2601. Farmers Bank & Trust Company (West Palm Beach, FL)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
trust company
Start Date
March 8, 1927
Location
West Palm Beach, Florida (26.715, -80.053)

Metadata

Model
gpt-5-mini
Short Digest
5ab274f1

Response Measures

Accommodated withdrawals, Public signal of financial health, Capital injected, Full suspension, Books examined

Other: Armored cars brought currency; civic parade organized to reassure depositors.

Description

A run began after several nearby banks failed to open in early March 1927. The Farmers Bank & Trust weathered initial withdrawals with funds sent by armored car and support from wealthy visitors but then did not open on March 14, 1927, announcing temporary closure in the interest of depositors with plans to reopen in 30–60 days. By late May/June 1927 receivers were appointed and litigation over the receivership followed, indicating the bank did not resume normal independent operations and went into receivership (permanent closure). Cause of run and suspension is attributed to failures of other local banks (local_banks).

Events (5)

1. March 8, 1927 Run
Cause
Local Banks
Cause Details
Runs were triggered by the failure/closing or failure to open of nearby institutions (First American Bank and Trust, First Bank and Trust of Palm Beach, Northwood Bank & Trust) and general loss of confidence.
Measures
Armored cars brought currency from Miami; wealthy winter visitors/depositors offered and made large deposits to shore up the bank; bank officials extended hours to meet demands; public parade/organized civic action to reassure depositors.
Newspaper Excerpt
Runs began on three other West Palm Beach banks. ... armored car had left Miami for West Palm Beach bearing a large sum of currency for the Citizens bank and the Farmers' bank and Trust company.
Source
newspapers
2. March 9, 1927 Run
Cause
Local Banks
Cause Details
Continuation of withdrawals driven by earlier closings of other Palm Beach banks and loss of confidence in local banking chain and regional difficulties.
Measures
Additional funds awaited/received from Jacksonville and Miami; special consignments of cash (armored trucks) enabled meeting withdrawals and temporary continued operation.
Newspaper Excerpt
Ready money ... officials said, awaited additional funds from Jacksonville with which to augment a special consignment of $2,000,000 that yesterday enabled them to meet withdrawals and remain open until 2 o'clock the regular closing time.
Source
newspapers
3. March 10, 1927 Other
Newspaper Excerpt
PLAYING MARCH BRINGS TO END RUN ON PALM BEACH BANK ... organized parade marched down street and band began playing a march for depositors to keep step to as they went into the bank to withdraw their funds. ... Banking officials tonight said they felt the crisis had passed.
Source
newspapers
4. March 14, 1927 Suspension
Cause
Local Banks
Cause Details
Bank failed to open following continued runs and the earlier closing of multiple Palm Beach banks; action taken 'in the interest of depositors' after runs and withdrawals strained liquidity/caution prevailing in locality.
Newspaper Excerpt
The banks which did not open today included the Farmers' Bank and Trust Company, one of the largest banking institutions here. The bank was closed temporarily, it was announced, in the interest of the depositors. Plans for re-opening the bank within 30 or 60 days were announced.
Source
newspapers
5. June 1, 1927 Receivership
Newspaper Excerpt
Appointing Receiver For Bank In Court ... A. Gutelius as receiver for the Farmers Bank and Trust Company ... Attorneys for the First American Bank and Trust Company here were certain today that the appointment of the receiver for the Farmers Bank and Trust Company by State Comptroller Ernest Amos would be upheld by Circuit Judge Elwyn Thomas ... the appointment of Gutelius was contested and litigation followed.
Source
newspapers

Newspaper Articles (24)

Article from Evening World-Herald, March 8, 1927

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FINANCIAL STORM HITS WEST PALM BEACH First American Bank and Trust Closed, Two Other Banks Follow. RUNS ON OTHER BANKS West Palm Beach, Fla., March 8 First Bank and Trust company of Palm Beach and the Northwood Bank and Trust company of West Palm Beach closed their doors today when the First American Bank and Trust company here failed to open this mornRuns began on three other West Palm Beach banks. Police took charge of the crowds that gath ered in fron of the institutions and maintained order Officials of the Citizens' bank announced that an armored car had left Miami for West Palm Beach bearing a large sum of currency for the Citizens bank and the Farmers' bank and Trust company. Directors of the First American Bank and Trust company stated that the bank is solvent and would be opened after a reorganization. The directors stated that they have more than a legal reserve on hand The First American was capitalized at 300 thousand dollars and a state ment issued this morning showed loans and discounts cash in vault, $58,255.35 cash in bills payable, $1,140,000; deposits, $2,982,787.67. The American bank's officers said It had to be closed be cause of general conditions following the failure of three Palm Beach banks last June, the hurricanes, the continued depression in real estate. the upheaval in city affairs, the failure of the First Bank and Trust company a few weeks ago in Lake Worth. and continued Jarge withdrawals by depositors in the past few weeks. More than $10.500,000 has been withdrawn from the bank from a peak of $13,500,000 deposits a few months ago, directors The First Bank and Trust company of Palm Beach is capitalized at $50,000 and has $100,000 as surplus and undivided profits. No reason was announced for the closing but it is believed that the bank closed in order to forestall a run. The Northwood bank, which serves the part of West Palm Beach, is believed to have closed for the same reason.


Article from Dayton Daily News, March 9, 1927

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TOURISTS OFFER AID IN RUN ON FLORIDA BANK Additional Funds Awaited in Palm Beach From Jacksonville. WEST PALM BEACH. Fla., March 9-(P)-Ready money Ass incident heretofore in this resort for the wealthy of prime concern today The man in the street regarded apprehensively an abrupt suspension of three banks. Millionaire winter visitors, attracted momentarily from their sports and tea dances, paused to offer financial assistance to two banks that had the burden of keeping the dollar in Citizens bank and the Farmers Bank and Trust Co.-as solid as Gibraltar officials said, awaited additional funds from Jacksonville with which to augment a special consignment of $2,000,000 that yesterday enabled them to meet withdrawals and remain open until 2 o'clock the regular closing time. The three banks, with cap. ital aggregating $500,000 awaited inspections by state bank examiners. The First American Bank and Trust Co. and the First Bank and Trust Co. of Palm Beach failed to open yesterday. The Northwood Bank and Trust Co. suspended business "in the interest of depositors" an hour after opening. Offers of assistance were made by several prominent tourists, some of whom had pressed through long lines of anxious clients, bent on withdrawing accounts, to make comparatively large deposits. T. T. Reese, president of the Farmers bank, said that among those who volunteered support were E. R. Bradley, Lexington, Ky., E. Stotesbury, Philadelphia, Davies Warfield, Baltimore, John S. Phipps, Pittsburgh, A. J. Brexle- Biddle, Thomas A. Clarke, Brooklyn and F. C. Butler, Chicago. Mr. Reese, attributing the failures to several causes, said there was no real emergency. Whether the volunteer millionaires put their shoulders under the financial burden was not made known. Depressed land values contributed originally, bank officials said, but a combination of difficulties running through the failure of bank chain, a devastating hurricane, and an internal difficulty that brought criminal charges against city officials, finally had their climax. Last June the Palm Beach Bank and Trust Co. closed its doors after the Bankers Trust Co. of Atlanta, Ga., failed. The Atlanta company had sponsored a chain of 83 banks, several of which were in Florida. The Commercial Bank and Trust Co. and the Palm Beach National bank, members of the chain, also closed. Two months later a hurricane swept the section, causing considerable evacuation and consequent business depression. The city hall then involved in contractor's fight over street paving contracts and when the smoke had cleared city officials were charged with graft and a movement was under way to recall the city manager and four commissioners. Citizens voted the recall down in a special election last January, but the opposition tied up city books and tax collections were negligible for the time. Uneasiness was felt generally still later when officials of the Palm Beach Bank and Trust Co. and the Commercial Bank and Trust Co. were indicted by a grand jury for alleged violations of the state banking laws. A charge of conspiracy to defraud the city of $200,000 was entered in criminal court action against the city manager, a former city engineer and treasurer, and two contractors. The case awaits trial. Bank deposits have dwindled throughout the section in the last six months. Officials of the First American Bank and Trust Co., an institution with deposits of $13,500,000 early in 1926, reported that deposits now were approximately $3,000,000. Losses to depositors hardly will result from the latest difficulty, bankers said.


Article from Woodland Daily Democrat, March 9, 1927

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BOMBER CLUE FOUND SAN FRANCISCO-Possibility that the bomber who was killed in the fifth attempt to blast the Church of SS. Peter and Paul was an intinerant Armenian preacher named Otto G. Bagdasarian, formerly of Derkeley, is being investigated. ADMITS BOMBING SIRE DALLAS (Texas)-Howard Barr. 15, made a written statement concerning the tossing of a lighted dynamite bomb into the bedroom of his father. H. Jack Barr, contractor, and young Barr's stepmother. The boy said he wanted to go to San Diego, California. to visit his mother, whom he had not seen in nine years. HALT BANK RUN WEST PALM BEACH (Fla.) Quick action by a group of New York financiers, who are spending the winter in Florida. headed off' run on the Farmers' Bank and Trust Company following the closing of the First American Bank. IDENTIFY DEAD BANDIT RICHMOND The bandit found shot to death Monday in the automobile that had been used just before in a "petting party holdup" on the San Pablo dam road was identified as Frank "Cyclone" Allen, Oakland teamster. He is believed to have been murdered by his companions.


Article from The Paducah Sun, March 10, 1927

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PLAYING MARCH BRINGS TO END RUN ON PALM BEACH BANK Associated Press West Palm Beach, March steady run on the Farmers Bank and Trust which company, began yesterday with the closing three banks in West Palm Beach and Palm Beach, ended here today when an organized parade marched down street and band began playing march for depositors to keep step to as they went into the bank to withdraw their funds. The Citizens Bank suffered prolonged run yesterday, opened usual today, but did not witness Officials of the bank said they did the usual day's business. The runs the two banks began yesterday when three banks to their business. About noon yesterday armored car in currency was dispatched from Miami and arrived time keep the remaining banks from closing because of the heavy Wealthy members of the Palm Beach winter colony were said have made large deposits to help the two institutions withstand the large withdrawals. parade, organized by Today's leading citizens, blocked traffic the street front of the Farmer's bank and Trust company and the banners inscribed "Men sheep -which?" were prominently disfront of the long line played waiting to withdraw its deposits. officials tonight said Banking they felt the crisis had passed.


Article from The Charlotte Observer, March 10, 1927

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BANDS PLAY AS BANK RUN ENDS Floridians Flaunt Banners and Parade Before Rescued Institutions. WEST PALM BEACH, Fla., March 9.-(AP)-A steady run on the Farmers Bank & Trust company, which began yesterday with the closing of three banks in West Palm Beach and Palm Beach, ended here today when an organized parade marched down the street and a band began playing a march for depositors to keep step to they went into the bank to withdraw their funds. The parade, led by the municipal band, marched through the principal streets of the city and ended in front of the Farmers Bank & Trust company. Banners declaring "we have faith in our banks" and "men or sheep-which were carried by business men. BUSINESS NORMAL. The Citizens bank, which suffered a prolonged run yesterday opened as usual today but did not witness run. Officials of the bank said they did a normal day's business. The runs on the two banks began yesterday when three banks failed to open their doors for business About noon yesterday an armored car carrying currency was dispatched from Miami and ar rived in time to keep the two remaining banks from closing because of the heavy run Wealthy members of the Palm Beach winter colony said to have made large deposits to help the two institutions withstand the large withdrawals. Today's parade. organized by leading citizens, blocked traffic in the street in front of the Farmers Bank and Trust company. and the banners prominently displayed in front of the long line waiting to withdraw its deposits Banking officials tonight said they felt the crisis had passed and that both banks would have no trouble withstanding a run of any size.


Article from The Virginian-Pilot, March 10, 1927

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Steady Run On Banks Halted As Business Men, Headed By Banners Inscribed "Men Or Are Prominently Displayed As Procession Moves Over Palm Beach Streets West Palm Beach, Fla., March steady run the Farmers Bank and Trust Company, which began yesterday the closing of three banks in West Palm Beach Palm and Beach, ended today when an organized parade marched down the street and band began playing march for depositors keep step to as they into the their funds. The parade, by the Municipal marched the principal streets the and in front of the Farmers and Trust pany. Banners in our banks" and were carried by business The Citizens which suffered run opened today did Officials the bank said they The runs on two banks began yesterday banks failed their doors for business. About yesterday an armored carry$2,000,000 was dispatched arrived in the the of the Palm Beach large deposits help the two institutions the large Today's parade, organized by leading citizens, blocked traffic the front of Bank and and the banners inscribed in front the long line waiting to withdraw deBanking officials tonight said they felt the crisis had banks would no trouble withstanding run of any size.


Article from Leader-Telegram, March 14, 1927

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3 Palm Beach County Banks Fail To Open Associated Press) Anne Roesler Spanel, Eau Claire WEST PALM County. Mar. Palm Beach In the the last named banks failed open their applicant. Anna Roesler Spanel. doors while another local citizenship birth this country financial institution sought by marriage stave severe alien. The present provides Farmers Bank and Trust that case of such marriage Company West Palm retained but formerone the largest banks the read that marriage soction. did open today fol- alien forfeited citizenship lowing midnight announcement rights. Reese, president that The fact that the present law the closing of local banks not necesand Palm Beach bank TuesMrs. Spanel day had precipitated the action. ular application the same if she the First Na- foreign birth. tional Bank and the noted the appliOcean City Bank Delray did cants have been this No for many years, the shortnot open reaterm those listed being sons their separation actions seven years and the longest 39 made public. years. The period resistate assumed dence this the charge of the Delray institution group. exclusive of Mrs. Spanel. The closing Lakeworth left that twenty twenty one without bank. years. long line of men and women braved pelting. rain here this morning. determinCitizens Bank West Palm Beach sizeable crowd started forming an hour before its usual opening time and the reports the Farmers Bank had not been opened. The line stretched almost block and half Mild excitoment prevailed. while friends the bank sought to talk AUCTION SALE with each person all A load of heavy broke tempt influence against withdrawal of funds. Minnesota horses at The line remained stockyards in throkgh hard shower. Reports Elk Mound circulated an armored truck enroute here with subThursday, March 17 financial aid from Miami Menomonie, banks. The Citizens bank together Saturday, March 19. the Farmers Time. weathered determined runs. Mark & Bell Co. Arrival from Miami an Local Banks, Clerk. mored o'clock with twelve sacks paper currency for bank prompted announcement bank officials that bank intended remain open until o'clock tonight demand depositors. Auction The patrons had not continsurge past the corner


Article from The Huntsville Times, March 14, 1927

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West Palm Beach Institutions Involved RUNS ARE MADE ON BANK THAT OPENED Miami is Sending Funds by Armored Trucks and the Storm May Pass Soon By Associated Press WEST PALM BEACH, Fla. Mar. 14 -Three Palin Beach county banks failed to open their doors today while another local financial institution sough to stave off severe run. The Farmers' Bank and Trust company of West Palm Beach, cne of the largest banks in this section did not open today midnight an. by Reese, its president that the closing of two local banks and Palm Beach bank last Tuesday had precipitated the action Simultaneously the First National Bank of Lakeworth and the Ocean City bank of Del Ray did not open for business this morning. No reasons for their separate actions were made public. T. Hawkins, state bank examiner, immediately assumed charge of the Del Ray institution. The closing at Lakeworth left that city withbank. The Del Ray bank was capitalized at $25,000 with deposits aggrega $1,699,850. while the Lakeworth bank capital of and deposits of $2,623,690 according to their lates' long line of women braved pelting intermittent rain here today in the Citizens Bank Beach. Mild excitement revailed while friends of the bank sough* influence all against with of funds. Reports were circulated that an armored truck was speeding here with substantial financial aid from Miami banks. Officials and directors of the Cit izen's bank, who had been in session all night, met the run this morning with statement assuring the depositors ha sufficient funds had been obtained to pay everyone and that the bank "would not close new or here "We believe that successful withstanding of the ordeal through which West Palm each has gone will be factor in the early re-establishment of confidence," the statement declared. The Citizen's bank together with the three closings.


Article from Brooklyn Eagle, March 14, 1927

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stave off severe The Farmers Bank Trust Company West Palm Beach, one the largest banks in this section, did open today following midnight by Reese, president, that the closing two local banks and Palm Beach bank last Tuesday had precipitated Simultaneously the First National Bank Lake Worth and the Ocean City Bank of Delray this morning. No reasons for their made public. assumed the Delray institution. The closing at Lake left that without bank. Depositors Besiege Citizens Bank. Delray Bank capitalized aggregatand the Lake Bank capital $100,000 and deposits both in last published July, 1926. long line of men and women braved pelting, here this morning determined Citizens Bank of West Palm Beach sizable started forming hour before its usual time augmented that Farmers Bank had not been opened. excitement prevailed, while friends of the sought to talk with person tempt all against withof funds. Shower Fails Disperse Them. The line remained intact, although hard dispersed curious threatened times jam traffic. Reports circulated that an armored truck with substantial financial aid from Miami banks.


Article from The Idaho Statesman, March 14, 1927

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West Palm Beach Bank Will Fail To Function Today PALM BEACH, Fla. The Farmers' Bank & Trust company of West Palm Beach, one of the leading financial Institutions in this section of the state, announced Sunday that the bank would not open its doors Monday. "We have been forced to close our doors the best interests of our depositors," President T. Reese, serted. "The closing of the American Bank Trust company and the Northwood Bank & Trust company, together with the First Bank & Trust company of Palm Beach, all on Tuesday, hastened this action. plan to reopen surely within 60 days, and perhaps within 30 days." he continued. had no time whatsoever to forestall our closing and while we safely weathered the strenuous run made on our bank last Tuesday and the subsequent withdrawal of deposits, we have been pressed for time. Three or four more days and our bank might have passed through this crisis."


Article from North Platte Daily Telegraph, March 14, 1927

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PALM BEACH COUNTY ONE OF THE LARGEST BANKS IN PALM BEACH IC CAUGHT IN THE FAILURES. West Palm Beach, March 14. strenuous run on the Cit izens bank was started at the c'elock opening hour and continued until early afternoon, abated at o'elock this afternoon with small lines within the bank and at the several windows. The long line of patrons was viously stretched almost block street and half block on another, had disappeared and only curious throng of spectators mained. Officials of the bank reiterated their statement that the closing hour had been extended to o'clock the interest of their depositors, West Beach, March 14. Palm Beach county banks failed to open their doors day, while another Tocal financial stitution sought ostave run, The Farmers Bank and Trust comTany of West Palm Beach, one of the largest banks in this section, did not open today folowing midnight by Reese, president, that the closing of two cal banks and Palm Beach bank last Tuesday had precipitated the tion. Simultaneously the First National bank of Lake Worth and the Ocean City bank of Del Ray did not open this morning. No reason for their separate actions were made public. Hawkins, state bank examiner, assumed charge the Del Ray institution. The closing at Lake Worth left that city without bank. The Del Ray bank was capitalized at $25,000 with deposits aggregat$1,699,850 and the Lake Worth bank had capital of $100,000 and deposits of both in their last statements published in July 1926. A long line of men and women braved pelting intermittent rain here this morning in determined run on the Citizens Bank of West Palm Beach. A sizeable crowd started forming an hour before its usual opening time and was augmented by reports that the Farmers Bank no thee проепед. The line stretched solid almost block on Clements street and on Narcissus street half block. The line remained intact. although hard shower disursed curious crowds times to jam Reports were circulated that an truck enroute here with aid from banks. Officials and directors of the Citizens Bank, who had been in session all night, met the run this morning statement assuring the ositors that sufficient funds had been obtained to pay every one and that the bnak "would not close now The Citizens Blank, together with the Farmers Bank, last week weathered the determined rans,


Article from Ledger-Enquirer, March 14, 1927

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7TH BANK FAILURE NORMAN NAMED STATE TAX HEAD AT PALM BEACHES Washington Man Succeeds Dozier. Max Land On Industrial Board. Green Trustee of University. Ga., selection R. Claude Norman, Washington, member of the industrial mission, succeed the late James H. of Athens, as state tax missioner made here today by Governor Clifford Walker Governor Walker announced the appointment by Judge F. of Athens, to Mr. ier member the of trustees of the University of Georgia Judge Max E. of Cordele, to succeed Mr. Norman on the state industrial commission. Mr. Norman formerly solicitor general for Toombs and is member of the board of trustees Mercer Mr. Norman has two children. He is 50 years of Mr. Green was formerly judge of the city of Athens is practicing The new member of the industrial commission, Mr. Land, formerly solicitor general for Cordele cuit and judge of court Wilcox His wife regent the Daughters of the Revolution and is prominent in work in the Mr Land a brother of Fort E. Land, state superintendent of schools Farmers Bank and Trust Co. Won't Open Doors Today. Three Banks Left of Ten in Operation Last June. WEST PALM Mar Bank and Trust West Palm Beach, the tions in this of the tonight that the bank would not open statement made by T. who that the banks this city last Tuesday has forced this forced to close our doors in the interests of our deMr. Reese "The closing of the Bank Trust and the Bank together with the First Bank and Trust of Palm all on Tuesday pany this "We ré-open surely within sixty and perhaps within 30 he had no to and while we safely the on our bank last Tuesday and the drawal deposits, we have been pressed for time. or four more and our bank might have passed through this crisis Mr. that the Framers Bank today had total resources totaling $10,500,000; capital $100,000 surplus $200,000 and unprofits The bank was organized 1914 Little more than year ago the bank erected ap proximately $1,000,000 at a principal downtown The closing of bank leaves three Bank West Palm Beach, the Central Farmers Trust Company Bank and West Palm of which out were in here ago Three banks failed simultaneously here


Article from Columbia Daily Tribune, March 14, 1927

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Severe Run Menaces Fourth Palm Beach County Institution. RUSH IN CURRENCY Previous Closing of Other Institutions Blamed for Suspensions. By The Associated Press WEST PALM BEACH. Fla., Mar. Palm Beach county banks failed to open their doors today while another local financial institution sought to stave off severe run. The Farmers Bank and Trust Company of West Palm Bench did open today following midnight announcement by its president that the closing of two banks and Palm Beach bank last Tuesday had precipitated the the First National Bank Lake Worth and the Ocean City Bank of Delray did not open morning reasons for their separate actions made public. long line of men and women intermittent here this morning in determined on the Citizens Bank of West sizeable crowd started forming an hour before its usual opening time augmented reports that the mers had not been opened. The line remained Intact, although hard shower dispersed curious crowds which threatened times jam traffic this intersection. Arrival from Miami armortruck noon with sacks paper currency for the Citizens Bank prompted bank officials that the bank tended open until o'clock tonight to meet every mand depositors. The of patrons had dwindled, terested crowds continued to surge past corner. President Maxfield of the Citizens Bank issued statement which would not close and urged depositors to trust the officials.


Article from The San Francisco Examiner, March 15, 1927

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IN FLORIDA BANK CRISIS Quieter Tone Prevails Following Arrival of 12 Sacks of Currency; 3 Remain Closed WEST PALM BEACH (Fla.). March 14. Associated Press.) -A quieter tone prevailed in the paim beaches tonight following period of excitement when a determined run on the Citizens' Bank prompted by the closing of three banks in Palm Beach county abated early this leaving only short lines of depositors at the windows. Two of the three banks remainIng open here did not experience runs. They observed the regular closing hours. The Citizens' Bank. however, announcing that plenty of funds had been obtained to pay every depositor, remained open until o'clock to meet all requests for The return to normaley was aided largely by the arrival from Miami of twelve sacks of currency for the Citizens' Bank. The banks which did not open to. day included the Farmers' Bank and Trust Company, one of the largest banking institutions here The bank was closed temporarily It was announced, in the interest of the depositors. Plans for re. opening the bank within 30 or 60 days were announced. The First National Bank of Lake Worth and the Ocean City Bank of Delray were the other banks which did not open today No official statement was issued regarding their closing. Meanwhile banking officials here and at Tallahassee issued quieting statements calling upon patrons to give their institutions 'proper cooperation" and assuring depositors that the banks which have remained open will be able to meet every demand.


Article from Reading Times, March 15, 1927

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PALM BEACH BANKS WITHSTAND RUNS One Remains Open After Hours and Meets Every Demand For Money WEST PALM BEACH, Fla. March 14 quieter tone prevailed in the Palm Beaches tonight following period of excitement when determined run on the Citizens' bank, prompted by the closing of three banks in Palm Beach county, abated early this afternoon, leaving only short lines of depositors at the windows. Two of the three banks remaining open here did not expect runs. They the regular closing hours. The Citizens' bank, however, announcing that plenty of funds had been obtained to pay every depositor remained open until o'clock to meet all requests for payment. The return to normality was aided largely by the arrival from Miami of twelve sacks of currency for the Citizens' bank. The banks which did not open today included the Farmers' Bank & Trust company, one of the largest banking here. The bank was closed temporarily, it was announced, in the interest of the depositors. Plans for reopening the bank within 30 or 60 days were announced. The First National bank of Lake Worth, and the City bank, of Delray, were the other banks which did not open today. No official statement was issued regarding their closing.


Article from The Olympian, March 15, 1927

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THREATENS BANK Three Institutions Fail to Open Doors Monday; Run Which Started Last Week Still Continues Fla.. Mar. 14. Three Palm Beach county failed to open their doors local financial stitution sought to stave off severe The Farmers Bank and Trust Company of West Palm Beach. one of the largest banks in this section, did not today. midnight ident. that the losing of two local and Palm Bach bank last Tuesdav had precipitated the action. the First National Bank Lake Worth and the Ocean City bank of Delray did not open this morning No reasons for their sepwere made public. state bank examiner. assumed charge the Delrav institu closing at Lake Worth left without bank Depositors in Rain The Delray bank was capitalized at with aggregating Lake Worth bank capital of $100,000 and deposits long line of men and women braved intermitten rain this morning determined the Bank of West Palm Beach sizeable crowd startforming hour before its usual opening time and was augmented by reports that the Farmers' Bank had been The line stretched solid almost block on Clematis and Narcissus street half Mild prevailed while friends bank sought to the talk with line in an each person in attempt influence all against withdrawal of funds. The remained intact. although hard shower curious crowds which threatened times to traffic this intersection. Money Coming Reports circulated that an truck route here with was en


Article from The North Platte Telegraph, March 16, 1927

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from Omaha where he has transacting business for the few past days. The art forum of the Women's club will meet at the home of Mrs. Bonner, street, at evening. Mr. and Mrs. Charles Hunt left morning for Fremont where they spend few days ONE visiting tives and friends. IN Mrs. Frank Yearsley left for this morning spend the week end with her Fay, who attending the university. Judge Dorsey of Omaha spent terday in the city visiting torneys enroute to Mitchell, Neb.. he will try bankruptcy izens case. and Mrs Emmett Shumway o'clock arrived home this morning from until Peublo, Col., where they have spent the past several days visiting several The funeral of the late Mr. Martini who was found dead bed viously Tuesday morning from sudden one heart attack held this morning other, 10 o'clock from the St. Patrick's curious church. Interment was made in the mained. local cemetery. The North Platte Dancing club their held their regular dance had evening the Dickey Dreamland the dance hall. About forty couples present Following the dance they adjourned the Blue Goose served The offices the rear over the day, Tramp and the Tramp Shoe occupied Bullock's studio are now being The decorated and remodeled to be cupied in the near future by the land Carr, now located not Building and Loan building. thirty the people of the local Lutheran church expect to to Lewellen Saturday the Luther League district ference to be held there Saturday Sunday. Rev. Guss, bank president of the Synod of Nebraska City be the principal speaker on this unday and then will to North Platte to fill the local pulpit Sunday while Rev. Anspach preaches at Lewellen. At the on Saturday evening Rev. will be toastmaster and JeanThe Toops and Mrs. Henry Johnson of North Platte will respond to toasts. Miss Larson will bank superintend the Sunday school deposits which will be etirely conducted leagurers. 1926. COUNTY OF THE LARGEST BANKS PALM BEACH CAUGHT IN THE FAILURES. Palm Beach, March 14. strenuous run on the Citbank started at the opening hour and continued early afternoon, abated at this afternoon with small lines within the bank and at windows. The long line of patrons was stretched almost block street and half block on anhad disappeared and only throng of spectators Officials of the bank reiterated statement that the closing hour been extended o'clock interest of their West Palm Beach, March 14. Palm Beach banks failed to open their doors while another local financial stitution sought ostave off Farmers Bank and Trust company of West Palm Beach, one of largest banks in this section, did open today folowing midnight by Reese, president, that the closing of banks and Palm Beach bank last Tuesday had precipitated the the First National of Lake Worth and the Ocean bank of Del Ray did not open morning. No reason for their separate actions were made public. Hawkins, state bank examiner, assumed charge of the Del Ray stitution. The closing at Lake that city without bank. Del Ray bank was capitalized deposits aggregatand the Lake Worth had capital of and $2,622,690, both in their last statements published in July long line of men and women braved pelting rain here this morning determined the Citizens Bank of Palm Beach. sizeable crowd startforming hour before its usual opening and was augmented by reports that the Farmers Bank had The line stretched solid almost block on Clements street and Narcissus street block. The line remained intact, although shower crowds which threatened at times to at this intersection. Reports were circulated that armored truck enroute here with substantial financial aid from Miami banks. Officials and directors of the Citizens Bank, who had been session all night, met the run this morning statement assuring the depositors that sufficient funds had been every one and that pay the bnak "would not close or The Citizens Bank, together with the Farmers Bank, last week weathered the determined runs. Hansen returned to his Sidney having* transacted bus. this city for the past days. Russell Overman, who attendwatch makers school in Peoria arrived home spend few visiting relatives and friends. Del Brownfield of Hershey spent today in this city and Mrs. McKee ington spent Sunday in this city visiting friends. Lena Johnson arrived home from Omaha where she spent the few days visiting friends. Mildred Nickerson is reportbe ill at local hopital suffering from an attack of acute pendicitis. Vickery returned his home in this city from Omaha where has spent he past few days business. Mr. and Mrs. Charles Hunt rived home from Fremont where spent the week end visiting the home of the latter's parents. Miss Truly Forbes, student Midland Fremont, spent the college, end in this city visiting her week and Mrs. Forbes. parents, Russell McMichael, student at the University of Nebraska arrived home called here by the illness being mother, Mrs. Howard McMichael. Williams, general manager the Wyoming division and Olcott, official, Cheyenne, spent yesterday in this city upon company business. Miss Elaine Burling arrived city yesterday from Stapleton called here by the death being grandfather, the late Andrew Jackson. Miss Edith Pyle, arrived in this from Greeley, Colo., where she city attends the Colorado State Teachers' college, to spend few days and Den, received twenty pairs pheasants from the state agriculdepartment at Lincoln for tribution this section of the The distribution will be soon as road conditions permit. arrived this city from Peoria, where attending watch After visiting relatives friends for few days he making the trip auto. Mrs. Joe Nolan today Angeles, Calif., where will husband, former owner the Rexall drug store, to make their future home. will companied by her brother, Carl Reinsh of Omaha. The Literature, Art and Music Department the Woman's meet Tuesday the Hotel Palace banquet interesting has been program ranged. Paper, "Modern German French Music," by Mrs. Drusilla solo, Mrs. N. Moran; Brown; piano solo, Miss Lois Hart; German and French songs, Helen Bonner; act play by the one Literary club of the North Platte School, directed by Miss Neva Jones; hostess, Mrs. Carr. C. Dedmore will leave this for Omaha where he will evening transact business for few


Article from Rocky Mountain American, March 17, 1927

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Banks Still Going Broke in Florida THREE PALM BEACH BANKS FAIL TO OPEN MONDAYLONG STRING OF DEPOSITORS STAND LINE FOR HOURS IN RAIN IN EFFORT TO GET SAVINGS. West Palm Beach, Florida., Mch. Palm Beach county banks failed to open their doors today, while another local financial institution sought to stave off a severe run. The Farmers Bank and Trust Co., of West Palm Beach one of the large est banks this section did not open today following a midnight announcement by Reese, its president, that the closing of two local banks and a Palm Beach bank last Tuesday, had precipitated the action. Simultaneously the First National bank of Lake Worth and the Ocean City bank of Del Ray did not open. No reasons for their separate actions were made public. Hawkins, state bank examiner, assumed charge of the Del Ray institution. The closing at Lake Worth left the city without bank. The Del Ray bank wascapitalized at $25,000 with deposits aggregating $1,699,850, and the Lake Worth bank had capital of $100,000 and depoits of $2,622,690, both in their in their last statements published in July, 1926. A long line of women and men braved petting rain here this morning in determined run on the Citizens' bank of West Palm Beach. A sizeable crowd started forming an hour before its usual opening time and was augmented by the reports that the Farmers' bank bad not been opened. The line streached solid almost block and half. Mild excitement prevailed, while friends of the bank sought to ta'k with each person in line in an attempt to influence all against withdrawal of funds. The line remained intact, although hard shower dispersed curious crowds which threatened at times to jam traffic.


Article from The Palm Beach Post, May 31, 1927

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ON Judge Thomas Hears Motion to Vacate Order Naming Gutelius for Farmers Post Correspondent Fort May the order Gutelius. of the Bank and Trust West Palm heard this by Judge Elwyn Thomas, issued the withheld That might issued morning was indicated by the judge after court adjourning motion filed by counser for Ernest comptroller appointed the Trust company as receiver for the Farmers motion claimed that, under the the appointfor the subject confirmation by the court further stated in the motion that the had charge the Farmers Bank Trust company became insoland May desigfor the for the filed petition the Gutelius ceiver tended that Mr. had ity They also out that the appointing had not honored and claimed the troller had legal the the court had obeyed. They declared that Mr. had the the First American Bank Trust company Continued from Page Three


Article from The Bradenton Herald, June 1, 1927

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Appointing Receiver For Bank In Court WEST PALM BEACH, Fla Attorneys for the First American Bank and Trust Company here were certain today that the of the bank for the Farmers Bank and Trust Company by State Ernest Amos would upheld by Circuit Judge Elwyn Thomas following from Fort Pierce yesterday that the jurist the filing of motion for the court to cate order appointing Gutelius Attorneys pointed out that the admission the motion by Judge Thomas practically vacates the Gutelius appointment inasmuch as places the burden of proving that the Amos appointment illegal on attorneys for Gutelius. Gutelius contended that the Amos appointment null and void because the comptroller not charge of the bank's affairs prior the appointment. At. torneys for the First American Bank with an opposing attorneys that M Porter, chief examiner for Amos, in charge and had refused hand the bank's affairs Gutelius following the latter's pointment by Thomas. Gutelius was formerly cashier of the Farmers Bank conference between attorneys for both sides now in session was expected to settle the matter.


Article from The Tampa Tribune, June 11, 1927

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BANK RECEIVER MIXUP GOES TO STATE COURT $8,000,000 Tied Up in Defunct East Coast Institution Awaiting Appointment TALLAHASSEE, June The state supreme court had before it today the muddle involving the receivership of the Farmers Bank and Trust Company of West Palm Beach, while is tied up in the bank of the dispute. The court was petitioned yesterday for two writs of alternative mandamus, one against Circuit Judge Elwyn Thomas of Fort Pierce, and the other against Circuit Judge E. of West Palm Beach, both to show why they will not take jurisdiction of applications for a receivership for the bank Certain creditors of the defunct institution, after Judge Chillingsworth had refused to take jurisdiction, obtained an order from Judge Thomas appointing A. Outelius as receiver. The compt declined to recognize the order, naming the First American Bank and Trust Company as the receiver, and applied to Judge Chillingworth to confirm the appointment. The latter again refused to take jurisdiction and Judge Thomas asked to rescind the Gutelius appointment, the comptroller setting forth that he was in control of the when the appointment was made Judge Thomas declared the order null and void. The creditors have asked the supreme court to mandamus Judge Thomas to reappoint Mr. other receiver, and the is requesting that Judge Chillingw take jurisdiction and confirm the appointment of the First American Bank and Trust Company as receiver.


Article from Tallahassee Democrat, June 18, 1927

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RHINELANDER CHARGED WITH New York, June Leonard Kip Rhinelander ported to be in Reno to divorce Judge Samuel Surnburne of New Rochelle, declared day that agents found no trace the wealthy husband. Mrs. Rhinelander, whom Kip attempted to divorce, alleging she had negro blood in her veins, anxious to locate her husband in order to serve papers on him in separation suit charging abandonment, according to Judge Swinburne. $500,000 ALIMONY SUIT Oklahoma City, June Hill, Oklahoma City millionaire, elected president of ternational Rotary 1924, defendant in suit for divorce and alimony, filed by Mrs. Marguerite Hill, who alleges gross neglect duty and desertion. Seventy of Oklahoma City's elite may be witnesses under an allegation in Hill's petition. APPEAL FROM DECISION West Palm Beach, June appeal will be taken from the cision rendered by Judge Thomas the receivership case the Farmers Bank and Trust Company, according to their torneys, Robbins and Drew. Judge Thomas approved the pointment of the American Bank receiver for the Farmers Bank and Trust in the circuit court Pierce.


Article from The Palm Beach Post, December 21, 1928

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BANK CASES FORM BIG COURT DOCKET Score of New Suits Filed By Tunnicliff, First American Bank Receiver Bank cases formed the bulk of business in circuit court yesterday. score of new suits being started by W. H. Tunnicliff as receiver for the First,American Bank and Trust company and number of final decrees in favor of A. Gutelius, as receiver of the Farmers Bank and Trust com. pany being signed by Judge Vincent Giblin, acting in the disqualification of Judge E. Chillingworth in the Farmers bank suits. total of $190,000 damages were asked for the First American bank through Bussey, Johnston and Lilienthal. solicitors for the receiver from the following: D. M. Barnett, $2,000: B. D. Cole, $19,000: O. B. Carr M. Brombacher $1,000: W. E. AlbertChris Fagg. $3,000: Grace M. Hall. et C. Comer Inc. $1,000: M. B. Monro $2,000: H. Noyes. $1,000: Kathleen F. Reynolds, Charles S. Rice, $2,000: J. Warren E. Young. $2,000. Mortgage foreclosure suits filed by F. Gutelius, as receiver for the Farmer Bank and Trust company decided against the following in God merry a you! final decrees issued by Judge prize winning South American beauty who is spending her F. B. Inc., S. first Christmas in the United States learning the film business in HollyBrown. Joseph wood. D. J. al., Mason al., Other suits: First Bank of Lake LAKE WORTH QUINTS Mrs. M. G. Littman. Mrs. HanMrs. Mrs. G. TO SEE ACTION TONIGHT dam., $45,000. (McCoy and Finch E. W Mrs. and Bryan and Osteen.) Donald Egbert. Mrs. C. Missouri State Life Insurance com Mrs. G. 8. Moore. and Mrs. L. C. Lake boys and pany Atlantic Bond and Mortquintets of Fort high gage company et mf. Miss Anita entertained Lake Worth to Foskett and Wilcox).


Article from The Palm Beach Post, June 22, 1929

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REESE Former Farmers Bank President Must Answer Questions In Receivers Suit West Palm Beach. former dent of Farmers Bank and Trust Company. which closed its doors, answer certain brought by the receiver the the Florida supreme court held by the Beach county authorities for court refusing the ed corpus the that day ordered to the custody. Reese refused answer the questhe that advised attorney and that involved holdings his beyond the boundary of the state.