Ninth Street Bank & Trust Company

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: trust company
Start Date: May 23, 1930
Location: St Petersburg, Florida (27.771, -82.679)

Metadata

Model: gpt-5-mini
Short Digest: 63827dd2

Response Measures

Borrowed from banks or large institutions, Full suspension

Other: Liquidator/receiver named; county later dealt with receiver about bank property.

Description

Articles report steady withdrawals following the closing of the American Bank & Trust Co., prompting Ninth Street to close and turn the institution to the state for liquidation (liquidator named May 24). Sequence: depositor withdrawals/run → suspension/closure → liquidator/receivership and sale of assets later. Cause attributed to runs prompted by failures of other local banks and related loss of confidence (also rumors/anti-state-bank sentiment mentioned).

Events (4)

1. May 23, 1930 Run

Cause: Local Banks
Cause Details: Silent and steady withdrawals by depositors following the closing of the American Bank & Trust Co.; loss of confidence in local/state banks and rumors drove withdrawals.
Measures: Borrowed funds from correspondent banks attempted; officers decided to close and turn the institution to the state banking department for liquidation to protect depositors.
Newspaper Excerpt: SILENT AND STEADY WITHDRAWALS by depositors since the closing of the American Bank & Trust company, caused the directors of the Ninth Street Bank & Trust company to decide last night to close their doors this morning
Source: newspapers

2. May 24, 1930 Receivership

Newspaper Excerpt: Guy B. Shepard, named as liquidator of the American Bank & Trust Co., ... also will liquidate the Ninth Street Bank & Trust Co., it was announced yesterday.
Source: newspapers

3. May 24, 1930 Suspension

Cause: Local Banks
Cause Details: Suspension/closure resulted from heavy withdrawals tied to the earlier failure/closing of other local banks (contagion) and loss of depositor confidence.
Newspaper Excerpt: The Ninth Street institution, which suspended business yesterday, was the third to close here in as many weeks.
Source: newspapers

4. September 3, 1930 Other

Newspaper Excerpt: County Clerk Karl O'Quinn settlement the Hartford Accident Indemnity Company on depository bonds of the Ninth Street bank. showed that the full amount of the indemnity had including one $10,000 item that had expired four days the closing the bank.
Source: newspapers

Newspaper Articles (4)

1. May 23, 1930 Tampa Bay Times St. Petersburg, FL

Article from Tampa Bay Times, May 23, 1930

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Article Text

NINTH STREET BANK CLOSES DOORS TODAY Steady Withdrawals Force Officers To Turn Institution Over to State for Liquidation To Protect the Depositors ILENT AND STEADY WITHDRAWALS by depositors since the closing of the American Bank & Trust company, caused the directors of the Ninth Street Bank & Trust company to decide last night to close their doors this morning and turn the institution to the state banking department for liquidation. The bank officials made this decision with cash on hand and quick assets in bonds which would have been depleted by the continual withdrawals to the detriment of loyal depositors. against state banks and their stability the apparent R-100 DELAYS TRIP cause of the steady withdrawals made action of the Ninth TO CANADA TO JUNE Street Bank Trust company officials By closing time officials deposGreat itors would hope London injured through the silent withdirigible flight. not make the which not journey until during the flurry following the for American but The first that trial flight steady every day today the tail Through the closing this officials and the bank believe they protected loyal deagainst the silent aggresthose lack confidence in banks and have listened to rumors institutions are In page advertisement this of The Times, the Ninth Street Bank and Trust company its Ever mindful of the interests its depositors, the bank has been victim of circumstances taking the only course will protect the loyal depositor, the final decision of as expressed in their statement. Efforts for the past three weeks have been made the officials directors stabilize conditions. Further funds been borrowed from correspondent banks in the north and but these would have been unavailing to stem the tide of sentiment against state controlled institutions. While they insist such banks are likely be well managed and controlled, the Ninth Street officials agree that cal since American decidedly against state from the national (Continued Page Column

2. May 24, 1930 Evening Star Washington, DC

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Article Text

FLORIDA BANK CLOSES Liquidator Named for Institution in St. Petersburg. ST. PETERSBURG, Fla.. May 24 (P).-Guy B. Shepard, named as liquidator of the American Bank & Trust Co., which closed here recently, also will liquidate the Ninth Street Bank & Trust Co., it was announced yesterday. The Ninth Street institution, which suspended business yesterday, was the third to close here is as many weeks. The Ninth Street Bank & Trust Co. was organized on December 22, 1901, was capitalized at $200,000 and had $954,000 in deposits at the time it closed.

3. June 10, 1930 Evening Star Washington, DC

Article from Evening Star, June 10, 1930

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Article Text

BANK FAILURES TIE UP $4,500,000 DEPOSITS St. Petersburg, Fla., Has Only One Financial Institution Open, With Two Suspensions. By the Associated Press. ST. PETERSBURG, Fla., June 10.St. Petersburg was left with only one banking institution yesterday when two banks-the First National and Security -failed to open for business. Yesterday's failures tied up nearly $4,500,000 in deposits. The first National was capitalized at $1,000,000, with deposits of $4,160,000, and the First Security was capitalized at $50,000 and had deposits of $302,197. Unusually heavy withdrawals from the two banks during the past few weeks was given by directors as the cause of the closings. The First Security Bank was affiliated with the First National. The American Bank and the Ninth Street Bank recently failed here, leaving one operating out of a previous total of five. The bank which was still open yesterday, and which officers said would be open again today, is the Central National.

4. September 3, 1930 Tampa Bay Times St. Petersburg, FL

Article from Tampa Bay Times, September 3, 1930

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Article Text

BANK RECEIVER OFFERS CHANCE TO BUY Commissioners Consider Taking Property Tract for Graveyard Times Correspondent) Sept. given an opportunity the building of the defunct bank Largo, the before the here ask the memthey would be Sligh explained that, the bank's the lands and property it had been forced to He was informed that the county had power to buy propfor purposes, such as barn graveyard. Mr. Sligh then the pur chase acres just west of the Seaboard line for well 10-acre east of Haines road. He will submit list the lands to the board for consideration. Clark Appears Attorney Clark, St. Petersburg, told that the board thoroughly soldiers' home project will work hard to have the home located in Pinellas county. consisting of Virgil Almand Welch asked the requisite number on petition for the eradicaThis referred attorney. Russell and Russell Platt, from the board of health. the board the matter and briefly the survey making the county prior the mosquito campaign. George P. Woodell asked were not possible the refuse Water Plant at Dellwood. Engineer Burleson said would Mr. Woodell was given vote of thanks for the Get Lawn Mower Bids Bids for furnishing lawn mower were read. These were turned over Thayer of District No. where it is the intention to use At the afternoon session. the County Clerk Karl O'Quinn settlement the Hartford Accident Idemnity Company on depository bonds of the Ninth Street bank. showed that the full amount of the idemnity had including one $10,000 item that had expired four days the closing the bank. report and approved. County Judge Harry R. Hewitt's request four file and two drawer document files approved. long discussion of the condition of Johns Pass the concrete bridge followed the report of Engineer Burleson. He attributed the increased depth of the the Indian Pass closed. Abutments of the present bridge must be protected, center given further support. Walsingham, manager the free at Largo, raised the question dog show at the fair this year. The board took the matconsideration. industrial traffic manager specialist, with his offices in The Times building St. Petersburg, wrote the board that he understood that was receive salary of $5,000 year. He advised Chamber of Commerce at St. Petersburg that he would accept the position devote his entire time They accordingly called the commissioners for appropriation for $4,000 toward the office and that the extra The made Howance, but was discovered later that fiscal year of the county ends Oct. while that of the city July