2460. Bank of Mulberry (Mulberry, FL)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: state
Start Date: July 16, 1929
Location: Mulberry, Florida (27.895, -81.973)

Metadata

Model: gpt-5-mini
Short Digest: ec5e7f41

Response Measures

Borrowed from banks or large institutions, Public signal of financial health, Full suspension, Books examined

Other: State banking department placed the banks in its hands; Federal Reserve currency sent to Tampa and depots established at Tampa and Miami.

Description

Multiple July 17–18, 1929 articles list the Bank of Mulberry among numerous South Florida state banks that faced heavy withdrawals/runs and were ordered closed by the Florida State banking department. Comptroller cited undue and uncalled for alarm, gossip, and effects of the Mediterranean fruit fly as contributing to the runs. The bank was placed in the hands of the State banking department, indicating a suspension that appears to be a failure/closure rather than a temporary suspension and reopening.

Events (2)

1. July 16, 1929 Run

Cause: Rumor Or Misinformation
Cause Details: Heavy withdrawals driven by undue and uncalled for alarm, gossip, and nervousness (exacerbated by reports about Mediterranean fruit fly); depositors hurriedly drawing funds prompted the run.
Measures: No specific measures for Bank of Mulberry described in articles (state examiners took charge of closed institutions; Federal Reserve funds were sent to the region).
Newspaper Excerpt: undue and uncalled for alarm ... many other banks had withstood heavy runs Tuesday
Source: newspapers

2. July 17, 1929 Suspension

Cause: Government Action
Cause Details: Ordered closed/placed in hands of the State banking department after heavy withdrawals; did not open for business on July 17 per state comptroller and press accounts.
Newspaper Excerpt: Twelve banks ... failed to open for business this morning ... the Bank of Mulberry
Source: newspapers

Newspaper Articles (7)

1. July 17, 1929 Evening Star Washington, DC

Article from Evening Star, July 17, 1929

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Article Text

14 SOUTH FLORIDA BANKS ARE CLOSED Total Failures in Past Two Weeks Reaches 22, With Collapse of Chain. By the Associated Press. TAMPA, Fla., July 17.-Fourteen State banks in Southwest Florida closed their doors today, bringing to 23 the number of financial institutions to fail within the State in the past two weeks. Following the closing of the Citizens' Bank & Trust Co. of Tampa and nine subsidiary institutions here and in nearby counties today, it was learned that five other banks in this territory also had failed. Total deposits in the Tampa banks involved was $17,347,968.15, of which the Citizens' Bank & Trust held $13;695.870.78. Total assets of the Tampa banks were $22,927,003.36. The institutions placed in the hands of the State banking department today were: The Citizens" Bank & Trust Co., Tampa Franklin Bank, Tampa. The Lafayette Bank, Tampa. American State Bank, Tampa. The Citizens' Nebraska Avenue Bank, Tampa. The Bank of Ybor City, at Ybor City, on which there was a run Monday. The Bank of Plant City, Plant City. The Bradenton Bank & Trust Co., Bradenton. The First Bank & Trust Co., Sarasota. First State Bank of Fort Meade. The Bank of Pasco County, Dade City. First Bank of Port Tampa City. Bank of Mulberry, at Mulberry. Ellenton State Bank, Ellenton. Other institutions which have closed their doors within the past two weeks are: Peoples State Bank, Jacksonville. Volusia County Bank & Trust Co., Deland. First National Bank, Deland. Colonial Bank & Trust Co., Miami. Merchants' Bank & Trust Co., Daytona Beach. Atlantic Bank & Trust Co., Daytona Beach. First National Bank, Sanford. Merchants' Bank, Melbourne. Capital and surplus of the 15 institutions that closed today, according to figures released by the State banking department, totaled $3,890,000. Deposits aggregated $22,283,963.61 and assets $29,679,107.51. Deposits of the eight banks which failed during the two weeks prior to today were estimated at $10,800,000, bringing the total deposits tied up in bank failures to date at $33,083,963.61. E. P. Jackson, State examiner, has been here since Monday checking up on condition. Capt. R. A. Gray, assistant to the State controller, was expected from Tallahassee at noon to take charge. The board of directors of the Citizens' Bank & Trust Co. predicted that all depositors would be paid in full and that the depositories would go out of business. EXPLAINS BANK FAILURES.

2. July 17, 1929 Tallahassee Democrat Tallahassee, FL

Article from Tallahassee Democrat, July 17, 1929

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Article Text

Twelve South Florida Banks Fail to Open Doors Today King's Last Appearance Before Operation Demands of Heavy Depositors Force Closing ACTION INVOLVES FORTY MILLIONS Closing Does not Reflect Bad Business, Comptroller Says Twelve banks in south Florida failed to open their doors today, according to Comptroller Ernest Amos. who was advised by wire that unusually heavy demands on the part of depositors in number of communities had forced the closing of the Citizens Bank and Trust company of Tampa and five other financial institutions in Hillsborough county, as well as six member banks in other sections. Stood Runs Tuesday The twelve institutions, some of which withstood heavy runs during Tuesday and which failed to open for business this morning, are the Citizens Bank and Trust company, the Citizens Nebraska avenue bank, the Franklin bank. and the Lafayette bank, of Tampa; the First State bank of Port Tampa; the Bank of Ybor City: the BradenBank and Trust company of Bradenton: the First Trust pany of Sarasota: the First State Bank of Fort Meade: the Bank of Plant City: the Bank of Pasco County, Dade City, and the Bank of Mulberry. It was said that more than forty million dollars are involved in deposits of the twelve banks which failed today. Gray Goes to Scene Captain R. Gray, assistant to Comptroller Amos, left last night for Sanford and other South Florida points to assist in the situation now confronting the banking department Mr. Amos declared today that closing of the banks did not flect any unusually bad business conditions and said that undue alarm on the part of depositors who had begun to draw their money hurriedly had brought about runs which could not be stopped. The Citizens Bank and Trust company at Tampa was operatunder legislative charter granted many years ago, said. and virtually all the other eleven banks which closed their were member banks. doors

3. July 17, 1929 The Daily News-Journal Murfreesboro, TN

Article from The Daily News-Journal, July 17, 1929

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Article Text

TWELVE FLORIDA BANKS CLOSE DOORS Large Tampa Institution Newest To Fail; $6,500,000 Deposits Tallahassee, Fla., July 17.-(INS)Twelve banks with forty million dollars in deposits failed to open in South Florida today, according to State Comptroller Ernest Amos. Amos also declared that many other banks had withstood heavy runs Tuesday. The failures, according to the comptroller, are not due to business conditions, but to "undue and uncalled for alarm.' The banks which failed to open today, according to Amos, are as follows: Citizens Bank and Trust Company of Tampa, parent of others, including the Citizens Nebraska Avenue Bank, Tampa, the Franklin Bank, Tampa, the Lafayette Bank, Tampa, the Bank of Ybor City, the First State Bank at Port Tampa, the Bank of Mulberry, the Bank of Pasco County at Dade City, the Bank of Plant City, the First State Bank at Fort Meade, the First Trust Company at Sarasota, and the Bradenton Bank and Trust Company. Run On Ybor Bank. The others are: the Bank of Pasco County at Dade City, the First Bank Trust Company of Sarasota, the First State Bank of Fort Meade, the Bradenton Bank and Trust Company, (Continued On Page Six) WRECKS NERVOUS SYSTEM HELPING HUBBY ON DIET New York, July she wrecked (her nervous system trying to help her 232 pound husband, Donald L. Samuels, stock exchange member, to reduce, Mrs. Charlotte Samuels, who weighs 120, wants divorce. She applied in the supreme court today for week temporary alimony and got She states in her petition Samuels cheated on his diet.

4. July 17, 1929 The Daily News-Journal Murfreesboro, TN

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Article Text

TWELVE FLORIDA BANKS CLOSE DOORS Large Tampa Institution Newest To Fail; $6,500,000 Deposits Tallahassee, Fla., July 17.-(INS)Twelve banks with forty million dollars in deposits failed to open in South Florida today, according to State Comptroller Ernest Amos. Amos also declared that many other banks had withstood heavy runs Tuesday. The failures, according to the comptroller, are not due to business conditions, but to "undue and uncalled for alarm.' The banks which failed to open today, according to Amos, are as follows: Citizens Bank and Trust Company of Tampa, parent of others, including the Citizens Nebraska Avenue Bank, Tampa, the Franklin Bank, Tampa, the Lafayette Bank, Tampa, the Bank of Ybor City, the First State Bank at Port Tampa, the Bank of Mulberry, Fla., the Bank of Pasco County at Dade City, the Bank of Plant City, the First State Bank at Fort Meade, the First Trust Company at Sarasota, and the Bradenton Bank and Trust Company. Run On Ybor Bank. The others are: the Bank of Pasco County at Dade City, the First Bank and Trust Company of Sarasota, the First State Bank of Fort Meade, the Bradenton Bank and Trust Company,

5. July 18, 1929 The Washington Times Washington, DC

Article from The Washington Times, July 18, 1929

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Article Text

BANK IN TAMPA, Fla. July 18 (I.N.S.).With millions of dollars of Federal reserve money arriving or en route here, confidence was gradually be ing restored today following the closing of 15 State banks in this section yesterday. The institutions, with combined deposits in excess of $22,500,000. were ordered closed by the State banking department after heavy withdrawais by depositors. They included the Citizens' Bank and Trust Company of this city, with its 10 subsidiaries; the American State Bank of Tampa, the Citizens: Bank of Frostproof, the Bank of Mul. berry, and the Ellenton State Bank. The 15 have aggregate assets of nearly $30,000,000. and capitol stock of more than $3,500,000. Millions Rushea In When word of the crisis was sent to was Atlanta, sent here $1,000,000 by train in from currency the Federal Reserve Bank there, an. other million reached here by airplane, and three additional millions were said to, be en route. Arrival of the Federal reserve money late yesterday and a state ment of Creed Taylor, deputy gov. ernor of the Reserve Bank at At. lanta, that Tampa banks could have "all the money they need to meet the situation, diminished the lines of depositors seeking with. drawais. Confidence was also aided by the announcement from Washington that Federal money depots would be established at Tampa and Miami to provide funds for banks that may suffer sudden withdrawals. 23 in Two Weeks The 15 Banks closing yesterday Brought the total closings in the State during the last forthight to 23, 20, of which were State institu tions. Presence in the State of the Medi terranean fruit fly and the resultan nervousness in business circles, to gether with the general business de pression, was blamed for the bank runs.

6. July 18, 1929 The Morning Call Allentown, PA

Article from The Morning Call, July 18, 1929

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Article Text

15 FLORIDA BANKS CLOSE THEIR (Continued from Page One) who asked for their all depositors State bank examiners took charge of the closed institutions have beaudits of their affairs. Today's closures brings to 23 the number of banks suspending business within two weeks Banks in the city affiliated with the citizens which Bank, Nebraska Bank, the Bank Ybor. in affiliated with the closing the Bank Plant Bank Trust the First Bank and Trust Company Sarasota, the First Bank and Trust Meade the Bank of Pasco County of Dade Other banks not affiliCitizens of Frostproof, the Bank Mulberry and the Ellenton State Bank Ellenton. The First Bank of Port Tampa and the State Bank. not affiliated with the Citizens. closed temporarily for to their All deposits of Comptroller Ernest blamed the closing on withdrawals ganda and the mental attitude of the man the Amos that while there was "financial certain degree over the state. accentuated by effect the Mediter ranean fly and regarded the "the just before the peowill not tear down the temple above heads. developed Monday on the Bank Ybor. but the institution open beyond the regular hours and all depositors to close the Citizens Bank and its made morning meeting throughout the night of the directors.

7. July 18, 1929 Morning Examiner Bartlesville, OK

Article from Morning Examiner, July 18, 1929

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Article Text

SOUTHWEST CLOSE Aggregate Deposits of Failed Institutions Are $22,575,728 'GOSSIP' BLAMED Depression Accentuated by Effects of Fruit Fly Others Have Closed in Last Two Weeks TAMPA, Fla., July 17. Failure fifteen state banks southwest Florida Wednesday with aggregate deposits of more than $22,500,000 regarded by State Comptroller Ernest Amos being the "darkened hour just before dawn." In statement Wednesday night the Associated Press, the comptroller said he believed primary cause of the failures withdrawals, and the mental titude the "There financial deprescertain degree everywhere the he explainhas been accentuated the effect the Mediterranfruit fly and quarantine. regard this as darkened hour before the dawn, however, if people will not tear down temple upon their own heads. This what they are doing Aggregate capital stock of the fifteen financial institutions which closed Wednesday, according figures at the state banking partment, was $3,630,000; deposand assets $29,641,366.68. Names of the defunct institutions, which were placed in the hands of the state bank department Wednesday, are: Citizens Bank and Trust company, Tampa; bank, Tampa; bank, Tampa; American State bank, Tampa; Nebraska Avenue Tampa; Ybor City, Ybor City; of Plant City, Plant X-Bradenton Bank and Trust company, Bank and Trust comSarasota: State bank, Fort of Paseo county, Dade City; Citizens Bank of Frostproof; Bank of Port Tampa Bank of Mulberry, Mulberry: Ellenton State bank, Ellenton; X-Affiliated Citizens bank Tampa. Eight other banks have failed Florida the past weeks, bringing the total number failthat time to board of Citizens Bank and Trust company, which parent instifor ten of the banks which Wednesday, issued writstatement, explaining the present situation "unwise gossip continued adconditions following the pearance Mediterranean fruit which was responsible for feeling of unrest and fear devolon the part of the people." Directors Citizens bank predicted all would in full and indicated its subsidiaries would go out To bolster up public confidence, cash was brought airplane from Atlanta delivered to the First NatBank Tampa, member Federal Reserve. Meanwhile officials of other solvent banks in Tampa, where withdrawals by few small depositors reported, issued statements that plenty of cash had been obtained meet At Sarasota officials of the Bank of Sarasota, and the RingTrust and Savings bank, and First Trust company, the remaining solvent institutions there said the closing the First Bank and Trust comof that city "had no effect whatever,' the banks. Both conducted under usual busiWednesday they said. John Ringling of circus fame, chairman of the board the Bank Sarasota the RingTrustees Savings bank, ficials said, has behind the entire fortune of the late Charles Ringling, brother.