Punta Gorda Bank - Punta Gorda, FL

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: state
Start Date: February 1, 1914*
Location: Punta Gorda, Florida (26.930, -82.045)

Metadata

Model: gpt-5-mini
Short Digest: 213d5744

Response Measures

Capital injected, Full suspension, Books examined

Other: Directors wired for state examiner; state examiner took charge; stockholders supplied capital to reopen.

Description

Article (Punta Gorda Herald, 1914-02-19) describes a months-long run that withdrew two-thirds of deposits; when cash fell below legal requirement the bank closed and the state examiner was summoned. Directors and stockholders arranged to recapitalize and planned to reopen the same week.

Events (3)

1. February 1, 1914* Reopening

Newspaper Excerpt: the situation ... has been relieved and it is intended to re-open for business before the end of the week. Examiner Whitfield arrived Friday night and took charge Saturday. Meantime the directors and stockholders held meetings ... and perfected arrangements for the reopening of the bank this week. Ample capital for this purpose has been secured ... the bank is now on a more solid foundation than it has ever been.
Source: newspapers

2. February 1, 1914* Run

Cause: Rumor Or Misinformation
Cause Details: Months-long rumors circulated in town that the bank was in a shaky condition, prompting widespread withdrawals; origin of rumors unknown.
Measures: Directors and stockholders held meetings; secured ample capital to restore the bank; some customers deposited funds elsewhere.
Newspaper Excerpt: the trouble was caused by a steady run which had been made on the bank for the past two or three months, during which two-thirds of the deposits were withdrawn.
Source: newspapers

3. February 12, 1914 Suspension

Cause: Rumor Or Misinformation
Cause Details: Bank closed after cash reserves fell below legal requirement because of prior withdrawals driven by circulating rumors; state examiner was summoned to take charge.
Newspaper Excerpt: The Punta Gorda Bank closed its doors last Thursday afternoon ... When the cash on hand fell below the balance required by law ... those of the directors who happened to be in town ordered the bank closed and they wired for the state examiner to come and take charge.
Source: newspapers

Newspaper Articles (1)

1. February 19, 1914 The Punta Gorda Herald Punta Gorda, FL

Article from The Punta Gorda Herald, February 19, 1914

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Article Text

BANK'S TROUBLES SETTLED The Punta Gorda Bank closed its doors last Thursday afternoon, but the situation which seemed to necessitate closing temporarily has been relieved and it is intended to re-open for business before the end of the week. The trouble was caused by a steady run which had been made on the bank for the past two or three months, during which two-thirds of the deposits were withdrawn. When the cash on hand fell below the balance required by law, which was last Thursday, those of the directors who happened to be in town ordered the bank closed and they wired for the state examiner to come and take charge. Examiner Whitfield arrived Friday night and took charge Saturday. Meantime the directors and stockholders held meetings Friday and Saturday and perfected arrangements for the reopening of the bank this week. Ample capital for this purpose has been secured and the bank is now on a more solid foundation than it has ever been. The stockholders are all men of means and amply able to take care of all the liabilities of the bank. Had they been on hand when the cash balance fell below the limit, they would have promptly supplied all the funds necessary and the bank would not have closed. One wealthy customer of the bank who was out of town when it closed, said that, if he had been precent, he would have furnished all the money needed for continuing the business. The run was caused by rumors circulated about the streets for several months to the effect that the bank was in a shaky condition. What gave rise to these rumors is unknown, but they had the natural effect. Most, if not all the money withdrawn was deposited in banks away from here, in Fort Myers, Arcadia, Wauchula and other places. The trouble, however, is all over now and it is hoped I 1 that all this money will return to Punta Gorda. t With the splendid support which the h Punta Gorda Bank has secured, it is r sure to enter on a career of increased r usefulness and prosperity. It has been a a blessing to the town and should have n generous support. It is worthy of the t confidence of every citizen.