2432. Colonial Bank and Trust Company of Miami (Miami, FL)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: state
Start Date: May 15, 1929
Location: Miami, Florida (25.774, -80.194)

Metadata

Model: gpt-5-mini
Short Digest: 8e98500c

Response Measures

Full suspension, Books examined

Other: Placed in hands of state bank examiner; reorganization or liquidation contemplated.

Description

Multiple articles report the Colonial Bank and Trust Company of Miami failed to open after steady withdrawals during the prior four days; closure is reported around May 15, 1929 and the bank was placed in the hands of state examiners for reorganization or liquidation. The run appears to have been precipitated by runs/closures of nearby Volusia County Bank and First National Bank of DeLand, so trigger classified as 'local_banks'.

Events (2)

1. May 15, 1929 Run

Cause: Local Banks
Cause Details: Steady withdrawals over four days precipitated by runs/closures of nearby banks (Volusia County Bank and First National Bank of DeLand).
Measures: None specified; withdrawals exhausted cash leading to failure to open
Newspaper Excerpt: attributed its closing to steady withdrawals of cash during the last four days
Source: newspapers

2. May 15, 1929 Suspension

Cause: Local Banks
Cause Details: Placed in hands of state bank examiners after runs and steady withdrawals; closure pending reorganization or liquidation.
Newspaper Excerpt: failed to open its doors Thursday after steady withdrawals during the past four days; examiners placed in charge / placed in hands of the state banking department pending reorganization or liquidation
Source: newspapers

Newspaper Articles (16)

1. July 12, 1929 Springfield Evening Union Springfield, MA

Article from Springfield Evening Union, July 12, 1929

Click image to open full size in new tab

Article Text

HEAD OF FOUR FLORIDA BANKS FACES CHARGES Three Other Institutions in Process of Reorganization or Liquidation: Irregularities Charged. JACKSONVILLE. Fla., July 12(AP) While state and Federal officers began reorganization or liquidation for three Florida banks today. the prestof four other Central Florida dent banking institutions faced charges of violation of the state banking laws. Two of the banks that closed yesterday were in De Land, the only banks in that city. They were the Volusia County Bank and Trust Company and the First National Bank of De Land. which shut its doors during the morning after a heavy run precipitated by the closing of the Volusta County Bank. The third Institution was the Colonon? Bank and Trust Company of Miami John L. Fouts, who made bond of $10,000 after his arrest on an information filed by State Solicitor Har. din Peterson of Polk County, president and director of the State Bank of Bartow, the First National Bank of Lakeland. the First National Bank Auburndale. and the State Bank Winter Information filed against Fouts in three counts charged he had "loaned" himself $5000 from the funds of the State Bank of Bartow without consent of the board of directors. that he had altered the minutes of the board and make the loan appear that he had taken the money when resources of the institution were not up The banks he to legal headed closed May The Colonial Bank and Trust Company was capitalized at $100,000. with surplus of $50,000. It had been ganized for three years, and attributed 118 closing to steady withdrawals cash during the four days. J. Carpenter president County Bank and Trust The Volusia Company had resources of $2,816.188.12: deposits of capital stock of $200,000 surplus and discounts of The First National Bank De Land had resources of capital stock of surplus of and deposits of $1,211,750.47.

2. July 12, 1929 The Daily Report Ontario, CA

Article from The Daily Report, July 12, 1929

Click image to open full size in new tab

Article Text

BANK FORCED PRESIDENT State Banking Law Said Violated by President Now Under Heavy Bon DUMMY HOUSE LOST CITY HAS NO BANK Womanless Wedding Set for Climax Today's Program of Festivity GILLINGHAM, Kent, Engboisterous. comedy climax of a two-day mid-summer festival was turned suddenly into a ghastly tragedy before the eyes of 5,000 people last night when plans for "The Fireman's went awry and 12 persons were burned to death. Ten of the 12 were burned almost unrecognizably by the fire which swept through "dummy house" onlookers applauded what they took to be the victims realistic acting. Two others died in hospitals lat and three more were not expected to live. "Wedding" Becomes Tragedy Gillingham had saved the "wedding" feature for grand climax to the festival which began Wednesday. The famous old English comedy performance of Fireman's Wedding" was to have been staged. and thousands citizens assembled to watch the antics of the womanless wedding party. The wedding party arrived the scene late in the evening, and was greeted with cheers laughter. The bride, Worrall, fireman. timidly clung to the arm of Jack Tabrett. the bridegroom. Ready for "Rescuers" Worrall's charred body lay to day in the Gillingham mortuary along with the nine other bodies. Tabrett in hospital, not pected to live. To the laughter of the audience, the wedding guests followed the bride and into the house and climbed to third and fourth floors where the wedding reception was held. Many clowns were among them. some dressed old women. ready to loars of laughter from the watchby making "heroic reseues lat when the fire scene was staged. Stage Carefully Set According to the plan, the build ing was have been set on fire and those inside to rush mad to the windows. hang from them and implore the watchers to help them. fire bridgade was stationed behind screen of trees, and when the alarm sounded they were to dash forward. save the wedding party, and extinguish the fire. The fire was started. but through some error no alarm was sounded. The groom and their guests rushed to windows calling: God's sake, bring the fire brigade. Firemen In Hiding The 5000 spectators applauded and laughed gaily that they drowned out the cries of the victims, which now had become scréams. The firemen, who saw the flames but heard no supposed were not wanted. They chuckled, and waited. think. they were giving the audience added time for enjoyment. Suddenly the alarm was sounded. and when the firemen dashed from behin the trees they they facing real tragey. The firemen hastily adjusted their waterhose and attempted fight the blaze, but the flames had enveloped the flimsy building and too late. Run on Miami Bank Forces It to Be Closed at Same Time Deland was without financial institution today resulting from the closing yesterday of the First National bank and the Volusia County Bank and Trust company. Runs during the past four days also caused the Colonial Bank and Trust company of Miami, capitalized at $100,000, to cease business. John Fouts of Barstow was arrested late yesterday at Winterhaven on charge of violating the state banking laws and was freed on $10,000 bond. Fouts was president and director of four Central Florida banks which closed their doors on May 15 of this year.

3. July 12, 1929 The Jersey Journal Jersey City, NJ

Article from The Jersey Journal, July 12, 1929

Click image to open full size in new tab

Article Text

Three Florida Banks Shut; 4 Face Charges July While state and began liquidation for Florida today, Central Banking Institutions faced charges violating the state Two the banks that closed terday De Land, the banks that They the Volusia and Trust Comthe First Bank of Land. which shut its during the the closing of the Volusia County The third institution the Colonial Bank and Trust Company of Miami

4. July 12, 1929 The Times Trenton, NJ

Click image to open full size in new tab

Article Text

FLORIDA PRESENTS BANKING PROBLEMS Three Banks Closed-President Of Four Others Facing Charges JACKSONVILLE, Fla, July While State and Federal officers began reorganization or liquidation for three Florida banks today, the president of four other Central Florida banking stitutions faced charges of violating the State banking laws. Two of the banks that closed yesterday were in Deland, the only banks in that city. They were the Volusia County Bank and Trust Company and the First National Bank of Deland, which shut its doors during the morning after heavy run precipitated by closing of the Volusia County Bank. The third institution was the Colonial Bank and Trust Company of Miami. John L. Fouts, who made bond of $10,000 after his arrest on an information filed by State Solicitor Hardin Peterson of Polk County, was president and director of the State Bank Barton, the First National Bank of Lakeland, the First National Bank Auburndale, and the State Bank of Winter Haven. Information filed against Fouts in three counts charged he had "loaned" himself $5,000 from the funds of the State Bank of Barton without consent of the board of directors, that he had altered the minutes of the board to make the loan appear regular, and that he had taken the mony when of the institution were not up to legal requirement. The banks he headed closed May 15. The Colonial Bank and Trust Company was capitalized at $100,000. with surplus of $50,000. It had been organized three years, and attributed its closing to steady withdrawals cash during the last four days. J. was president The Volusia County Bank and Trust Company had resources of deposits of capital stock of $200,000; surplus of $100,000, and discounts of $1,724,516.08. The First National Bank of Deland had resources of capital stock of $100,000; surplus of $25,000, and deposits of $1,211,750.47.

5. July 12, 1929 The Palm Beach Post West Palm Beach, FL

Article from The Palm Beach Post, July 12, 1929

Click image to open full size in new tab

Article Text

THREE FLORIDA BANKS IN EXAMINERS' HANDS The erudite Associated Press quotes man describing his sensations in a train wreck as saying: "My ribs were broken, coudn't get my breath, and my back was hurt. knew something wrong." "POP" COONS, working feverishly behind the soda fountain, remarks that the gentleman certainly showed remarkable powers of observation. Thursday afternoon and trying to close up shop but get away, W. B. TAYLOR of the Taylor Auto Top Company on First street, who smiled cheerfully despite the drizzling rain. BILLY ST. MARY, one time bag Jacksonville, July 11.-AP-Three Florida banks-two at DeLand and punching champion of the world or one at Miami-were in the hands of something, always has a string of bank examiners Thursday night pugilists his wake as he pending reorganization liquidation. strolls down the street. The First National Bank at DeLand closed its doors shortly before noon after a heavy run, following the posting of notice on the window of the Volusia County Bank and Trust Company, also of DeLand, that that institution "has suspended business and is now in the hands of the state banking department.' The Colonial Bank and Trust Company of Miami, capitalized at $100.000 and with surplus of $50,000 failed to open its doors Thursday after steady withdrawals during the past four days. It was organized three years and first was known as the South Florida Trust Company. E. M. Porter, state bank examiner, Trying to figure out how he can was placed in charge of the Colonial dodge his desk and get out to the Bank, of which J. V. Carpenter, was golf course, LEON SIKES, quaffing president. "coke" at Pearsons. the weather, trying to scrape up few insurance sales on Thursday E. EARL CURRY referee in bankruptcy attentive listening to troubles of bankrupt firms. DRY CHIEF H. PARKS going hither and thither nabing violators and taking them before COMMISSIONER CLARENCE W. JOHNSTON.

6. July 12, 1929 Wilkes-Barre Times Leader Wilkes-Barre, PA

Article from Wilkes-Barre Times Leader, July 12, 1929

Click image to open full size in new tab

Article Text

BANKERS HAVE A BAD DAY IN FLOWER STATE Salvaging of Three Institutions Begins As New Bank Scandal Breaks While State and Federal officers began reorganization or liquidation for three Florida banks today, the president of four other Central Florida banking institutions faced charges of violating of the State banking laws. Two of the banks th taclosed yesterday were in De Land, the only banks in that city. They were the Volusa County Bank and Trust Company and the First National Bank of De Land, which shut its doors during the morning after heavy run precipitated by the closing of the Volusia County Bank. The third institution was the Colonial Bank and Trust Company of Miami. John L Fouts, who made bond of $10,000 after his arrest on an information filed by State Solicitor Hardin of Polk County, was president and director the State Bank of Bartow, the First National Bank of Lakeland, the First National Bank of Auburndale, and the State Bank of Winter Haven.

7. July 12, 1929 The News Journal Wilmington, DE

Article from The News Journal, July 12, 1929

Click image to open full size in new tab

Article Text

3 BANKS CLOSED IN CENTRAL FLORIDA; OFFICIAL ACCUSED Move to Reorganize or Liquidate Institutions; Arrest Made. INFORMATION FILED (By The Associated Press.) JACKSONVILLE Fla., July 12.While State and Federal officials be. gan reorganization or liquidation for three Florida banks today, the president of four other central Florida Lanking institutions faced charges of violation of the State banking laws Two of the banks that closed yesterday were in that city. They were the Volusia County Bank and Trust Company and the First National Bank of De Land. which shut its doors during the morning after a heavy run precipitated by the closing of the Volusia County Bank. The third institution was the Colonial Bank and Trust Company of Miami. John L. Fouts who made bond of $10,000 after his arrest on an information filed by State Solicitor Hardin Peterson of Polk county, was president and director of the State Bank of Bartow, the first National Bank of Lakeland, the First National Bank of Auburndale and the State Bank of Winter Haven Information filed against Fouts in three counts charged he had "loaned" himself $5,000 from the funds of the State Bank of Bartow without consent of the board of directors, that he had altered the minutes of the board to make the loan appear regular, and that he had taken the money when resources of the institution were not to legal requirement. The banks he headed closed May 15. Time of arraignment for preliminary hearing was expected to be set in a few days.

8. July 12, 1929 New Britain Herald New Britain, CT

Article from New Britain Herald, July 12, 1929

Click image to open full size in new tab

Article Text

FLORIDA BANKING UNDERGOES PROBE Three Institutions Close-President of Four Faces Charges Jacksonville. Fla., July 12 (AP) While state and federal officers began reorganization or liquidation for three Florida banks today, the president of four other central Florida banking institutions faced charges of violating the state banking laws. Two of the banks that closed yes lerday were in De Land, the only banks in that city. They were the Volusia County Bank and Trust Co., and the First National Bank of De Land, which shut its doors during the morning after a heavy run precipitated by the closing of the Volusia County bank. Miami Bank Closes The third institution was the CoIonial Bank and Trust company of Miami. John L. Fouts, who made bond of $10,000 after his arrest on an information filed by State Solicitor Hardin Peterson of Polk county, was president and director of the State bank of Bartow. the First National Bank of Lakeland, the First National bank of Auburndale, and the State Bank of Winter Haven. Information filed against Fouts in three counts charged he had "loaned" himself $5,000 from the funds of the State Bank of Bartow without consent of the board of directors, that he had altered the minutes of the board to make the loan appear regular, and that he had taken the money when sources of the institution were not up to legal requirement. The banks he headed closed May 15. Organized Three Years Ago The Colonial Bank and Trust company was capitalized at $100,000 with a surplus of $50,000. It had been organized for three years, and attributed its closing to steady withdrawals of cash during the last four days. J. V. Carpenter was president. The Volusia County Bank and Trust company had resources of $2.816,188.12; deposits of $1,840,043.19; capital stock of $200,000; surplus of $100,000. and discounts of $1,724,516.08. The First National Bank of De Land had resources of $1,789,372.81; capital stock of $100,000; surplus of $25,000 and deposits of $1,211,750.47.

9. July 12, 1929 The Clarksdale Press Register Clarksdale, MS

Article from The Clarksdale Press Register, July 12, 1929

Click image to open full size in new tab

Article Text

Florida's Banks are Reorganized or Liquidated; President Faces Charges JACKSONVILLE, Fla., July state and federal officials began reorganization or liq. uidation for three Florida banks today, president of four other central Florida banking institutions faced charges of violation of the state banking laws. Two of the banks that closed yesterday in only banks in that city. They were the Colusia County Bank and Trust comand the First National Bank pany of Deland, which shut its doors during the morning after heavy run precipitated by the closing of the Colusia County Bank. third in stitution was the Colonial Bank and Trust Company of Miami. John Fouts, who made bond of $10,000 after his arrest on information filed by State Solicitor Hardin Peterson of Polk county, was president and director of the state Bank of Bartow, the First National Bank of Lakeland, the First NationBank of Auburndale, and the State Bank of Winter Haven. Information filed against Fouts in three counts charged "loaned himself $5,000 from the funds of the State Bank of Bartow without consent of the board of directors, that had altered the minutes the board to make the loan appear regular, and that he had taken the money when resources of the insti tution were not to legal require ment. The banks he headed closed May 15. Time of arraignment for prelimin ary hearing expected to be set few days. The Colonial Bank and Trust com pany was capitalized $100,000 with surplus of $50,000. It had

10. July 12, 1929 The Tampa Times Tampa, FL

Article from The Tampa Times, July 12, 1929

Click image to open full size in new tab

Article Text

JOHN L. FOUTS, POLK BANKER, IS ARRESTED Lent Bartow Money to Himself, Says Solicitor. By The Associated Jacksonville, July 12. While state and federal officials began the process of reorganization or liquidation for three Florida banks today following closing of the institutions, the president of four other central Florida banking institutions faced charges of "lending" himself $5,000 from one of the banks without consent of the board of directors, and with other violations of the state banking laws. Two of the banks that closed were in DeLand the only banks in that city and among the oldest in Volusia county. They were the Volusia County Bank and Trust company and the First National bank of DeLand, which shut its doors during the morning after heavy run precipitated by the closing of the Volusia County bank. The third institution was the Colonial Bank and Trust company of Miami. Headed Four Banks. The bank official, who made bond of $10,000 after his arrest on an information filed by State Solicitor Hardin Peterson. of Polk county, was John L. Fouts, president and director of the State Bank of Bartow, the First National Bank of Lakeland, the First National Bank of Auburndale, and the State Bank of Winter Haven. Information filed against Fouts in three counts charged that he had "loaned" himself $5,000 from the funds of the State Bank of Bartow without consent of the board of rectors, that he had altered the minutes of the board to make the loan appear regular, and that he had taken the money when resources of the institution were not to legal requirement. Time of arraignment for preliminary hearing is expected to be set in fe wdays. All four of the banks headed by Fouts closed on May 15. Technical charges against him name violation of state banking laws. Steady Withdrawals. The Colonial Bank and Trust company was capitalized at $100,000 with a surplus of $50,000. had been organized for three years, and attributed its closing to steady withdrawals of cash during the last four days. J. V. Carpenter was president. The Volusia County Bank and Trust company had resources of $2,818,888.12; deposits of $1,840,048.19; capital stock of $200,000; surplus of $100,000: and discounts The First National Bank of DeLand had resources of $1,789,971.81; capital stock of $100,000; surplus of $25,000, and deposits of D. B. Tuten, president of this institution, said in statement 'that a strong unexpected run had exhausted our cash supply and we had no time in which to secure additional funds We, therefore. were compelled to close our doors for the protection of depositors, believing it for the best interest of everyone." He added that the bank had been placed in the hands of federal authorities pending reorganization or liquidation. Dr. Lincoln Hulley, president of Stetson university, recently became president of the Volusia County bank. According to statement posted in the window of this institution, the bank was closed and placed in the hands of the state banking department "for protection of all depositors by order of the board of directors. Plans have been discussed and further action is contemplated looking to reorganiaztion of the bank with the purpose in view of paying the depositors in full."

11. July 12, 1929 The Crowley Post-Signal Crowley, LA

Article from The Crowley Post-Signal, July 12, 1929

Click image to open full size in new tab

Article Text

BANKERS ADMIT HIDING ASSETS (Continued from page one) the defunct bank. Some of the women wept audibly during the hearing. PRESIDENT OF FOUR BANKS FACING CHARGES Jacksonville, Fla., July While state and federal officials began reorganization or liquidation for three Florida banks today, the president of four other Central Florida banking institutions faced charges of violating the state banking laws. Two of the banks that closed yesterday were in Deland, the only banks in that city. They were the Volusia County Bank and Trust Company and the First National Bank of Deland, which shut its doors during the morning after a heavy run precipitated by the closing of the Volusia County Bank. The third institution was the Colonial Bank and Trust Company of Miami. John L. Fouts, who made bond of $10,000 after his arrest on an information filed by state Solicitor Hardin Peterson of Polk county, was president and director of the State Bank of Bartow, the First National Bank of Lakeland, the First National Bank of Auburndale and the State Bank of Winterhaven.

12. July 12, 1929 The Selma Times-Journal Selma, AL

Article from The Selma Times-Journal, July 12, 1929

Click image to open full size in new tab

Article Text

THREE BANKS CLOSE RESULT RUNS Head Of Four Other Institutions Faces Charges July 12. state and federal offictals began reorganization or liquidation for three Florida banking institutions faced charges of violating the state laws. Two of the banks that closed yesterday were in Deland, the only banks in that They were the Volusia County Bank and Trust Company the First National Bank Deland, which shut doors during the morning after heavy run precipitated by the closVolusia County Bank. ing the third institution the Coloriial Bank and Trust Company of Miami. John made bond of $10,000 his arrest on information filed by State Solicitor Hardin county, was president and the State Pank of Bartow, the First National Bank Lakeland, the First NationBank of and the Bank of Winterhaven filed against Fouts in he had "loancounts himselg $5,000 the funds of the State Bank of Bartow withboard of direcout tors, that altered the utes of the board make the loan that had appear regular and the when of the institution not up to legal The banks he headed closed May Time of arraignment for preliminary hearing expected to be set few days. The Colonial Bank and Trust Company surplus of $50,000. Its closing was attributed to steady withdrawals during the last few days. J. Carpenter was president. The Volusia County Bank and Trust Company had resources of deposits of 082.19; capital stock surplus of $100,000 and discounts The First National Bank of Deland had stock of

13. July 12, 1929 The Charlotte News Charlotte, NC

Article from The Charlotte News, July 12, 1929

Click image to open full size in new tab

Article Text

Bank Officers In Florida To Face Charges Four Other Banks in State Are Being Liquidated or Reorganized - "Run" Closes Bank. While State and Federal officials began reorganization or liquidation of three Florida banks today, the pres. ident of four other Central Florida banking institutions faced charges of violation of the State banking Two of the banks that closed yesterday were in Deland, the only banks in that city. They were the Volusia County bank and Trust Company and the First National Bank of Deland, which shut its doors during the morning after heavy run precipitated by the closing of the Volusia County Bank The third institution was the Colonial Bank and Trust Company of Miami. John Fouts, who made bond of $10,000 after his arrest on an information filed by State Solicitor Hardin Peterson. of Polk County, was president and director of the State Bank of Bartow. First National Bank Lake. land. the First National Bank Auburndale, and the State Bank of Information filed against Fouts in three counts charged he had "Joanhimself 85,000 from the funds of the State bank of Bartow without the consent of the Board of D1rectors. that had altered the minutes the board to make loan appear regular that he had taken the money when resources of the institution not to legal quirement The banks he headed closed May Time of arraignment for prelimin. ary hearing was expected to be set in few The Colonial Bank and Trust Company was with of $50,000. It had been organized for three attributed its closing to steady drawals cash during the last four days. J. V. Carpenter was president. The Volusia County Bank and Trust had of $2. 816,188 of capital of $200,000; surplus of $100,000, and discounts of $1,724, 516.08 The First National Bank of Deland had resources of 789,972.81: cap. ital stock of $100,000 surplus $25,000, and deposits of $1,211,750 The stem of giant bamboo a tree may grow foot in one day

14. July 12, 1929 The Columbia Record Columbia, SC

Article from The Columbia Record, July 12, 1929

Click image to open full size in new tab

Article Text

FLORIDA BANKER FACING CHARGES President of Four Institutions Arrested-Three Banks Closed JACKSONVILLE, Fla., July 12.(P)-While state and federal officials began reorganization or liq. uidation for three Florida banks today, the president of four other Central Florida banking institutions faced charges of violating of the state banking laws. Two of the banks that closed yesterday were in DeLand, the only banks in that They were the Volusia County Bank and Trust company and the First National Bank of DeLand, which shut its doors during the morning after heavy run precipitated by the closing of the Volusia county bank. The third institution was the Colonial Bank and Trust Company of Miami. John L. Fouts, who made bond of $10,000 after his arrest on an information filed by State So. licitor Hardin Peterson of Polk county, was president and director of the State Bank of Bartow the First National Bank of Lakeland, the First National Bank of Auburndale, and the State Bank of Winter Haven. Information filed against Fouts in three counts charged he had "loaned" himself $5,000 from the funds of the State Bank of Bartow without consent of the board of directors that he had altered the minutes of the board to make the loan appeare regular, and that he had taken the money when resources of the institution were not up to legal requirement. The banks headed closed May 15.

15. July 12, 1929 The Buffalo News Buffalo, NY

Article from The Buffalo News, July 12, 1929

Click image to open full size in new tab

Article Text

HEAD OF FARM BANKS IN FLORIDA ACCUSED July 12 While and federal officers began liquidation for three Florida banks today the president of central Florida stitutions faced charges of violating the state banking the that closed De Land banks They the Volusia County Bank and Trust company and the First National bank of De Land which shut doors during the morn heavy run by closing bank The Colonial Bank and Trust company of Miami

16. July 12, 1929 News and Record Greensboro, NC

Article from News and Record, July 12, 1929

Click image to open full size in new tab

Article Text

FLORIDA BANKS FAIL TO OPEN DOORS John Fouts; President of Chain In Central Florida, Is Under Arrest. IRREGULARITY CHARGED Jacksonville, Fla., July Three Florida at DeLand and one Miami-were placed in the the examiners today and John Fouts. president and director Florida banks which four central closed on May 15. was placed under arrest in connection with their failThe First National Bank and the Volusia County Bank and Trust comthe only two banks pany at Colonial Bank the and and Trust company of Miami, closed Fouts. who was director and president the State Bank of Bartow, First National Bank of Lakeland. the First National Bank Auburndale and the State Bank of Haven. was arrested at Winter Haven and to Bartow The information filed against Fouts at Bartow, alleged that loaned himself 85 000 of the Bartow bank's funds without the consent the board. and that he altered the minutes of the board to make appear that the loan was regular when the resources actually were not norCounty bank. at had Volusia resources deposits of 19. stock $200,000, surplus $100,000 and loans and of $1,724,516.08, while the First National bank had resources $100.capital stock of surplus $25 000 and deposits of The Colonial Bank and Trust comand pany with of Miami, surplus of $50,000, failed to open its doors after steady withdrawals of cash during the past four days. BANK IN DELAND, FLORIDA, ANNOUNCES HAS CLOSED Deland. Fla., July Volusia County Bank and Trust company, oldest financial institution in this county, failed to open its and doors an morning att hour later o'clock the National bank closed temporarily following a run on that notice, institution. signed by George C. bank examiner White, posted on state the door of the Volusia County Bank and announcing the bank "has suspended and in the hands of the state banking department." Dr. Lincoln Hulley, president of Stetson university here recently became president of the Volusia County Bank and Trust company, the First National only other bank in Deland. heavy run and shortly after 10 o'clock the doors were closed. D. Tuten is president of the First National bank. NATIONAL BANK DECLARED AS SAFETY MOVE Washington, July office of comptroller of the currency said today that the closing of the First National bank in Deland, Fla., was measure to protect the interests of the depositors from any run on the institution resulting from failure of state bank nearby. In cases of this kind, it was explained, national bank feel that depositors are of nearby bank they close the national institution so that all depositors recelve the same treatment rather than permit few to withdraw their entire deposits and place the bank in an embarrassing The office said this procedure explained the reasons for two or three national banks in the south closing after failures of state banks in the vicinity. The opinion was expressed was probable the national banks would open as as condiAmong the national banks which closed due to failure of state banks those at Bartow Eufaula, and Lakeland, Fla. The Lakeland bank more than month ago after the failure of state bank which of Its officers was interested. Since then an application has been filed to open new national in that town.