Seminole Bank - Stuart, FL

Bank Information

Episode Type: Run → Suspension → Unsure
Bank Type: state
Start Date: March 1, 1929
Location: Stuart, Florida (27.198, -80.253)

Metadata

Model: gpt-5-mini
Short Digest: e60bf717

Response Measures

Books examined

Description

Article reports heavy withdrawals leading the Seminole Bank to suspend on March 1; examiner placed in charge and efforts at reorganization were planned but outcome (reopening or permanent closure) is not stated. Another nearby bank (Stuart Bank and Trust) failed to open March 6, suggesting local contagion. Classified as run → suspension with uncertain final outcome.

Events (3)

1. March 1, 1929 Run

Cause: Local Banks
Cause Details: Heavy withdrawals occurring in Stuart after distress among local banks (Stuart Bank and Trust failed soon after); panic/contagion among local depositors prompted withdrawals.
Measures: Shut doors to protect depositors; bank examiner placed temporarily in charge and reorganization efforts begun.
Newspaper Excerpt: the Seminole bank which suspended on March 1...the withdrawals were so heavy that we found it necessary to shut the doors for the protection of depositors.
Source: newspapers

2. March 1, 1929 Suspension

Cause: Local Banks
Cause Details: Suspension followed heavy withdrawals and local banking distress in Stuart; examiner intervened to reorganize and avoid immediate receivership.
Newspaper Excerpt: The Seminole bank which suspended on March 1.
Source: newspapers

3. March 6, 1929 Other

Newspaper Excerpt: The Stuart Bank and Trust company failed to open its doors this morning. ... Arthur W. Saarinen, chief examiner, has been placed temporarily in charge of the bank, as well as the Seminole bank which suspended on March 1. ... he would do what he could to effect a reorganization of the banks and that a receiver would be asked for only as last resort.The Stuart bank had a good day Monday ... but yesterday, the withdrawals were so heavy that we found it necessary to shut the doors for the protection of depositors.
Source: newspapers

Newspaper Articles (1)

1. March 7, 1929 The Tampa Tribune Tampa, FL

Article from The Tampa Tribune, March 7, 1929

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Article Text

Second Bank Closes at Stuart Within Four Days STUART, March 6. (A.P.)-The Stuart Bank and Trust company failed to open its doors this morning. This bank failure here within four days leaves Martin county bankless. Arthur W. Saarinen, chief examiner, has been placed temporarily in charge of the bank, as well as the Seminole bank which suspended on March 1. E. M. Porter, chief deputy examiner, from Tallahassee, has been in Stuart since yesterday afternoon. He told the board of county commissioners at a special session this morning that he would do what he could to effect a reorganization of the banks and that a receiver would be asked for only as last resort. "The Stuart bank had a good day Monday and the officials were confident it could pull through," said the bank examiner, "but yesterday, the withdrawals were so heavy that we found it necessary to shut the doors for the protection of depositors. It will take some time to effect a reorganization, but can be done. Such things always require a lot of time."