2520. Seminole County Bank (Sanford, FL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
September 20, 1927
Location
Sanford, Florida (28.801, -81.273)

Metadata

Model
gpt-5-mini
Short Digest
098ce00c

Response Measures

None

Description

Articles describe the Seminole County Bank suspending operations and subsequently being declared defunct with a receiver (E. H. Ashcraft) handling claims. The suspension appears linked to large alleged embezzlements by bank officials (bank-specific adverse information). No article describes a depositor run prior to suspension; sequence is suspension/failure → receiver actions through 1928.

Events (3)
1. September 20, 1927 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank officials were arrested and charged with large embezzlement (reports of $394,772 and $40,992.24), prompting the bank to suspend payments/close operations shortly before Sept. 21, 1927.
Newspaper Excerpt
the alleged irregularities had on the day before the bank suspended
Source
newspapers
2. September 21, 1927 Other
Newspaper Excerpt
Sanford Officials Under Arrest Following Bank Failure ... Comptroller E Amos had before him today only a tentative report from a bank examiner investigating the affairs of the defunct Seminole County bank, of Sanford ... two of the bank's officials had been arrested and charged with the embezzlement of $400,000 of the institution's funds.
Source
newspapers
3. January 28, 1928 Receivership
Newspaper Excerpt
E. H. Ashecraft, receiver for the County Bank. Basis for the action is city time warrant for $51,500 held by the tax collector as security for a deposit of $15,788 in the Seminole County Bank. After failure of the bank, demand was made upon the city for payment of the time ... held by the Seminole County Bank. After failure of the bank ... receiver for the defunct Seminole County Bank was named (Jan 1928).
Source
newspapers

Newspaper Articles (7)
1. September 21, 1927 The Bradenton Herald Bradenton, FL
Article from The Bradenton Herald, September 21, 1927

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Article Text

CHARGE $400,000 LOSS TO BANKERS Sanford Officials Under Arrest Following Bank Failure Fla., Sept. 21 (AP) Comptroller E Amos had before him today only a tentative report from a bank aminer investigating the affairs of the defunct Seminole County bank, of Sanford, and could add little to advices emanating from Sanford yesterday that two of the bank's officials had been arrested and charged with the embezzlement of $400,000 of the institution's funds. The report of the examiner was that the arrests had been made, and that the only information he had was that the alleged irregularities had on the day before the bank suspended time The enclosed a clipping from Sanford paper to the ef fect that Forrest Lake, of the bank chairman the State Road Department and mayor of Sanford. had been charged in with zling $394,772 and R. Key, vice president and $40.992.24 Lake $36,000 bond and Key, the paper stated Mr. Amos today that re ports of alleged irregularities had been reaching the that nothing had been received Mr. Lake he said. called upon him ed to deed the bank property worth several hundred thousand dollars. and the comptroller had A. detailed report is expected he examiner the named by Mr. Amos recently can take charge. The bank is the one for which Gov. Martin court investigation. The governor was advised that Circuit Judge W. W Wright was calling special term for next Monday for probe of the institution's affairs

2. October 15, 1927 The Dispatch Moline, IL
Article from The Dispatch, October 15, 1927

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Article Text

mandeered two automobiles. two bicycles, two tricycles and two wagons when found by police driving away with a third automobile. Coastguard patrol fires on rum runners take after beaching craft off Norfolk Va., crew of four captured: whisky and alcohol seized. Ernest Amos. state comptroller. in dieted for malpractice in office by special grand jury at Sandford. Fla.. investigating close of Seminole country bank.

3. January 29, 1928 The Tampa Tribune Tampa, FL
Article from The Tampa Tribune, January 29, 1928

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Article Text

SANFORD IS SUED FOR TIME WARRANT IN COUNTY ACTION SANFORD, Jan. 28. (|Tribune News Service city of Sanford has been made defendant in a suit for $75,000 by the filing of preliminary papers by attorneys of the county commission to represent Tax Collector John D. Jinkins and also by counsel for E. H. Ashecraft, receiver for the County Bank. Basis for the action is city time warrant for $51,500 held by the tax collector as security for a deposit of $15,788 in the Seminole County Bank. After failure of the bank, demand was made upon the city for payment of the time The city's position is said to be based contention that the warrant in question was unauthorized. The county and the bank receiver are expected to take the posttion that the a good and valid claim for the reason that the city received full value for the paper.

4. June 9, 1928 The Orlando Sentinel Orlando, FL
Article from The Orlando Sentinel, June 9, 1928

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Article Text

PLEA TO STOP BOND VALIDATION SANFORD, June petition intervention, seeking validation of $608,000 prevent worth city of Sanford refunding bonds, filed circuit court here today Asheraft, ceiver the defunct Seminole County bank. The receiver's tion prompted, he said, failure the city pay him receiver more $700,000. City officials tonight said action probably prevent the sale bonds, thereby resulting city's failure meet bond ligations due July

5. June 9, 1928 The Tampa Tribune Tampa, FL
Article from The Tampa Tribune, June 9, 1928

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Article Text

Bank Receiver Acts To Stay Validation Of Sanford's Bonds SANFORD, June petition of intervention. seeking to prevent validation of $608,000 worth of city of Sanford refunding bonds was filed in circuit court here today by E. H. Ashcraft, receiver for the defunct Seminole County Bank. The receiver's action was prompted, he said, by failure of the city to pay to him receiver more than $700,000. City officials tonight said the action probably will prevent the sale of bonds, thereby resulting in the city's failure to meet bond obligations due July 1.

6. June 9, 1928 The Miami Herald Miami, FL
Article from The Miami Herald, June 9, 1928

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Article Text

PETITION IS AGAINST $608,000 BOND ISSUE petition intervention. seeking to validation of $608,000 worth of of Sanford refunding bonds was filed in Circuit court here today by Ashcraft. for defunct Seminole County bank The receiver's action was prompted. he by failure of the city to pay to him receiver more than $700,000. City officials tonight said the action probably prevent the sale of bonds, resulting in the city's failure to meet bond obligations due July

7. June 29, 1928 The Tampa Tribune Tampa, FL
Article from The Tampa Tribune, June 29, 1928

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Article Text

Comptroller Orders Bank's Receiver To Withdraw Bond Suit SANFORD, June 27.-(A.P.)-State comptroller Ernest Amos today wired the Sanford city commission that he had instructed H. Ashcraft, receiver of the defunct Seminole County Bank, to withdraw his suit seeking to prevent validation of $608,000 worth of refunding bonds. Mayor E. F. Householder declared Amos' message "definitely settled the matter" and that immediate steps would be taken toward meeting payments on bonds due July 1 which the refunding issue covers. Several weeks ago the receiver filed a petition of intervention seeking to prevent and sale of the bonds when the commission refused to honor $740,000 in alleged city obligations held by the bank. At a hearing last week Judge Wallace W. Wright denied the petition, and last Monday the receiver filed notice of appeal to the supreme court.