2437. First National Bank (Miami, FL)

Bank Information

Episode Type: Run Only
Bank Type: national
Bank ID: 6370
Charter Number: 6370
Start Date: June 11, 1930
Location: Miami, Florida (25.774, -80.194)

Metadata

Model: gpt-5-mini
Short Digest: 49b284e4

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Public signal of financial health

Description

The First National Bank of Miami faced heavy withdrawals on multiple occasions (June 11–12, 1930 and Dec 22, 1930) tied to failures/closures of other local Miami banks (Bank of Bay Biscayne and City National). In all reported articles the First National remained open and met demands (paid out large sums, had cash flown in), so this is classified as run_only.

Events (3)

1. August 8, 1902 Chartered

Source: historical_nic

2. June 11, 1930 Run

Cause: Local Banks
Cause Details: Runs and suspensions of the Bank of Bay Biscayne and its three subsidiaries triggered heavy withdrawals at other Miami banks, including First National.
Measures: Paid out large sums (reported $500,000); received cash flown in by airplane and additional shipments from Federal Reserve depositories to meet demands.
Newspaper Excerpt: President E. C. Romfh of the First National bank said his institution had paid out $500,000 to large number of depositors today and that sufficient cash was available to meet all demands.
Source: newspapers

3. December 22, 1930 Run

Cause: Local Banks
Cause Details: Failure/closure of the City National Bank provoked depositors to seek funds at First National.
Measures: Bank remained open, reassured public, and held substantial cash on hand (reported about $5,000,000) to meet all depositors' demands.
Newspaper Excerpt: Hundreds of depositors crowded about the City National Bank today following its failure to open for business... runs started on two of the largest of Miami's remaining banks—the First National and the Third National Bank.
Source: newspapers

Newspaper Articles (10)

1. June 11, 1930 St. Louis Post-Dispatch St. Louis, MO

Article from St. Louis Post-Dispatch, June 11, 1930

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HEAVY ON Bay of Biscayne, Oldest pository in City, Fails to Open Forcing Affiliated Group Shut. $2,000,000 IN CASH SENT BY AIRPLANE Reserve Governor More Is Being Totals Announced. By the Associated Press. MIAMI, Fla., June The Bank of Bay Biscayne, with deposits of $15,037,198. as of March 27 statement, and three affiliated depositoories, failed to open for business today. statement by directors of the bank attributed closing to "recent substantial The affiliated banks the Biscayne Trust the Miami Beach Bank Trust and the Bank of Coral Gables. The Bank of Bay Biscayne in its quarterly statement showed posits and total sources man is president of the bank. The Bank of Bay Biscayne is Miami's oldest bank. It has one of the finest buildings in the structure. Resources of Other Banks. The Biscayne Trust Co. had deposits and The Miami Beach Bank Trust Co. had deposits of 943 and resources of The Bank of Coral Gables, the third of the affiliated had deposits of and sources of Romfh, president of the First National Bank, said that left by plane today from the Federal depository He said the First National Bank and its has on hand to pay all depositors, if necessary. Depositors were orderly as they made during the morning from other banks of the and suburbs. from other banks here up to the closing time were made orderly fashion. Bank of. ficials and available funds not by Plane. E. president of the First National Bank, said Laurie Yonce, Jacksonville pilot, had landhere shortly after with in cash which he brought from the Federal depository in Hugh H. Gordon president the City Bank, said that approximately $350,000 had been withdrawn from his bank up m. and that the doors of the depository would be kept open as long depositors Romfh said 000 had been withdrawn from the First National Bank today. telegram signed by Black, governor of the Federal District in was postin the window of the Third National Bank which shid was route to Miami banks. 10,000 Depositors Affected. depositors in Miami, Miami Beach and Coral Gables were affected by the bank closings. President Gilman of the Bank of Bay Biscayne said: of the directors this after consultation with the State Comptroller, decided not open this bank and tions, the Biscayne Trust Co., Beach Bank Trust Co. and the Bank Coral order to protect all of our depositors to the fullest extent. decision was made after due consideration was due to substantial Arthur Saarinen, bank iner, charge the bank. The bank's include loans and discounts amounting to and securities and commercial and bonds valued at June The Bank of Homestead closed doors this morning today after opening short time. AssistCashier H. Grady Smith said the bank was in condition good and that of business suspension but temporary, avoid account of bank failures today Miami. He said the bank pects to open few days. Reserve Governor Is Being Sent Miami. June Black, of district the Bank, said today that being Continued on Column

2. June 11, 1930 Austin American-Statesman Austin, TX

Article from Austin American-Statesman, June 11, 1930

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FLORIDA KNOWS HOW TO HALT BANK RUN MIAMI For Bank Biscayne the oldest the ida, failed to Its today. runs on other National And the First National promptly met the in cash airplane at scheduled to arrive from Atlanta, Ga.,

3. June 12, 1930 Tampa Bay Times St. Petersburg, FL

Article from Tampa Bay Times, June 12, 1930

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Millions Sent To Miami Banks from Page clined to give later figures as to the bank's approximation of the amount of recent withdrawals. Capital stock was listed surplus profits at statement issued by the subsidiaries same time, the Biscayne Trust company was listed having $1,520,041 deposits and resources. Miami Beach Bank Trust company showed $2,349,943 deposits and $2, The Bank Coral Gables listed deposits of $606,of Withdrawals Are Heavy Heavy withdrawals reported by other banks of the city, but the arrival of in cash by airplane from Jacksonville depository Reserve bank this by Gov. R. Black of the Federal Reserve bank that total $6,000,000 in route banks to allay fears of depositors before President E. C. Romfh of the First National bank, said his had paid out $500,000 large today, and that cash was available meet all demands. The First closed at its regular o'clock The City National bank open after its reqular closing hour give depositors money they chose. President Hugh Gordon, withdrawals had and that funds were for all Flies To Miami Creed of the Federal bank this district here today by airplane from Tampa. went conferthe of Bay the Arthur W. Saarinen, banking took affairs of the closed bank formal from President Gilman the of the this with the was not the open this bank and its affiliated the pany, Miami and Trust comthe Bank of all order of our deposthe fullest extent. "This made after due consideration, was due to recent substantial withdrawals.' It was estimated that between 8,000 and affected of the Miami area banks. L. Chandler, chairman of the of the bank, said the had been closed measure in order to prevent run. APPOINTED Appointment Duncan of Miami, for Dade Broward the five banks which failed Dade county today was by Comptroller ErAmos Four of the banks-the Bank of Bay Biscayne Trust company, Miami Beach Bank and Trust company, Bank Coral Gables -suspended during forenoon. later department the the Fla., which capitalized $35,000.

4. June 12, 1930 Chattanooga Daily Times Chattanooga, TN

Article from Chattanooga Daily Times, June 12, 1930

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FIVE BANKS CLOSE DOORS IN FLORIDA Four in Miami, One in Homea stead Unable to Meet 'Runs.' Bank of Bay Biscayne Announces Deposits of $15,Helps. MIAMI, Fla., June 11 (A).-The Bank of Bay Biscayne, oldest financial institution of South Florida, and three subsidiaries in metropolitan Miami failed to open for business today. The subsidiaries are the Miami Beach Bank and Trust company, the Bank of Coral Gables and the Biscayne Trust company. Notices posted on the doors of the institutions said the action had been taken by directors "for protection of depositors" and because of "recent substantial withdrawals. fifth banking house, the Bank of Homestead, closed after being open an hour, with the statement that it would reopen in few days. Homestead is thirty miles south of Miami. The Bank of Bay Biscayne listed total resources of and deposits of as of March 27, 1930, in its late quarterly report. President James H. Gilman declined to give later figures as to the bank's condition or of the amount of recent withdrawals Capital stock was listed as $1,000,000 and surplus and profits at In issued by the subsidiaries at the same time, the Biscayne Trust was listed as having $1,520,041 and resources. The Miami Bank and Trust $2,349,943 deposits and $2,539,281 resources. The Bank of Coral Gables listed deposits of $606,598 and resources of Heavy withdrawals were reported by other banks of the city, but the arrival of $2,000,000 in cash by from Jacksonville of the Federal Reserve bank this and the announcement by Gov. E. R. Black, the Federal bank in Atlanta, that total of $6,000,000 in cash was en route here was expected by banks to allay fears of depositors before tomorrow. President E. C. Romfh, of the First National bank, said his institution had paid out $500,000 to large number of depositors today and that sufficient cash was available to meet all demands. The First National closed at its regular 2 o'clock hour. The City National bank remained open after its regular closing hour to give withdraw their money if they chose President Hugh Gordon, Jr., said withdrawals had been approximately $350,000 and that funds were available for all depositors seeking them. Other banks reported heavy withdrawals. It was estimated that between 8,000 and 10,000 affected by the closing of the Miami area banks. L. Chandler, chairman of the board of directors of the Homestead bank, said the institution had been closed in order to prevent a run. and damage estimated at nearly $1,000,000 was caused by a fire which raged for several hours before being brought under control tonight at the plant of the company oil refinery, just outside the city limits here. All of the injured were employes of the refinery. Leonard Hatch, the most severely burned of the twelve, was in critical condition. W. K. Holmes, superintendent of the plant, estimated the damage would be "slightly more than 1,000,000. The fire started late today with an explosion from an undetermined one of the treating units, quickly followed by lesser blasts in five other units. The treating units, known agitators, the handle the oil in one step of refining process. At the first blast pieces of metal and sheets of flaming oil were thrown for hundreds of yards, setting conflagration which within short time was consuming all of the refining equipment within an area about the size of a city block.

5. June 12, 1930 The Atlanta Journal Atlanta, GA

Article from The Atlanta Journal, June 12, 1930

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$8,000,000 CASH SUPPLY IN MIAMI BANKS REPORTED Federal Reserve Rushes Money to Institutions in Affected Area MIAMI Fla., June bankers reporting an additional $8,000,000 in cash on their counters. indications as banks opened Thursday were that the flurry caused Wednesday the closing of the Bank of Bay Biscayne and three subsidiaries was subsiding The First National Bank as it opened Thursday of approximately depositors waiting at the door Whether or not they intended deposit or withdraw was Other banks reported crowds that withdrew money Wednesday much smaller An airplane brought $2,000,000 in cash from Jacksonville Wednesday afternoon, while bankers said an ad ditional $6,000,000 was received from other Federal Reserve depositories by mail early Thursday It was indicated Thursday morning that no further statement to the condition the Bank of Bay Biscayne and its subsidiaries would be made until later The subsidiaries are the Biscayne Trust Company the Bank of Coral Gables and the Miami Beach Trust Company Notices posted on the of the various institution said the action had taken by directors protection depositors and of "recent substantial withdrawals Numerous New Accounts Withdrawals at the National Bank continued orderly throughout the morning. with hundred persons standing outside the bank in The doors had been half an hour ahead usual time by President E. C. Romfh who said the Miami situation safe, and that the majority of withdrawals from his bank Hugh H. Gordon president the National Bank reported but persons more than eight the tellers windows at a. eastern standard time All banks reported numerous new Wednesday during There further statement during the from James Gilman, president of the Bank of Bay Biscayne The line of depositors front of the First Bank had dwindled at noon small parison with the line of Thursday morning Officials of the National said noon that deposits Wednesday and Thursday had equalled withdrawals Homestead Bank Closes A fifth banking house the Bank of Homestead, cosed its Wednesday after being an with the reopen in few days Homestead is thirty miles Miami The Bank of Bay Biscayne listed total of and deposits of 037 198 as of March 1930, in its last quarterly report President Gilman declined to bank's later as condition approximation the amount withdrawals Capi tal stock was listed as surplus and profits at .60 In statement by the subsidiaries at the same time. the Biscayne listed having $1,520,041 962,148 resources The Beach Bank and Trust Company showed $2,349,943 deposits. and $2,539 resources The Bank Gables listed deposits of $606,598 94 and resources Heavy withdrawais were reported by other city, but the arof in cash by airplane Jacksonville depository the Federal Reserve Bank Wednesday afternoon. and the Governor R. Black of the Federal in Atlanta that total of 56,000,000 cash was en route expected by banks allay fears of depositors $500.000 Paid Out President Romfh of National Bank said his institution had paid out $500.00 to large number of depositors on Wednesday was all The closed at its reg The National Bank open after its regular hour give opportunity to with drav. their money chose Pres. ident Gordon withdrawals had been $350,000 And that funds were for all de Other banks the city and in the reported withdrawais during the in all instances reported that depositors had been or derly Creed Taylor. governor of the Federal Bank in this district came by air plane from Tampa went int the Bank of Bay Biscayne a member of the System Arthur W Saarinen, of the State Banking charge aftairs the closed bank subsid Depositors Protected formal from President Gilman meeting of the directors this merning after consultation with the state decided no open this its the Biscayne Trust Com pany Miami Bank and Trust Coin pany and the Bank of Coral Gables in order to protect all of our depositers the fullest extent This decision was made after due was to recent substantial was estimated between 3,000 and 10.000 persons were affected by the closing of the Miami banks Chandler chairman of directors the Bank said the institution had been closed as measure in CITIZENS SAVE BIG BANK TARPON SPRINGS FLA TARPON SPRINGS Fla. June There much ado in this sponge marketing center Thursday with brass engaged to parade through the in the afternoon and general holiday declared because seventy men and took women met Wednesday night and ps to insure the future the First National Bank of ComWithdrawals to the extent of $150. 000 in the past month bank officials said had precipitated crisis in the affairs the institution until meeting Wednesday night its closing was contemplated The seventy-five largest depositors were called and given the facts Immediately they signed statements turning the bank deposits aggregating $400.000 and taking in return real estate mortgages which the bank had been unable to liquidate and Florida municipal bonds which the bank had been unable to sell Close at Clearwater Fla June Two small financial institutions-the

6. June 13, 1930 The Morning Press Santa Barbara, CA

Article from The Morning Press, June 13, 1930

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$8,000,000 in Cash Stems Heavy Runs on Banks in Miami Miami area bankers tonight believed they seen the end of the financial flurry caused yesterday by the closing of the Bank Bay Biscayne and its three subsidiaries. The subsidlaries are the Biscayne Trust company, the Miami Beach Bank and Trust company and the Bank of Coral Gables. Arrival here yesterday and this morning of $8,000,000 in cash from Jacksonville and Atlanta was believed to have stemmed the tide of anxious depositors who formed in line at the city's larger banks yesterday to withdraw their accounts. Only the First National bank reported continued withdrawals today.

7. December 22, 1930 The Courier News Blytheville, AR

Article from The Courier News, December 22, 1930

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Whatever His Sympathies, President Will Take No Part in Controversy. WASHINGTON Dec. 22. President Hoover and those most closely associated with him at the White House intend to take no cognizance participate in any the controversy over the stand Ing of Senator George W. Norris Nebraska in* the Republican party. was learned at the White House today. Robert Lucas. executive dlrector of the Republican national committee, yesterday answered tacks upon him alleged secret efforts to bring about the defeat of Senator Norris in the recent election with statement reading the Nebreska solon out of the party. accept office at the hands of this party and then viclously opits politeies, principles brings an situation and one which must be eradicated, the party Is to said "Such conduct by Senater Norms been revolting and until leaders of the Republican party only fall to support, but give their active opposition to men like Norris. they are not doing full duty the party which come down to us from Lincoln." Closing of One Miami, Institution Run Brings On Another. Dec. Bankers Trust company of taken by the state banking department today nounced after board of directors meeting. Samuel H. president of the which twenty branches in Philadelphia, said the bank solvent and that plans for reorganization were already under way. The condition of the bank, accarding to lis statement September lists total resources 501. Deposits were 592. Capital stock was listed was and profits were 293. Dec one bank. the City National closed, line approximately 500 deposformed In front of the First National bank of Miami today desassurances of bank officers that $5,000,000 was on hand In the The First National Is capitalized were handling the crowd before bank Earlier today announcement made by directors of the City that the institution would be closed to protect depositors ing rumors of weakness and heavy withdrawals deposits Friday and The City National has surplus and undivided profits deposits of and total assets statement issued 15. Its closing folof directors which lowed meeting and lasted until began yesterday hour this morning. Dec. of four Greenwood were in the hands of banks today banking officials State assisted their who are being work by committee of depositors and bankers. depositors committee was The named yesterday following mass meeting here mhich bank officers of their assured in straightening out affairs of port the institutions. The four banks closed Saturday following several days heavy withdrawals.

8. December 22, 1930 The Washington Times Washington, DC

Article from The Washington Times, December 22, 1930

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Depositors Throng Closed Miami Bank MIAMI, Fla., Dec. 22 (I.N.S.). Hundreds of depositors crowded about the City National Bank today following its failure to open for business at 9 o'clock this morning. The bank, of which J. C. Penney, chain-store magnate and philanthropist, is chairman of the board of directors, had deposits of $15,000,000, according to its periodical statement. Meanwhile, runs started on two of the largest of Miami's remaining banks-the First National and the Third National Bank. These institutions, however, issued statements reassuring the depositors.

9. December 22, 1930 The Miami News Miami, FL

Article from The Miami News, December 22, 1930

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First National Ready to Pay Demands of All Depositors City National Closing Regrettable But Will Not Halt Miami Progress, Ed Romfh Asserts Few Patrons Seek Cash as here. Come and get it if you want Just that-briefly, succinetly and on your thumbnail-is what E. C. Romfh, president of the First National bank and its subsidiaries, had to say for publication this morning. Mr. just few before when the to than 125 worried depositors had gathered outside withdraw their funds, following the failure the City National. the street, to open this morning. Mr. Romfh was waiting for long distance to New York. "This thing is regrettable," he said. "but it's incident the pain. Miami going Bank can't stop city. beyond the reach bank failures. nat urally. only that when progress will be just that faster." The telephone rang. The president of large New York banking institution was the phone. Romfh the First National Miami," president National failed to open this morning. of our securities on credit with the Federal Atlanta this "Not much chance need for our use, but like to handy.' few perfunctory questions and the Mr. Romfh turned to the interviewer. hand pay 100 per said. didn't other fellow's definitely until last night. That too late to fully prepared to care for our own The hands of the clock on the wall crept nearer down and watch 'em open the bank president invited. Down from third floor through maze machines and clicking typewriters picked way the banking tellers going about their busiflurry excitement. Business This wasn't experience for Ed Romfh helpers. third time years the National has faced dollar dollar. From the balcony Mr. Romfh and the newspaperman down the lines forming front By count, persons the bank and not more than ON TWO)

10. December 22, 1930 The Miami News Miami, FL

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FIRST NATIONAL READY TO MEET ALLDEPOSITORS (CONTINUED FROM PAGE ONE) 25 outside. The longest in front of the savings window. A few were depositing. Most were with drawing. "Why only one savings department window Mr. Romfh was asked. "Because can only pay through one window efficiently. he explained. "They can sure as hell get their money one but we don't like to make errors and pay it out twice." Some the floor below waved on friendly greeting to Mr. Romfh on the He responded with smile or word of There was little nervousness apparent among the customers and the police detail inside the bank was having an easy morning "How much cash have you?" Mr Romfh was asked. "About $5,000,000. with the cur rency Black (head of the Atlanta Fed eral Reserve) brought us last night." He said it easily. as if the matter of transporting millions and having it on hand on short notice were matter of everyday routine. "Would you like to see what $3. 500.000 stacked in one pile looks he asked. "It would be something to dream about for week,' the reporter admitted. Mr. Romfh and his interviewer walked down stairs to the vault Somebody found key. We went insideand there was It didn't make such pile as the uninitiated would think. Stacked four feet high in two tiers were seven or eight bags such as are used for mail. With millions in the tills to meet early demands it had not been neces sary to break the seal of a single bag of reserve currency. The reporter feasted his eyes and moved away in awe. On the floor of the main banking room he found Joe H. Gill, City Manager Frank H. Wharton. and Safety Director Sam McCreary. They were watching the crowd. The group was joined in few minutes by Mr. Romfh. "Bad weather.' someone remarked to the bank president. "I can't supply the weather for these runs. but can put up the cash, Romfh answered. as he walked away to chat with an assistant. Buy Christmas Seals