Putnam National Bank - Palatka, FL

Bank Information

Episode Type: Run Only
Bank Type: national
Bank ID: 4813
Charter Number: 4813
Start Date: July 26, 1926
Location: Palatka, Florida (29.649, -81.638)

Metadata

Model: gpt-5-mini
Short Digest: eb1a8f72

Response Measures

Full suspension

Other: OCR errors in source make some phrasing unclear (see notes).

Description

Article (Miami Tribune, 1926-07-26) describes a 'slight run' on Putnam National Bank in Palatka that had 'completely stopped' and deposits recovered. The nearby Palatka Bank and Trust had suspended and reopened under depositor agreements, but Putnam National appears to have experienced only a brief run and remained open. OCR errors in the article were corrected (e.g., fragmented sentences about frozen deposits and Georgia paper). Cause inferred as correspondent/defaulted out-of-state paper (Georgia bank certificates) mentioned in the article.

Events (1)

1. July 26, 1926 Run

Cause: Correspondent
Cause Details: Withdrawals triggered by inability to collect on Georgia bank certificates/Georgia paper held by local banks, creating local nervousness and brief withdrawals at Putnam National.
Measures: No special measures described for Putnam National beyond reports that the run had 'completely stopped' and deposits increased.
Newspaper Excerpt: the slight run Putnam National bank here Friday had completely stopped. and deposits yesterday topped by thousands of dollars
Source: newspapers

Newspaper Articles (1)

1. July 26, 1926 Miami Tribune Miami, FL

Article from Miami Tribune, July 26, 1926

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Article Text

July Plans completed here today for the reopening the Palatka Bank and Trust which closed its doors pany July due to inability of collect certificates of time deposit Georgia bank. The reopenplan followed along lines suggested by Ernest state comptroller of currency. Depositors signing agreement allow 45 of their remain in the bank for money four months. gradually after that period. Thircent of the money will remain "frozen" until the Georgia paper credits are repaid making 20 per cent of the positors' money available for mediate withdrawal. Mobley. cashier of the bank. will remain charge the request of the depositors. The bank expected repay each dollar owed since its severance from the bank chain system which caused its slight run Putnam National bank here Friday had completely stopped. and deposits yesterday topped by thousands of dollars The chamber of commerce here working plan the East Florida Savings and Trust which closed Wednesday. Both of the closed banks here entirely solvent except the cutting down of the total reserve in the Florida East Coast and inability collect on Georgia paper the Palatka Bank and company. Business cally improving. according merchants. and general feeling confidence