2610. Northwood Bank (West Palm Beach, FL)

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: March 8, 1927
Location: West Palm Beach, Florida (26.715, -80.053)

Metadata

Model: gpt-5-mini
Short Digest: c44e0a45

Response Measures

None

Description

Multiple contemporaneous articles (Mar 8, 1927) report the Northwood Bank in West Palm Beach believed to have closed to forestall a run after several nearby Palm Beach banks failed or suspended. The coverage does not describe a distinct misinformation event triggering withdrawals at Northwood; the cause appears to be contagion from other local bank failures and heavy withdrawals. There is no explicit reporting of Northwood's permanent failure; several pieces mention reorganization/opening plans for First American Bank (a different institution). I classify as suspension_reopening because the closure is described as precautionary/temporary and no receiver or permanent takeover is reported, but the record for Northwood's final outcome is not definitive.

Events (1)

1. March 8, 1927 Suspension

Cause: Local Banks
Cause Details: Closed to forestall a run after failures/closures of other Palm Beach banks (closures of several nearby banks, large withdrawals); contagion from local bank failures and general adverse local conditions (hurricanes, real estate depression, upheaval).
Newspaper Excerpt: The Northwood Bank, which serves the northern part of West Palm Beach, is believed to have closed for the same reason.
Source: newspapers

Newspaper Articles (10)

1. March 8, 1927 Commercial Bangor, ME

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BANKS CLOSE AT PALM BEACH AND WEST PALM (Continued from Page One) Judge Knox granted 24 hours In which file appeal. Miller and wife then left their home to mington, Miller's $5,000 continued pending appeal Miller Indicted with Harry M Daugherty, former attorney general the John King, republican national committeeman from Connecticut and Jess W. Smith, Daugherty's handy man who suicide Washington 1023 It alleged they conspired to pass claims 7.000.000 proceeds the sale of impounded American Metal Co. seized during the war German ow.ed Evidence duced show that of "fee" of $441,000 paid to effect allowance claims went to Miller's banking brokerage accounts. jury disagreed Daugherty, who was tried with Miller. New York, March Thomas Miller. former alien property custodian. today sentenced to serve 18 months in federal prison pay fine $5,000 when arraigned in Federal court. the Harding convicted Friday of the United States of his honest in the allowance of claims for $7,000,000. Harry M. former attorney was indicted Miller. The jury disagreed on Daugherty and the indictment against him dropped. Bank the Farmers Bank and Trust Co. Palm Beach, Fla., March armored car bearing 82,000,000 arrived today to prevent the closing of two local banks following the closing of three other banks today. Heavy withdrawals of deposits in the two banks the afternoon bank officials pressed hope that pending ings been averted by rivals from Miami. Directors of the First American bank and Trust Co. stated that the bank is ,and would be opened after reorganization. The directors stated that they have than legal reserve The First American was $300,000 and statement issuLoans and discounts. $3,416,503.52. Cash in vault $58, 253. Cash in other banks, Liabilities bills payable $1,140,000; Deposits The First American bank's officers had to be closed of failure three banks last June, the hurricanes/ the continued in real estate, the in the city affairs. the failure the First Bank and Trust Co. few weeks ago in continued large withdrawals by depositors in the past few More than $10,500,000 has been withdrawn from bank from peak $13,500,000 deposits a few months directors say. The First Bank and Trust Palm Beach capitalized at $50,000 and has $100,000 as surplus and profits. No reason was announced for the closing but it is be lieved closed In order to forestall The Northwood bank which served the of West Palm Beach believed to have closed for the Closing the reorganized First Bank Trust Co., Lakeworth (ew weks ago bad apparently inspired depositors to withdraw their accounts in large sums.

2. March 8, 1927 New Britain Herald New Britain, CT

Article from New Britain Herald, March 8, 1927

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Police Keep Order Police took charge of the crowds that gathered in front 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 re-organization. The directors stated that they have c more than a legal reserve on hand. e The First American was capitalized at $300,000 and a statement issuo ed this morning showed: I Loans and discounts $3,416,503.42; cash in vault $58,255.35; cash in , other banks $553,730.85; liabilities, bills payable $1,140,000; deposits, $2,982,787.67. : The First American Bank's officers said it had to be closed because I of general conditions following the failure of three Palm Beach banks : last June, the hurricanes, the continued depression in real estate, the upheaval in the city affairs. the failure of the First Bank and Trust , Company a few weeks ago in Lake 1 Worth, and continued large 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 said. The First Bank and Trust Company of Palm Beach is capitalized , at $50,000 and has $100,000 as a 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 serv. 1 ed the northern part of West Palm Beach, is believed to have closed for the same reason. Closing of the re-organized First Bank and Trust Company of Lake Worth a few weeks ago had appar) ently inspired depositors here to withdraw their accounts in large sums. ) Illinois Failures. 3 I Mendota, III., March 8 (AP) The Arlington State Bank, at Arlington, t near here, was closed today by the S directors. Frozen assets were asL signed for the closing of the bank which had farmers mainly as clients, ) Springfield, Ill., March 8 (AP)-The S Marbold State Bank at Greenview, S was closed today after a run started yesterday when it was rumored that 1 the bank had heavy holdings in the North Side Bank of Springfield, I which closed last week

3. March 8, 1927 Evening Star Washington, DC

Article from Evening Star, March 8, 1927

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THREE BANKS SHUT DOORS IN FLORIDA Two State Institutions in Illinois Also Suspend Business. By the Associated Press. WEST PALM BEACH, Fla., March 8.-Two banks here and one in Palm Beach failed to open for business today. Police took charge of the crowds that gathered in front of the institutions and maintained order. Officials of the Citizens Bank an nounced 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 Co. Directors of the First American Bank & Trust Co. 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. Bank Issues Statement. The First American was capitalized at $300,000 and a statement issued this morning showed: Loans and discounts, $3,416,503.52 cash in vault, $58,255.35; cash in other banks, $553,730.85; liabilities, bills pay able, $1,140,000; deposits, $2,982,787.67. The First American Bank's officers said it had to be closed because of gen. eral conditions following the failure of two Palm Beach banks last June. the hurricanes, the continued depres. sion in real estate. the upheaval in city affairs, the failure of the First Bank & Trust Co., a few weeks ago in Lake Worth, and continued large 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 said. Run Seemed Imminent. The First Bank and Trust Co. of Palm Beach is capitalized at $50,000. and has $100,000 as surplus and un. divided 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 northern part of West Palm Beach, is believed to have closed for the same reason. Closing of the reorganized First Bank and Trust Co. of Lake Worth a few weeks ago had apparently inspired depositors here to withdraw their accounts in large sums. Illinois Banks Closed. MENDOTA, Ill., March 8 (AP).-The Arlington State Bank. only bank at Arlington, near here, was closed today by the directors, who are awaiting examination of the books by the State auditor. Frozen assets were assigned for the closing of the bank, which had farmers mainly as clients. SPRINGFIELD, Ill., March 8 (AP).The Marbold State Bank at Greenview was closed today after a run started yesterday, when it was rumored that the bank had heavy holdings in the North Side Bank of Springfield, which closed last week. Bank examiners were in charge today.

4. March 8, 1927 The La Crosse Tribune La Crosse, WI

Article from The La Crosse Tribune, March 8, 1927

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THREE PALM BEACH BANKS CLOSE DOORS: RUN ON TWO OTHERS Send Money to Relieve Banks Being Rushed by Large Crowds WEST PALM BEACH, Fla. (A. First Bank and Trust company of Palm Beach and the and Trust of closed their when the First American Bank and Trust company here failed to open Tuesday Runs began on two other West Palm Beach Police took charge of the crowds that gathered in front of institutions and Officials the Citizens Bank announced an armored had left Miami for West Palm Beach bearing a large sum of currency for the Citizens Bank and the Farmers Bank Trust company. Directors First American and Trust company stated the bank and would be opened The directors stated that they have more than legal on hand. the First American Bank, which is capitalized at $300, 000, said had be closed of the failure of three Palm Beach banks last June. The First Bank and Trust company officials reason for the closing, but it is believed that the bank closed in order to run. The Northwood Bank, which serves the northern part of West Palm Beach, believed to have closed for the same reason.

5. March 8, 1927 The Pasadena Post Pasadena, CA

Article from The Pasadena Post, March 8, 1927

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Panic Threatened as Banks Closed (Continued From Page One) rency for the Citizens' bank and the Farmers' Bank and Trust company. Directors of the First American Bank and Trust company stated that the bank solvent and would be opened after reorganization. The directors stated that they have more than legal reserve hand. The First American bank's officers said had to closed cause general conditions following failure of three Palm Beach banks last June, the hurricanes, the depression in real tate, the upheaval in the city affairs, failure First Bank and Trust company few weeks ago in Lake Worth and continued large withdrawals by depositors in the past few weeks. More than has been withdrawn from the bank from peak of deposits months ago, directors said. The First Bank and Trust company of Palm Beach capitalized and as surplus and undivided reason was announced for closing. but believed that the bank closed in order to forestall The Northwood bank which serves the of West Palm Beach, is believed to have closed for the same Closing the reorganized First Bank and Trust company of Lakeworth few weeks ago had apparently inspired depositors here to withdraw their accounts in large sums.

6. March 8, 1927 The Evening News Harrisburg, PA

Article from The Evening News, March 8, 1927

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Entries for Tomorrow Jefferson Park FIRST. $1000, claiming; 2-year109; Junebroker, 107; Infante, Florida Castle, Peggy 107; Trydor, 108; Taylor, Mollie Dear, 114; Lady Blue, Tiger x-Sandy 105. eligi114; Sister Maggie, Eighteen Sixty, Bun, O'Leen, 115; Billy McCarney, SECOND. $1000, claiming; 4-yearQueen 112; 114; 112; Ensign, x-Updike, Legs, Frightful, 112; Del Evans, eligible: 112; Sixty, 110; Bay, 110; THIRD. 3-yearolds; miles: 108; 102; Den102; Meteor, Sleepyhead, Overton, x-French Lady, 100; Spandor, Reveillon, Also eligible: 113; Contrary, Wilmer Wizard, Cat, 105; Little FOURTH. $1000, claiming; furlongs: Burn, x-Sutsus, Horgian, Miamitriad, Master olds Firedog, Efeldee, x-Coy, 107; Grange, 108; FIFTH. $1000, the yards; Billy Baughn, Leader, 99; Tempter, 102; Marlboro, SIXTH. claiming; 4-yearmiles: x-Grand Bey, Cardenas, Kanduit, x-Miss Meise, 106; Cock113; Ocean Resourceful, 115; SEVENTH. $1000. claiming: 4-yearTicker, Ralph, Kumonin, 107: x-Sincere, Tangerine, x-Stoneage, Bolivard Bond; Peggy O., 105. Counsellor 110; Jupiter, 110; 110; Seacourt, 102; x-Long Champs, x-Apprentice allowance claimed. Cloudy and fast. Pompano FIRST. $700, claiming, 5½ furlongs: Silver Wings, French First Light, 105; The Colonel, 110; 100. SECOND. Lanoil, Sligo Jingle, 111; Natrolight, Ask Him, 108; THIRD. claiming, 3-year-olds furlongs: Antiquity, 108; 95; Becky Sue, 110; Stanwix, Liberation, 105. FOURTH. claiming, Esther Irish Pat, Warning, 106; Idol, 108; Lane, Gay Boy II, 116; $700. claiming, furlongs: Polycarp, 104; Betsy Bacon, Nisba, 97; Loushank, 109; SIXTH. $700, claiming, Pardon, Moli112; 112; Revolt, Princess, 107; Lydia Drew, Gambling Tony, 112; SEVENTH. claiming, Golden Superlady, Pop Ryan, Steinway, 111; Merry claimed. Clear fast. Havana FIRST. $700; fillies and furlongs: Nano Ronan, 108; Nidnod, 99; MoonLillie Lady Slipper, Alvores, 112; SECOND. claiming, fillies BEACH DISTRICT mares; Laughling 108; x-Eileen Cornne, Press x-Nacomee, WEST PALM BEACH, Lady, THIRD. fillies and March leading banks of claiming, the Palm Beach district closed Confederacy, 108; Hart, their doors today started one Fancy, 108; the most frenzied runs in the Lyn Rose, history Florida finance. Grace, found streets jammed FOURTH. maidens, depositors seeking save Soldier, their money by French Princess x-Star from banks of the city. Jimtown, Runs on the Bank and Col Zinthon, Mishap, 107; the Citizens' Bank of West Palm Beach such an armored $700; claiming, car was from Miami furlongs: Whats Time, bearing cash for panicky deposiCappie, -Lavana tors. had the First Ferrash, American Bank & Trust Company Velo, 102; Dolly Dunbar, Fortune, posted notice that business suspended for the of deSIXTH. positors that two other miles: Northwood Bank and lehem, West Palm Trust Company Atador, 106; Mr. Plaid, 112; Berrillia, Beach and First Bank and Trust Company Palm Beach. claiming, 4-yearHeavy withdrawals on all three miles: Illustrator, Yellow 112; banks during the past eight ten Pine, The Ally, months and unsettled conditions of Emma, Caribean, affairs this part of the state 102; Times, 101; given as reasons for the closAgnes, ing. listed according to post x-Apprentice allowance claimed. Clear and fast. ALLEGED

7. March 8, 1927 Santa Barbara News-Press Santa Barbara, CA

Article from Santa Barbara News-Press, March 8, 1927

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RUNS BEGIN ON BANKS THREE CLOSE (Continued from page 1) real estate, the upheaval in the city affairs. the failure of the First Bank and Trust company few weeks ago Lake Worth, and continued large withdrawals by depositors in the past few vecks. More than $10,500,000 has been withdra from the bank from peak of $13,500,000 as surplus and undivided profits. No reason was announced for the closing. but is believed that the bank closed in order to forestall run. The Northwood bank, which serves the northern part of West Palm Beach, is believed to have closed for the same reason. Closing of the reorganized First Bank and Trust company Lake Worth few weeks ago had apparently inspired depositors here to withdraw the accounts in large sums.

8. March 9, 1927 Chicago Tribune Chicago, IL

Article from Chicago Tribune, March 9, 1927

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RUSH $2,000,000 TO HALT RUN ON FLORIDA BANKS Three in Palm Beach Close Their Doors. Palm Beach, Fla., March Spe. etal. This playground of northern financiers was entirely without bank. ing facilities today when its last bank. the First Bank and Trust company, failed to open. Next door, in West Palm Beach. two other banks were closed and two more went through heavy runs by depositors but survived. Officials the three banks that closed blamed the recent hurricanes, real estate depression, heavy withdrawals. and charges of corruption in the government of West Palm Beach for their action. Six Banks Have Closed. Six banks have now closed in the Pulm Beaches since June. The West Palm Beach banks shut today were the Northwood bank and the First American Bank and Trust company Depositors of the Farmer Bank and Trust company and the Citizens bank started a determined run on both institutions. which kept up all day The withdrawals were so heavy that an armored car brought $2,000,000 in currency to the banks. The truck stopped first at the Farm ers bank and the crowd cheered. The additional money, however, did not allay the fear of the depositors and the run gained new impetus. Police passed among the patrons and perfect order was The banks kept paying until the regular closing hour, 2 o'clock. Only $58,255 in Cash. The First American Bank and Trust company had liabilities of $4,765,095. with loans and discounts of $3,416,503 and cash on hand of only $58,255. It also has over $500,000 cash in other Deposits In local banks had slumped $10,000,000 in the last few months, due to withdrawals. Ten nationally known financiers are reported to have pledged their help in stemming further with. drawals and preventing any more fail ures. They are John S. Phipps, Edward T. Stotesbury, Edward R. Bradley, Edward F. Hutton, Edward G. Moore, J. F. Baker Anthony J. Drexel Biddle Jr. L. G. Kaufman. S. Davies Warfield, and Harris Hammond. Close Arlington, III., Bank. Arlington State bank of Arlington, III., near here. was closed today by action of the directors, Frozen assets were assigned by John Cassidy, cashier, as the cause of the closing of the bank. Greenview Bank Closes. Springfield. III., March 8.-Doors of the Marbold State bank at Greenview, thirty miles north of Springfield, were closed today as a result of a run started yesterday when It was rumored that the bank had heavy holdings in the North Side bank of Springfield, which closed last week.

9. March 10, 1927 Rapid City Journal Rapid City, SD

Article from Rapid City Journal, March 10, 1927

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ized at $300,000 and statement issued this morning showed: Loans and discounts cash in vault $58,255; cash in other banks $553,730; liabilities, bills payable $1,140,000; deposits $2, The First American bank's officers said had to be closed because of general conditions following the failure of three Palm Beach banks last June, the hurricanes, the continued depression in real estate, the upheaval in the city affairs, the failure of the First Bank and Trust company few weeks ago in Lake Worth, and continued large withdrawals by depositors in the past few weeks. More than has been withdrawn from the bank from peak of $13,500,000 deposits few months ago, directors said. The First Bank and Trust company of Palm Beach is capitalized and has as surplus and undivided profits. No reason was announced for the closing but It believed that the bank closed in order to forestall run. The Northwood bank which serves the northern part of West Palm Beach, is believed to have closed for the same reason.

10. March 18, 1927 Tribune of Shelby Shelby, MT

Article from Tribune of Shelby, March 18, 1927

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GALATA Four tractors were sold this week to Jake Englin, Chris. Dorn, James Kinyon and Joe Peters, and Ed. MoIntyre purchased new truck last week. The trucks are hauling oil out to the Hunter lease, north of Galata. Mrs. J. Turner returned home last Sunday from Seattle where she spent the winter. Mrs. Hellenger from Devon was Galata visitor. Mrs. John Chandler entertained the Galata girls' basket ball team to dinner. All reported a good time. Ladies Sewing club met at Mrs. Reg gle Eltons. Mrs. John Cockrill has returned from Spokane. O. E. Drake has shipped in a carload of flour and feed. Two cars of hay were shipped in by the farmers north of town this week. C. Thurman was in for lodge meeting Wednesday. The First American bank' officers waid It had to be closed because general conditions following the ure of three Palm Beach banks last June, the hurricanes, the continued-de pression in real estate, the upheaval in the city affairs, the failure of First Bank and Trust company few weeks ago in Lake Worth, and continued large withdrawals by depositors in the past few weeks. More than $10,500,000 has been withdrawn the bank from a peak of $13,500,000 deposits a few months ago, directors said. The First Bank and Trust company of Palm Beach is capitalized at $60,000 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 run. The Northwood bank, which serves the northern part of West Palm Beach is believed to have closed for the same reason. "Ted Bovum says he can't stand to see a woman stand in street car 80 he holds both eyes shut."