2566. Citizens Bank & Trust Company (Tampa, FL)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: trust company
Start Date: July 15, 1929
Location: Tampa, Florida (27.948, -82.458)

Metadata

Model: gpt-5-mini
Short Digest: a922e19f

Response Measures

Borrowed from banks or large institutions, Public signal of financial health, Capital injected, Full suspension, Books examined

Other: State examiners/receiver took the bank into custody; Federal Reserve shipped cash depots to Tampa to bolster liquidity.

Description

A run began on the Bank of Ybor City (a branch) and widespread unwise gossip and fruit-fly panic precipitated heavy withdrawals. On July 17, 1929 the Citizens Bank & Trust Co. and its subsidiaries failed to open and were placed in the hands of the State banking department/examiner; a receivership/liquidation followed. Classification: run -> suspension (state takeover) -> permanent closure/receivership.

Events (3)

1. July 15, 1929 Run

Cause: Rumor Or Misinformation
Cause Details: Run began at the Bank of Ybor City, blamed on unwise gossip and nervousness following Mediterranean fruit fly reports; rumors spread and triggered heavy withdrawals.
Measures: Other banks and Federal Reserve arranged cash shipments to bolster liquidity; national banks posted large currency to calm depositors.
Newspaper Excerpt: the Bank of Ybor City on which a run was made Monday.
Source: newspapers

2. July 17, 1929 Suspension

Cause: Government Action
Cause Details: After heavy withdrawals and runs precipitated by gossip/fruit-fly panic, the State banking department/examiner took the bank and ten subsidiaries into custody and they failed to open July 17.
Newspaper Excerpt: The Citizens Bank and Trust Company ... failed to open their doors today. Notices posted at the Citizens bank by a state bank examiner said the institution was in his hands.
Source: newspapers

3. July 18, 1929 Receivership

Newspaper Excerpt: Appointment of receiver to take over Citizens Bank and Trust company ... expected to be announced within few days by the state comptroller; settlement of the bank with its depositors must await the completion of the receivership.
Source: newspapers

Newspaper Articles (21)

1. July 17, 1929 The Austin Daily Herald Austin, MN

Article from The Austin Daily Herald, July 17, 1929

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BANK AND NINE BRANCHES CLOSE Florida Fruit Fly Blamed; Depositors May Not Lose Money Tampa, Fla., July 17 (/P)-Fourteen state banks in southwest Florida closed their doors today, bringing to twenty-three the number of financial institutions to fail within the state in the past two weeks. Tampa, Fla., July 17 (AP)-The Citizens Bank and Trust Company, a state institution, and nine subsidiary banking institutions failed to open their doors today. Besides-the Citizens four of the depositories were in Tampa. Notices posted at the Citizens bank by a state bank examiner said the institution was in his hands. The branches affected were: Run On One Bank The Bank of Ybor City on which a run was made Monday. The Lafayette Bank; Citizens Nebraska Avenue Bank; Franklin Bank and the bank of Plant City; Bradenton Bank and Trust Company; First Bank and Trust Company, of Sarasota; First State Bank of Fort Meade, and the Bank of Pasco county at Dade City, The board of directors of the Citizens Bank and Trust, at a meeting early today issued a statement explaining conditions as due to "unwise gossip and continued adverse conditions following the appearance of the Mediterranean fruit fly which was responsible for a*feeling of unrest and fear developed on the part of the Predict Full Payment The directors predicted all depositors would be paid in full and that the depositories would go out of bustness. Among the larger branches were the Citizens Bank and Trust with paid in capital of $1,000,000 and deposits in excess of $3,000,000. and the bank of Ybor City, paid in capital of $200,000 and deposits of $2,679,237.69

2. July 17, 1929 New Britain Herald New Britain, CT

Article from New Britain Herald, July 17, 1929

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Five of Institutions in TampaFruit Fly and Apathy Blamed by Officials BRINGS LIST OF FAILURES IN PAST 2 WEEKS TO 18 Board Issues Statement Saying "Unwise Gossip" and Insect Cause of Difficulty-State Comptroller Says Unnecessary Withdrawals and Propaganda Contributing Causes. Along With Mental Attitude. Tampa, Florida, July 17 (AP)-The Citizens Bank & Trust Company, a state institution and nine other subsidiary banking institutions, failed to open their doors today. Besides the Citizens, four of the depositors were in Tampa. Notices posted at the Citizens bank by a state bank examiner said the institution was in his hands. The branches affected were: The Bank of Ybor City, on which a run was made Monday, the Lafayette bank the Citizens' Nebraska Avenue bank, Franklin Bank and the Bank of Plant City, Bradentown Bank and Trust company, First Bank and Trust Company of Sarasota, First State Bank of Fort Meade, and the Bank of Pasco County at Dade City. Examiner at Institution E. P. Jackson, state examiner, has been here since Monday checking up on conditions. Captain R. A. Gray, assistant to the state comptroller, was expected from Tallahassee at noon to take charge. The board of directors of the Citizens' Bank & Trust, at a meeting today. issued a written statement explaining conditions as due to "unwise gossip and continued adverse conditions following the appearance of the Mediterranean fruit fly which was responsible for a feeling of unrest and fear, developed on the part of the people." Hope to Pay Depositors The directors predicted that all depositors would be paid in full and that the depositories would go out of business. Paid in capital of the Citizens' Bank and Trust was given as $1.000.000 in the published statement of the bank as of June 29 last and deposits as in excess of $3,000,000. John T. Bize is cashier: L. A. Bize, chairman of the board and D. L. Aney is president. Paid in capital of the Citizens' Nebraska avenue was $50,000 with deposits of $182,650.88, according to published statements, The Lafayette Bank had paid in capital of $150,000 with deposits of $457,222.65; the Bank of Ybor City paid in capital was $200,000 and deposits of $2,679,237.69 and the Franklin bank's paid in capital was $50,000 with deposits of $322,986.87. according to statements of conditions of June 29. Figures for other branches involved were not available immediately.

3. July 17, 1929 Evening Star Washington, DC

Article from Evening Star, July 17, 1929

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14 SOUTH FLORIDA BANKS ARE CLOSED Total Failures in Past Two Weeks Reaches 22, With Collapse of Chain. By the Associated Press. TAMPA, Fla., July 17.-Fourteen State banks in Southwest Florida closed their doors today, bringing to 23 the number of financial institutions to fail within the State in the past two weeks. Following the closing of the Citizens' Bank & Trust Co. of Tampa and nine subsidiary institutions here and in nearby counties today, it was learned that five other banks in this territory also had failed. Total deposits in the Tampa banks involved was $17,347,968.15, of which the Citizens' Bank & Trust held $13;695.870.78. Total assets of the Tampa banks were $22,927,003.36. The institutions placed in the hands of the State banking department today were: The Citizens" Bank & Trust Co., Tampa Franklin Bank, Tampa. The Lafayette Bank, Tampa. American State Bank, Tampa. The Citizens' Nebraska Avenue Bank, Tampa. The Bank of Ybor City, at Ybor City, on which there was a run Monday. The Bank of Plant City, Plant City. The Bradenton Bank & Trust Co., Bradenton. The First Bank & Trust Co., Sarasota. First State Bank of Fort Meade. The Bank of Pasco County, Dade City. First Bank of Port Tampa City. Bank of Mulberry, at Mulberry. Ellenton State Bank, Ellenton. Other institutions which have closed their doors within the past two weeks are: Peoples State Bank, Jacksonville. Volusia County Bank & Trust Co., Deland. First National Bank, Deland. Colonial Bank & Trust Co., Miami. Merchants' Bank & Trust Co., Daytona Beach. Atlantic Bank & Trust Co., Daytona Beach. First National Bank, Sanford. Merchants' Bank, Melbourne. Capital and surplus of the 15 institutions that closed today, according to figures released by the State banking department, totaled $3,890,000. Deposits aggregated $22,283,963.61 and assets $29,679,107.51. Deposits of the eight banks which failed during the two weeks prior to today were estimated at $10,800,000, bringing the total deposits tied up in bank failures to date at $33,083,963.61. E. P. Jackson, State examiner, has been here since Monday checking up on condition. Capt. R. A. Gray, assistant to the State controller, was expected from Tallahassee at noon to take charge. The board of directors of the Citizens' Bank & Trust Co. predicted that all depositors would be paid in full and that the depositories would go out of business. EXPLAINS BANK FAILURES.

4. July 17, 1929 The Brownsville Herald Brownsville, TX

Article from The Brownsville Herald, July 17, 1929

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Is Fruit Fly Caused Bank and Trust company, Citizens' TAMPa. July institutions, to subsidiary banking state institution, and nine their doors today. open in Tampa. Notices of the depositories were Besides the Citizens, four said the institubank examiner Citizens' bank by state posted nt the was in his hands. affected were: The TO ROME? The Bank of Ybor City on which was made bank: Citizens' The Franklin braska Avenue the Bank of Flant City: Bradentown Bank and Trust company. First Bank and Trust company State bank of Fort Meade and Bank of Pasco coun-: Dade City. Jackson, state examiner, has been here since Monday checkup conditions. ing directors of the The board Citizens Bank and Trust, meetissued statement today conditions due to and continued adverse gossip following the appearance conditions Mediterranean which was the feeling of unrest responsible for on the part of and fear developed the people.'

5. July 17, 1929 Tallahassee Democrat Tallahassee, FL

Article from Tallahassee Democrat, July 17, 1929

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Twelve South Florida Banks Fail to Open Doors Today King's Last Appearance Before Operation Demands of Heavy Depositors Force Closing ACTION INVOLVES FORTY MILLIONS Closing Does not Reflect Bad Business, Comptroller Says Twelve banks in south Florida failed to open their doors today, according to Comptroller Ernest Amos. who was advised by wire that unusually heavy demands on the part of depositors in number of communities had forced the closing of the Citizens Bank and Trust company of Tampa and five other financial institutions in Hillsborough county, as well as six member banks in other sections. Stood Runs Tuesday The twelve institutions, some of which withstood heavy runs during Tuesday and which failed to open for business this morning, are the Citizens Bank and Trust company, the Citizens Nebraska avenue bank, the Franklin bank. and the Lafayette bank, of Tampa; the First State bank of Port Tampa; the Bank of Ybor City: the BradenBank and Trust company of Bradenton: the First Trust pany of Sarasota: the First State Bank of Fort Meade: the Bank of Plant City: the Bank of Pasco County, Dade City, and the Bank of Mulberry. It was said that more than forty million dollars are involved in deposits of the twelve banks which failed today. Gray Goes to Scene Captain R. Gray, assistant to Comptroller Amos, left last night for Sanford and other South Florida points to assist in the situation now confronting the banking department Mr. Amos declared today that closing of the banks did not flect any unusually bad business conditions and said that undue alarm on the part of depositors who had begun to draw their money hurriedly had brought about runs which could not be stopped. The Citizens Bank and Trust company at Tampa was operatunder legislative charter granted many years ago, said. and virtually all the other eleven banks which closed their were member banks. doors

6. July 17, 1929 Daily American Republic Poplar Bluff, MO

Article from Daily American Republic, July 17, 1929

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FLORIDA BANKS AFTER "RUN" Citizens Bank of Tampa and Nine Subsidiary Institutions Taken Over by Examiner. GOSSIP BLAMED FOR THE CRASH Feeling of Unrest Following Appearance of Fruit Fly Responsible for Closing. By The Associated Press. Tallahassee, Fla., July State Bank Department late today reported the failure of the Citizens Bank of Frost Proof, in Polk counbring to 23 the number of financial institutions to close their doors Florida in the past two weeks. The Frost Proof Bank had capital stock of $35,000; deposits of $311,and assets of By The Associated Press. Tampa, Fla., July 17.-Fourteen state banks in Southwest Florida closed their doors today, bringing to 22 the number of financial institutions to fail within the state within the past two weeks. Capital and surplus of the stitutions that closed today, according to figures released by the state banking department, totaled $3,595,000, deposits aggregated $22,263,961.47 and assets $29,211,075.22. Deposits of the eight banks which failed during the two weeks prior today were estimated at bringing the total deposits tied bank failures to date to Money Arrives. A consignment of $1,000,000 from the Federal Reserve Bank at Atlanta to the First National Bank of Tampa arrived here shortly noon plane from Jacksonville. Meanwhile other banks in the city reported numbers of small depositors withdrawing their funds, but officials said there was plenty of cash on hand. Creed Taylor, deputy governor of the Federal Reserve Bank of Atlanta, who in the city, backed up statements of the bank officials, declaring that the institutions could have the money needed to meet the situation. Directors of the Citizens Bank later issued statement saying that reorganization plans for that institution under way. Tampa, Fla., July Citizens Bank and Trust Company, state institution, nine subsidiary banking institutions failed to open their doors today. Besides the Citizens Bank four the depositories were in Tampa. Notice posted at the Citizens Bank by state bank examiner said the institution in his hands. The branches were: the Bank Ybor City on which run was made the Lafayette Bank; Citizens Monday; Nebraska Avenue Bank; Franklin Bank and the Bank of Plant City; Bradenton Bank and Trust Company; First Bank and Trust Company, First State Bank of Fort Sarasota; Meade, and the Bank of Pasco County Dade Gossip Blamed. Jackson, state examiner, has been here since Monday checking up conditions. The board of directors of the Citiand at meeting zens Bank early today issued statement conditions as due to "unwise plaining gossip and continued adverse conditions following the appearance of the Mediterranean fruit fly which sponsible for feeling of unrest and fear on the part of the people." that all deThe directors predicted positors would be paid in full and that the depositories would go out of business. Bank Capital. Paid in capital of the Citizens Bank Trust $1,000,000, according and was to the published statement of the of June 29 last. Deposits bank as in excess of $3,000,000. were given as cashier; Bize, John Bize is of the board, and Aney chairman president. Bank and Trust, assets Citizens John Bize. $18,412,064.89; cashier, Avenue, assets Citizens Nebraska cashier, $645,802.03; cashLafayette, assets McCord. ier, Franklin, assets ier, W. Jackson. Ybor City, assets cashier, Crowder. Total, The United States supplies onethe world trade in chemifourth of cals.

7. July 18, 1929 The Palm Beach Post West Palm Beach, FL

Article from The Palm Beach Post, July 18, 1929

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SAYS MR. AMOS TO BLAME FOR CRASH OF BANKS the history of the state, but look on darkened hour that comes just Property values still Florida. are While no market. the soil, the same sunshine peowill take with vigor that skies cleared in the financial circles the state. too much propa ganda, much and Reserve much Bank Atlanta night should the ordinary channels Tampa, July million dollars currency or route here from the Federal funds bolster rapidly increasing confi- of trade. The people dence the banking flurry caused like brought down the temple the closing the Wednesday and they the Citizens Bank and Trust Com- alize this they will change their alliliated banks and titude. two "With these bank failures Flor. million arrived by ex- ida still has money million banks our sister by and three As instance of unprecedented million their on $750,000 taken out the Citizens Bank Tampa one day BUTTERMILK DEATH Bank of Deland had $700,000 funds and PROBE IS STARTED the Daytona Beach had secured $500,000 funds, circumThe health sufficient carried them through the the four members family Houston "There had run the bank county after City for day drinking buttermilk from tin majority the banks that bucket. closed Tampa were The drunk last Friday filiated Citizens Bank and Odessa Hamilton, and Paul- Tampa closing made Sunday Hamil- necessary that account as prethe father his old cautionary year son, Erceal. died night. "Confiscation of fruit made it Mrs. and an infant were possible for growers to meet the only members the family obligations

8. July 18, 1929 The Washington Times Washington, DC

Article from The Washington Times, July 18, 1929

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BANK IN TAMPA, Fla. July 18 (I.N.S.).With millions of dollars of Federal reserve money arriving or en route here, confidence was gradually be ing restored today following the closing of 15 State banks in this section yesterday. The institutions, with combined deposits in excess of $22,500,000. were ordered closed by the State banking department after heavy withdrawais by depositors. They included the Citizens' Bank and Trust Company of this city, with its 10 subsidiaries; the American State Bank of Tampa, the Citizens: Bank of Frostproof, the Bank of Mul. berry, and the Ellenton State Bank. The 15 have aggregate assets of nearly $30,000,000. and capitol stock of more than $3,500,000. Millions Rushea In When word of the crisis was sent to was Atlanta, sent here $1,000,000 by train in from currency the Federal Reserve Bank there, an. other million reached here by airplane, and three additional millions were said to, be en route. Arrival of the Federal reserve money late yesterday and a state ment of Creed Taylor, deputy gov. ernor of the Reserve Bank at At. lanta, that Tampa banks could have "all the money they need to meet the situation, diminished the lines of depositors seeking with. drawais. Confidence was also aided by the announcement from Washington that Federal money depots would be established at Tampa and Miami to provide funds for banks that may suffer sudden withdrawals. 23 in Two Weeks The 15 Banks closing yesterday Brought the total closings in the State during the last forthight to 23, 20, of which were State institu tions. Presence in the State of the Medi terranean fruit fly and the resultan nervousness in business circles, to gether with the general business de pression, was blamed for the bank runs.

9. July 18, 1929 Tampa Bay Times St. Petersburg, FL

Article from Tampa Bay Times, July 18, 1929

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BANKING CRISIS OVER, BELIEF, AS SENDS HELP Five Millions Sent Tampa and St. Petersburg Institutions (Continued from Page financial institutions which closed today, according figures at the banking department, was $3,630,000; deposits $22,575,728.97 and Names of the defunct institutions, which the hands state bank department today, Citizens Bank and Trust company, Tampa. *Franklin bank, Tampa. Lafayette bank, Tampa. American State Tampa. *Citizens Nebraska Avenue bank, Tampa. *Bank of Ybor City, Ybor City. *Bank Plant City, Plant City. *Bradenton Bank and Trust Bradenton. *First Bank and Trust company Sarasota. *First State bank, Fort Meade. *Bank Citizens bank of Frostproof. bank Tort City. Bank Mulberry. Mulberry. Ellenton State bank, Ellenton. with Citizens Eight other banks have failed the past weeks, bringthe number of failures within time board directors of the CitiBank Trust company of Tampa today issued written stateexplaining that the present situation due to "unwise gossip continued adverse fol"lowing the appearance of the Mediterranean fruit fly. was sponsible for feeling unrest and fear developed on the part of the Directors of the Citizens bank predicted that all depositors would be full and indicated that its subsidiaries would go out of busibolster up public confidence, $1,000,000 cash was brought here airplane today from Atlanta and delivered the First National bank Tampa, member the Federal Reserve. Meanwhile, officials of other solbanks Tampa, where withdrawals by few depositors reported, issued statements plenty of been obtained demands. Creed governor the Federal Rebank Atlanta, arrived today, also declared that local bankers could all the money need with which meet the from Washington stated the shipment of from Tampa said by FedReserve officials to have been authorization by the for the establishment of two depots one in each million dollars would quick use by the member officials of the Bank Sarasota, the Ringling Trust and First Trust company. the three solinstitutions there, said of the First and Trust "company that city no effect their banks. The three under usual business today, they said. Ringling circus fame, the board the Bank Sarasota and the Ringling Trust Savings bank. officials has the entire fortune the late Charles Ringling. brother.

10. July 18, 1929 The Tampa Times Tampa, FL

Article from The Tampa Times, July 18, 1929

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AS NEW MONEY ENDS RUNS Citizens Bank to Have Receiver In Few Days Appointment of receiver to take over Citizens Bank and Trust company, which unexpectedclosed its doors yesterday, expected to be announced within few days by the state comptroller, and settlement of the bank with its depositors must await the completion of the receivership. Depositors, anxious about the time when they may expect to obtain some of their funds from the their first information today from Capt. R. Gray, assistant the comptroller, who in Tampa in charge of the auditing begun the bank yesterday corps of bonded auditors. Captain Gray requested through The Times that the people be patient until this audit of the bank's assets task which may several time of scope. Receiver To Pay Off. When assets are determined, receivership perfected, positors be paid off the will permit. Those having safety boxes the Citizens Bank and however, will given them within the coming week. The safety boxes being checked by examiners today termine belonging the funds which be stored their boxes. Citizens bank and the nine affiliated banks section the state which closed with selected by the state comptroller, and his pointment circuit judge. solvency of the institution, and the necessity for the appointment receiver. Branches May Reopen. Captain Gray declined to make the the and Trust but stated that his sible them reopen after the present situation clearAuditing crews sent out day under four which located Tampa. having accounts banks which closed will learn amount their deposits which final determined, according the examiners. Officials CitiBank and Trust company the however, may paid in full the final settlement made. Plans the Citizens and Trust the board Tuesday night, probably will compleexamination by the state authorities. Hampton, attorney for bank, stated public might the making for reorganization.

11. July 18, 1929 The Tampa Times Tampa, FL

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Quiet is Restored Strength Proved The arrival of more than five million dollars in cash at the First National and Exchange banks in Tampa last night and yesterday, coupled with hard rain this morning, served to put definite stop the run started excited depositors on these institutions yesterday following the closing of the Citizens Bank and Trust company. When the national banks opened for today, huge piles currency sent the fedreserve banks of Atlanta Jacksonville were stacked the tellers' cages, and the sight of the currency stopped many depositors contemplated taking out their deposits soon possible. Run Over. Police details were on hand both the First National bank and the Exchange National bank the opening hour today, and immediately formed the in line. At the First National bank, customers funds usual tellers' gathered savings today this institution were very light. perhaps 200 people the after by and the lobby of the bank occupied friends the called their success halting which began yesterday. bank in Ybor officials had foreseen the it, today supplied with more enough take demands made depositors. The run this bank was not considered seri- Patrons Read Good News. Patrons of the First National lobby building today either given insight into the strength the bank when they read telegrams posted bulletin board offers financial assistance, neded. bank, First National bank Chicago, the the United States: the Chemical and Trust the Irving Trust company, New York:

12. July 18, 1929 Morning Examiner Bartlesville, OK

Article from Morning Examiner, July 18, 1929

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SOUTHWEST CLOSE Aggregate Deposits of Failed Institutions Are $22,575,728 'GOSSIP' BLAMED Depression Accentuated by Effects of Fruit Fly Others Have Closed in Last Two Weeks TAMPA, Fla., July 17. Failure fifteen state banks southwest Florida Wednesday with aggregate deposits of more than $22,500,000 regarded by State Comptroller Ernest Amos being the "darkened hour just before dawn." In statement Wednesday night the Associated Press, the comptroller said he believed primary cause of the failures withdrawals, and the mental titude the "There financial deprescertain degree everywhere the he explainhas been accentuated the effect the Mediterranfruit fly and quarantine. regard this as darkened hour before the dawn, however, if people will not tear down temple upon their own heads. This what they are doing Aggregate capital stock of the fifteen financial institutions which closed Wednesday, according figures at the state banking partment, was $3,630,000; deposand assets $29,641,366.68. Names of the defunct institutions, which were placed in the hands of the state bank department Wednesday, are: Citizens Bank and Trust company, Tampa; bank, Tampa; bank, Tampa; American State bank, Tampa; Nebraska Avenue Tampa; Ybor City, Ybor City; of Plant City, Plant X-Bradenton Bank and Trust company, Bank and Trust comSarasota: State bank, Fort of Paseo county, Dade City; Citizens Bank of Frostproof; Bank of Port Tampa Bank of Mulberry, Mulberry: Ellenton State bank, Ellenton; X-Affiliated Citizens bank Tampa. Eight other banks have failed Florida the past weeks, bringing the total number failthat time to board of Citizens Bank and Trust company, which parent instifor ten of the banks which Wednesday, issued writstatement, explaining the present situation "unwise gossip continued adconditions following the pearance Mediterranean fruit which was responsible for feeling of unrest and fear devolon the part of the people." Directors Citizens bank predicted all would in full and indicated its subsidiaries would go out To bolster up public confidence, cash was brought airplane from Atlanta delivered to the First NatBank Tampa, member Federal Reserve. Meanwhile officials of other solvent banks in Tampa, where withdrawals by few small depositors reported, issued statements that plenty of cash had been obtained meet At Sarasota officials of the Bank of Sarasota, and the RingTrust and Savings bank, and First Trust company, the remaining solvent institutions there said the closing the First Bank and Trust comof that city "had no effect whatever,' the banks. Both conducted under usual busiWednesday they said. John Ringling of circus fame, chairman of the board the Bank Sarasota the RingTrustees Savings bank, ficials said, has behind the entire fortune of the late Charles Ringling, brother.

13. July 18, 1929 Poplar Bluff Republican Poplar Bluff, MO

Article from Poplar Bluff Republican, July 18, 1929

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FLORIDA BANKS CLOSE AFTER Citizens Bank of Tampa and Nine Subsidiary Institutions Taken Over by Examiner. GOSSIP BLAMED FOR THE CRASH Feeling of Unrest Following Appearance of Fruit Fly Responsible for Closing. By The Associated Press. Tallahassee, Fla., July State Bank Department late today reported the failure of the Citizens Bank of Frost Proof, in Polk county, bring to 23 the number of financial institutions to close their doors in Florida the weeks. past two The Frost Proof Bank had capital stock of $35,000; deposits of $311,767.50, and assets of $430,291.46. By The Associated Press. Tampa, Fla., July state banks in Southwest Florida closed their doors today, bringing to 22 the number of financial institutions to fail within the state within the past two weeks, Capital and surplus of the institutions that closed today, according to figures released by the state banking department, totaled $3.595,000. deposits aggregated $22,and assets Deposits of the eight banks which failed during the two weeks prior today were estimated at $10,800,000, bringing the total deposits tied up bank failures to date to Money Arrives. A consignment of $1,000,000 from the Federal Reserve Bank at Atlanta to the First National Bank of Tampa arrived here shortly after noon by plane Jacksonville. Meanwhile other banks in the city reported numbers of small depositors withdrawing their funds, but officials said there plenty of cash on hand. Creed Taylor, deputy governor of the Federal Reserve Bank of Atlanta, in the city, backed up statements of the bank officials, declaring that the could have the money they needed to situation. Directors of Citizens Bank later issued statement saying that reorganization plans for that institution were under way. Tampa, Fla., July Citizens Bank and Trust Company, state institution, and nine subsidiary banking institutions failed to open their doors today. Besides the Citizens Bank four the depositories were in Tampa. Notice posted at the Citizens Bank by state bank examiner said the institution was in his hands. The branches were: the Bank Ybor City on which run was made Monday; the Lafayette Bank; Citizens Nebraska Avenue Bank; Franklin Bank and the Bank of Plant City; Bradenton Bank and Trust Company; First Bank and Trust Company, Sarasota; First State Bank of Fort Meade, and the Bank of Pasco County at Dade City. Gossip Blamed. E. Jackson, state examiner, has been here since Monday checking up conditions. The board of directors of the Citizens Bank and Trust, at meeting early today issued statement plaining conditions as due to "unwise gossip and continued adverse conditions following the appearance of the fruit fly which was sponsible for feeling of unrest and fear on the part of the people." The directors predicted that all depositors would be paid in full and that the depositories would go out business. Bank Capital. Paid in capital of the Citizens Bank and Trust was $1,000,000, according to the published statement of the bank as of June 29 last. Deposits given as in excess of $3,000,000. John Bize cashier; Bize, chairman of the board, and D. Aney president. Citizens Bank and Trust, assets cashier, John Bize. Citizens Nebraska Avenue, assets cashier, Acree. Lafayette, assets $645,802.03; cashier, McCord. Franklin, assets cashier, Jackson. Ybor City, assets $3,198,820.68; cashier, Crowder. Total, $22,927,003.36. The United States supplies onefourth of the world trade in chemicals.

14. July 19, 1929 The Tampa Tribune Tampa, FL

Article from The Tampa Tribune, July 19, 1929

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BUSINESS BACK TO NORMALCY; Bank Withdrawals Turned Into Deposits (Continued from Page 1) uation and the future. Business was on normal footing at 10 o'clock this morning and at that hour our principal activity was opening new accounts. We, of course, appreciate the loyalty and faith exhibited by the great majority of our depositors and the genThis has been most eral public. invaluable asset." New Money Adds Stability Mr. Binnicker pointed to the establishment federal reserve currency depot in Tampa as significant action demonstrating the confidence of the reserve in the stability of its member banks in this section. meeting of the federal reserve bank in Atlanta last Friday," approved the said, "the directors establishment of currency depots in Tampa and Miami. This action was approved Tuesday by the federal reserve board Washington. The depots will carry sufficient cash reserves meet any contingency arising in the territory it serves or the east and west coasts of Florida. The depots will serve all member banks.' The flurry excitement prevailing Wednesday cleared away before noon yesterday, Mr. Binnicker said. the bank this "Many came to morning to redeposit their funds,' he added. "We also opened many new accounts and these included some who withdrew their money Wednesday. In fact. our deposits showed healthy increase. The realization of the large cash reserve, held in meet all demands, had evidently made its impression on the public mind." Test Proves Strength The response of the two national banks to the terrific pressure imposed by unduly aroused depositors. Mr. Binnicker stated, was the outstanding development of the "This test proved the strength of the big banks." he continued, and demonstrated our ability to stand up under The public has seen us rise to great emergency and should be convinced that we cannot be shaken.' There came yesterday the need of readjustment by many people in bustness because of the decision of directors of the Citizens Bank & Trust company, and its branches, not to open Wednesday morning, as precautionary measure in the interest of depositors. It was this closing which led to run on other banks that day The question uppermost in the mind of customers of the Citizens was how long they would have to wait for their money. This question was not easily answered at the moment. cannot be answered until R. Gray, assistant state comptroller. working with his aides on the books the bank, finished the tremendous job. There were encouraging reports from many quarters, which were taken to be liable, that the situation was hopeful. The quick run on the other banks had sent wave of confidence up and down the spines of everybody in Tampa and this spread to those who had carried on. business with the Citizens its branches. Audit Speeded Up But no definite statement could be made by Mr. Gray. He couldn't stop bother with rumors, street talk, gossip. The affairs of the closed bank will be conducted the regularly established way. Every effort being made to speed things up. With the bank charge of the state dent comptroller's department, directors themselves in position to state how depositors would come out, but most of them insisted settlement would be made on basis mighty close to 100 percent. Still, as matter of fact, there is absolutely no authentic der or definite information on this point. Some reports had it that outside interests were seeking to come in to link up with the Citizens. There were other reports, quite definite, that the Bank of Ybor City, branch of the Citizens, where the first started Monday, was sound as dollar, might soon be on its feet-and open. was the run on the Ybor bank that scattered the straw which fell heavily on the big camel's back. The run was started by rumors. In the notice posted on the door of the Citizens Wednesday morning there was reference to gossip. The gossip seemed to start from nowhere, yet spread. After the excitement people yesterday sought to trace it. And many of them discovered its widespread nature they seemed to realize its damaging and as sweep, heads

15. August 22, 1929 The Atlanta Journal Atlanta, GA

Article from The Atlanta Journal, August 22, 1929

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Effort to Remove "Liquidator" Tests Florida Bank Law of the constitutionality of Florida's new banking law, growing out of the appointment of C. L. Knight, stockholder, as "liquidator" of the Citizens Ban't and Trust Company, of Tampa, a step nearer an end Thursday with the service on Mr. Knight warranto writ ordering him to show his right to hold his position. The was issued at the state capital Wednesday the Florida Supreme Court, based on information filed through Fred H. Davis, attorney general, by two Tampa attorneys representing certain depositors of the closed bank Mr. Knight was not prevented from carrying out his duties pending decision the merits of the case, but should his appointment be found invalid his actions might be questioned. according to the local lawyers. The Supreme Court was not in session, but Chief Justice Terrell called four members together, according to the counsel, and they directed issuance of the writ. returnable September 2. No evidence or argument was they said Mr. Knight explained that he was not party the action: that it was not his battle, as he took the job after vinced that he could the public. Liquidation under receiver would cost approximately $500,000 he pointed out, while his salary was about $6,000 year. other tests of the law were under consideration by depositors of other defunct banks, it was learned. FEDERAL LAND BANK BONDS NEW YORK, Aug. 1929.) Bid. Asked. Land Bank Nov Land Bank May Band Nov Land Bank Jan Bank July Bank May 42 Jan 55 Jan Bank Land Bank Jan Bank tered its previous best price & fraction weak spot was Ford Motor of Canada "A" Gleaner Combined Harvester.

16. September 15, 1929 The Kansas City Star Kansas City, MO

Article from The Kansas City Star, September 15, 1929

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A SERIES OF RUNS BROUGHT FLORIDA BANKS TO THE WALL After Twenty-One Months of Continued Losses, the Fruit Fly Scare Finally Forced the Financial Crash in the State. (By The Stor's Own Service.) IAMI, FLA., Sept. 14.-Florida banks, beginning with M the waning of the boom in 1926, consistently lost $100,000 an hour every banking business hour for twenty-one consecutive months, and gave up in actual cash 400 million dollars in the last four years. July 17. fifteen of these institutions broke under the strain and turned over their affairs to the state comptroller, Ernest Amos. Combined capitalization of the fifteen suspended banks was $3,630,000, deposits of more than 22½ million dollars, and assets of nearly 30 million The Citizens Bank and Trust Company of Tampa, parent for ten smaller banks in West Florida, surrendered to its depositors % million dollars in one day. It was one of the severest bank runs in Florida's Lose $800,000 in Week. The State Bank of Orlando and Trust Company, which closed August 5. gave up million dollars out of total of 416 million in deposits in ninety days, $800,000 of which was withdrawn in the last week of its existence. The closing of this bank, one of Florida's outstanding financial institutions, followed consistent withdrawals of large accounts and was not precipitated by general run. It simply failed to open for business on Monday The Volusia County Bank of Deland. home of John B. Stetson university, fifteen miles west of Daytona Beach, and city with normal population of 15,000 to 20,000, obtained $700,000 in new funds early in the summer with which to carry on its operations, records at the comptroller's office further show. Under ordinary conditions. the amount would have been entirely adequate to support the institution through any reasonable amount of depression in the off-season. However. this reserve soon was wiped out and the bank closed its doors along wtih fourteen others in the mad rush July 17. Federal Reserve Aids. The complete breakdown of the entire financial structure of the state was perhaps only averted by the prompt measures taken by the Federal Reserve Board of Atlanta in forwarding 5 million dollars to Florida to bolster up cash positions of its member banks, and the establshment by the general board of two mil- lion dollar depositories in the state for use in case of emergency. For every effect there must be cause and should be of interest to go back and trace some of the causes which combined to break down the confidence of the people and create in their minds the idea that all banks were unsafe, resulting in widespread capitulations. It is human nature to become panicky when personal savings are endangered. The run on a Brooklyn bank August 15, caused by carbuncle on the neck of its president, is evidence of that idiosyncrasy. Reports prevailed the president had died from the effects of the boil and that a run on his bank followed his death. The rumor of run started a real run, and even the presence of the "dead" president at the head of the withdrawal line could not subdue the excitement. More than million dollars in cash was hurriedly withdrawn. Postal Savings Run. In 1926 report was spread about "dark town" in West Palm Beach, Fla., that the postal savings division of the United States government was going to fail. A wild run was started in the postoffice. Washington postal savings officials assured them the entire financial structure of the government was behind its postal savings but this had no effect upon them. In time the run played out. About the same time. reports were current from all parts of the state of severe bank runs, followed by numerous suspensions. Newspapers in many instances declined to publish any information regarding failures elsewhere in the state for fear of alarming their own citizenry. and for the added protection of their local institutions Nevertheless, the news was transported. one way or another, and the panic proved to be highly contagious. In almost every instance bank failures came in clusters, on the swell of a wave of unrest and broken faith which repeatedly swept the state. Came lull: business men met together and proclaimed prosperity and "good times just ahead. Fruit Fly Brings Depression. Then came the Mediterranean fruit fly, new and unheralded experience. As soon as the quarantine was announced and the lid clamped down, this enthusiasm turned into pessimism; prosperity, at least psychologically. became depression. The cycle had made another revolution and on July 17 a new wave of panic, of far INDIANS SLAY A MEXICAN EXPLORING AN ANCIENT TEMPLE. Seeking Hidden Gold in the Ruins of old Native Building. Party Is Attacked in the Night. greater force and proportions than DIE IN A TREASURE HUNT before, swept the state. Quiet withdrawals of large accounts were rumored Central and South Florida, and those withdrawals fed the flames of distrust into excited runs. Likewise, the failure of one bank was the signal for additional runs, and before these flames could be quenched, Florida had experienced oen of the worst financial scares in the nation's history. These suspensions, Amos says, were caused by combination of developBy JACK STARR-HUNT. ments, chief of which was the feeling (City of Mezico Correspondent of The Star.) of distrust and panic resulting from continued business depression, and THE CITY OF MEXICO, Sept 14.-A climaxed by the appearance of the tale of a treasure hunt in an ancient fruit fly. Among the contributing temple in Oaxaca that ended tragicfactors, in addition to the fly and ally is related in El Universal, Mexico general unrest, the comptroller points City newspaper. out, are hang-over real estate loans by banks from the boom period, and Four City of Mexico men, Jesus 'propaganda, probably originated by Rodriguez, Damaso Lopez, Humberto selfish interests and circulated for Diaz and Manuel Franco, after gainseveral weeks, about the banking sit- ing from the government, uation in South Florida.' searched for legendary wealth supVictim of Complex. posed hidden in the Tepescolula temple in the village with the same name That Florida has been the victim in the state of Oaxaca. of 'psychological complex" is adThe natives were hostile to them mitted by more than one responsible from the first, refusing to sell the official, and on which virtually all treasure hunters as much as & loaf the blame for the extensive bank failof bread. One night & band of Inures laid. A statement issued by the board of directors of the Citizens dians attacked their camp, killing Bank at Tampa. its % mil- Senor Franco and wounding his sislion dollar run and suspension of op- ter, who was with the party. eration said: The treasure. if any, is still conThe present situation is due to un- cealed in the ancient temple. wise and continued adverse conditions gossip following the appearance MORE ACCIDENTS IN KANSAS. the Mediterranean fruit which was responsible for feeling unrest and Labor Commission Announces Comfear developed on the part of the peoparative Figures. ple. At Tallahassee, the comptroller TOPEKA BUREAU placed most of the blame on the THE KANSAS CITY STAR people for lack of confidence in their (By Member The Staff.) own institutions, adding that, "SamTOPEKA, Sept. 14.-There were 1,488 son-like, they have brought down the industrial accidents in Kansas in Autemples upon themselves.' gust, 52 more than in July, according If Florida being shaken down to to the monthly bulletin today of G. solid foundation, as its senior UnitClay Baker. chairman of the commised States senator, Duncan Fletcher, sion on labor and industry. Every observes the situation, the rock bot employer in the state is required to tom must have been reached. and report regularly the accidents in inwill be found when the present dustrial institutions which cause any financial chaos is cleared. injury to workers. There were 1,441 And if, as every circumstance tends accidents which resulted in tempoto prove, that Florida's misfortunes rary total disability, 39 in permanent are purely mythical. public confidence total or part disability. and 8 remust be rebuilt on the foundation sulted fatally Of such accidents 159 that has survived. In the Class of '68 at M. U. Own COLUMBIA, Mo., Sept. 14.-The oldest University of Missouri alumnus to accept an invitation to attend the institution's annual homecoming here October 26 is G. M. Horne of St Louis. Graduated from the university in 1868, Mr. Horne is now 87 years old. He formerly lived at Arrow Rock and served with General Sterling Price during the Civil War. A Stock Show at Newtown, Mo. The Star's Own County Stock Show here next Thursday. Friday and Saturday will bring together great agricultural exhibit from Sullivan, Putnam and Mercer counties. were sustained by minors, 157 resulting in temporary total disability. in permanent partial disability, and in death. There was an increase of 52 in the total number of accidents throughout Kansas over the month of July, with corresponding increase of 56 of those accidents resulting temporary total disability, an increase of over last month in permanent part disability, but decrease of five in the accidents resulting fatally. Of the accidents to minors there was an increase of 14 in the total number reported, which is an increase of 12 over last month in those classed as temporary total disabilities, also an increase of 2 in the permanent partial disabilities There was fatality listed among the accidents to minors in each month.

17. February 9, 1930 The Tampa Tribune Tampa, FL

Article from The Tampa Tribune, February 9, 1930

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REPLIES TO CRITICS ON BANK FAILURES Says His Fitness Passed Upon by People Ernest Amos, state comptroller, hit back yesterday his critics in long letter to S. C. McConnell, the committee of the Citizens Depositors association, which had called for his resignation in formal resolution. The question of his fitness, Amos said, had been passed upon "by the people in this state, God bless 'em, who gave me the largest vote of confidence ever given any man running for office in the history the state.' There was no general answer to the raft of questions put up to Amos and made public at the first meeting of depositors here. He took the position that attack on him was political and declared he. as head of the state banking department, was not responsible for bank loans and investments, which happened to turn up worthless. The text of the Amos letter follows: The communications with numerous questions about the closed state banks in Tampa are acknowledged. It was not deemed of sufficient urgency to cause me to lay aside other work to reply sooner, especially the situation would not be changed by my answers. While the main object of the head men in this movement manifestly to build up political organization of state-wide proportions possible, of the avowed purpose of doing me harm politically the disappointed ambition of one man, wishing to be liquidator with an axe to grind, imagine the rank and file of the depositors are really only interested in about four things, viz: of the failures. for same. they may hope for out of them. they may expect it. By way of introduction let me say, those who pay attention to such matters know that banks are places where the money of people in communities is placed to be drawn out on demand. Depositors know that banks do not keep the money so deposited locked up in their vaults to handed back when called for, but that is loaned out invested, as they are permitted by law to do. Causes of Failures So when bank, state or national takes deposit from one person and lends it to another, it is not an unlawful transaction. It should also be borne mind that deposits are usually withdrawable on demand while loans are generally made for given period time and are not callable before maturity. which also legal. It is also fact that the comptroller is not consulted on loans investments of state banks and has no responsibility whatever with the making thereof Therefore, having no knowledge of any loan investment when made surely in all fairness should not blamed for the outcome With these matters clearly in mind let's consider the causes of the failFirst. the seed of most of this trouble was sown in 1925 when everybody was thought to be rich and enjoyed good lines of credit, real estate boom was in full swing and as result great deal of money accumulated in the banks of this state until on Dec. 31 of that year the deposits in state banks alone were $501,553,on June 30. 1929. state bank deposits had shrunk to $147,396,808.01. net decline of showing tremendous amount of liquidation must have taken place. The drop in the Citizens Bank & Trust company during that period being $20,000,000. the figures themselves much of the story. Since 1925 Florida has suffered from deflation, business depression, real estate stagnation, hurricanes, floods, bank failures, state and national, high taxes, and last but not least, the fruit fly aggravation with whispering propaganda in many quarters. Further legislative charter granted the Citizens bank years ago allowed to own other bank stock which did, causing their downfall when the parent institution went un- Slow Collections Blamed It is generally conceded that if depositor of bank appeared at its windows at the same moment demanding payment scarcely none could stand up. It is equally true that if depositors' demands are faster than bank can liquidate its assets and its borrowing ability limited. it will be forced to suspend. In the cases at hand all of the features were contributing causes for the failure repeat. called for their money faster than the banks could realize on the assets, for violent runs occurred at several of the institutions there closing, bleeding them white and preventing orderly liquidation. Again let me emphasize and repeat that the greatest factor in bank suspensions usually is the failure of its debtors to take of their obligations. If everybody owing bank would pay up on demand seldom if ever would there be a bank failure. Second. Responsibility. Banks are managed by officers and boards of directors make and are responsible for the character of the loans and investments They are required by law to be substantial stockholders which proceeds upon the theory that they will look after depositors' interests since their own money is first at stake, capital structure takes first place in charging out losses. While officers and directors, or a committee of them, directly responsible for all loans and investments made it should be noted that during the last four years it has been almost humanly impossible under prevailing conditions to properly appraise values or peoples' ability to pay. Who has not suffered losses in one way or another during that period? "He that is without fault among you les him cast stone." Many loans thought to be gilt-edge when made have turned out to be slow. Doubtful if not worthless altogether. There are many ways to defeat the payment of obligations in this state that it has made collections very uncertain, until it would indeed be miraculous if no losses occurred. Since the outcome of the liquidation depends altogether on how well the people who owe pay up, little constructive work may be put in to good advantage by helping to bring it about. Now, if these fellows have such a mighty interest in the welfare of depositors, they will "come clean" and pay up now, which will not only set shining example others similarly situated but will help the cause in a substantial manner. There are others on your committee in the same boat. Liquidation Prolonged My experience and observation is that it takes years under fair normal conditions to liquidate the average bank or under adverse such as exist now it would be prolonged. So that all the moral suasion that can be brought to bear on those who owe the banks to pay will be truly helpful. Can we count on you for assistance in that direction? An orderly liquidation of these banks will yield great deal more and much sooner for depositors than lot of publicity and agitation. Your organization can build up fine sense of moral obligation to pay the banks what is due them on which so much depends, by agitation and pronounced publicity break it down if not destroy it altogether and delay payment long, long time. No matter who is liquidator or who is comptroller conditions will not be changed. Records Open The records have been thrown open to state, county and federal authorities, who have the power to bring to account those who may have been guilty of shortcomings and every assistance will be rendered those clothed with authority to investigate the records The same fair and impartial treatment will be accorded each and every depositor. whether his deposit be one penny or thousands of dollars, and whether he belongs to or has contributed to your campaign fund will make no difference: square deal for all will be the watchword. Though personally unacquainted with Mr. Knight before his appointment learned from reliable that he was no newcomer to those parts but has been resident of Tampa for many years, business man of ability, honesty, and high purpose. In fact, he appeared to be the outstanding man recommended for appointment liquidator for the Citizens bank. He has received for the assets and liabilities of the bank, item by item. He is under heavy surety bond to give proper accounting He cannot settle any claim for less than par without my approval confirmed by circuit judge. His collections are paid into the state treasury and paid out only on proper bills by comptroller's warrant on the treasury. He has difficult task and his hands should be upheld. And now in conclusion, as to my fitness to hold this office, let me say that question has been passed on several times in the forum set up for that purpose The last time the very issues of which you are complaining were upon by the people of this state, God bless 'em. who gave me the largest vote of confidence ever given any running for office in the history of the state.

18. February 12, 1930 The Tampa Tribune Tampa, FL

Article from The Tampa Tribune, February 12, 1930

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22, charged with being one of seven men who held up the "welcome home" SECOND SUIT dinner to Magistrate Albert H. Vitale in the Bronx two months ago. IS FILED FOR for 79 years BANK RECEIVER Out-of-State Depositor Enters Case (Continued from Page 1) every document bearing on the Citizens bank from June 30, 1925, up to the present moment. The calling of Amos surprise move on the part of Judge James F. Glen and Judge William M. Gober, counsel for Sutton, and they want to dig out from his documents facts which they assert will have a direct bearing on the litigation and which they believe will support their claim for a federal receivership. It was said yesterday that Glen and Gober would interpose no serious objection to delay of one week, although they were unwilling to agree to delay prior to the actual presentation of the matter to Judge Akerman. Knight yesterday was formally summoned to appear. A summons similar to that served on Amos at Tallahassee Monday night also was served on Davis, but it was admitted generally that the lawyers for the receiver were more intent upon having Amos here and look at his books. is demand for his appearance which cannot be igShip Your nored. Books Would Be Transferred If the court should decide to embrace the Citizens bank in the receivership now in force with respect to its subsidiaries, all the books and reports in the hands of Amos would have to be turned over to the man acting under federal authroity. The same true of reports soon to be made by special auditors now at work on the books of the bank by direction of the department of justice at Washington. None of the lawyers on either side was willing yesterday to discuss any phase of the proceeding. But it did not surprise lawyers not engaged in the case when they heard that depositor, living out of the state, had brought suit against the bank in the same way that bondholder, living out of the state, had brought suit months ago for appointment of federal receiver for the bond company, the bank's subsidiary. Meanwhile, as plans were under way for the court battle, Knight, the liquidator, went about his work, his temper unruffled by charges that he was incompetent serve solely because of his former association with the bank as director. He conferred with his attorneys about the proceedings before Judge Akermen and he conferred with them about bringing other suits against directors and stockholders for failure to meet his written demand that they come forward with an assessment in amount to the stock they actually held in the bank. In statement some weeks ago he pointed out that funds diverted from the bank for payment of preferred claims were by order of the circuit court. He said it was none his doing; he simply had to comply with the court's orders. Amos' Ouste. Asked Amos, at Tallahassee, preparing to answer the Tampa saw by the papers yesterday morning that 300 telegrams had been laid on Governor Carlton's desk, sent and paid for by depositors of closed banks here asking that the governor call a special session of the legislature to oust him as head of the state's banking department. The depositors' association has called on Knight to resign on the ground that Mrs. Morales, New York depositor, and Sutton, the receiver of the subsidiaries, asked for it. There was much comment yesterday to the effect that if the bank should be put in the hands of federal recelver there would be little demand for a depositors' association, but officers of that organization this with the statement that they would carry and keep on calling for a special session of the legislature. Davis and Amos left Tallahassee yesterday for Tampa, to be on hand in court this morning. C. L. Knight as liquidator thereof, and others, are defendants, in which John B. Sutton has been appointed as receiver of certain property which your oratrix is advised and believes is actually the property of the said Citizens Bank & Trust company. Adopts Sutton's Report 3. That your oratrix adopts in full a report of the said John B. Sutton as receiver, filed in the said cause on the 7th day of February, 1930, and hereby incorporated in this bill of complaint all and singular the allegations of the said report as fully as if the same were herein set forth in haec verba: and your oratrix alleges in addition thereto the following other matters, vis.: That upon the filing of the said report this honorable court issued rule directed to the said C. Knight as liquidator of the said bank, to show cause why the receivership theretofore constituted in the said cause should not be extended to ambrace the affairs and assets of the Citizens Bank & Trust company; and your oratrix alleges that she is depositor of the Citizens Bank & Trust company, having had on deposit in the savings department at the time the said bank closed its doors, the sum of $5600, which is still on deposit in the savings department of the said bank and she has received no part thereof. Holds Knight Incompetent 5. That C. L. Knight as liquidator "They had been here only a few of the said bank, as your oratrix is hours before went with them to the advised and believes, is wholly in- bank, introduced them to C. L. Knight, competent to administer the affairs the liquidator, and they went immeof the said bank for the reason, to work diately among others, that he was director cannot understand the attitude of the said bank prior to and at the of Mr. McCullough in such an time of its failure, as well as stock- statement. Mr. Hughes, holder therein, and that it has become the United States district attorney; necessary to the liability of Judge William M. Gober, former disstockholders to the full extent of their trict attorney, and John B. Sutton, stock in said bank, and it will also receiver for the Mortgage & become to the Bond company and Citizens Securiliability of the directors of the said ties company, have full knowledge of what did toward bringing the fedbank for and mismanageeral auditors here to investigate the ment thereof in order to create bank's affairs. fund for the payment of your oratrix should be definitely underand other depositors stood that my investigation is secret, 6. That the said C. L. Knight as the same as grand jury investigation, liquidator has been in charge of the and that my object is to determine if assets and affairs of the said bank the banking laws have been violated, for period of approximately seven and by whom, and then prosecute months, during which no dividend those responsible. My duties extend has been declared to deposino further than that." tors, and the amount they are likely to receive, if any, to the information and belief of your oratrix, Liquidator Asks Court will be trifling, and your oratrix is To Permit Compromises further and believes that the assets of the bank are being grossly mismanaged by C. L. Knight C. L. Knight, as liquidator, filed as liquidator thereof in that he is petitions in circuit court yesterday for allowing and paying out moneys on authority to compromise claims of the account of alleged preferred claims Citizens Bank & Trust which should not be paid out, and against the First Bank & Trust comthat since the bank closed and he pany of Sarasota, the Adams-Kentook charge of the affairs thereof, he nedy company and W. A. Adams, F. has delivered and turned over since B. Hull and J. A. Keith. The petitions the bank closed and he took charge were taken before Judge Harrison at of the affairs thereof, he has deBradenton. livered and over many securities held by the said bank to persons and corporations who were not entitled thereto. 7. That your oratrix is informed and believes that the extensions of the receivership heretofore constituted in the cause mentioned, so as to include and embrace the assets and affairs of the said bank, will result in the thereof, including your oratrix, receiving a greater dividend on account of their deposits and will result in fair administration of the bank's assets. 8. That the present administration is being so conducted as to conceal and cover up the bank's condition and the transactions that have taken place in connection therewith. and assets, as your oratrix is advised and believes, are being rapidly dissipated, to the prejudice of depositors and creditors of the bank. To the end, therefore, that the said defendants Citizens Bank & Trust company, corporation under the laws of the state of Florida, and C. L. Knight as liquidator thereof, may if they can show cause why your oratrix should not have the relief herein and hereby prayed, and that they may, but not under oath, answer under oath of the said defendants being hereby waived. according to the best and utmost of their several and respective knowledge, remembrance, information and belief. full, true, direct and perfect answer make to all and singular the allegations of this bill of complaint as fully as if the same were herein set forth as interrogatories and the said defendants specially interrogated in regard thereof. And in view of the promises may it please the court to order, adjudge and decree that a receiver appointed to take charge of all assets and affairs of the said Citizens Bank & Trust company and that the present receivership be extended SO as to embrace the same in the interest of all depositors and creditors of the sald bank. May it further please the court to grant unto your oratrix writ of subpoena, to be directed to the defendants Citizens Bank & Trust company, a corporation under the laws of the state of Florida, C. L. Knight as liquidator thereof, commanding them upon day certain and under a certain penalty therein to be prescribed, to be and appear before this honorable court, then and there to answer all and singular the premises and to stand to, abide and perform such orders and decrees therein as the court shall make in the premises. May it further please the court to grant unto your oratrix such other and further relief in the premises as the nature of the case may require and as unto the court shall seem meet and proper and agreeable to equity and good conscience. (Signed) FRANK T. PHILLIPS. (Signed) RICHARD D. MORALES. Solicitors for complaint.

19. August 14, 1930 The Tampa Tribune Tampa, FL

Article from The Tampa Tribune, August 14, 1930

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Memminger, Coronet Phosphate President, Dies Citizens Receiver Suit Hearing Set Memminger. president the Coronet Phosphate company and For September 25 prominent development Florida. died last night summer home in Asheville, Funeral services will be held Asheville tomorrow morning 10:30 o'clock Trinity Episcopal church. interment in Riverside Mr. Memminger had been in health several months and turned recently from trip abroad. taken hope that would improve his native pioneer in the phosphate dustry and founded town Coronet mines plant there. In years he spent most his time in New York Asheville. Word of Mr. Memminger's death received Willis rector Andrew's Episcowho formerly Memminger's Asheville and friend of the family. Mr. Memminger survived by his formerly Miss Mary King Charleston. and daughter, Christine Memminger. FORT LAUDERDALE Aug depositors of the closed Citizens Bank Trust company, Tampa, against Comptroller Ernest and Treasurer W. Knott. heard here Sept. according order signed today Circuit Judge George Tedder. The depositors ask for the appointreceiver equity complete liquidation assets closed bank, that liquidation date has "indifferently, wastefully collusively, fraudulently and wantonly The suit John Newsom, liquidator, The state officials have pleaded lack the while protested that charge had been made him his by receiver of the court equity. Judge Tedder left immediately after signing convention the American Bar association.

20. September 28, 1930 The Tampa Tribune Tampa, FL

Article from The Tampa Tribune, September 28, 1930

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with its condition," Walker took collateral totaling $9000 to the Citizens Bank & Trust company in Tampa where, by endorsing the Avon Park bank notes, he got $5000 as a loan for the Avon Park State bank. The bill alleges Walker then cashed an Avon Park State bank draft for this total amount, which, according to the bill. was "for the purpose of saving from loss and preferring said Lake Byrd Citrus Packing company. The Avon Park bank failed to open the next day. It also alleged in the bill that Walker took up the note from the Citizens bank receiver about Sept. 15, had the remaining collateral, totaling $7498, assigned to him, and that he is negotiating to collect sell the collateral to the "irreparable injury and damage" of the depositors and creditors of the defunct bank.

21. December 11, 1930 Tampa Bay Times St. Petersburg, FL

Article from Tampa Bay Times, December 11, 1930

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DIVIDEND OFFER MADE IN TAMPA BANK CASE TAMPA. Dec. 10.-(P)-An offer to settle pending litigation proceedings before Circuit Judge Tedder for receivership the defunct Citizens Bank and Trust company on the basis of two dividends of per cent each within 90 days was made today by J. T. Watson. counsel for complainants, in letter to Ernest Amos, state comptroller, made public here. As basis of settlement Watson also asked for 90-day option $750,000 the Citizens building. in the belief that it could be turned over high class bankers who would operate here. Payment of per cent dividend was made this week. Watson proposed immediate payment of another for the same amount, with third dividend in 60 or 90 days. Sale of the building. he told Amos, would provide for still another dividend of 10 per cent.