U.S. Treasury for settlement; statements blame a general shrinkage in securities and poor collections. Later items (1937) note the receivership was terminated in 1923 and unclaimed funds remained. No article describes an antecedent depositor run prior to suspension; therefore classified as suspension leading to closure/receivership.

Events (4)
1. October 7, 1905 Chartered
Source
historical_nic
2. July 23, 1915 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank officers cited a general shrinkage in the value of securities held and poor collections, impairing the bank's assets and forcing suspension.
Newspaper Excerpt
The Island City National bank here suspended business today and the directors announced that its affairs would be turned to the treasury department for settlement.
Source
newspapers
3. July 29, 1915 Receivership
Source
historical_nic
4. January 1, 1923* Receivership
Newspaper Excerpt
The bank failed and its receivership was terminated in 1923. The receivers turned in to the Treasury such funds as they were unable to find claimants for; the Treasury holds unclaimed dividends from the bank's assets.
Source
newspapers

Newspaper Articles (9)
1. July 24, 1915 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, July 24, 1915

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Article Text

ISLAND CITY BANK SUSPENDS BUSINESS Key West. Fla., July 23. .-The Island City National bank here suspended business today and the directors announced that its affairs would be turned to the treasury department for settlement. A statement issued by the bank's officers showed loans amounting to $195,000 and deposits of $116,800. The bank was capitalized at $100,000 with surplus earnings of $32,500 transferred to the reserve fund. President George S. Waite said the suspension was due to a general shrinkage in the value of securities held and to poor collections. He added that depositors would be fully protected. W. M. Morgan, representing the treasury department, has arrived here to take charge.

2. July 24, 1915 The Pensacola Journal Pensacola, FL
Article from The Pensacola Journal, July 24, 1915

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Article Text

KEY WEST BANK FAILS; DEPOSITS OF $500, 000.00 General Shrinkage of Securities and Poor Collections Are Blamed. Key West, July 22.-The Island City National bank, capitalized at one hundred thousand, suspended business today, and the directors announced the affair would be turned over to the treasury department for settlement. There is no complete state= ment of assets and liabilities, but the directors said there would be approximately five hundred thousand each. E. M. Martin, the vice-president, is out of the city. President George S. White said the suspension was due to a general shrinkage of securities and to poor collections, but the depositors would be protected.

3. July 25, 1915 Tulsa Daily World Tulsa, OK
Article from Tulsa Daily World, July 25, 1915

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Article Text

FLORIDA BANK HAS CLOSED ITS DOORS Iron City National Institution of Key West Is Having Serious Difficulties. KEY WEST, Florida, July 23.The Island City National bank of this city suspended business today and a petition was filed in the state courts asking that a receiver be appointed for the Tropical Building & Loan Co. George S. Waite is president of both institutions and E. M. Martin, vicepresident of the Island City bank, is secretary of the building and loan company. Martin is absent from Key West. His friends stated tonight that he was in a northern city on business. A statement issued by the bank's officers showed loans amounting to $195,000 and deposits of $116,800. It was stated that the assets and liabilities each probably would total about five hundred thousand dollars.

4. July 25, 1915 Richmond Times-Dispatch Richmond, VA
Article from Richmond Times-Dispatch, July 25, 1915

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Article Text

BANK SUSPENDS BUSINESS Affairs Turned Over to Trensury Department for Settlement. KEY WEST, FLA., July 24.-The Island City National Bank suspended business yesterday, and the directors announced that its affairs would be turned over to the Treasury Department for settlement. President George S. Waite said the suspension was due to a general shrinkage in the value of securities held and to poor collections. He added that depositors would be fully protected.

5. July 29, 1915 The Lakeland Evening Telegram Lakeland, FL
Article from The Lakeland Evening Telegram, July 29, 1915

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Article Text

STRANGE DISAPPEARANCE OF KEY WEST MAN Key West, July 29.-The continued and unexplained absence of E. M. Martin, vice-president of the Island City National Bank, which suspended last Wednesday. and secretary and ganeral manager of the Tropical Building and Investment Company, which institution went into the hands of a receiver on last Friday afternoon, is causing much worry to his friends and former business associates who fear that he has either done bodily harm to himself or that, under the severe strain and worry of the past few months he has become mentally deranged. S Mr. Martin attended a meeting of the directors of the bank on Thursday, July 1, and left the following day for Miami, at which place he remained a day or two, leaving for Washington, D. C., to visit relatives and it was also thought to visit the northern money markets to raise funds for the Tropical. There was nothing unusual with his departure, nor, so far as has developed, with his transactions with the bank or with the Tropical. He wrote from Miami stating that he was going to Washington, that letter being received here on the fifth of the month, and again from Washington, which letter was received about the 10th. This was the last information concerning his whereabouts received from him direct.

6. August 19, 1915 Cheraw Chronicle Cheraw, SC
Article from Cheraw Chronicle, August 19, 1915

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Article Text

Key West Bank Closed. The Island City National bank, at Key West, has suspended business and the directors announced that its affairs would be turned over to the treasury department for settlement. A statement issued by the bank's officers showed loans amounting to $195,000 and deposits of $116,800. The bank was capitalized at $100,000 with surplus earnings of $32,500 transferred to the reserve fund.

7. April 22, 1933 The Key West Citizen Key West, FL
Article from The Key West Citizen, April 22, 1933

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Article Text

Receivers of the defunct Island City National Bank have sent out

8. November 8, 1937 The Key West Citizen Key West, FL
Article from The Key West Citizen, November 8, 1937

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Article Text

U. S. Treasury Holding Unclaimed Monies Of Old Island City Bank Sixteen Hundred Dollars Selection Made Of Guard In Dividends Belongs To Heirs Of DeposiMembers For Ceremonies tors By PAUL MAY On Sunday At Matecumbe (Special Washington Correspondent of The Citizen) WASHINGTON, D. C., Nov. 8. W. of Roberts, Kirk Albury, Louis RichHarris, Curry Captain ardson, George Saunders, Jack Company "E", Florida National -The United States Treasury, Saunders, Manuel Cervantes, Guard, today announced the comstill is trying to get rid of $1,Charles Martinez, Neal Mojica, pany members who will go next Julian Lucignani, Joe Henriquez, Sunday to Matecumbe to take 689.04 that belongs to the heirs of Harry Bravo. part in the Keys Memorial Dedi710 Key West depositors in the The detail will be in command cation. of Lieutenant Wm. E. P. RobThose selected to represent the closed Island City National Bank erts and Major Wm. V. Albury, company are: Joseph W. Baker, of Key West. in command of the Second BatJack Porter, Oscar E. Ward, Lutalion of the 265th Regiment cio Barrosa, Arnold Byre, Joseph The Treasury did not make pubC. A. C., will accompany the deSoldano, Mathew Zacal, Joseph lic the names of the depositors, Cates, George del Pino, Everett tail. but explained they or their heirs have that amount coming to them Interest In Election Now in unclaimed dividends from the bank's assets. Centers Mainly On Mayor, The bank failed and its receivership was terminated in 1923. Chief And Police Captain At that time the receivers turned offices for which they are conHighly interesting from several in to the Treasury such funds as tending: angles will be the election of city they were unable to find claimants For Mayor: Willard M. Albury officials to be held in Key West for, and the Government has been and Frank Delaney. tomorrow with opposition for For City Clerk: Wallace Pinholding the $1,689.04 ever since. every office except that of city der. What's more, officials say, it clerk, city treasurer and tax colFor Chief of Police: Ivan Ellector-assessor. looks as though the Treasury will wood and Everett R. Rivas. hold the ottes forever: It 'While there are 21 candidates For Captain Night Police: Alberto Camero, Vernie Griffin, spent, they said, and rests with for the seven seats on the city Robert J. Lewis, Bienvenido $717,591 of such funds from other council, interest appears to be Perez, Thomas F. Russell (Bustclosed banks in trusts in Washingmore greatly centered on the er). election of mayor, chief of poton banks, drawing no interest. For Tax Collector-Assessor: "Every once in a while some lice and captain of night police, Samuel B. Pinder. one goes through Grandpa's old for which there are two, two and For Police Justice: Thomas S. papers and find documents to five candidates for the respecCaro and Abelardo Lopez, Jr. make a claim for some of these tive offices. For Councilmen: Benj. N. old funds and we get rid of them," Speculation is rampant, naturAdams, Earl Adams (Jewfish), a spokesman for the controller of ally, on the probable winners in W. P. Archer, E. M. Carbonell currency's office said, adding: each event, but a survey of the (Toots), John Carbonell, Jr., Wm. "Claims are very infrequent in centers of speculation today, T. Doughtry, Jr., William A. such old cases as the Key West brought to light the fact that Freeman, Roy Fulford, Earl Inbank, and we really haven't much the race for chief, captain and graham (Rinkley Bill), Charles S. hope of ever finding the owners mayor, are the most discussed, Lowe, Roy L. McKillip, Wm. H. of this cash." and have thus caused more specMonsalvatge, P. Adrian O'Swee-

9. November 9, 1937 The Key West Citizen Key West, FL
Article from The Key West Citizen, November 9, 1937

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Article Text

According to The Citizen's Washington correspondent, the United States treasury has $1,689.04 that belongs to 710 Key Westers or their heirs. That is the balance of the amount due those deposiCtors in the defunct Island City National "bank, when the receivership was termiInated in 1923, and for which no claimants Cappeared. From the bank's assets about :80 per centum was realized for the de"positors, and this proved that the institu"tion was not in such a deplorable condition as was generally believed at the "time.