Bank of Biscayne - Miami, FL

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: state
Start Date: June 11, 1930
Location: Miami, Florida (25.774, -80.194)

Metadata

Model: gpt-5-mini
Short Digest: 6a858c8f

Response Measures

Borrowed from banks or large institutions, Full suspension

Other: State liquidation/receivership proceedings referenced in August; federal receiver suit dismissed.

Description

Bank failed to open June 11, 1930 after recent substantial withdrawals. Directors blamed heavy withdrawals and statewide talk/frozen assets. Subsequent articles in Aug 1930 discuss liquidation, suits, and receivership actions, indicating permanent closure.

Events (3)

1. June 11, 1930 Run

Cause: Rumor Or Misinformation
Cause Details: Directors attributed closing to recent substantial withdrawals amid statewide talk and panic; articles reference depositor agitation and runs after the bank failed to open.
Measures: None reported in articles (depositors rushed; cash shipments arrived from Federal Reserve to back Miami banks).
Newspaper Excerpt: The Bank of Biscayne ... failed to open for business this morning. A statement by directors of the bank attributed the closing to recent substantial withdrawals.
Source: newspapers

2. June 11, 1930 Suspension

Cause: Rumor Or Misinformation
Cause Details: Bank did not open following heavy withdrawals and panic; state officials cited talk around the state and frozen assets as triggers for closures of several banks in Miami area.
Newspaper Excerpt: The Bank of Biscayne ... and three affiliated financial institutions, failed to open for business this morning.
Source: newspapers

3. August 1, 1930* Receivership

Newspaper Excerpt: Suit for federal receiver for closed Bank of Biscayne dismissed. ... warrant charging State Comptroller Ernest Amos with malfeasance in office connection with the liquidation the suspended Bank of Biscayne issued here today ... liquidation the suspended Bank of Biscayne ... the liquidators' audit ... litigation concerning the bank's liquidation was reported in August 1930 indicating permanent closure and legal/receivership actions.
Source: newspapers

Newspaper Articles (6)

1. June 11, 1930 The Item Sumter, SC

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Article Text

Three Miami Banks Closed Today Miami, Fla., June 11.-(P)-The Bank of Biscayne, with deposits of $15,037,198. and three affiliated financial institutions, failed to open for business this morning. A statement by directors of the bank attributed the closing to "recent substantial 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 quartely statement showed deposits of $15,037,198 and total resources of $17,182,292.

2. June 12, 1930 The Cincinnati Enquirer Cincinnati, OH

Article from The Cincinnati Enquirer, June 12, 1930

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Article Text

FOUR BANKS At Miami Are Closed. Action Affects About 10,000 Depositors In District. Cheboygen, Michigan. Institution Is Taken Over By State After Suicide Of Officer. Miami, Fla., June 11-(AP)-The Bank of Biscayne and three affiliated financial institutions failed to for business today. A statement by Directors the attributed the closing to "recent substantial withThe affiliated banks the Biscayne Trust Company. the Miami Beach Bank Trust Co. and the of The Bank of Bay Biscayne in its of $15,037 198 and total of $17,182,292. J. H. Gilman is President the bank. The Bank of Bay Biscayne is Miami's oldest It has one of the finest buildings in the city, a structure erected in 1925. The Biscayne Trust Company had $1,520,040 deposits and $1,962,148 resources The Miami Beach Bank Trust Co. had deposits of $2,349,943 and The Bank of Coral Gables. the third of the affiliated had deposits of and of in Miami Beach and Coral Gables were affected by the closings. Atlanta. June 11-(AP)-E. P.. Black. of the Atlanta Federal Bank. said today that $6,000,000 was being sent into 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. Homestead, Fla., June 11-(AP)The Bank of Homestead closed its doors today after opening for short Cheybogan, Mich., June The First Bank of Cheyboyan closed its doors today with of $308,000 shortage In savings the manager of which. Clyde Milliken. 44, committed suicide Monday night. The bank closed and placed in the hands of Henry F. Quinn. Examiner. on orders of the Board of Di. rectors, who issued predicting that all depositors will be paid full. The savings department of the bank was unusually large for an institution of its size, the last statement reporting deposits $866,860. compared to $230,100 subject to The was said to have resulted from covering period of several years. Vineland, N. J., June 11-(AP)-The Trust Company was taken over today by the State Commissioner of Banking and Insurance to The company did not open for business today.

3. June 12, 1930 The San Bernardino County Sun San Bernardino, CA

Article from The San Bernardino County Sun, June 12, 1930

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Article Text

SCARE (By United Press) MIAMI, Fla., June among depositors in five banks late today, with the arrival $2,000,000 cash by airplane from Jacksonville, and timistic reports from city and state banking officials. Failure to open for business day by the city's largest and oldfinancial and its branches sent depositors rying for and their money, caused another bank shut down avoid run, and stopped abruptly hearing the residence of pone, Chicago gang leader. Bank of Biscayne, with its lated Trust Co., Bank Coral Gables and Miami Beach Bank Trust Co. stood closed behind the notice of officials that action followed with state heavy als recently and reported "frozen assets. The Bank of Homestead shut down early, the expressed purpose The Bay Biscayne bank, capitalized $1,000,000, holds deposits. State banking officials at Tallahassee blamed "talk around the state, and frozen asserts for failure the banks, and added the same assets have the failure of five banks in the American Bank Trust, the Ninth Street Bank Trust, Fidelity, First and First with total capital stock They explained that possible loss depend naturally upon ability liquidate assets, would not quote an estimate. They added after effects of the Florida boom collapse, and last year's fruit possible factors. They (Continued no Page insisted the situation not acute.

4. June 13, 1930 Woodland Daily Democrat Woodland, CA

Article from Woodland Daily Democrat, June 13, 1930

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Article Text

ELEGRAF ABLOIDS LEGGE, TEAGUE RENAMED WASHINGTON-C. C. Teague, Chairman Legge renamed on federal farm board. FORBES AMBASSADOR WASHINGTON Hoover names Cam Forbes, Boston, Japan envoy. PILOT KILLED CICERO, N. Y.-In plane crash, Pilot Messier killed, Walter Buyea hurt. RUTH DEFENDS SELF TOLEDO, 0.-Ruth McCormick claims her campaign expenditures heavy to offset pationage advantage of incumbent. RESIGNS FOR PRIESTHOOD NEW YORK-Dr. S. P. Delaney. Episcopal pastor of St. Mary the Vngin, resigns to study for Catholic priesthood. SWINDLER CAUGHT sued for return of Joe Cazolli from Oregon. Wanted in $6.000 swindle. INVENTOR SUICIDES LOS ANGELES-Inventor J. P. Baitley. 50, wealthy, suicides. AVIATOR BLAMES EUNICE SAN FRANCISCO-Gene Mozier, aviator, signs affidavit claiming Eunice Pringle plotted against Pantages to get money. AVERT BANK RUNS MIAMI, Fla.-Narrowly stop bank runs after closing of Bank of Biscayne and three branches. BANKER DIES SAN FRANCISCO-Jack Skinner, vice-pres dent Bank of Italy, dies in 59th year. DANCER WINS FORTUNE France Jenny Dolly, American dancer, won $80,000 at baccarat table.

5. August 8, 1930 The Cincinnati Enquirer Cincinnati, OH

Article from The Cincinnati Enquirer, August 8, 1930

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Article Text

WARRANT FOR OFFICIAL. Miami, August warrant charging State Comptroller Ernest Amos with malfeasance office connection with the liquidation the suspended Bank of Biscayne issued here today plication depositor. Amos violation Florida charged statutes employing former offiemployees the bank the liquidators' audit. While make there been much litigation consequence bank's the first criminal actaken.

6. August 14, 1930 The Miami Herald Miami, FL

Article from The Miami Herald, August 14, 1930

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Article Text

NEWS SUMMARY WEATHER Forecast Florida: Partly cloudy; possibly local thundershowers today and gentle east winds. Miami Maxminimum, 76. Complete weather report Page NATIONAL Hawks broke transcontinental flyrecords. Page Illinois pilot admitted flying plane bombing trip. Page Aviatrix made 714 barrel rolls in plane Louis. Page Endurance fliers soared after breaking all records. Page Mrs. Owen took up fight for Key West naval station. Page Norris veteran were Page burned over 4,000 acres Camp Knox, Page Congressman protested to Hoover food prices. Page 12. FOREIGN. The British dirigible left Montreal for England. Page caused Canadian village. Page Americans were nominated for places on World court. Page STATE. Gov. Doyle Carlton addressed meeting of farmers Gainesville. Page Hearing for Ernest Amos, state comptroller, bank charges for September Page Two escaped injury in forced landing near DeLand. Page County commission failed to agree next $6,000 bank investigation fund appropriation. Page Complete plans for air derby from Miami to Chicago given. Page School board let contracts for $10,000 structures. Page Miami Beach ask owners bonds of that city to permit the city to redeem them Page Girl, injured by automobile, will recover. Page Whitlock geologist, was sued for by former employe. Page Boys' drum and bugle corps now has $600 of needed for trip to Indianapolis. Page Suit for federal receiver for closed Bank of Biscayne dismissed. Page Condition of Biscayne Trust Company on day closed was given. Page Sergeant arms of Florida senate be burled Miami. Page Miamian injured by propeller blimp Indiana. Page High rating given Miami broadcasting over network 48 stations. Page Aviation rated "doctor Miami visitor. Page Miami benefits were cited before Miami Realty Board. Page Decision holding bus taxation legal will be appealed. Page NYRBA seaplane made forced landing land Cuba without injury passengers and crew Page MISCELLANY. Airport Activities. Page Page Comics. Page Crossword Puzzle. Page Docks and Decks. Page Editorials. Page Markets. Men's Calendar. Page Radio Programs. Page Society. Page Sports. Page Theaters. Page Tourist Page