2524. First Bank & Trust Company (Sarasota, FL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust company
Start Date
July 17, 1929
Location
Sarasota, Florida (27.336, -82.531)

Metadata

Model
gpt-5-mini
Short Digest
bdd9b83f

Response Measures

None

Description

First Bank & Trust Company of Sarasota was one of several state banks that 'failed to open their doors' on/around July 17, 1929 and was placed in the hands of the state banking department. A. O. Skaggs was later appointed liquidator/receiver (reported 1929-08-25), indicating permanent closure and receivership. The contemporaneous articles attribute the closings to unwise gossip and the appearance of the Mediterranean fruit fly (i.e., rumor/psychological panic), not specific insolvency details.

Events (2)

1. July 17, 1929 Suspension
Cause
Rumor Or Misinformation
Cause Details
Closed amid unwise gossip and unrest following appearance of the Mediterranean fruit fly; affiliated with Citizens Bank & Trust chain placed in hands of state examiner.
Newspaper Excerpt
First Bank and Trust company, of Sarasota; ... failed to open their doors today. Notices posted ... said the institution was in his hands.
Source
newspapers
2. August 25, 1929 Receivership
Newspaper Excerpt
Appointment of A. O. Skaggs, of Sarasota, as liquidator for the First Bank and Trust Company of Sarasota, which closed recently was an Saturday by Comptroller Ernest Amos
Source
newspapers

Newspaper Articles (12)

Article from The Austin Daily Herald, July 17, 1929

Click image to open full size in new tab

Article Text

BANK AND NINE BRANCHES CLOSE Florida Fruit Fly Blamed; Depositors May Not Lose Money Tampa, Fla., July 17 (/P)-Fourteen state banks in southwest Florida closed their doors today, bringing to twenty-three the number of financial institutions to fail within the state in the past two weeks. Tampa, Fla., July 17 (AP)-The Citizens Bank and Trust Company, a state institution, and nine subsidiary banking institutions failed to open their doors today. Besides-the Citizens four of the depositories were in Tampa. Notices posted at the Citizens bank by a state bank examiner said the institution was in his hands. The branches affected were: Run On One Bank The Bank of Ybor City on which a run was made Monday. The Lafayette Bank; Citizens Nebraska Avenue Bank; Franklin Bank and the bank of Plant City; Bradenton Bank and Trust Company; First Bank and Trust Company, of Sarasota; First State Bank of Fort Meade, and the Bank of Pasco county at Dade City, The board of directors of the Citizens Bank and Trust, at a meeting early today issued a statement explaining conditions as due to "unwise gossip and continued adverse conditions following the appearance of the Mediterranean fruit fly which was responsible for a*feeling of unrest and fear developed on the part of the Predict Full Payment The directors predicted all depositors would be paid in full and that the depositories would go out of bustness. Among the larger branches were the Citizens Bank and Trust with paid in capital of $1,000,000 and deposits in excess of $3,000,000. and the bank of Ybor City, paid in capital of $200,000 and deposits of $2,679,237.69


Article from New Britain Herald, July 17, 1929

Click image to open full size in new tab

Article Text

Five of Institutions in TampaFruit Fly and Apathy Blamed by Officials BRINGS LIST OF FAILURES IN PAST 2 WEEKS TO 18 Board Issues Statement Saying "Unwise Gossip" and Insect Cause of Difficulty-State Comptroller Says Unnecessary Withdrawals and Propaganda Contributing Causes. Along With Mental Attitude. Tampa, Florida, July 17 (AP)-The Citizens Bank & Trust Company, a state institution and nine other subsidiary banking institutions, failed to open their doors today. Besides the Citizens, four of the depositors were in Tampa. Notices posted at the Citizens bank by a state bank examiner said the institution was in his hands. The branches affected were: The Bank of Ybor City, on which a run was made Monday, the Lafayette bank the Citizens' Nebraska Avenue bank, Franklin Bank and the Bank of Plant City, Bradentown Bank and Trust company, First Bank and Trust Company of Sarasota, First State Bank of Fort Meade, and the Bank of Pasco County at Dade City. Examiner at Institution E. P. Jackson, state examiner, has been here since Monday checking up on conditions. Captain R. A. Gray, assistant to the state comptroller, was expected from Tallahassee at noon to take charge. The board of directors of the Citizens' Bank & Trust, at a meeting today. issued a written statement explaining conditions as due to "unwise gossip and continued adverse conditions following the appearance of the Mediterranean fruit fly which was responsible for a feeling of unrest and fear, developed on the part of the people." Hope to Pay Depositors The directors predicted that all depositors would be paid in full and that the depositories would go out of business. Paid in capital of the Citizens' Bank and Trust was given as $1.000.000 in the published statement of the bank as of June 29 last and deposits as in excess of $3,000,000. John T. Bize is cashier: L. A. Bize, chairman of the board and D. L. Aney is president. Paid in capital of the Citizens' Nebraska avenue was $50,000 with deposits of $182,650.88, according to published statements, The Lafayette Bank had paid in capital of $150,000 with deposits of $457,222.65; the Bank of Ybor City paid in capital was $200,000 and deposits of $2,679,237.69 and the Franklin bank's paid in capital was $50,000 with deposits of $322,986.87. according to statements of conditions of June 29. Figures for other branches involved were not available immediately.


Article from The Bismarck Tribune, July 17, 1929

Click image to open full size in new tab

Article Text

TEN FLORIDA BANKS CLOSE THEIR DOORS; FRUIT FLY BLAMED Depositors : Will Receive Payment in Full, Directors of Closed Houses Say Tampa, Fla.,* July 17.-(P)-The Citizens Bank and Trust company, a state institution. and nine subsidiary banking institutions failed to open their doors today. Besides the Citizens bank, four of the depositories were in Tampa. Notices posted at the Citizens bank by a state bank examiner said the institution was in his hands. The branches affected were the bank of Ybor City on which a run was made Monday; the Lafayette bank; Citizens Nebraska Avenue bank; Franklin bank and the bank of Plant City: Bradenton Bank and Trust company: First Bank and Trust company. of Sarasota; First State Bank of Fotr Meade, and the Bank of Pasco county at Dade City. The board of directors of the Citizens Bank and Trust, at a meeting early today issued a statement explaining conditions as due to "unwise gossip and continued adverse conditions following the appearance of the Mediterranean fruit fly which was responsible for s feeling of unrest and fear developed on the part of the people." The directors predicted all depositors would be paid in full and that the depositories would so out of business. Among the larger banks were the Citisens Bank and Trust with paid in capital of $1,000,000 and deposits in excess of $3,000,000 and the bank of Yhor City, paid in capital $200,000 and deposits of $2,679,237.00.


Article from Brownsville Herald, July 17, 1929

Click image to open full size in new tab

Article Text

tion The branches affected were: The Bank of Ybor City on which a run was made Monday, The Lafayette bank; Citizens' Nebraska Avenue bank: Franklin bank and the Bank of Plant City: Bradentown Bank and Trust company, First Bank and Trust company of Sarasota; First State bank of Fort Meade and the Bank of Pasco county at Dade City. E. P. Jackson, state examiner, has been here since Monday checking up conditions. The board of directors of the Citizens Bank and Trust, at a meeting today issued a statement explaining conditions as due to "unwise gossip and continued adverse conditions following the appearance of the Mediterranean ily which was responsible for a feeling of unrest and fear developed on the part QE the people."


Article from Evening Star, July 17, 1929

Click image to open full size in new tab

Article Text

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.


Article from The Journal, July 17, 1929

Click image to open full size in new tab

Article Text

a state bank examiner said the institution was in his hands. The branches affected were: The bank of Ybor City on which a run was made Monday; the LaFayette Bank; Citizens' Nebraska Avenue Bank: Franklin Bank and the bank of Plant City; Bradenton Bank and Trust company; First Bank and Trust company of Sarasota; First State bank of Fort Meade and the bank of Pasco County at Dade City. E P. Jackson, state examiner, has been here since Monday checking up on conditions. The board of directors of the Citizens Bank and Trust at a meeting early today, issued a statement explaining conditions as due to "unwise gossip and continued adverse conditions following the appearance of the Mediterranean fly which was responsible for a feeling of unrest and fear developed on the part of the people. The directors predicted that all depositors would be paid in full and that the depositories would go out of business. Paid in capital of the citizens Bank and Trust was $1,000,000 according to the published statement of the bank as of June 29 last. Deposits were given as in excess of $3,000,000 Paid in capital of the Citizens Nebraska Avenue was $50,000 with deposits of $182,650.11. according to published statements. The LaFayette bank had paid in capital of $150.000 with deposits of $457,222.65; the bank of Ybor City paid in capital was $200,000 and deposits of $2,679,237.69 and the Franklin Bank's paid in capital was $50 with deposits of $322,986.87 according to statements to conditions as of June 29.


Article from Tampa Bay Times, July 18, 1929

Click image to open full size in new tab

Article Text

BANKING CRISIS OVER, BELIEF, AS SENDS HELP Five Millions Sent Tampa and St. Petersburg Institutions (Continued from Page financial institutions which closed today, according figures at the banking department, was $3,630,000; deposits $22,575,728.97 and Names of the defunct institutions, which the hands state bank department today, Citizens Bank and Trust company, Tampa. *Franklin bank, Tampa. Lafayette bank, Tampa. American State Tampa. *Citizens Nebraska Avenue bank, Tampa. *Bank of Ybor City, Ybor City. *Bank Plant City, Plant City. *Bradenton Bank and Trust Bradenton. *First Bank and Trust company Sarasota. *First State bank, Fort Meade. *Bank Citizens bank of Frostproof. bank Tort City. Bank Mulberry. Mulberry. Ellenton State bank, Ellenton. with Citizens Eight other banks have failed the past weeks, bringthe number of failures within time board directors of the CitiBank Trust company of Tampa today issued written stateexplaining that the present situation due to "unwise gossip continued adverse fol"lowing the appearance of the Mediterranean fruit fly. was sponsible for feeling unrest and fear developed on the part of the Directors of the Citizens bank predicted that all depositors would be full and indicated that its subsidiaries would go out of busibolster up public confidence, $1,000,000 cash was brought here airplane today from Atlanta and delivered the First National bank Tampa, member the Federal Reserve. Meanwhile, officials of other solbanks Tampa, where withdrawals by few depositors reported, issued statements plenty of been obtained demands. Creed governor the Federal Rebank Atlanta, arrived today, also declared that local bankers could all the money need with which meet the from Washington stated the shipment of from Tampa said by FedReserve officials to have been authorization by the for the establishment of two depots one in each million dollars would quick use by the member officials of the Bank Sarasota, the Ringling Trust and First Trust company. the three solinstitutions there, said of the First and Trust "company that city no effect their banks. The three under usual business today, they said. Ringling circus fame, the board the Bank Sarasota and the Ringling Trust Savings bank. officials has the entire fortune the late Charles Ringling. brother.


Article from The Miami Herald, July 18, 1929

Click image to open full size in new tab

Article Text

COMPTROLLER SAYS CONDITIONS GOOD TAMPA July of today aggregate deposits more than regarded State Amos tonight being the 'darkened hour just the dawn. In statement The Comptroller he bethe primary cause of the was ganda and the mental attitude of the people. There financial depression to degree the the comptroller explained, "which has accentuated by the effect of the regard this the just however, people will not tear the temple upon their heads. This what they are doing "The flurry we have had today perhaps the largest we have the history of the Property values in Florida. While there been no we the same the and same who will take hold they that cleared in the circles of the state. "There has been too much propaganda, much agitation and funds that should be in the ordinary channels of trade. The people have brought down temple on themselves, as they this they will change With all bank failures. Florida still has money banks than our sister As an instance the sum $750,000 was taken out the Citizens Bank Tampa one day. "The Volusia County Bank DeLand had of new funds and the Bank of Daytona Beach had secured $500,000 new funds, which, ordinary would to have carried the There on the bank of for "The majority of banks that closed in Tampa today affiliated the Citizens Bank of Tampa and their closing was made that account as precautionary meas"Confiscation of fruit made it impossible for to their gations to the Aggregate capital stock of the 15 which today. to figures the state banking department, deposits and assets of Names of the defunct institutions which were placed in hands of the bank today Bank and Trust Tampa: *Franklin Tampa; *Lafayette Bank, Tampa: American State Bank Tampa; Nebraska Bank, Tampa: *Bank Ybor City, City: *Bank of Plant City, Plant *Bradenton and Trust ComBradenton: *First Bank and Trust Company, First State Bank, *Bank Pasco County, City: Bank Frostproof; Bank Port Tampa Bank lenton Bank, Ellenton. ated Citizens Bank at Tampa. Eight banks in weeks, bringing failures within board directors of the Citizens Bank Trust which parent institution the other banks which failed today, issued written statement, the present "unwise and the pearance the which was responsible for the feeling unrest fear on the the Directors the Citizens Bank predicted depositors indicated go out of business confidence, cash brought here airplane today from Atlanta and delivFirst National Bank Tampa, member of the Federal Reofficials of other solvent in statements plenty cash had been Creed Taylor, deputy governor of Federal Reserve Bank Atlanta, arrived here today declared that local the money they with which to meet from Washington stated that the from lanta Tampa said by Federal Reserve officials to have been sent under authorization by the board At Sarasota officials of the Bank of Sarasota and the Savings and the First Trust Company, the three solvent there, said closing the First Bank and Trust Company that city "had no effect whatever" their Both were conducted under usual today. they said John Ringling circus fame chairman of the Bank Sarasota the and Savings has behind fortune of the late Charles brother.


Article from Morning Examiner, July 18, 1929

Click image to open full size in new tab

Article Text

SOUTHWEST CLOSE Aggregate Deposits of Failed Institutions Are $22,575,728 'GOSSIP' BLAMED Depression Accentuated by Effects of Fruit Fly Others Have Closed in Last Two Weeks TAMPA, Fla., July 17. Failure fifteen state banks southwest Florida Wednesday with aggregate deposits of more than $22,500,000 regarded by State Comptroller Ernest Amos being the "darkened hour just before dawn." In statement Wednesday night the Associated Press, the comptroller said he believed primary cause of the failures withdrawals, and the mental titude the "There financial deprescertain degree everywhere the he explainhas been accentuated the effect the Mediterranfruit fly and quarantine. regard this as darkened hour before the dawn, however, if people will not tear down temple upon their own heads. This what they are doing Aggregate capital stock of the fifteen financial institutions which closed Wednesday, according figures at the state banking partment, was $3,630,000; deposand assets $29,641,366.68. Names of the defunct institutions, which were placed in the hands of the state bank department Wednesday, are: Citizens Bank and Trust company, Tampa; bank, Tampa; bank, Tampa; American State bank, Tampa; Nebraska Avenue Tampa; Ybor City, Ybor City; of Plant City, Plant X-Bradenton Bank and Trust company, Bank and Trust comSarasota: State bank, Fort of Paseo county, Dade City; Citizens Bank of Frostproof; Bank of Port Tampa Bank of Mulberry, Mulberry: Ellenton State bank, Ellenton; X-Affiliated Citizens bank Tampa. Eight other banks have failed Florida the past weeks, bringing the total number failthat time to board of Citizens Bank and Trust company, which parent instifor ten of the banks which Wednesday, issued writstatement, explaining the present situation "unwise gossip continued adconditions following the pearance Mediterranean fruit which was responsible for feeling of unrest and fear devolon the part of the people." Directors Citizens bank predicted all would in full and indicated its subsidiaries would go out To bolster up public confidence, cash was brought airplane from Atlanta delivered to the First NatBank Tampa, member Federal Reserve. Meanwhile officials of other solvent banks in Tampa, where withdrawals by few small depositors reported, issued statements that plenty of cash had been obtained meet At Sarasota officials of the Bank of Sarasota, and the RingTrust and Savings bank, and First Trust company, the remaining solvent institutions there said the closing the First Bank and Trust comof that city "had no effect whatever,' the banks. Both conducted under usual busiWednesday they said. John Ringling of circus fame, chairman of the board the Bank Sarasota the RingTrustees Savings bank, ficials said, has behind the entire fortune of the late Charles Ringling, brother.


Article from Poplar Bluff Republican, July 18, 1929

Click image to open full size in new tab

Article Text

FLORIDA BANKS CLOSE AFTER Citizens Bank of Tampa and Nine Subsidiary Institutions Taken Over by Examiner. GOSSIP BLAMED FOR THE CRASH Feeling of Unrest Following Appearance of Fruit Fly Responsible for Closing. By The Associated Press. Tallahassee, Fla., July State Bank Department late today reported the failure of the Citizens Bank of Frost Proof, in Polk county, bring to 23 the number of financial institutions to close their doors in Florida the weeks. past two The Frost Proof Bank had capital stock of $35,000; deposits of $311,767.50, and assets of $430,291.46. By The Associated Press. Tampa, Fla., July state banks in Southwest Florida closed their doors today, bringing to 22 the number of financial institutions to fail within the state within the past two weeks, Capital and surplus of the institutions that closed today, according to figures released by the state banking department, totaled $3.595,000. deposits aggregated $22,and assets Deposits of the eight banks which failed during the two weeks prior today were estimated at $10,800,000, bringing the total deposits tied up bank failures to date to Money Arrives. A consignment of $1,000,000 from the Federal Reserve Bank at Atlanta to the First National Bank of Tampa arrived here shortly after noon by plane Jacksonville. Meanwhile other banks in the city reported numbers of small depositors withdrawing their funds, but officials said there plenty of cash on hand. Creed Taylor, deputy governor of the Federal Reserve Bank of Atlanta, in the city, backed up statements of the bank officials, declaring that the could have the money they needed to situation. Directors of Citizens Bank later issued statement saying that reorganization plans for that institution were under way. Tampa, Fla., July Citizens Bank and Trust Company, state institution, and nine subsidiary banking institutions failed to open their doors today. Besides the Citizens Bank four the depositories were in Tampa. Notice posted at the Citizens Bank by state bank examiner said the institution was in his hands. The branches were: the Bank Ybor City on which run was made Monday; the Lafayette Bank; Citizens Nebraska Avenue Bank; Franklin Bank and the Bank of Plant City; Bradenton Bank and Trust Company; First Bank and Trust Company, Sarasota; First State Bank of Fort Meade, and the Bank of Pasco County at Dade City. Gossip Blamed. E. Jackson, state examiner, has been here since Monday checking up conditions. The board of directors of the Citizens Bank and Trust, at meeting early today issued statement plaining conditions as due to "unwise gossip and continued adverse conditions following the appearance of the fruit fly which was sponsible for feeling of unrest and fear on the part of the people." The directors predicted that all depositors would be paid in full and that the depositories would go out business. Bank Capital. Paid in capital of the Citizens Bank and Trust was $1,000,000, according to the published statement of the bank as of June 29 last. Deposits given as in excess of $3,000,000. John Bize cashier; Bize, chairman of the board, and D. Aney president. Citizens Bank and Trust, assets cashier, John Bize. Citizens Nebraska Avenue, assets cashier, Acree. Lafayette, assets $645,802.03; cashier, McCord. Franklin, assets cashier, Jackson. Ybor City, assets $3,198,820.68; cashier, Crowder. Total, $22,927,003.36. The United States supplies onefourth of the world trade in chemicals.


Article from Butler Daily Democrat, July 18, 1929

Click image to open full size in new tab

Article Text

WRECK TOLL, 12 Moscow, July 18.-Soviet Russia last night severed all diplomatic relations with the Nanking government. This action was followed immediately by the concentration of armed forces of both nations along the Manchurian border with minor engagements being reported in some sections. The Soviet government made public its reply to the Chinese note, the latter having come in response to an ultimatum from Russia. In this note the Soviet Union said all means of reaching an amicable settlement had been exhausted. The Soviet note said that the Moscow government would reserve all the rights arising from the Peking-Mukden agreement of 1924. It declared that the Chinese reply to the Russian ultimatum was unsatisfactory in content and hypocritical in tone. The note further asserted all Soviet officials would be recalled from the Chinese Eastern railway, that all railway communications between Soviet territory and China would be suspended and that the diplomatic and consular representatives of the Nanking government would be ordered immediately to leave the Union of Soviet Socialist Republics. Countering the Chinese charge that Russia has been persecuting Chinese citizens in Soviet territory, the note said this was a hypocritical endeavor by China to justify its own outrages in the arrest of Russian citizens. The note asserted the Nationalist government knew well that Russia had had recourse to repressive measures only in the case of insignificant groups of spies, opium traders, white slavers, smugglers and other criminal Chinese. KMOX Artist Is Missouri Farm Girl St. Louis, July 18.-"And now we present Sunbonnet Sue, who will sing for you". How many times has this announcement brought joy to listeners of KMOX Farm Hour Programs. Sunbonnet Sue is a real farm girl, having been born and raised near Harrisonville, Missouri. Her name is Katherine McIntyre. She has been a member of KMOX staff at intervals covering several years. Last summer she studied violin in Paris, later going on to Florence where she devoted herself to the serious study of voice. Perhaps she loves her violin more than anything else. It is certain that she has a very high standard of excellence and insists that every number she presents comes up to it. The Farm audience, without doubt, thoroughly appreciates her songs which she selects with a view to satisfying the longing often expressed in these days of jazz for the songs of long ago. Then when things get too serious Sunbonnet starts some fun by presenting one of her pianologues. Some times it is, "When the Summer Boarders Come." Sometimes "Spring Fever." Her store of interesting pianologues seems to have no end. Sunbonnet Sue is to be heard each day at noon over KMOX, as she provides the musical bits that are interspersed between the discussions of Farm Topics. Cars of Fast Rock Island Train Through Colorado Bridge Miss McIntyre is quite well known in this city having taught violin here. Stratton, Colo., July 18.-Twelve persons were dead and a number injured when the crack Rock Island passenger train, No. 5, crashed through a bridge east of here early today. The known dead were passengers in one coach which was completely submerged in the swollen stream. The train, made up mostly of Pullmans from eastern and southern cities, carried a large number of passengers. Several of the cars went into the swollen creek when the bridge gave way beneath the engine, one of the cars being completely submerged. The coach was known to have been occupied by thirteen persons, twelve passengers and a colored porter. One of the passengers, badly bruised and cut, escaped from the car and swam to safety. The other occupants of the car were believed drowned. Many of the occupants of the other coaches were more or less injured. Physicians and nurses from all surrounding towns and cities were called to the scene of the disaster. Rail officials said the wreck could have been caused by two things, weakening of the bridge by excessive rains and swollen waters of the stream which it spanned or a broken rail on the bridge. Gossip Causes Run on Banks Tampa, Fla., July 17.-The Citizens Bank and Trust Company, a state institution, and nine subsidiary banking institutions, failed to open their doors today. Besides the Citizens, four of the depositories were in Tampa. Notices posted at the Citizens Bank by state bank examiner said the institution was in his hands. The branches affected were the Bank of Ybor City, on which a run was made Monday; the Lafayette Bank, Citizens Nebraska Avenue Bank, Franklin Bank and the Bank of Plant City, Bradenton Bank and Trust Company, First Bank and Trust Company of Sarasota, First State Bank of Fort Meade and the Bank of Pasco County at Dade City. E. P. Jackson, state examiner, has been here since Monday checking up on conditions. The board of directors of the Citizens Bank and Trust, at a meeting early today issued a statement explaining conditions as due to "unwise gossip and continued adverse conditions following the appearance of the Mediterranean fly, which was responsible for a feeling of unrest and fear developed on the part of the people." The directors predicted all depositors would be paid in full and that the depositories would go out of business. Paid-in capital of the Citizens Bank and Trust was 1 million dollars, according to the published statement of the bank as of June 29 last. Deposits were given as in excess of 13 million dollars. Paid-in capital of the Citizens Nebraska Avenue was $50,000, with deposits of $182,650.11, according to published statements. The Lafayette bank had paid-in capital of $150, 000, with deposits of $457,222.65; the Bank of Ybor City had paid-in capital of $200,000 and deposits of $2,679,237.69, and the Franklin bank's paid-in capital was $50,000, with deposits of $322,986.87, according to statements of conditions as of June 29. Figures for other branches involved were not available immediately. Total deposits in the Tampa banks involved were $17,347,968.15, of which the Citizens Bank and Trust held $13,695,870.78. Your friends will read your name in the Democrat.


Article from The Atlanta Journal, August 25, 1929

Click image to open full size in new tab

Article Text

Florida Bank Receiver Appointment of A. O. Skaggs, of Sarasota, as liquidator for the First Bank and Trust Company of Sara sota, which closed recently was an Saturday by Comptroller Ernest Amos