2422. Bank of Buena Vista (Miami, FL)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
July 2, 1926
Location
Miami, Florida (25.774, -80.194)

Metadata

Model
gpt-5-mini
Short Digest
b5bcb07a

Response Measures

None

Description

Contemporary reports (July 2–3, 1926) state the Bank of Buena Vista failed to open for business/suspend operations for the present. Articles describe outstanding loans they could not deliver and 'outside control' as the cause. Papers report intentions to reorganize and reopen or liquidate locally, so there was a suspension with plans to reorganize rather than an immediate permanent failure; no explicit receivership or permanent closure is reported in these articles.

Events (1)

1. July 2, 1926 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Directors cited outstanding loans they could not deliver and outside control/loans on outside paper leading to suspension to conserve resources and protect depositors; banks intended to reorganize/readjust and reopen shortly or arrange local liquidation plans depending on outcome.
Newspaper Excerpt
The Bank of Buena Vista failed to open for business today ... The bank has decided to suspend operations for the present and will, therefore, not open for business today.
Source
newspapers

Newspaper Articles (12)

Article from St. Louis Post-Dispatch, July 2, 1926

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THREE BANKS CLOSE DOORS IN MIAMI SUBURBS IN DAY Outstanding Loans on Which They Could Not Deliver Causes Suspensions. MIAMI, Fla., July Three nancial in Miami suburbs, the Bank of Cocoanut Grove, the Bank of Buena Vista and the Bank of Little River suspended operations heer today Outstanding loans which they could not deliver were given by directors reasons for suspension of activities. All three are state depositories. The bank of Cocoanut Grove and the Bank of Buena Vista failed open for business today the Littie River bank suspended after The Grove bank had deposits of The Buena Vista bank had deposits of Associated Press Fla., July The Bank of Dania closed its doors shortly before noon today, following heavy by deposiof the bank. announced at noon readjustment would be made immediately that would enable the bank reopen shortly and meet all obligations.


Article from The Hanford Sentinel, July 2, 1926

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THREE BANKS CLOSED IN MIAMI DISTRICT Miami. July (United Press) Three banks closed their doors today in the Greater Miami district. They were the Bank of Cocoanut Grove. the Bank of Buena Vista and The Little River The first two institutions closed. according to announcement of directors. to effect reorganization The closing of the two suburban banks caused run on the other bank which forced it to


Article from The Daily Herald, July 3, 1926

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THREE BANKS SUSPEND OPERATIONS July Three local suspended operfinancial institution at Dania closed door Holly. wood bank weathered heavy with drawal of funds yesterday bank Coconut Grove and the bank Buena Vista failed open for the Little after run of an bank of Dania short dia tance from suffered llar of funds and ceased operations shortly before noon. the same time the bank of Hollywood near Miami, withstood brief run bank of Buena Vista opened stock of had been raised to $60 Officials announce deposits for either institution The bank Coconut Grove opened in March 1920. with $15.000 capital. On March 10 the bank innounced capitalization of 000 deposits totaling $1,605,977 The bank of Little River, through President C. Teed announced: bank is sound in good shape. of $200. cash vaults and regreater than 40 President of the bank of Dania readjustment would be made would enable the bank to reopen shortly and meet all obligations President George Romfh of the Miami Clearing House association declared outside control and loans on solely of the three suburban banks


Article from Finger Lakes Times, July 3, 1926

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FLORIDA BANKS HAVE TROUBLE Miami, Fla, July local banks suspended operation, flnancial institution at Dania closed doors and Hollywood bank weathered heavy withdrawal funds yesterday. The bank of Coconut Grove, and the Bank of Buena Vista failed open for business and the Bank of Little River closed after run of an hour's duration. The Bank of Dania short distance from Miami suffered simwithdrawal of funds and ceased operations shortly before noon. At the same time the Bank of Hollywood, also short distance north of this city in Broward county, withstood brief run. The Bank of Buena Vista and the Bank Coconut Grove, allied institutions, made the following separate "The bank decided to suspend operations for the present will, therefore, not open for business today. actuated in this cause desire to its and to protect depositors to the fullest exThe Bank of Buena Vista openOctober 19, 1920, with capital stock $15,000 which had been raised $50,000. The bank of Coconut Grove opened March, 1920 with $15,000 capital. March 10, the bank announced capitalization of 000 and deposits totaling $1,605,-


Article from Marysville Journal-Tribune, July 3, 1926

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FLORIDA BANKS CLOSED DOORS MIAMI, Fla., July 3.-The Bank of Coconut Grove and the Bank of Buena Vista failed to open for business here yesterday and the Bank of Little River closed after an hour's "run on the bank". The Bank of Dania, a short distance from Miami, ceased operations in the morning af ter "run" on it. The Bank of HolCocoanut Grove and the Bank of heavy "run."


Article from The Tampa Times, July 3, 1926

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HOLLYWOOD STANDS RUS Money Is Rushe From Miami to Meet Demands. International News Fort Landerdale, July City Bank of Fort Landerdale posted on its doors today stating state banking partment had to take the in its by directors of the bank for closing This the first local bank affected by epidemic bank failures Florida. The largest banks in the said be sound with plenty of reserve. July its follow ing by Parker, would be immediately will reopen shortly and all bank Hollywood yester day which began shortly after noon. ter seeking withdraw had issued that the bank made that its reserve meet the situation. patrons the influenced the Little the bank forced its doors this ing. following determined thronged the bank quarters withdraw their deposits. While the run its height Young and develope made he the ban that prepared obligations asking evidence in stitution refusing to make drawals. Large in currenc said to have been rushed the bank armore from Miami and when the subsided shortly after noon, ban officials they had more reserve to satisfy every depositor. Three Suspend. Miami, July bank Grove, the bank Vista the bank Little River yester Outstanding loans on they could not deliver reasons for suspen of Both the bank Coconut Gro and the bank of Buena Vista open doors, while of opened business o'clock, but forced exactly an residents of that garding failure of the Vista an crowd appeared withdraw posits. squads police despatched order an armored truck from down town bank was large but director to suspend Officials of Buena Vista Coconut Grove institutions, both limited capacity and resources, suspend operation tempo rarily order to readjust affar and reorganize the banks on and possibly by Miami local officers the and the banks said been dicapped of out town and the consequent terest in both institutions by ami capitalists and investors. Organization the bank of conut Grove was completed March, 1920, and the bank opened with In February, 1925, stock doubled, deposits ing $1,010,000. Development southwest and new brought the bank in 1925. R. Anthor formerly of Jacksonville, the board of directors capacity with of Coconut Grove, The bank of Buena Vista enjoying a but steady Most conventions seem for the Va.,


Article from The Journal News, July 3, 1926

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DOORS CLOSED BY FOUR BANKS OF MIAMI, FLA. "Outside Control," Said To Have Been Cause Of "Embarrassment." MIAMI, FLA., July 3-(AP) Three local banks suspended operations, financial institution nt Dania closed its doors and a Hollywood bank weathered & heavy withdrawal of funds Friday The Bank of Cocoanut Grove and the Bank of Buena Vista failed to open for business and the Bank of Little River closed after run of an hour. The Bank of Dania, a short distance from Miami, suffered a simi lar withdrawal of funds and ceased operations shortly before noon. At the same time the Bank of Holly wood, also a short distance north 0: this city in Broward County, withstood a brief run. The bank of Buena Vista opened on October 19, 1920, with capital stock of $15,000, which had been raised to $50,000 The officers in clude J. R. Anthony, of Jacksonville, President, and John Grife, Vice. Presndent Officials declined to an. nounce the present deposits for either institution The bank of Cocoanut Grove opened in March, 1920, with $15,000 cap: tal. On March 10 the bank announced capitalization of $80,000 and deposits totaling $1,605,977 J. R. Ar.theny headed the Board of Directors with A. W. Sanders as President President 1. T. Parker of the Donia, announced immediately after closing that a readjustment would be made that would enable the bank to reopen shrortly and meet all obli gations. The run on bank of Hollywood was precipitated after receipt of news of the previous bank closings. but W18 met through the receipts of funds from Miami banks NO ISSUE OF THE DAILY NEWS MONDAY Monday being Independence Day. there will be no issue of The Daily News.


Article from The Huntington Press, July 3, 1926

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SALOON LEAGUE SPENT SEVEN MILLIONS IN 22 STATES TO AID PROGRAM ASHINGTON, July of more than $7.000,000 by the Anti-Saloon League in 22 states during the past six years were disclosed by additional reports filed today with the senate campaign funds committee by Wayne B. Wheeler, counsel for the national dry organization. These states include New York, Maryland and Rhode Island, which alone have no local dry enforcement statues, as well as Pennsylvania, Illinois, Indiana, Wisconsin, Iowa, Missouri and Kentucky. While the state organization contribute certain of a part their income to the national Anti-Saloon league, it was deWANT UNIFORM veloped from Mr. Wheeler who occupied the stand nearly five hours, that both the national PENSION LAWS and state do their own financing independent of Teachers Approve Demand each other. at National Education Accountants who audited books of the Convention tion at Westerville, Ohio, had furnished July Senator Reed, Democrat, Missouri, National Educational Association, in the chairman with those who conthe closing moments its annual conventributed more than $500 to parent but Wheeler tion, today inaugurated campaign organization, Mr. objected to the names being made pubile. obtain uniform pension laws for teachAsks Reasons ers. This action was taken by the rep "Well, you can state your reasons resentatives' assembly in approving the snapped Senator Reed. report of Miss E. Pyrtle, Lincoln, "Wheeler insisted he would like present the matter to the whole com- Neb., chairman of the committee of 100 mittee the chairman announced the problem retirement allowances. decision would be deferred. The association adopted resolution Wheeler presented also number affirming its faith in the value of other reports, including one from Andrew Wilson, treasurer of the league's petitive athletic sports campaign committee, showing expendibelief that public recognition tures since should be given distinguished achieveOctober 1924. This did not include ments in scholarship as to avoid the expenditures primaries. giving athletics first place After concluding his examination in school life." Senator Reed announced the committee would seek further light the activities dry organization tomorMIAMI BANKS from Dr. Ernest H. Cherrington its general secretary and meantime would inquire tonight in its "campaign chest" raised the Republican and Democratie national committee for the atorial and congressional fights year. Senator Reed subjected Mr. WheelOne at Davia Also Shuts long and examination. Loses Patience Doors in Face of Big The chairman several times lost tience length of the replies and Run finally exclaimed "Now listen here, Doctor, when man flat statement in front your banks finanand quibble about time institution Dania closed its doors for even patient man bank weathered heavy patience You are going funds today. questions and answer them without The bank of Cocoanut Grove and the making speeches if have to stay bank Buena Vista failed until the snow flies" business and the bank Little River I'm ready to stay here," Wheeler retorted The dry leader said closed after run The bank Dania, short distance from Miami, the organization had spent in Pennsylvania suffered similar withdrawal of funds money during the $3,000,000 ceased operation shortly before noon. ent Republican primary contest because dry leaders had been the same time the bank of brief run. to agree candidate oppose Representative William Vare, The bank of Buena Vista and the bank avowed who defeated Governor Pin- Cocoanut Grove, allied institutions, chot Senator Pepper, both counted made the following announcethe dry side. ments: Denies Writing Act Makes Announcement. Wheeler denied he had written the bank has decided to suspend celebrated Volstead act and picked Vol- erations for the present and will stead to champion the measure in for business today. actuated gress. Declaring that the dry organiza- by desire to conserve its tion was willing quit the fight before resources protect its depositors congress prohibition question if the the fullest extent. Local citizens wets would. said, working and will announce stay here the Volstead act would the details days to organize wiped locally controlled institution for speedy Senator Reed then wanted to know liquidation and to relieve the situation." what league President Parker the bank exerted in appointment of enforcement Dania announced after closing that officers. Wheeler conceeded that the re-adjustment would be made that would league enable the bank to re-open shortly and interfere with the appointment all obligations. meet these asked. run on the bank of Hollywood was interfere when think there precipitated after receipt of news of the effort across crooked put previous bank elosings, but was met the dry leader retorted with show the funds from Miami through receipt The subsided shortly after Then Senator Reed read into the series letters touching the services Representative Upshaw, Democrat, Georgia. These showed that Upshaw sought $75 for delivery speech 1924. but finally to deliver the address for plus taxi Chairman made matter record that Pearson Hobson, member the house and hero the Merrimac sinking Santiago the Spanish war received $171,249 league from 1914 to 1922 and that the late Williams was for lecturing for the league 1010. find that Willis drew the year 1919" Reed pursued. "Is that Wheeler replied, adding that this was before Willis was elected the senate.


Article from The Tribune, July 3, 1926

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FLORIDA BANKS CLOSE DOORS: ASSURE DEPOSITORS NO LOSSES July suspended financial institution Dania closed its doors and Hollywood bank weathered heavy withdrawal of funds today. The Bank of Coconut Grove and the Bank of Buena Vista failed for and the Bank of Little closed an hour's duration. The Bank Dania, short distance from suffered similar withdrawal of funds and ceased shortly before noon. At the time the Bank Hollywood, also short distance north of this in Broward county. withstood brief The Bank of Buena Vista and the Bank of Coconut institutions, made the following separate announcements: "The bank has decided to suspend operations for the present and will. therefore, not open for business tois actuated in this cause desire conserve resources and protect Its depositors to the fullest extent. local citizens are now working plan and the details organize locally controlled for speedy liquidation and to relieve the situation." The Bank of Buena Vista opened on 19. capital stock $15,000. has raised $50,000 The officers include who headed board of with Sanders president. The Bank of Little River, through President the we visable and desirable to ations for the present. The bank sound and In shape. (Continued on Page Two)


Article from The Lexington Herald, July 3, 1926

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Another Is Saved After Run by Depositors cal banks suspended operations, financial institution at Dania closed its doors, and Hollywood bank weathered heavy withdrawal of funds) today. The Bank of Coconut Grove and the Buena Vista failed open for business and the Bank of Little River closed after of duration. The Bank Dania, short distance from similar withdrawal of funds and ceased erations before noon the same time the Bank of also short distance north of this city Broward county, withstood brief The Bank of Buena Vista and the Bank of Coconut allied made the following sep. bank has decided to suspend operations for the present and will,


Article from Okmulgee Daily Times, July 3, 1926

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Florida Bubble Bursts For Three Miami Banks Another Institution at Dania Ceases to Function While Hollywood Weathers Heavy Run MIAMI. Fla., July Three local banks suspended ope rations, financial institution Dania closed its doors, and Hollywood bank weathere heavy withdrawal of funds today. The bank of Coconut Grove and the bank of Buena Vista failed open for business and the bank Dania, short distance from Miami, suffered similar withdrawal of funds and ceased operations shortly before noon. the same time the bank of Hollywood, also short distance north of this city, in Broward county, withstood brief Announcements Are Made The bank of Buena Vista and the bank Cocoanut Grove, allied Institutions, made the following separate "The bank decided to suspend operations for the present will therefore, not open for bustness today. actuated in this cause by desire to conserve resources and protect its depositors to the fullest xtent. Local citizens now are working plan and will announce the details in few days to organize locally controlled institution for speedy liquidation and to relieve the The bank of Buena Vista opened on October 19. 1920, with capital stock of $15,000, which had been raised to The officers include R. Anthony of Jacksonville, president, and John Grife, vice president. Officials declined to present deposits for either institution. The bank 0g Coconut Grove opened in March, 1920, with $15,000 capital. On March 10, the bank announced capitalization $30,000 and totalling 605,977. R. Anthony headed the board of directors with A. W. president. The bank Little River, through President B. C. Teed, announced: "In the circumstances we feel it advisable desirable to pend operations for the present. The bank sound and in good shap. We have in excess $200.000 in cash in our vaults and reserve greater than 40 percent, think the depositors lose dollar." He intimated his intention of starting an early reorganization. President Parker of the bank of Lania, announced imme diately after the closing that adjustment would be made that would enable the bank reopen shortly and meet all obligations. TROOPERS ARE ACCUSED PHILADELPHIA, July Seventeen soldiers of the third United States cavalry, part of the contingent in camp Anthony Wayne the exposition here, today were held in $500 bond each. charge of having given liquor to girls who visited the camp,


Article from The Asheville Times, July 3, 1926

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Four Suburban Banks In Florida Close for Time Three local banks suspended operations, financial institution at Dania closed its doors and Hollywood bank weathered heavy funds today Cocanut Grove The Bank of and the Bank of Buena Vista fallto open for business and the Bank of Little River closed after run of an The Bank from short Miami Dania, similar withdraw. of funds and ceased operations shortly before noon. At the same time the Bank of Hollywood, also short distance north of this city run The Bank of Buena Vista and the Bank Grove. allied institutions. made the following separate The Bank of Buenas Vista opened October 19,1920, with capital stock of which has been raised to $50,000. Officials declined announce present depoened in March. 1920 with $15,000 capital. On March 10. the bank capitalization of 000 and depos totalling 605,977 The Bank of Little River, through President B. C. Teed, announced: "In the circumstances we feel advisable and destrable to operations the present The bank is sound and in We have in of $300,000 in cash in our vaults and greater reserve than 40 per cent. do not think the depositors will lose dollar. President T. Parker of the Bank of ately after that readjust. ment would be made that would enable the bank to reopen shortly and meet all obligations. The run on the Bank of Hollywood was after receipts news of the previous was met through bank the receipt of funds from Miami President George Romfh of the Miami Clearing House Association commenting on the suspension three suburbs declared that outside contral and loans outside paper solely were res. ponsible for the embarrassment. McKle mother of two children. today refused to discuss the case with the exception of admitting that killed him' Mrs. MciKe is former resident of Hutchinson, Kansas, while the dead man was member of prominent South Carolina family.