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PALM BEACH BANKS FAIL TODAY Runs Follow 3 on Other Banks of That Place WEST PALM BEACH, Fla., Mar. First Bank and Trust company of Palm Beach and the Norwood Bank and Trust company of West Palm Beach closed to today when the First American Bank and Trust company here failopen. Runs began three other Palm Beach banks. The First Bank and Trust company capitalized $50,000 and gives $100,000 as surplus and undivided profits. no reason for the closing but is believed that the bank closed in order forestall The Northwood bank, which serves the northern part the city, believed to have closed for the same reason. The closings followed closely upthe Cailure the re-organized First Bank and Trust company of Lake Worth few weeks ago which has inspired depositors withdraw their accounts here in sums. Police took charge of the crowds that gathered in front of the institutions and maintained order. Officials of the Citizens Bank nounced that an armored car had left Miami for West Palm. Beach bearing large sum of currency for Citizens Bank and the Farmers Bank and Trust company. ectors the First American stated that the bank was solvent, and would be opened after reorThe First American was capitalat $300,000 and statement sued this morning showed deposits of Reasons for closing the First American Bank were given by the officers as general conditions following the failure of three Palm Beacr Banks last June. the hurricanes, the continued depression in real estate, the upheaval of city affairs, the failure of the First Bank and Trust company in LakeWorth and continued large withdrawals in the few weeks.
