2554. Stuart Bank and Trust Company (Stuart, FL)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
March 5, 1929
Location
Stuart, Florida (27.198, -80.253)

Metadata

Model
gpt-5-mini
Short Digest
9a4c323f

Response Measures

Full suspension, Books examined

Other: Receiver appointed (O. Nobles) after suspension; county examiner placed temporarily in charge.

Description

Newspaper accounts state heavy withdrawals preceding the bank's failure to open on March 6, 1929; examiner placed in charge and a receiver (O. Nobles) was appointed in early April. I infer a depositor run (heavy withdrawals) triggered the suspension and eventual receivership. Dates taken from article publication context.

Events (3)

1. March 5, 1929 Run
Cause
Local Banks
Cause Details
Heavy withdrawals following recent suspension/failure of another local bank (Seminole bank four days earlier) produced depositor runs on local institutions.
Measures
Bank shut its doors to protect depositors; examiners placed temporarily in charge and worked on reorganization.
Newspaper Excerpt
yesterday the withdrawals were so heavy that we found it necessary to shut the doors for the protection of depositors.
Source
newspapers
2. March 6, 1929 Suspension
Cause
Local Banks
Cause Details
Failed to open after heavy withdrawals and related local banking distress (another bank had suspended earlier in the week).
Newspaper Excerpt
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...
Source
newspapers
3. April 5, 1929 Receivership
Newspaper Excerpt
Comptroller Ernest Amos today announced the appointment of O. Nobles, of Titusville, as receiver for the Stuart Bank and Trust company, which suspended operations some time ago.
Source
newspapers

Newspaper Articles (8)

Article from The State Journal, March 7, 1929

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Article Text

HUSBAND FAILS TO KILL HIMSELF IN PACT LOUISVILLE, March 6. (By A. P.) Francis E. Simmons, 30, tonignt was in a serious condition in the City Hospital and his wife, Mrs Agnes Simmons. 33, was lodged in the Jef ferson county jail as the result of a double suicide attempt at their home here this afternoon. Mrs. Simmons said her husband cut himself with a safety razor after he had knocked a cup of poison from her hands. She said he had been despond ent because of recent illness. Although Simmons at first told the police he was cut by an unknown man with whom he had argued. he later changed his story to agree with his wife's version of the affair FLORIDA BANK BREAKS STUART. Fla.. March 6 (By A. P.) The Stuart Bank and Trust Com pany failed to open this morning This is the second bank failure here within four days and leaves Martin county bankless Arthur W Saar inen. chief examiner, has been placed


Article from The Palm Beach Post, March 7, 1929

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Article Text

MANIFOLD OF MEXICO OCCUPY ATTENTION THREATENED; REVOLT PRESIDENT SPREADING RAPIDLY Mexican Revolt, Special SesSTUART BANK FAILS; sion of Congress are Discussed By Hoover DRY DELEGATIONS MEET NEW CHIEF EXECUTIVE Farm Relief May Be Considered Beginning April Probe Body Named the Associated Press Washington, March 6.-Swinging quickly the stride of the presidency, Herbert Hoover today gave his attention to the revolt in Mexico, the special session of the new congress, general law enforcement, patronage and other In addition he found time to delegations Arkansas and Louisiana and 31 temperance dry organizations the hands more than 800 visitors who filed through his Secretary Kellogg called the ecutive offices times during the day with the reports Mexico there doubt the deep interest of the the in the neighfinal decision being reached, the president date for the beginning the special tive the publican of the are that sembled April the proceeding with consideraof relief. Sackett Kentucky. other (Continued Page Seven) Second Failure Within Four Days Recorded; Examiner Is Charge Stuart, Stuart Bank and Trust company open this four Martin county chief examinplaced charge the well the Seminole bank which March Porter, chief deputy examinStuart Tuesday told the board county commisspecial this morning that he would what he effect reorganization the banks and that receiver asked resort. "The Stuart bank Monday and the officials were conficould pull through." said the examiner, yesterday the withdrawals heavy that necessary to the for the protection depositors. will effect reorganization, but things always require lot of time.


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."


Article from News-Press, April 5, 1929

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Article Text

ptroller Ernest Amos today announced the appointment of O. Nobles, of Titusville, as receiver for the Stuart Bank and Trust company, which suspended operations some time ago. immigration officials here. A perusal of provisions recently adopted show that the price of naturalization papers has increased from $5 to $15. Formerly the cost of first pa pers to the alien was $1 and for the second $4. Now its $5 and $10. The new rules also permit the naturalization, with certain restrictions of any alien who arrived in this country prior to June 3. 1921. whether regularly admitted or smuggled in.


Article from The Atlanta Journal, April 5, 1929

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Article Text

Ferry Operator's Daughter Drowns in Chattahoochee River DOUGLASVILLE Ga., April The daughter of Mr and Mrs. L Banks, was drowned Thursday night when she fell into the river Her father who operated ferry on the river. plunged in after the child but was unsuccessful in recovering the body. Bank Receiver Named Comptroller Ernest Amos Friday nounced the appointment of O. Nobles of Titusville as receiver for the Stuart Bank and Trust company. which suspended operations some time ago


Article from Tampa Bay Times, April 6, 1929

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Article Text

BANK RECEIVER NAMED TALLAHASSEE, April Comptroller Ernest Amos today announced the appointment of O. Nobles, of Titusville, as receiver for the Stuart Bank and Trust company, which suspended operations some time ago.


Article from The Tampa Tribune, April 6, 1929

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Article Text

BANK RECEIVER NAMED April Comptroller Ernest Amos today announced the appointment of O. Nobles of Titusville, as receiver for the Stuart Bank and Trust company, which suspended operations some time ago.


Article from Tallahassee Democrat, April 8, 1929

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Article Text

TITUSVILLE MAN WILL BE BANK'S RECEIVER O. Nobles, of Titusville, has been appointed by Comptroller Ernest Amos as receiver for the Stuart Bank and Trust Company which institution suspended operations some time ago.