2529. First National Bank (Sebring, FL)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
12090
Charter Number
12090
Start Date
February 11, 1929
Location
Sebring, Florida (27.496, -81.441)

Metadata

Model
gpt-5-mini
Short Digest
7e7ef5af

Response Measures

Accommodated withdrawals, Capital injected

Receivership Details

Depositor recovery rate
30.7%
Date receivership started
1929-05-04
Date receivership terminated
1936-06-11
Share of assets assessed as good
15.4%
Share of assets assessed as doubtful
42.0%
Share of assets assessed as worthless
42.7%

Description

February 1929 article describes a run on the First National Bank of Sebring triggered by the failure/closing of the Highland Bank & Trust Company. By May 7, 1929 a receiver has been appointed for the First National Bank of Sebring (article names counsel for the receiver), indicating the bank subsequently suspended and entered receivership (permanent closure).

Events (4)

1. January 10, 1922 Chartered
Source
historical_nic
2. February 11, 1929 Run
Cause
Local Banks
Cause Details
Run was triggered by the failure/closing of the Highland Bank and Trust Company in Sebring, which alarmed depositors and prompted withdrawals at First National.
Measures
Bank officials refused large checks and asked customers to wait; local businessmen bought up bank stock to bolster confidence; officials reassured depositors the bank could pay.
Newspaper Excerpt
the closing of the Bank spread, many people that had their money in the First National Bank got alarmed and made run on that bank, which lasted until after noon time, with crowds excited people crowded into the Bank to draw their money.
Source
newspapers
3. May 4, 1929 Receivership
Source
historical_nic
4. May 7, 1929 Receivership
Newspaper Excerpt
W B Shelby Crichlow has just been appointed general counsel and attorney for the receiver of the First National bank of Sebring.
Source
newspapers

Newspaper Articles (3)

Article from The Ephrata Review, February 22, 1929

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Article Text

FLORIDA LETTER WRITTEN BY C. WOLF Sebring, Feb. This Sunday evening. February The Ephrata tourists, who 10th. Florida with Mark Hibshcame man's party, all went to the Brethren church this morning Rev. Miller, had minister was in the pulthe regular and preached good sermon before full house. was very warm in the church, and noticed quite few who were bowing their heads though in silent prayer, but later they were sleeping Well hard to keep awake when one very sleepy; know by my but think must rather hard for the preacher talk sleepx audience. This afternoon temperature was 88 and it was Mr. Hibshman suggest pretty not. that we take trip around the lake, and most of us were agreed In the evening we went to church again, and heard Rev. Dove. of Vir ginfia, preach wonderful sermon plain that all could understand He has congregation of over 400 members in Virginia. There were some tourists church tonight. At P. M., the was up to 76. temperature Monday evening, Feb. 11th. This morning saw the first real excite bought ment here in Sebring since the boom year; the Highland Bank and Trust Company failed to open its doors, and had short time many people were gathered in front of the Bank. Some women were crying, and many othwere complaining of having their all in this Bank. One man just came out of the Hospital on Saturday and was going to his home Georgia today. He expected to draw his money out of the Bank this morn. ing, which was $600.00. He said that all he has now is 13 cents. Our bakwho near us, cried when learned that the Bank had failed, was had all his money in it, and was at building new bakery. He can't ahead with now. Many other sorrowful stories were told by per sons who said they had all their ey in this Bank, and now have noth ing to live As the news of the bridge closing of this Bank spread, many people that had their money in the tempt First National Bank got alarmed and made run on that bank, which lastand until after noon time, with crowds excited people crowded into the Bank to draw their money. Some the Bank officials tried to tell the Mrs. people that there was no danger Mrs. Bank closing, as they didn't owe dollar, that the institution was in good standing, and would have money to pay all who wanted their money. them refuse to pay large checks, but told these people to later. The run on this Bank come let up when half-dozen Sebring all, business men and capitalists bought soup up all Bank Stock held by non-resibut dents, and at the close of the Bank, 3:00 o'clock, the Bank, Mr. Bobb, said that the deposits of the day totaled more than caught withdrawals. The closed Highland Bank was organized ten years ago, and was capitalized at $150,000 Gharst is President. Mr. man Gharst's popularity, and he was minister of the Brethren when Church, was responsible for so many plain and other people having their deposits in this Bank and happen to be one them. Tuesday Feb. This morning the Mark bus and party left Sebring, for home, going by way of Silver Spring. Here they expected to take trip in the glassbottomed boat. We were SOFFY to see them leave and will surely seem lonesome for while. The report today that there much snow thru Virginia, SO that might cause them some trouble traveling but said, 'Leave to Mark; he will pilot them through safely. This morning ated went to the Farmers Market and found six farmers there with lots all kinds of greens and party Later saw they had more of supply than was needed for this market. Maybe the closing of the Bank had something to do with This being Lincoln's birthday, went to see whether the First National open, and it was, and was doing before the run but when got to the Highland Bank found notice on the door. This Bank in the hands of the State Controller. also saw groups of people, at many places, talking about the hardship many people as result of the Bank's closing. found out today that certain had advised all his friends to draw their money out of the Bank, as it wasn't this accounts for the notice on the door yesterday stating that the closing of the Bank was caused by silent run that had been going on during the last few weeks, and surely Bank could stand for all the withdrawal of money, but believe they have too many in estate as result of the boom of few ago, which that time but are elephants on their hands. We will wait and Mayor William King, aged 72, City Controller A. Crews, 35, both Avon Park, were killed at the Main street crossing, near the depot, at Avon Park, by the Orange Blossom Special of the Seaboard Railroad. Their auto demolished ing Mayor King at the wheel, and must not have seen the northbound flyer King was one of the founders of Avon Park, about years ing, Wednesday evening, Feb. 13. This morning Mr. and Mrs. Daniel Keller called our house, to take us along all on fishing trip Mr. and Mrs. Langner and his brother-inand wife also went along in their machine. arrived at Morehaven at 8:00 o'clock, and fished until noon, but luck against only caught two, and Mr. Keller one, all channel catfish, and not large young lad was fishing close to where was, and caught fine 10-pound channel catfish. bought from him for fifty cents, and was good thing that bought it. because only caught more. On the home road, dinner, we went to Lakeport, 13 miles north of Morehaven, and here they said there good fishing out toward Brighton. was nice drive along the lake, distance of 14 miles to the canal. Here we fished while, and Mr. Keller, who was fishing with fine artificial bait that he had just bought for this trip, hooked large mud black fish; in trying to land it, he tore line, and lost the fish and also the then fished artificial with hook and line for catfish, and got three a very of one, this the catch for the with the one bought we had enough for trip. for by way of Brighton, on road for some that road never We had an time before got the hard road, had about 12 miles of they when arrived after This called MT and Mrs. Keller fish the at Mr and Mrs Zimmerman, Keller Mrs myself and the could fine eating dinner we went Avon Park, the funeral the Mayor of city killed Monday The funerlargely attended, and they truckload flowers. Court House Sebring was closed from during the funeral, honor of his services Highlands official some years ago Two more Banks closed, failed open doors One the Hardee County Bank and the other Bank Zolfo Springs, being the Bank failure for that section in Yesterday made to kill the President Mexico, explosion bomb at which he traveling on special train. The Surely life Mexican President is short full of bombs. Friday evening Feb. we with Mr. and Mrs Keller fishing trip. Mr and and Mr Burkholder and Mrs. Weaver along in Mr. Zimmerman's car We went Brighton, where for snappers, and had good luck; caught four, and the largest one weighted 25 pounds, and the others were from to 15 pounds. Mr. Burkholder also caught one, SO we had and we will have plenty again. had four more couldn't get them out, and had quite an exciting time to get two of those landed, we didn't have landing net along. Mrs. Weaver ten catfish. and Mrs. Wolf caught five, the first she ever caught. Mrs. Keller caught some, but Mrs. Burkholder and Mrs. Zimmerdidn't get caught 28 and we had over a hundred we stopped. We had dinner near the Zoo, Brighton, where there are tables and benches for tourists, and not far from the Brighton Valley Hotel. where President-elect Hoover was to have dinner today, while on his trip through the Everglades. After dinner we saw Mr. Hoover and his party come in from Okeechobee After the whole party went to Clewiston and tomorrow they are visit South Bay, Belleglade, Chosen and Pahokee, this being the storm-swept district where about 2,300 people lost their lives last September. They had the Brighton hotel nicely decorfor the visit of Mr. Mr. Keller and were up the road some distance when Mr. Hoover and arrived. arrived home about 5:00 o'clock, and dressed four of the snappers before dark, and kent one alive for next week. We will have turtle soup dinner for all of us tomorWe gave away all the fish caught. Mr. and Mrs. Zimmerman are leaving for Sarasota tomorrow morning, Mrs. Wolf made some evening for them. Heacock, pioneer resident of Sebring, passed away last Tuesday, and buried this afternoon Pine Crest cemeterv, Sebring. This was patient that Mrs. Steffy was, nursing for few months. This evening, Miller and wife called the Burkholders There is rumor that the school term would be cut short on account the Highlands county school funds being tied up the closing of the Bank, which $53,000 of their funds, but this rumor has been de nied by the county Supt. schools. Saturday Feb. 16th went market morning and found farmers there, with good supply kinds of vegetables, and they said market good today There much talk about the failure the Bank, many harsh expressions made. are wondering what per cent. the Bank will be Some say 75c the but even will be hardship have everything the Bank, and have months before can be settled. There strong south wind day, and warm. the up to at this writ All tourists here are well. as far know. hope will find you well, C. WOLF 216 Magnolia Ave., Sebring,


Article from The Bradenton Herald, May 7, 1929

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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


Article from The Tampa Tribune, July 22, 1930

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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.