2485. Palatka National Bank (Palatka, FL)

View Charter #3266 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
3266
Charter Number
3266
Start Date
May 31, 1887
Location
Palatka, Florida (29.649, -81.638)

Metadata

Model
gpt-5-mini
Short Digest
758fd51e

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1887-06-03
Date receivership terminated
1887-10-17
OCC cause of failure
Losses
Share of assets assessed as good
27.7%
Share of assets assessed as doubtful
56.8%
Share of assets assessed as worthless
15.6%

Description

Comptroller directed an examiner to take charge because capital was impaired (articles cite $10,000–$18,000 impairment) and stockholders refused voluntary liquidation. Examiner took charge end of May 1887 and a receiver (S. J. Kennerly) was appointed in early June 1887. Bank was wound up by the receiver and depositors reportedly paid in full. No run is reported in the articles.

Events (5)
1. November 20, 1884 Chartered
Source
historical_nic
2. May 31, 1887 Suspension
Cause
Government Action
Cause Details
Comptroller directed an examiner to take charge due to impairment of capital (reported about $10,000–$18,000) and refusal of stockholders to go into voluntary liquidation.
Newspaper Excerpt
The Comptroller of the Treasury ... notified the management that the bank would be put forthwith in the hands of Bank Examiner M. C. J. Campbell ... who, upon the adjournment of the meeting, took charge of the bank as the representative of the Treasury Department.
Source
newspapers
3. June 3, 1887 Receivership
Source
historical_nic
4. June 4, 1887 Receivership
Newspaper Excerpt
The Comptroller of the Currency has directed an examiner to take charge of the Palatka National Bank ... and will soon place its affairs in the hands of a receiver. A RECEIVER APPOINTED. The Comptroller of the Currency to day appointed S. J. Kennerly, of Palatka, Fla., to be the receiver of the Palatka National Bank of that city.
Source
newspapers
5. June 9, 1887 Other
Newspaper Excerpt
Until further notice I will be at the Palatka National Bank between the hours of 10 and 12 o'clock a. m. each day for the purpose of approving claims and collecting the debts of said Bank. S.J. KENNERLY, Receiver Palatka National Bank.
Source
newspapers

Newspaper Articles (11)
1. May 31, 1887 The Palatka Daily News Palatka, FL
Article from The Palatka Daily News, May 31, 1887

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Article Text

IN THE COMPTROLLER'S HANDS. Bank Examiner Campbell, Takes Possession of the Palatka National Bank. At a called meeting of thestockholders of the Palatka National Bank, yesterday, President Dean reported the condition of the institution, and offered a resolution proposing that the bank go into liquidation. The matter was put to a vote and failed to pass, lacking the necessary twothirds vote. A communication was then read from the Comptroller of the Treasury, notifying the management that the bank would be put forthwith in the hands of Bank Examiner M. C. J. Campbell, of Montgomery, Ala., who, upon the adjournment of the meeting, took charge of the bank as the representative of the Treasury Department. The investigation of the bank's affairs by the Bank Examiner will necessarily take some time, and, in the meanwhile, depositors must wait for their money. The assets of the bank are ample to meet the demands of the depositors in full and leave a surplus, it is believed, for the stockholders. Its line of deposits was not large, of late, and there is no danger that the bank will not be found solvent. The only inconvenience to the depositors is that they must wait until the bank passes into the hands of a receiver which is expected to be the next step. The Palatka National Bank, which did business on Front street, nearly opposite the post office, was incorporated in 1884 and began business in early December of that year with a capital of $50,000. Its principal projector was Mr. T. B. Bishop. The news of the closing of the bank will surprise few of our business men, as rumors that it would soon go into liquidation were current. What effect the winding up of the Palatka National Bank will have on the proposed Savings Bank and Trust Company, the bill to incorporate which passed the Senate last night, is not known.

2. June 1, 1887 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, June 1, 1887

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Article Text

CONOENSED DESPATCHES. Keene, N. H., has contracted for twenty electric lights of the American system to be introduced July 1st. An unfortunate foreigner committed suicide at Litchfield, Conn., by throwing himself in front of an engine. It is estimated at the treasury department that the decrease of the public debt during May will be $10,000,000. President and Mrs. Bartlett gave their annual reception to the graduation class of Dartmouth College, Tuesday evening. The miners in the Liege district, Belgium, have resumed work, and at Charleroi very few of the strikers have returned to work. Geo. H. Disque, who murdered bis wife in Hoboken, N, Y., in October, 1885, will be hanged in Jersey City Wednesday morning. President Grevy of France has made a personal donation of 10,000 france for the benefit of the sufferers by the Opera Comique fire in Paris. The following Maine patents were granted Tuesday : Alpheus R. Eaton, Brownfield, hold-back; Henry Stickney, Portland, carstarter. Another severe shock of earthquake occurred at Benson, Ariz., at 11.55. Monday morning caused considerable alarm but doing no damage. The New York board of aldermen has appointed Miss Minna R. Pollock, a well known translater and law type writer, as commissioner of deeds. Howell won the five mile bicycle contest for the championship of the world at Walverhampton, Eng, Tuesday Woodside had no show from the start. Owing to Mr O'Brien's inability to reach New York, Tuesday, it has been arranged that the demonstration in his honor shall take place on Saturday night next. Notice is being served on Don Carlos, the pretender, and those bringing him to Mexico. that this country will not stand any such coup d'etat as one which had been plotted. The comptroller of the currency has directed an examiner to take charge of Palatka National Bank of Palatka, Fla, and will soon place its affairs in the hands of a receiver. Gladstone writes that as the unionist liberals have assisted in passing the second reading of the permanent coercion bill, the Irish question is virtually settled for the present. A distinct earthquake shock was felt in Jamestown, N. Y., Tuesday morning. The shock lasted only a moment and seemed like

3. June 1, 1887 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, June 1, 1887

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Article Text

The Comptroller of the Currency has directed an examiner to take charge of the Palatka National Bank of Palatka, Fla., and will soon place its affairs in the hands of a receiver. This action is due to the impairment of about $10,000 in the capital stock of $50,000, and because of the refusal of the stockholders to go into voluntary liquidation.

4. June 1, 1887 The Morning News Savannah, GA
Article from The Morning News, June 1, 1887

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Article Text

RECEIVER TO BE APPOINTED. A Palatka Bank to be Placed in an Examiner's Hands. W ASHINGTON, May 31. The Comptroller of the Currency has directed an examiner to take charge of the Palatka National Bank, of Palatka, Fla., and will soon place its affairs in the hands of a receiver. This action is due to an impairment of about $18,000 in its capital stock of $50,000, and because of the refusal of the stockholders to go into voluntary liquidation. The entire loss will fall upon the stockholders, and the comptroller in full. says the depositors will be paid

5. June 1, 1887 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, June 1, 1887

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Article Text

Washington Notes. [By telegraph to the Dispatch.] WASHINGTON, May 31.-It is estimated at the Treasury Department that the public debt has for the month of May been reduced about $10,000,000. The Comptroller of the Currency has directed an examiner to take charge of the Palatka National Bank, of Palatka, and will soon place its affairs in the hands of a receiver. This action is due to an impairment of about $18,000 in its capital stock of $50,000, and because of the refusal of the stockholders to go into voluntary liquidation. The entire loss will fall upon the stockholders, and, the Comptroller says, will be paid in full.

6. June 1, 1887 The Palatka Daily News Palatka, FL
Article from The Palatka Daily News, June 1, 1887

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Article Text

Palatka National Bank's Misfortune. The report comes from the office of the Comptroller of the Currency that the Palatka National Bank was closed because the capital stock was impaired to the extent of $18,000. The stock of the bank is in good hands, aud the belief is expressed by the Comptroller that the loss will be paid in full-that none of the depositors will be hurt. A receiver is to be appointed. Owing to the word "Palatka" appearing in both titles some persons seemed confused yesterday as to which of our National Banks was meant. Needless to say our merchants and moneyed men knew that the First National Bank of Palatka, of which Mr. Winegar is President, is one of the most solid and prosperous banks in Florida. No healthier statements can be produced by any National Bank in the country.

7. June 4, 1887 The Morning News Savannah, GA
Article from The Morning News, June 4, 1887

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Article Text

WASHINGTON BREVITIES. Notes of General Interest from the National Capital. WASHINGTON, June 8.-Ex-Representative George C. Cabell has filed with the Interstate Commerce Commission, in behalf of the Chamber of Commerce of Danville, Va., detailed specifications of the alleged violations of the law by the Richmond and Danville Railroad Company. Mr. Cabell explained the nature of the charges verbally about a fortnight ago, and he has acted upon the suggestion made by the commission in filing the specifications. A RECEIVER APPOINTED. The Comptroller of the Currency to day appointed S. J. Kennerly, of Palatka, Fla., to be the receiver of the Palatka National Bank of that city. NEW CALEDONIA CONVICTS. The commercial agent at New Caledonia, South Pacific ocean, has reported to the Department of State that the convicts in that colony are being liberated with the understanding that they must not settle in any English or French colony, and as a consequence the majority of them are going to San Francisco. He says that a proposition is now before the local Parliament to vote £1,000 for landing in San Francisco all of the worst of these men, as they will not be received in Tahiti OF elsewhere. The French government, he also says, are offering a subsidy of £120 per month for a steamer to run between Nohmea and Tahiti, and thence to San Francisco for the purpose of assisting these immigrants to America. DOESN'T KNOW THE PRESIDENT'S PLANS. Postmaster General Vilas said to-day that he did not desire to he quoted with regard to the publication yesterday, in the Philadelphia papers, purporting to give the President's plans for an extended Western trip, as it concerned the President alone, but that he would deny the truth of the article so far as it said that he (the Postmaster General) was cognizant of such a programme. He was not aware, nor had he any intimation, that the President had made any plans or contemplated any Western tour. [The story referred to was a Washington special to a Philadelphia paper, yesterday, giving the outlines of a proposed Western journey by the President this summer, and quoting Mr. Vilas as the authority.] AN OBSTREPEROUS JUSTICE. John N. Oliver, a justice of the peace of the District of Columbia, was recently removed from his office by the President and his successor appointed. Oliver disputes the President's power of removal and asserts that he can only be removed by the Supreme Court of the district for cause. He refuses to surrender his office and continues to sign his name officially. Probably the courts will have to settle the matter. EN ROUTE TO HIS POST. Gen. Alexander R. Lawton, Minister to Austria, went through here to-day on his way to Vienna.

8. June 10, 1887 The Palatka Daily News Palatka, FL
Article from The Palatka Daily News, June 10, 1887

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Article Text

LEGAL. NOTICE. PALATKA, FLA., June 9, 1887. Until further notice I will be at the Palatka National Bank between the hours of 10 and 12 o'clock a. m. each day for the purpose of approving claims and collecting the debts of said Bank. S.J. KENNERLY, Receiver Palatka National Bank. jel0-6tdltw

9. June 10, 1887 The Palatka Daily News Palatka, FL
Article from The Palatka Daily News, June 10, 1887

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CITY NOTES. Yesterday can be classed as among the dullest days of the summer months. Col. H. L. Hart and wife left yesterday on their annual summer visit North, where they will be for some time. A. S. Tatum, of Orlando. has been in the city for several days canvassing for the temperance paper published at that place. Ackerman & Jackson have just received a large quantity of chloride of lime, which they are selling for ten cents per pound in bulk. The committee in charge of the public drive is making good progress in the work, and no doubt the amount needed will soon be subscribed. Some of the thermometers in town got on a regular bender yesterday. They were hanging on brick walls, which were heated by the sun. This is the kind of weather that makes the ice men happy. Still it lacks a long shot of being as warm here as certain other places are represented to be. The swimming pools in town are proving favorite places of resort these afternoons and evenings. The bathers seem to enjoy it as much as if they were on the beach. A note from Mr. T. J. Appleyard, now located at Oakland, Fla., assures us that the Southern Sun will shine about June 21 or June 28. It will be a welcome addition to our exchange list. The walls of the new brick building on Lemon street, opposite the Opera House, are progressing very nicely, and will soon be completed. We understand the building will be used for a retail dry goods store, and there is no doubt that it will prove to be a good stand. Mr. S. J. Kennerly, Receiver of the Palatka National bank, gives notice that he will be at the bank every day from 10 a. m. to 12 m. for the purpose of looking into the claims on the Bank and to collect what is due that institution. Parties interested should read the notice. Ocala Free Press: "Marion County has a female aspirant for medical honors who will soon visit the great city of Brotherly Love to take lectures on the treatment of the sick and the drugs that heal the afflicted. She is a young and very promising lady still in her teens, and will make a promising M. D." The yellow fever scare is subsiding in all portions of the State. With only one new case in Key West yesterday and no deaths, it is beginning to look as if the fever was about to complete its course. However, it will do no harm to keep up the good work of cleaning. "Cleanliness is next to godliness." A little excitement was created in the telegraph office last night by a lamp becoming overturned and blazing up. The flame was extinguished with a basin of water and no damage was done. When accidents of this kind occur the best and safest way to prevent the lamp from exploding is to smother the flames. A well known gentleman in Palatka, when the yellow fever excitement was at its height, wanted to buy chloride of lime by the barrel. As the reports from Key West grew more favorable, he wanted a less quantity, and the day before the disinfectant arrived he had got his demands down to ten pounds. When it arrived the morning telegrams were still more favorable, and he bought three pounds, which he thinks entirely sufficient to disinfect his premises. The last meeting of the Palatka Board of Trade showed by the reports of the various committees that a great deal of work had been done. Organized bodies like Boards of Trade usually work slow but our Board is proving an exception to the rule, and already the foundation of many valuable movements have been securely laid. The Board IS rapidly coming to the front, and it promises to be the most useful organization ever in Palatka. We have urged SO earnestly and so of ten in this column the organization of a Building and Loan Association that it has grown to be somewhat of a chestnut. We are glad to learn now that the prospect is very good for such an organization, as several gentlemen of influence in the city are talking up the matter. There is nothing that would be of greater benefit to the city, as it would make it possible for a large number of our tenant population to secure homes of their own. Judge Vertrees is one of the most successful amateur farmers in Palatka. On a little patch just across the street from his livery stable ha has some corn inst

10. June 11, 1887 The Palatka Daily News Palatka, FL
Article from The Palatka Daily News, June 11, 1887

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NOTICE. PALATKA, FLA., June 9, 1887. Until further notice I will be at the Palatka National Bank between the hours of 10 and 12 o'clock a. m. each day for the purpose of approving claims and collecting the debts of said Bank. S. J. KENNERLY, Receiver Palatka National Bank. je10-6tdltw

11. September 11, 1914 The Palatka News and Advertiser Palatka, FL
Article from The Palatka News and Advertiser, September 11, 1914

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Former Palatka Banker Dies. It is only the older citizen of Palatka who will go back to the days when the Palatka National Bank was established in the residence now occupied by Chas. Kupperbusch. The house then stood on Front street and occupied ground where the printing office of F. D. Wattles now stands. The building had been formerly the home of Dr. Lente. The bank was founded by Mr. Joseph F. Dean, then (1882) a prominent citizen of Palatka. Mr. Dean died at his home, 51 Hemenway St., Boston, Mass., on Saturday night, Aug. 29th last. News of his death came to The Palatka News in a letter from Mr. J. R. Mellon of Pittsburg, Pa., who is at present a guest at the Waldorf-Astoria, New York. There are many old citizens like S. J. Kennerly and Mr. Geo. W. Lansing who had intimate knowledge of Mr. Dean and the bank. Mr. Lansing served for a time as one of its directors. At its organization Mr. Kennerly was offered a block of stock and importuned to become its cashier. The bank finally erected the building where the Palatka News office is and the office of the editor of this paper was once the office of President Joseph F. Dean. In the fire which devastated Palatka in 1884, the bank was occupying its original place in the Lente residence and was spared. None of the buildings in that block were destroyed. The Palatka National went through some hard lines and was finally placed in the hands of a receiver by the national government. Mayor S. J. Kennerly was appointed receiver. He states to The News that its affairs were wound up and that every depositor received 100 cents on the dollar of his deposits, together with 8 per cent interest from the day the bank closed its doors.