2542. Central National Bank & Trust Company (St Petersburg, FL)

View Charter #7796 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
7796
Charter Number
7796
Start Date
April 17, 1931
Location
St Petersburg, Florida (27.771, -82.679)

Metadata

Model
gpt-5-mini
Short Digest
ecb87218

Response Measures

Full suspension, Books examined

Other: Receiver appointed and liquidation/distribution of dividends followed over 1932-1934.

Description

Newspaper accounts describe heavy withdrawals, crowds and the bank closing after about an hour on April 17, 1931. A national bank examiner took charge and a receiver was appointed; the bank remained closed and later operated in receivership with dividends paid to creditors. Cause for the run/suspension is described as heavy withdrawals coupled with failure to obtain credit.

Events (3)
1. April 17, 1931 Run
Cause
Correspondent
Cause Details
Heavy withdrawals by depositors combined with the bank's inability to obtain needed credit/financing; inability to get credit blamed for the panic.
Measures
None reported beyond public statements; national bank examiner took charge and receiver later appointed.
Newspaper Excerpt
closed its doors at 10:52 a. m. after being open for business yesterday just one hour and five minutes... Heavy Withdrawals and Failure to Get Credit Blamed
Source
newspapers
2. April 17, 1931 Suspension
Cause
Correspondent
Cause Details
Sudden heavy withdrawals and failure to obtain credit led to the bank's suspension/closure of payments; examiner took charge pending appointment of receiver.
Newspaper Excerpt
G. HANCOCK, national bank examiner, arrived in St. Petersburg Friday afternoon to take charge of the affairs of the Central National Bank & Trust Company which closed its doors
Source
newspapers
3. April 18, 1931 Receivership
Newspaper Excerpt
national bank examiner will remain in charge until the Comptroller of Currency appoints receiver for the closed bank. A receiver will likely be speedily appointed as this is the custom in closed national banks.
Source
newspapers

Newspaper Articles (11)
1. April 18, 1931 Tampa Bay Times St. Petersburg, FL
Article from Tampa Bay Times, April 18, 1931

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Article Text

Bank Examiner BODY OF MAN Takes Over Closed IS FOUND ON Central National MAXIMO ROAD Heavy Withdrawals and Failure to Get Credit Blamed; Other Banks Meet Rush of Crowds With Cash G. HANCOCK, national bank examiner, arrived in St. Pe. tersburg Friday afternoon to take eharge of the affairs of the Central National Bank & Trust Company which closed its doors at m. after being open for business yesterday just one hour and five minutes. The national bank examiner will remain in charge until the Comptroller of Currency appoints receiver for the closed bank. A receiver will likely be speedily appointed as this is the enstom in closed national banks. Closing of the Central National* Bank Trust which without to the general public and warning without excitecaused to quickly front of the institution gather in and at the other banks. There were withdrawals throughout the day Florida National Bank and the Union Trust company but officials of both institutions stated last night that no more than expected after the people had fered the shock of bank closing. Others Offer To Pay D. president of the FlorNational said his bank prepared to off every depositor pay the dollar and that the 100 cents on bank will promptly continue to pay nervous depositors Nat B. Brophy that bank with cash convertible into He note files small in He said money against the Central National Bank and company issued statement shortly after the directors Heavy the coupled sudden credit could extended decision officials In the paid off all money from (Continued on Page Column 2)

2. February 19, 1932 Tampa Bay Times St. Petersburg, FL
Article from Tampa Bay Times, February 19, 1932

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LEGAL NOTICE FINAL NOTICE IN THE COURT OF THE COUNTY STATE OF FLORIDA IN PROBATE In the Estate of: Lina Bronson, FINAL NOTICE Notice is hereby given that the unthe sixteenth day of April, A. 932. Judge of Pinellas account as Executor of the Estate Lina right deceased, said then and make to the Judge for of administrat of estate, and for an order dischargme Dated 12th day of February, A. D. 1932. M. As Receiver of Central National Trust of the Company, Estate of Lina Wright NOTICE TO THE OF THE ST. PETERSBURG BOND MORTGAGE COMPANY, IN NO. 12, to that may in the and ferred to the accounts filed by the Central Bank and Company of St. and its receiver, trustees, in the acts and of the Central tional of and its such trustees, and to the public at large: Greeting: and each of you are hereby notified that on the 27th day A. the United for the Southern District of Florida, in Chambers at Tampa, Florida, the : Judge of said will pass upon the counts and filed this Court by the National Bank Trust Company of St. and M. as Receiver said bank as the said No. 12, the bonds issued by the St. Petersburg and Mortgage Company, and the objections are said accounts and said counts of the said bank and its is that the said its Receiv fully advised and the named date. whether or not any or are the said and and ma writing and be formally filed or contests are filed this by the this will then pass the accounts, upon approval of all be forever barred or opening up or for the and the Bank of St. Petersburg as Receiver thereof. and the said bank. shall released and discharged from the claims of any perfirms or and any all ested the transferred to the funds and profits by this DONE AND ORDERED at Tampa, Florida. this 28th day January, A. 1932. ALEXANDER AKERMAN United District Judge.

3. May 22, 1932 Tampa Bay Times St. Petersburg, FL
Article from Tampa Bay Times, May 22, 1932

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WILL SHARE IN BANK DIVIDENDS Approximately $538,000 will be in St. Petersburg within the next six weeks with the ment 12½ per cent dividend the general creditors the Central National Bank Trust Co., and dividend per creditors of the First National Depositors of the Central Na. tional Trust receive approximately $248,000 within days, while about 45 days approximately $290,000 will be made available deposiFirst National bank. total about 18,500 dividend released the two banks, approximately 11,000 by the First bank and about 7,500 by the Central tional Bank and Trust Co.

4. May 22, 1932 Tampa Bay Times St. Petersburg, FL
Article from Tampa Bay Times, May 22, 1932

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Central Will Give Per Cent; Checks Are to Be Ready in 30 Days EPOSITORS of the closed Central National Bank & Trust company will receive a dividend of 121/2 per cent in about 30 days, M. Anderson, receiver, announced Saturday. Approximately be leased by dividend which paid soon the 7,500 checks signed office the comptroler currency and returned here for Brings Total to 371/2 Per Cent The will bring the total paid by the Central Bank Trust its general creditors 371/2 per dividend 25 cent was paid per several months Receiver Anderson said he did not have definite knowledge the exact time checks be signed and returned predicted that would least days before distribution will be made. Payment procedure, Anderson explained, causes check plies be forwarded the receiver prepared to his records then returned the comptroller of the currency for signature. such time the dividend checks are returned for distribution, immediate tended the depositor holding certificate will receive, mail, receipt form to be signed returned the with receiver's tificate. The will be by the the payment will endorsed on the certificate by the receiver, and cent the amount of certificate. On properly the checks can deposited at any Anderson issued the following statement: "Regardless of the needs of individual persons, no payments can made until the checks are returned for distribution, consequently appreciated by the his staff depositors will further patient and await notice and newspaper information that the checks are available distribution. Predicts Further Dividends will be the as collections sales justify. addition to large aggregate which effort being extended, the receiver has valuable real estate for which real not the best prices. terests sacrifice holdings at this time. addition the general liquidation which being brought for the general creditors, claims provision made for the certain preferred claims which unpaid process litigation this time. Provision has been made other Central National Bank suspension did company (Continued Page Column

5. May 24, 1932 Fort Pierce Tribune Fort Pierce, FL
Article from Fort Pierce Tribune, May 24, 1932

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Article Text

Closed St. Petersburg Banks will Pay $538,000 ST. PETERSBURG, May will be put into circulation here withthe next weeks with the payment per cent dividend general creditors of the Central National Bank and Trust Company, and payment of an eight per cent dividend to creditors of the First National Bank, Anderson, federal bank receiver has announced. The Central National Bank will distribute $248,000 and about $20,000 will be made available depositors in the closFirst National Bank. Around 18,000 dividend checks will be released by both banks. Both banks which closed last year have already distributed one dividend.

6. June 9, 1932 Tampa Bay Times St. Petersburg, FL
Article from Tampa Bay Times, June 9, 1932

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CLOSED CENTRAL REPORTS SHOW BANK WILL PAY DIXIE BUILDING DIVIDEND TODAY FOR MAY GAINS First National Depositors Promised $538,000 Payment in Thirty Days With the arrival here of approximately 7,500 checks from the office of the comptroller of currency at Washington, D. M. Anderson, receiver of the Central National Bank and Trust Co., Wednesday that distribution of per cent dividend amounting to $248,000 will be started today. Within the next 30 days dividend of cent, totaling $538,000, will be distributed to depositors of the First National bank, Anderson said. Checks for the First National dividend have been sent to Washington for checking and signature and will mailed to depositors as soon they returned. The Central National bank's per cent dividend the second be cent dividend being months ago. Anderson indicated that other dividends from the bank would forthcoming but made no definite anto this effect. The bank receiver has sent notice to each holder of receiver's certificate saying: "The second dividend of the Central National Bank and Trust Co., St. Florida, has been declared in the amount of 12½ per cent. "Receipt covering payment of this dividend is for proper and authorized signature of payee, this to signed in ink. with full address furnished. "Receiver's certificates must be returned with inclosed receipt. that payment can be endorsed the and returned to with dividend You are then to retain the receiver's certififor further Delivery of the cannot be made to until they return their receiver's together with the receipt either by mail or person. view the fact that many depositors are badly of their Anderson said (Continued on Page 2. Column 3) Sharp Upturn in Operations Forecast if Bond Market Improves BALTIMORE, June More than In building and engineering contracts in the 16 southern the largest monthly total this year, are reported for May in the current issue of the Manufacturers' Record. The figure represents 35 per cent increase over awards for April and compares with $69,047,000 in the same month last year. The publication points out, however, that the comparison with last year is "an encouraging when it considered that the valuation of construction each month this year, for the country in general, has been at rate of about one-third the total for the corresponding month of last year." Total awards in the south for the first five of the year are given in the as more than with an estimate that inclusion small not reported would raise the sum above Road, paving and bridge construetion continued to gain month as compared with preceding months, awards aggregating more than $14. compared with $12,833,000 in April. Proposed work of the charannounced last month totaled $16,250,000, and the building survey predicts sharp upward trend that field should the market improve.

7. April 15, 1933 Tampa Bay Times St. Petersburg, FL
Article from Tampa Bay Times, April 15, 1933

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RECEIVER HERE OFFERS REPORT FOR TWO BANKS First and Central Nationals Still Have $5,580,054 Outstanding Uncollected assets of the closed First National bank and the Central National Bank & Trust company totaled $5,580,054.86 on March 31. according to quarterly statements made public Friday by L. M. Dakin, federal receiver for both banks. The First National bank suspended business June 7, 1980. and the Central National Bank & Trust company closed April 17, 1931. The statement of the First National shows uncollected assets amounting to $3,618,724.53, including uncollected stock assessments of $291,099.92, in total of $7,676,811.25 assets accounted for The book value of assets at the time of suspension was $6,277 to which was added the 100 per cent stock assessment of $600,000 and additional assets of $799,610.82 acquired since suspension. First National Status Total cash collected from assets and stock assessments, including $302,628.01 from the latter item, amounts to $2,816,825.6 Offsets allowed on assets totalled $478,358.20. while losses charged off amount to $762,902.90 including $6,272.07 on stock assessments. Total liabilities of the First Na. tional bank March 31 were $5,426.711.57, and included $7,533,473.82 in secured and $3,732,951.04 in unsecured liabilities June 7. 1930, and $160,286.71 in additional liabilities since established. In the account of total liabilities, those secured and preferred paid in cash amounted to $1,448,281 59, while the unsecured liabilities offset totals $365,529 the secured liabilities offset. $115,698.86; the unsecured liabilities for which receiver's certificates have been issued to $3,379,845.58; the unpaid secured liabilities, both proved and unproved $37,364 and unsecured liabilities not paid or proved, Total collections accounted for amount to $1,554,457.80. Central National Figures The report on the Central National Bank & Trust Co., shows: Remaining uncollected assets of in uncollected stock assessments, among a total of $3,834,832.10 assets accounted for. The book value of assets of that bank at the date of suspension were $3,126,111.42, the statement shows, with an addition of $300,000 for 100 per cent stock assessments and $408,720.68 in assets acquired since suspension. In the account of collections, a total of $1,393,830.37 is set up. inclusive of $152,018.00 from stock assessment. Offsets were allowed on assets in the sum of $304,439.67, while losses charged off included $170,260.86 on assets and $4,870.56 on stock assessments. Total liabilities March 31 of $2.788,809.42 included: secured liabilities at the date of suspension of

8. January 10, 1934 Tampa Bay Times St. Petersburg, FL
Article from Tampa Bay Times, January 10, 1934

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BANK RECEIVER ISSUES REPORT Financial Status of Local Closed Institutions Is Given by Dakin Statements showing the condition of the closed First National bank and the Central National Bank & Trust company on Dec. 31, 1933. were issued Tuesday by L. M. Dakin, receiver for the banks. The receiver's statement shows reuncollected assets of the First National bank, which closed June 1930, to $3,516,604.39 on Dec. 31 out of total of $7.701.208.94. Total liabilities of the bank, as of Dec. 31, were listed at Collections accounted for totaled $3,050,770.89. Remaining uncollected assets of the Central National Bank & Trust company, which closed April 17. 1931, amounted to $1,971,197.68 on Dec. 31. Total assets to be for amount to $3,836,369.05. The bank's liabilities on Dec. 31 were $2,788.809.42. Collections accounted for totaled $1,569,107.17. BAR HARBOR BANKER HERE Fred Lynam. president of the First National bank of Bar Harbor.

9. March 6, 1934 The Miami News Miami, FL
Article from The Miami News, March 6, 1934

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FLORIDA COURT RULING ON BANK CASE IS UPHELD Holders of Checks on St. Petersburg Institution Win Suit NEW ORLEANS. March The United States fifth circuit court of appeals, ruling that difference of 16 minutes not the deciding was issue, has affirmed a decision of the southern district of Florida federal court directing the Federal Reserve bank of Atlanta to turn over $75,080 to holders of checks originally drawn on the Central National Bank and Trust Co. of St. April 15, 1931. Receivers of the defunct Central National Bank and Trust Co., brought the suit against the reserve bank. On April 15, 1931, the Central Na tional bank honored the checks and mailed a draft on its reserve account held by the Atlanta branch reserve bank at Jacksonville On April at 10:52 a. m. the Central Bank and Trust Co. closed The branch of the Federal Reserve bank at Jacksonville did not report the $75,080 drafts to the main office in Atlanta until 11:08 a. The bank receiver, named in the suit as A. M. Anderson, claimed the $75,080 should not be deducted from the bank's reserve fund because the Jacksonville reserve branch had not reported the drafts until after the bank had closed. think that under the facts of the present case at the time the St. Peterburg bank ascertained its insolvency and closed its doors the reserve bank had come to owe the amount of the draft to the checkholders and not to that bank," the court decided.

10. March 6, 1934 The Tampa Tribune Tampa, FL
Article from The Tampa Tribune, March 6, 1934

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Florida Bank Case Decision Affirmed By Appeals Court NEW ORLEANS, March difference 16 $75,000 in checks hanging in the balance, not the deciding issue in suit brought against the Federal serve bank by receivers of the defunct Central National Bank Trust company of St. Petersburg, Fla., the fifth United circuit court of appeals held today. Affirming action taken in federal court in the southern district of Florida, the court directed the reserve bank of Atlanta to turn to of checks drawn St. Petersburg bank April 15, On that date the Central National bank the checks and mailed deaft on its reserve account held by the Atlanta branch reserve bank Jacksonville. On April 17 at m. the Central Bank Trust company closed its doors. The branch of the Federal Reserve bank Jacksonville did not report drafts to the main office in Atlanta until m. A. M. Anderson, named in the suit as receiver for the bank claimed the $75,080 amount should not deducted from the bank's reserve fund because the branch Jacksonville had reported the drafts until after the bank had closed. We think that under the facts of the present case at the time the Petersburg bank its insolvency closed its doors the serve to owe the amount of the draft the check holders and not to that bank," the court ruled."

11. March 6, 1934 The Miami Herald Miami, FL
Article from The Miami Herald, March 6, 1934

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DECISION IN BANK SUIT SUSTAINED Court of Appeals Rules On Liability In Federal Reserve System NEW ORLEANS March 5.-A difference of 16 minutes, with $75,000 in checks hanging in the balance. was not the deciding issue in suit brought against the federal reserve bank by receivers of the defunct Central National Bank and Trust Company of St. Petersburg, Fla., the Fifth United States Circuit Court of Appeals held today Affirming action taken in Federal court in the Southern District of Florida the Circuit court directed the reserve bank of Atlanta to turn over $75,080 to holders of checks originally drawn on the St. Petersburg bank The Central National Bank honored ruled the checks and mailed draft on its reserve account held by the Atlanta branch of the reserve bank at Jacksonville On April 17 at 10.52 m. the Central Bank and Trust Company closed its doors. The branch of the federal reserve bank at Jacksonville did not report the $75,080 drafts to the main office in Atlanta until 11 08 A. M Anderson named in the an as receiver for the bank claimed the $75,080 amount should not be deducted from bank's reserve fund because the branch at Jacksonville had not reported the drafts until after the bank had closed. "We think that under the facts of the present case at the time the St Petersburg bank ascertained its insolvency and closed its doors the reserve bank had come to owe the amount of the draft to the checkholders and not to that bank." the court