First National Bank - Milton, FL

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: national
Bank ID: 7034
Charter Number: 7034
Start Date: September 1, 1914
Location: Milton, Florida (30.632, -87.040)

Metadata

Model: gpt-5-mini
Short Digest: 625e79af

Response Measures

Full suspension, Books examined

Other: Comptroller to appoint a receiver; state examiner took charge

Description

A slight run began Tuesday (1914-09-01) after reports linking the Milton bank to the suspension of the American National of Pensacola. Withdrawals forced the First National to cease payments and suspend on 1914-09-02; state examiner took charge and the comptroller was notified (receiver to be appointed). The bank reopened on 1914-10-08 with strong local deposits. Cause attributed to distress/failure of a local bank and attendant rumor that Milton was connected to it.

Events (5)

1. November 9, 1903 Chartered

Source: historical_nic

2. September 1, 1914 Run

Cause: Local Banks
Cause Details: Run began after suspension of the American National of Pensacola and reports linking Milton to that bank; depositors became frightened and withdrew funds.
Measures: Bank ceased payments and then suspended; state bank examiner was notified and took charge; comptroller notified.
Newspaper Excerpt: The First National Bank of Milton, which had experienced a slight run on Tuesday, was forced to cease payments shortly after opening yesterday morning.
Source: newspapers

3. September 2, 1914 Suspension

Cause: Local Banks
Cause Details: Suspension followed heavy withdrawals triggered by reports connecting the bank to the Pensacola bank's suspension; depositors' panic forced cessation of payments.
Newspaper Excerpt: The First National Bank of Milton... was forced to cease payments shortly after opening yesterday morning. The state bank examiner was notified and took charge. ... The comptroller of the currency was notified of the suspension of the First National of Milton and will appoint a receiver.
Source: newspapers

4. October 8, 1914 Reopening

Newspaper Excerpt: The First National Bank of Milton which closed its doors on Sept. 2... reopened for business yesterday at noon. ... deposits amounting to over $6,500 were made by people of all classes.
Source: newspapers

5. March 27, 1934 Voluntary Liquidation

Source: historical_nic

Newspaper Articles (2)

1. September 3, 1914 The Pensacola Journal Pensacola, FL

Article from The Pensacola Journal, September 3, 1914

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Article Text

FLOMATON AND MILTON BANKS CLOSE DOORS DEPOSITORS BECOME FRIGHTENED AND WITHDRAW MONEY TO SUCH EXTENT THAT THEY SUSPEND. Two small banks were forced to close their doors temporarily yesterday on account of their depositors becoming frightened and withdrawing funds until 1t became necessary to suspend. The First National Bank of Milton, which had experienced a slight run on Tuesday, was forced to cease payments shortly after opening yesterday morning. The bank of Flomaton had a run on Tuesday and the withdrawals were such that the officers decided not to open yesterday morning. The state bank examiner was notified and took charge. It was announced by the officers last night that while the bank would not re-open immediately that they anticipated resuming business when business conditions are improved. The comptroller of the currency was notified of the suspension of the First National of Milton and will appoint a receiver.

2. October 9, 1914 The Pensacola Journal Pensacola, FL

Article from The Pensacola Journal, October 9, 1914

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Article Text

President Harvey is Con+ gratulated by the Citizens Of the County. DEPOSITS FOR DAY WERE OVER $6,500 Everybody in Milton Happy; Over the Bank's Reopening and There Was Quite a Demonstration - President Says Citizens Gave Unstinted Co-operation. The First National Bank of Milton which closed its doors on Sept. 2, following the suspension of the American National of Pensacola, reopened for business yesterday at noon. The reopening of the bank was the signal for a happy demonstration, in which President Harvey was congratulated by the citizens. A feature of the reopening was the confidence displayed by the people of Milton and Santa Rosa county who deposited their money in the bank, the deposits totalling $6,500 for the time the bank was open from 12 to 2 o'clock. President Harvey said last night that the citizens of the county had given the bank their unstinted cooperation. Speaking to a Journal representative over the 'phone last night Mr. Harvey said: "The First National Bank opened its doors at noon today, and it appeared that everyone in the county was happy that the institution had opened. The citizens here gave us their unstinted co-operation, and quite a demonstration followed the bank's opening. To further show their confidence in the bank, deposits amounting to over $6,500 were made by people of all classes. I believe the citizens of the county co-operated in every way, and I am sure the institution will strive to remember such help. "Our bank closed on September 2, following the closing of the American National in Pensacola, because of a report that we were connected in some way with the Pensacola bank. Such could not be so, because national banks have no connection with one another. A run started, however, and as a result, our doors were closed. Never for a moment was there any doubt of the bank re-opening, and the confidence shown today by our people goes to show that their confidence had always been strong with us, too."