First National Bank - Panama City, FL

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: national
Bank ID: 10346
Charter Number: 10346
Start Date: February 2, 1931
Location: Panama City, Florida (30.159, -85.660)

Metadata

Model: gpt-5-mini
Short Digest: 94b3b9f2

Response Measures

Full suspension

Other: Receiver later administered bank and paid dividends beginning at least by 1934.

Receivership Details

Depositor recovery rate: 36.1%
Date receivership started: 1931-02-12
Date receivership terminated: 1940-04-17
OCC cause of failure: Governance
Share of assets assessed as good: 15.8%
Share of assets assessed as doubtful: 50.3%
Share of assets assessed as worthless: 33.9%

Description

A steady run in early Feb. 1931 led the board to close the bank and notify the comptroller. By Aug. 1934 a receiver (Murray) was administering the closed bank and paying dividends, indicating the bank remained closed and in receivership.

Events (5)

1. March 12, 1913 Chartered

Source: historical_nic

2. February 2, 1931 Run

Cause Details: Article describes a steady run/heavy withdrawals but gives no specific trigger (rumor or bank-specific failure not mentioned).
Measures: Board of directors closed the bank and notified the comptroller; closure presented as protective measure for depositors and creditors.
Newspaper Excerpt: A steady run on the First National bank of this place during the past few days resulted in the closing of that institution today by the board of directors.
Source: newspapers

3. February 2, 1931 Suspension

Cause Details: Closure (suspension) was the board's response to heavy withdrawals/run; article does not cite regulatory action or voluntary liquidation as reason.
Newspaper Excerpt: First National Closes After Heavy Withdrawals ... At a meeting of the board this morning it as a measure of protection for the depositors and creditors that the bank be closed and the comptroller notified.
Source: newspapers

4. February 12, 1931 Receivership

Source: historical_nic

5. August 18, 1934 Receivership

Newspaper Excerpt: Murray, receiver for the First National bank, announced today that he will pay a five per cent dividend to stockholders next Tuesday. The dividend ... is the fourth to be paid since the bank closed.
Source: newspapers

Newspaper Articles (2)

1. February 3, 1931 Pensacola News Journal Pensacola, FL

Article from Pensacola News Journal, February 3, 1931

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Article Text

PANAMA BANK FAILS TO OPEN First National Closes After Heavy Withdrawals PANAMA CITY, Feb. 2.-A steady run on the First National bank of this place during the past few days resulted in the closing of that institution today by the board of directors. At a meeting of the board this morning it as a measure of protection for the depositors and creditors that the bank be closed and the comptroller notified. condensed statement under date of Jan. 12 shows resources at that time to loans and discounts, $857,692.27; deposits of $944,086.71; cash in vaults and due from other banks, $350,321.7 and other liquid assets, $125,215.08. Slight surprise was shown locally over the announcement, and mild run on the Commercial bank followed but was of short duration. At noon everything was quiet and business had been resumed in normal way. W. Sherman, prominent hotel and land owner of this city, is chairman of the board of directors. Belief has been expressed that the bank will reopen shortly It was said that the bank may be re-opened soon.

2. August 19, 1934 Pensacola News Journal Pensacola, FL

Article from Pensacola News Journal, August 19, 1934

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Article Text

Bank Receiver Pays Dividends Once More PANAMA CITY, Aug. 18.-(SpeE. Murray, receiver for the First National bank, announced today that he will pay a five per cent dividend to stockholders next Tuesday. The divident amounts to $30.000 and is the fourth to be paid since the bank closed.