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Seventh Florida Bank Shuts Down Sanford National Latest to Close In Eight Days-Situation Causing Runs. the failure of the seventh bank in the state within eight days in the collapse of the First National bank, of Sanford, businessmen expressed the opinion today that Florida's smaller cities face the most serious financial crisis in years. The bank was forty years old. the oldest in Seminole county. The run on the Sanford bank was caused by the failure of four banks in the neighboring towns, which bred uneasiness. Runs on banks throughout the north, east and central parts of the state are beginning as the news spreads of the successive failures. The failure of the seven banks has tied up deposits totaling $10,000,000 and has affected approximately 5,000 depositors. The trouble started with the fail. ure of the People's bank. of Jacksonville, eight days ago. This failure was attributed to dissension and dispute among the stockholders here and group of Northern capitallsts, who own a large amount of the stock. There some mystery as to why the Miami Bank and Trust company closed Thursday. The closing that bank did not affect the other institutions in the area as did the People's bank failure 'at Jacksonville. The Miami Bank and Trust company was regarded as on "outside institution' by the other banks of the community.
