Peoples Bank - Okeechobee, FL

Bank Information

Episode Type: Run → Suspension → Unsure
Bank Type: state
Start Date: May 22, 1929
Location: Okeechobee, Florida (27.244, -80.830)

Metadata

Model: gpt-5-mini
Short Digest: 6db08392

Response Measures

Full suspension, Books examined

Other: Bank voluntarily closed and state comptroller requested an audit and possible reorganization.

Description

OCR errors corrected. Article (Pensacola News Journal, 1929-06-07) reports increased withdrawals beginning May 22 leading to runs that forced the Peoples Bank at Okeechobee to voluntarily close in early June and turn its affairs over to the State Comptroller for audit and reorganization. Officials indicated reorganization was being attempted and a receiver would only be sought if reorganization failed; the article does not state whether the bank ultimately reopened or was permanently closed, so outcome is uncertain.

Events (2)

1. May 22, 1929 Run

Cause Details: Article mentions increasing withdrawals (runs) beginning May 22 but gives no specific trigger (rumor, correspondent failure, or bank-specific scandal) for the runs.
Measures: Bank voluntarily closed and turned its affairs over to the State Comptroller; requested an audit and planned reorganization; officials said they would avoid placing the bank in receivership unless reorganization failed.
Newspaper Excerpt: beginning on May 22 increased each day until last Saturday the Peoples bank here voluntarily closed ... Local officials said that withdrawals had reduced the deposits during the runs
Source: newspapers

2. June 1, 1929* Suspension

Cause Details: Voluntary closure/suspension followed sustained withdrawals and runs; closure initiated to enable audit and reorganization under State Comptroller supervision.
Newspaper Excerpt: RUN CLOSES UP FLORIDA BANK Okeechobee Institution Is Obliged To Close ... the Peoples bank here voluntarily closed its and turned its affairs State Comptroller Amos, requesting an audit for the purpose reorganization.
Source: newspapers

Newspaper Articles (1)

1. June 7, 1929 Pensacola News Journal Pensacola, FL

Article from Pensacola News Journal, June 7, 1929

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Article Text

RUN CLOSES UP FLORIDA BANK Okeechobee Institution Is Obliged To Close June After which beginning on May 22 increased each day until last Saturday the Peoples bank here voluntarily closed its and turned its affairs State Comptroller Amos. questing an audit for the purpose reorganization. The comptroller wired that an auditor en route and officials said no attempt would be made place the institution in the hands receiver unless the reorganization plan fails The state banking department reports said the bank its last December call had deposits of half million and capital stock. Surplus Local officials said that drawals had reduced the deposits during the runs from about