2591. Bank of Waldo (Waldo, FL)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
state
Start Date
July 22, 1929
Location
Waldo, Florida (29.790, -82.167)

Metadata

Model
gpt-5-mini
Short Digest
adcdb633

Response Measures

Full suspension, Books examined

Other: State bank examiner called to 'straighten out affairs'; bank suspended and closed after heavy runs.

Description

Multiple articles (published 1929-07-23) report heavy runs on the Bank of Waldo that led the bank to suspend/close its doors. The suspension was reported as occurring yesterday (relative to July 23), so 1929-07-22 is used. City officials called the closing temporary and expected reopening, but no definitive reopening is reported in these articles, so the outcome is uncertain.

Events (2)
1. July 22, 1929 Run
Cause
Local Banks
Cause Details
Heavy withdrawals attributed to popular nervousness after ~26 other Florida banks closed in the prior fortnight; contagion from other local bank failures.
Measures
None specific beyond later suspension; accounts that state bank examiner arrived to straighten out the affairs.
Newspaper Excerpt
closed its doors after heavy runs
Source
newspapers
2. July 22, 1929 Suspension
Cause
Local Banks
Cause Details
Suspension followed heavy runs and widespread nervousness after dozens of Florida bank failures since early July 1929; reported as the 27th bank failure/suspension in the state since July 4, 1929. State examiner called in to investigate/straighten affairs; city officials described closing as temporary.
Newspaper Excerpt
The Bank of Waldo, Florida, suspended operations yesterday, the State banking department was advised.
Source
newspapers

Newspaper Articles (4)
1. July 23, 1929 The Anniston Star Anniston, AL
Article from The Anniston Star, July 23, 1929

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Article Text

Waldo, Fla., Bank Closes Its Doors Florida state bank examiner was here today to straighten out the affairs of the Bank of Waldo which closed its doors after heavy runs The bank was small institution headed by E. W. The Milligan. runs which resulted in the attributed, to popular nervousness which developed when 26 other banks in Florida closed in the last fortnight. Waldo is not situated in the Florida citrus belt and the unusual economic conditions growing out stringent federal to dicate the fruit responsible for the failure the bank

2. July 23, 1929 Evening Star Washington, DC
Article from Evening Star, July 23, 1929

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Article Text

Another Florida Bank Fails. TALLAHASSEE. Fla., July 23 (P).The Bank of Waldo, Florida, suspended operations yesterday, the State banking department was advised. The bank had a capital and surplus of $25,000, deposits $126,198.77 and total assets of $163,750.37. It was the twenty-seventh bank failure in the State since July 4.

3. July 23, 1929 Chicago Tribune Chicago, IL
Article from Chicago Tribune, July 23, 1929

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Article Text

27 Banks Close Doors in Florida in 18 Days bank of Waldo, Fla., suspended operations today, the state banking department was advised. The bank had capital and surplus of $25,000, deposits, $126,198.77 and total assets of It was the 27th bank fail. ure in the state since July

4. July 23, 1929 The Knoxville News-Sentinel Knoxville, TN
Article from The Knoxville News-Sentinel, July 23, 1929

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Article Text

GRADUATE BANK CLOSES Summer Students to Get Diplomas August 9. Without speeches, and gowns eight pupils High be August the summer school. The pupils those who needonly credit for graduation and went school took subject rather than spend another term in school. In addition from out of town high schools who tending will awarded diplomas by their schools. The graduates are: Johnson George Another Florida Institution Feels Pressure. United WALDO, Florida state bank examiner was here today to straighten out affairs of the Bank of Waldo which closed its doors after heavy runs. The bank small institution headed by W. Milligan. The runs which resulted in the closing were attributed to popular nervousness which developed when other banks Florida closed in the last fortnight. Waldo not Alabama citrus belt and the unusual economic conditions growing out of the Mediterranean fruit plague not responsible for the failCity officials said the closing "temporary," and the bank expected to reopen with-