Bank of Biscayne - Miami, FL

Bank Information

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

Metadata

Model: gpt-5-mini
Short Digest: 77cbc924

Response Measures

None

Description

Article states the Bank of Biscayne failed to open June 11, 1930 and is now in liquidation with a receiver (Carl S. Meeks) paying a 5% dividend to general depositors on June 15, 1934. No run is described in the text; the bank was closed and placed in liquidation (receiver appointed), so classified as a suspension leading to permanent closure. OCR errors in the article (broken lines) were corrected when extracting dates and phrases.

Events (3)

1. June 11, 1930 Suspension

Cause: Government Action
Cause Details: Bank failed to open and subsequently was placed in liquidation with a receiver appointed (state comptroller and receiver involved).
Newspaper Excerpt: This is the first dividend to be paid to general depositors of the bank, which failed to open June 11, 1930.
Source: newspapers

2. June 15, 1934 Other

Newspaper Excerpt: Distribution of a 5 percent dividend, totaling $365,000, to general depositors will be made by the closed Bank of Biscayne on June 15, it was learned yesterday from a reliable source. Carl S. Meeks, receiver for the institution, is expected to issue an official announcement. State Comptroller J. M. Lee. This is the first dividend to be paid to general depositors of the bank, which failed to open June 11, 1930. At the time the bank closed its doors it had a financial balance of approximately $1,000,000. Meeks said the total outstanding deposits represented by liquidators certificates at present are $7,300,000. At one stage in the liquidation, a circuit court action to file valued the deposits at 2 1-2 cents on the dollar.
Source: newspapers

3. * Other

Newspaper Excerpt: Carl S. Meeks, receiver for the institution, is expected to issue an official announcement. Several persons who established preferred claims have received in excess of $371,000.
Source: newspapers

Newspaper Articles (1)

1. May 24, 1934 The Key West Citizen Key West, FL

Article from The Key West Citizen, May 24, 1934

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Article Text

SPORTS A THE BISCAYNE BANK NEW YORK GIANTS TO PAY DIVIDEND STANDINGS TURN BACK CUBS; PLACE SOX LICK YANKS FIVE PERCENT DISTRIBUTION ANTICIPATED BY AMERICAN LEAGUE BOSTON BRAVES SCALP W. L. Pet. ClubMIDDLE OF JUNE BROOKLYN .600 12 18 PITTSBURGH; New York 15 12 .556 Cleveland (By Associated Press) DODGERS TRIM ST. LOUIS 15 15 .500 Detroit MIAMI, May 24.-Distribution 16 .500 16 CARDINALS Washington of a 5 percent dividend, totaling .500 14 14 St. Louis $365,000, to general depositors 16 .484 15 Boston will be made by the closed Bank of 16 .467 14 Philadelphia (Special in The Citizen) Bay Biscayne, now in liquidation, 17 11 .393 Chicago NEW YORK, May 24.-As a on June 15, it was learned yesterday from a reliable unofficial result of timely hitting behind the NATIONAL LEAGUE source. effective pitching of Hal SchuPct. L. W. ClubCarl S. Meeks, receiver for the 18 11 .621 Pittsburgh institution, is expected to issue an macher, the New York Giants 21 13 .618 Chicago official announcement. signed by went to victory over the Chicago .594 13 19 St. Louis State Comptroller J. M. Lee. 19 14 .576 New York This is the first dividend to be Cubs, 5 to 2, in which two pitch14 .517 15 Boston paid to general depositors of the ers for Chicago, Bush and Joiner, .452 14 17 Brooklyn bank, which failed to open June were put in the shade. The de19 .345 10 1930. 11, However, several perPhiladelphia feat was Bush's first of the sea22 .241 7 Cincinnati sons who established preferred son after winning seven straight claims have received in excess of games. Mel Ott starred for the $371,000. TODAY'S GAMES At the time the bank closed its Giants with his ninth homer of doors. it had a financial balance AMERICAN LEAGUE the season. of approximately $1,000,000. Philadelphia at Detroit. The Boston Braves proved to be Meeks said the total outstanding New York at Chicago. superior over the Pittsburgh Pideposits represented by liquidators Washington at St. Louis. rates taking, the contest, 6 to 1. certificates at present are $7.Boston at Cleveland. Fred Frankhouse held the Pirates 300,000. At one stage in the liqNATIONAL LEAGUE uidation, a circuit court action to five hits. Marty McManus and filed valued the deposits at 2 1-2 St. Louis at Brooklyn. Bill Urbanski each got homers, cents on the dollar. Pittsburgh at Boston. and their hats drove in all of the