2519. First National Bank (Sanford, FL)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: national
Bank ID: 3798
Charter Number: 3798
Start Date: July 13, 1929
Location: Sanford, Florida (28.801, -81.273)

Metadata

Model: gpt-5-mini
Short Digest: 253fc972

Response Measures

Full suspension, Books examined

Other: Controller of the Currency (comptroller) placed affairs in his hands; receiver later appointed and liquidated assets.

Description

Contemporary accounts state there was a run on the First National Bank of Sanford triggered by failures of neighboring Florida banks; directors closed the bank and placed its affairs in the hands of the Comptroller of the Currency on July 13, 1929. The bank did not resume normal operations and a receiver was in place (J. W. Harwell) by January 1931; a receiver change is noted in 1934. Cause of run/suspension classified as 'local_banks' because articles attribute the panic to failures of nearby institutions.

Events (3)

1. July 13, 1929 Run

Cause: Local Banks
Cause Details: Depositors withdrew funds after failures of several nearby Florida banks (People's Bank of Jacksonville and others), which bred uneasiness and produced a run on the Sanford bank.
Newspaper Excerpt: The run on the Sanford bank was caused by the failure of four banks in the neighboring towns, which bred uneasiness.
Source: newspapers

2. July 13, 1929 Suspension

Cause: Local Banks
Cause Details: Directors closed the bank and placed its affairs in the hands of the Comptroller of the Currency after heavy withdrawals and runs triggered by other bank failures in the region.
Newspaper Excerpt: The First National Bank ... was closed today with a notice on the doors that its affairs had been placed in the hands of the controller.
Source: newspapers

3. January 1, 1931* Receivership

Newspaper Excerpt: J. W. Harwell, receiver of the First National bank of Sanford since January, 1931, has resigned from his post ... Mr. Harwell stated that he not prepared make regarding his future plans ... From the statement of operations posted to the door of the local receivership ... Dividends aggregating 55 per cent have been paid to date ... cash on hand $32 ... liabilities $21,660.27 ... There remains unpaid $9,335.04 in secured ... who operated the from July 13, 1929 Jan. 29 1931, paid ... Mr. Harwell has paid 10 per cent. (OCR errors corrected).
Source: newspapers

Newspaper Articles (8)

1. July 13, 1929 Evening Star Washington, DC

Article from Evening Star, July 13, 1929

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Article Text

Authorities at Work on Reorganization or Liquidation of Institutions. ONE OF TWO IN SANFORD CLOSED DOORS TODAY Seven Now Have Suspended, Two at Daytona Beach Going Out of Business Yesterday. By the Associated Press. JACKSONVILLE, Fla., July 13.-App.oximately $9,000,000 in depositors' money was tied up today as State and Federal banking authorities worked toward the reorganization or liquidation of six Florida banks which have closed within the last eight days, five of them since Thursday. The latest to fail were two in Daytona Beach, the Merchants' Bank & Trust Co., and the Atlantic Bank & Trust Co., which suspended business yesterday. Both were closed, according to notices on their doors, by State bank examiners pending reorganization for the protection of their customers. The failure of the Daytona Beach banks brought a run on the two remaining institutions in the city, which continued business despite heavy withdrawals. De Land, in the same county, suffered closing of the only two banks in the city, the Volusia County Bank & Trust Co. and the First National Bank, Thursday, while the Colonial Bank & Trust Co. of Miami failed to open on that day. The People's Bank of Jacksonville closed last Friday morning. While banking department officials from the State and Federal Governments audited the books of the six banks, John L. Fouts, president of four other closed Central Florida banks, prepared for preliminary hearing on three charges involving violation of State banking laws. Fouts was president and director of the State Bank of Bartow, the First National Bank of Lakeland, the First National Bank of Auburndale and the State Bank of Winter Haven. Fouts is alleged to have loaned himself $5,000 from one of the banks without the consent of the directors, at a time when the bank was not in a position to make the loan, and to have altered minutes of a directors' meeting to show that the loan was approved. Sanford Bank Closes. SANFORD, Fla., July 13 (AP).-The First National Bank, oldest banking : institution in Seminole County, was closed today with a notice on the doors that its affairs had been placed in the hands of the controller. The notice read: "In order to protect the interests of all its depositors, this bank is closed by its directors and its affairs have been placed in the hands of the controller of currency." The First National was more than 40 years old. It had resourcesof $2,200,000 and deposits of $1,800,000. Only one other bank remains here, the Sanford Atlantic National Bank.

2. July 14, 1929 The Spokesman-Review Spokane, WA

Article from The Spokesman-Review, July 14, 1929

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Article Text

MORE FLORIDA BANKS GO UNDER Oldest Institution in Seminole County in Hands of Comptroller. HUGE SUMS TIED UP Two Daytona Beach Houses Fail to Open Face Heavy Runs. SANFORD, Fla., July 13. (AP)-The First National bank, oldest banking Seminole county, was closed today. notice its affairs had been placed hands comptroller. The First National was more than years old. and deposits $1,800,000. Only other bank remains here, the Sanford Atlantic National bank. Sanford the heart of the celery growing belt. $9,000,000 Tied Up. Approximately in dewas tied up today as state and authorities and liquidation six Florida banks which have closed within the last eight days. The were two in Beach, the Merchants Bank and the Atlantie Bank and Trust company which yesterday. Failures Runs. The failure the Daytona Beach banks brought the on maining the city, which continued despite heavy withdrawals. Deland, the same closing of the only two banks the the Volusia County Bank and Trust company and the First National bank, Thursday, while the Colonial Bank and Trust company of Miami falled The People's closed last Friday While banking department offi. clais from and federal ments audited the the six banks, John Fouts, president four other closed central Florida banks, prepared for preliminary hearing three charges involving violation of state banking laws.

3. July 15, 1929 The Morning Call Paterson, NJ

Article from The Morning Call, July 15, 1929

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Article Text

Seventh Florida Bank Shuts Down Sanford National Latest to Close In Eight Days-Situation Causing Runs. the failure of the seventh bank in the state within eight days in the collapse of the First National bank, of Sanford, businessmen expressed the opinion today that Florida's smaller cities face the most serious financial crisis in years. The bank was forty years old. the oldest in Seminole county. The run on the Sanford bank was caused by the failure of four banks in the neighboring towns, which bred uneasiness. Runs on banks throughout the north, east and central parts of the state are beginning as the news spreads of the successive failures. The failure of the seven banks has tied up deposits totaling $10,000,000 and has affected approximately 5,000 depositors. The trouble started with the fail. ure of the People's bank. of Jacksonville, eight days ago. This failure was attributed to dissension and dispute among the stockholders here and group of Northern capitallsts, who own a large amount of the stock. There some mystery as to why the Miami Bank and Trust company closed Thursday. The closing that bank did not affect the other institutions in the area as did the People's bank failure 'at Jacksonville. The Miami Bank and Trust company was regarded as on "outside institution' by the other banks of the community.

4. July 17, 1929 Evening Star Washington, DC

Article from Evening Star, July 17, 1929

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14 SOUTH FLORIDA BANKS ARE CLOSED Total Failures in Past Two Weeks Reaches 22, With Collapse of Chain. By the Associated Press. TAMPA, Fla., July 17.-Fourteen State banks in Southwest Florida closed their doors today, bringing to 23 the number of financial institutions to fail within the State in the past two weeks. Following the closing of the Citizens' Bank & Trust Co. of Tampa and nine subsidiary institutions here and in nearby counties today, it was learned that five other banks in this territory also had failed. Total deposits in the Tampa banks involved was $17,347,968.15, of which the Citizens' Bank & Trust held $13;695.870.78. Total assets of the Tampa banks were $22,927,003.36. The institutions placed in the hands of the State banking department today were: The Citizens" Bank & Trust Co., Tampa Franklin Bank, Tampa. The Lafayette Bank, Tampa. American State Bank, Tampa. The Citizens' Nebraska Avenue Bank, Tampa. The Bank of Ybor City, at Ybor City, on which there was a run Monday. The Bank of Plant City, Plant City. The Bradenton Bank & Trust Co., Bradenton. The First Bank & Trust Co., Sarasota. First State Bank of Fort Meade. The Bank of Pasco County, Dade City. First Bank of Port Tampa City. Bank of Mulberry, at Mulberry. Ellenton State Bank, Ellenton. Other institutions which have closed their doors within the past two weeks are: Peoples State Bank, Jacksonville. Volusia County Bank & Trust Co., Deland. First National Bank, Deland. Colonial Bank & Trust Co., Miami. Merchants' Bank & Trust Co., Daytona Beach. Atlantic Bank & Trust Co., Daytona Beach. First National Bank, Sanford. Merchants' Bank, Melbourne. Capital and surplus of the 15 institutions that closed today, according to figures released by the State banking department, totaled $3,890,000. Deposits aggregated $22,283,963.61 and assets $29,679,107.51. Deposits of the eight banks which failed during the two weeks prior to today were estimated at $10,800,000, bringing the total deposits tied up in bank failures to date at $33,083,963.61. E. P. Jackson, State examiner, has been here since Monday checking up on condition. Capt. R. A. Gray, assistant to the State controller, was expected from Tallahassee at noon to take charge. The board of directors of the Citizens' Bank & Trust Co. predicted that all depositors would be paid in full and that the depositories would go out of business. EXPLAINS BANK FAILURES.

5. July 17, 1929 The Watchman and Southron Sumter, SC

Article from The Watchman and Southron, July 17, 1929

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CRIPPLING of Fruit and Vege. table Business Wrecks Banks Sanford, July The First National Bank, oldest banking institution in Seminole county, was closed today with notice the doors that its affairs had been placed in the hands the The notice read: order protect the interdepositors, this bank closed by directors its fairs been placed the hands of the comptroller of currency. The First National was more than forty years old. had reand deposits and only other bank remains here, the Sanford Atlantic National Bank. Sanford in the heart of the celery growing

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

Article from The Tampa Tribune, July 22, 1930

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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.

7. January 11, 1932 The Tampa Times Tampa, FL

Article from The Tampa Times, January 11, 1932

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DEFAULTS ARE FILED AGAINST Federal Jury Returns Verdicts Involving $50,000 Total. Federal court got under way today with Judge Alexander Akerman presiding, disposed of default cases, aggregating about $50,000, and adjourned until 9:30 o'clock tomorrow morning. When opened there were 69 cases on the calendar, one the largest civil dockets on record with the total amount of the various suits being close cases involved suits brought by bank receivers in this territory of issory There two outside Florida; the Federal Reserve bank Atlanta D. Ratliff, $7,500, and Don P. Stroud, receiver of the Howard bank, Ind., VS. Ed Humpe, verdicts were promptly made without protest and the verdicts signed by the same individual juryman, James D. Beggs, real tate operator of Orlando. After Beggs had signed his name about 20 verdicts on behalf the jury, Judge said: making Orlando work when she comes here.' The cases disposed of were as follows: Shelton, receiver, First National Bank of Sarasota, VS. Wm. P. McDonald; M. Anderson, Central Bank and St. PeVS. Charles W. receiver, First Na. tional Bank Sanford, VS. E. E Brady; Anderson VS. Donovan Sons, Inc.; W. Doepke, receiver, Carlton National Bank, Wauchula, H. Brown; A. Doepke tion; Doepke, vs. Roberts; Harwell vs. M. Rumley; Doepke vs. Skipper; W. Harwell Eupha Finnell; A. W. Doepke vs. H. Smith. The jury was composed of Beggs and Slauson, Orlando; Minns, Tampa E. Nyberg, Limona; Whitaker Inverness; N. E. Barnes, Plant City: Ayres, Brooksville; H. Elden, Tarpon Springs; Fred Fariss, Tampa; Tyner, Plant City R Sappington, Avon Park Lynn Silvertooth, Sarasota; C. W. Greene, Tampa. Others called subject to jury duty are: Lr. Poole, New Port Richey: O. Lesley, Wauchula Paul Fatic, Sarasota: Cunningham, St. Petersburg: W. Wilson, Inverness; Campbell, Glenn Evins, Tampa, and W. E. Smith, Inverness.

8. May 13, 1934 Orlando Evening Star Orlando, FL

Article from Orlando Evening Star, May 13, 1934

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BANK RECEIVER RESIGNS POST McNair to Take Over Tasks Monday SANFORD, May 13-J. W. Harwell. receiver of the First National bank of Sanford since January, 1931. has resigned from his post, and the comptroller currency at Washington accepted the signation. effective May 15. Advanced stage reached in the liquidation of the affairs of the the interests of econ omy were held as reasons for the resignation Mr Harwell will be succeeded by McNair. DeLand, receiver the Putnam National bank Palatka and the First National bank DeLand Mr. McNair will arrive in Sanford to make the formal transfer the Mr. Harwell stated that he not prepared make regarding his future plans connections He will remain in Sanford for few days, he stated From the statement of operations to posted the door of the local receivership, appears that has been collected at total cost of only or less than fly six per of the entire amount collected. Included in the collections an item of covering interest, and rents Its understood that receiver's usually have collecting interest items. Preferred or claims to date to and liabilities, for which ing ceiver's certificates been sued are Dividends aggregating 55 per cent have been to date, cash on hand $32,with liabilities of $21,660.27 There remains unpaid $9,335.04 in secured who operated the from July 13. 1929 Jan. 29 1931, paid per in while Mr. Harwell has paid 10 per cent. As with federal Mr. Harwell air declined to make any whatsoever governing future dividends.