First National Bank - Punta Gorda, FL

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 10512
Charter Number: 10512
Start Date: February 19, 1929
Location: Punta Gorda, Florida (26.930, -82.045)

Metadata

Model: gpt-5-mini
Short Digest: e1bd8727

Response Measures

None

Receivership Details

Depositor recovery rate: 67.2%
Date receivership started: 1929-02-18
Date receivership terminated: 1936-04-30
OCC cause of failure: Economic conditions
Share of assets assessed as good: 31.4%
Share of assets assessed as doubtful: 49.6%
Share of assets assessed as worthless: 19.1%

Description

Newspapers report the First National Bank of Punta Gorda was closed/suspended on Feb 19, 1929 and subsequently placed in receivership (receivers and counsel appointed by early March 1929). There is no clear evidence of a depositor run; nearby banks provided funds to protect against withdrawals. Thus this is a suspension that resulted in permanent closure/receivership.

Events (5)

1. April 15, 1914 Chartered

Source: historical_nic

2. February 18, 1929 Receivership

Source: historical_nic

3. February 19, 1929 Suspension

Cause Details: Article reports the bank was closed/suspended to protect depositors; no specific cause (e.g., fraud or correspondent failure) given.
Newspaper Excerpt: The Fidelity Bank and First National Bank Punta Gorda were the here... The closings today brought the total banks closed this section... closing action taken the protection of depositors
Source: newspapers

4. March 3, 1929 Receivership

Newspaper Excerpt: has been retained as general counsel by the receivers of the ... First National bank of Punta Gorda.
Source: newspapers

5. July 22, 1930 Other

Newspaper Excerpt: L. J. Blakey, as receiver First National bank of Punta Gorda, vs. R. I. Harris. The verdict was for $800 ... As receiver Blakey also was given a verdict for $1684 ... (multiple judgments listed).
Source: newspapers

Newspaper Articles (4)

1. February 19, 1929 The Tampa Tribune Tampa, FL

Article from The Tampa Tribune, February 19, 1929

Click image to open full size in new tab

Article Text

Two Banks Closed At Punta Gorda One at Boca Grande PUNTA GORDA, Feb. banks here one Boca Grande closed today. was announced closing action taken the protection of depositors banks expected to open had adjusted. The closings today brought the total banks closed this section state the last two weeks eight. One closed Sebring, Avon Park and two The Fidelity Bank and First National Bank Punta Gorda were the here, while Grande the State Bank suspended. Each of the local banks was capitalized $50,000. Smith president Sparks cashier the Fidelity bank Smith and Smith president and cashier of the First National. Lanier president of the Boca Grande said to member the so-called Skipper chain. reported deposits of Dec. 31, and was capitalized After the closing of the two banks the Punta Gorda State bank, arranged protect itself against possible More than $200,000 hastily brought in from banks neighboring cities, but only three withdrawals that could attributed the closings. The Punta Gorda State Barron Collier, in this city today.

2. March 3, 1929 The Bradenton Herald Bradenton, FL

Article from The Bradenton Herald, March 3, 1929

Click image to open full size in new tab

Article Text

Is Representing Bank Receivers W. B Crichlow, a member of the local bar. has been retained as general counsel by the receivers of the Carlton National bank Wauchula, First National bank Avon Park and First National bank of Punta Gorda. The pointment came through F. G. Awalt. deputy comptroller. ar Crichlow is also representing the receiver for the American National bank of Sarasota, Canada spends an estimated $6,000,000 every year for Amer ican publications and only $33,000 a year for British periodicals.

3. May 7, 1929 The Bradenton Herald Bradenton, FL

Article from The Bradenton Herald, May 7, 1929

Click image to open full size in new tab

Article Text

Crichlow Is Attorney For Bank Receivers W B Shelby Crichlow has just been appointed general counsel and attorney for the receiver of the First National bank of Sebring. This is being under the supervision of the the treasury department of the United States This the fifth receivership of national banks which is being represented by Mr. Crich low general counsel and attor ney The other receivership which he represents American Na tional bank of arasota, First National bank of Punta Gorda. Carlton National bank of Wauchula, and First National bank of Avon

4. July 22, 1930 The Tampa Tribune Tampa, FL

Article from The Tampa Tribune, July 22, 1930

Click image to open full size in new tab

Article Text

U.S. WINS SUIT FOR DUTY ON IMPORTED TILE Miami Company Must Pay $3000 Damages A lengthy dispute between the United States government and Wilson & Cook. Inc., of Miami, over duty assessed on 200,895 pieces of Spanish roofing tile imported from Cuba for Florida building during the boom came to an end in federal court here yesterday with a default verdict for $3051 against the importing concern. The award was made by a jury in a suit in which the government asked $6000 damages. The tile was imported Jan. 2. 1926, and in November of that year the company paid $936. but refused to pay the rest, the declaration said. The case was first carried to the customs court. but Appraiser Serafin Sanchez of Tampa was upheld by that court. The damage suit was filed last July. One of 17 Suits The tile duty case was one of 17 suits in which the jury assessed awards, all being by default. Today a hearing on bankruptcy petition against the Lakeland Manufacturing company has been set. The case will be argued before jury. The largest award made yesterday was in favor of the American Argicultural Chemical company in the sum of $24,828 against L. M. Pipkin, W. S. Rodgers and J. E. Milton. It was in a suit in which the chemical company sought $25,000 damages for alleged failure to pay promissory note. The note was for $18,901. with $4426 in interest and $1500 attorney fees. Bank Receivers Get Verdicts All other verdicts were for receivers of closed banks against individuals. They follow: L. J. Blakey, as receiver First National bank of Punta Gorda, vs. R. I. Harris. The verdict was for $800 with $152 interest and $145 attorney fees. Receiver Blakey also was given a verdict for $1684. including interest and attorney fees, against G. W. Williams; $605 against Earl D. Farr and D. F. Smoak $1770 against H. G. Murphy: $605 against Farr. and another for $4314 against Farr: $3543 against R. Jack, and $6280 against D. F. Smoak. As receiver of the Carlton National bank of Wauchula, Blakey was awarded a verdict of $762 against L. W. Pace and Nellie M. Close; $609 against Nolan King and G. N. Albritton, and $773 against D. J. Cowart. Carl E. Lien. as receiver of the First National bank of Avon Park, was given a verdict for $1078 against R. B. Davidson. Harold S. Day, as receiver of the First National bank of Avon Park, got a verdict of $1097 against Mrs. Mary Steel Swearingen. As receiver of the First National bank of Sebring, he got $1082 against E. B. Hatton, and as receiver of the same bank. Lien was awarded $4538 against the Val Mar Inc. A. F. Rawlings, as receiver of the First National bank of Sanford. was given verdict for $4085 against James E. Parrott.