2611. Northwood Bank & Trust Company (West Palm Beach, FL)

Bank Information

Episode Type: 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: 1bce2cdd

Response Measures

None

Description

Contemporary wires report the Northwood Bank and Trust Company 'closed their doors' on March 8, 1927 when the First American Bank and Trust failed to open. Articles state the Northwood closed to forestall a run after failures/closures of other local banks. No article in the set reports a reopening, so classified as suspension leading to closure. Cause attributed to runs/failures of other local banks (local_banks).

Events (1)

1. March 8, 1927 Suspension

Cause: Local Banks
Cause Details: Closed after First American Bank and Trust failed to open and following failures/closures of other Palm Beach banks; believed closed to forestall a run resulting from those local bank failures and heavy withdrawals in the district.
Newspaper Excerpt: No sooner had the First American Bank and Trust company posted notice that business was suspended for the protection of depositors than two other institutions Northwood Bank and Trust company of West Palm Beach ... closed.
Source: newspapers

Newspaper Articles (14)

1. March 8, 1927 The Waukesha County Freeman Waukesha, WI

Article from The Waukesha County Freeman, March 8, 1927

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RUN OPENED FLORIDA BANKS WEST PALM BEACH, Fla. leading banks of the Palm Beach district closed their doors today and started one of the most frenzied runs in the history of Florida finance. found streets jammed with depositors seeking to save their money by withdrawing from maining banks of the city. Runs on the Farmers bank and the Citizens bank of West Palm Beach were such that an armored car was dispatched from Miami bearing cash for panicky depositors. No sooner had the First American Bank and Trust company posted notice that business was suspended for the protection of depositors than two other institutions Northwood Bank and Trust company of West Palm Beach and the First Bank and Trust company Palm Beach.

2. March 8, 1927 Post-Bulletin Rochester, MN

Article from Post-Bulletin, March 8, 1927

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RUN FOLLOWS CLOSING OF PALM BEACH BANKS Story of Bursting of Florida Bubble Told In Financial Slump West Palm Beach, Fla., March 8. First American 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 morning. Runs began on three other West Palm Beach banks. Police took charge of the crowds that gathered in front of the institutions, and maintained order. Directors of the First American Bank and Trust company stated that the bank is solvent and would be opened after reorganization. The First American was capitalized at $300,000 and statement issued this morning showed: Loans and discounts $3,416,503: (cash in vault $58,255; cash in other banks $553,730; liabilities, bills payable, $1,140,000; deposits $2,982,787 The First American bank's officers said it had to be closed because of 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 $10,500,000 has been withdrawn from the bank from peak of $13,500,000 deposits a few months ago, directors said. The First Bank and Trust company of West Palm Beach was capitalized at $50,000 and has $100,000 as surplus and undivided profits. No reason was announced for the closing, but it was given 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.

3. March 8, 1927 The Sheboygan Press Sheboygan, WI

Article from The Sheboygan Press, March 8, 1927

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Frenzied Run On Three Palm Beach Banks Is Started United Press] Three West Palm Beach, the Palm Beach leading banks closed their doors today district one of the most frenand started in the history of Florida zied runs finance. found streets jammed seeking to with depositors withdrawing their money banks of the city. from remaining Runs on the Farmers bank and bank of West Palm the Citizens Beach were such that an armored dispatched from Miami bearing cash for panicky deposisooner had the First AmeriBank Trust company posted notice that business was for the protection of positors two other institutions Northwood Bank and Trust company West Palm Beach and First Bank and Trust of Palm Beach. company

4. March 8, 1927 Daily Republican-Register Mount Carmel, IL

Article from Daily Republican-Register, March 8, 1927

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TWO FLORIDA BANKS CLOSE THEIR DOORS (United WEST PALM BEACH, Fla. March leading banks the Beach district closed their doors today and started the runs in the history of Florida finance. found streets jammed with depositors seeking their money withdrawing from remaining banks of the city. Runs on the Farmers' bank and the Citizens' bank of West Palm Beach such an armored car dispatched from Miami bearing cash for panicky depositNo sooner had the First American bank and Trust company posted notice that business suspended for the protection depositors than two other institutions Northwood bank and Trust company of West Palm Beach First Bank and Trust of Palm Beach. company

5. March 8, 1927 Albany Democrat-Herald Albany, OR

Article from Albany Democrat-Herald, March 8, 1927

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THREE BANKS CLOSED: PANIC STARTS Heavy Runs Cause Leading Palm Beach Institutions to Suspend Business This Morning. CROWDS SEEK FUNDS Depositors Swarm Around Doors of Defunct Firms -Cash Brought in via Armored Truck. (By United Press Leased Wire) WEST PALM BEACH. Fla. March 8.-Three leading banks of Palm Beach closed their doors this morning and started the most frenzied runs in the history of Florida finance. Midday found streets jammed with depositors seeking to save their money by drawing it from remaining banks the city. Runs the Farmers bank and the Citizens bank of West Palm Beach were such that an armored car was despatched from Miami bearfor panicky No sooner had the American and Trust posted that business for the protection of depesitors than two institutions elosed-the North wood Bank and Trust company of West Palm Beach. and the First Bank and Trust company of Palm Beach. Heavy withdrawals on all three banks during the past eight ten months unsettled condition affairs in this part the given as reasons for the

6. March 8, 1927 Marshfield News-Herald Marshfield, WI

Article from Marshfield News-Herald, March 8, 1927

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START RUNS ON THREE FLORIDA TRUST CONCERNS WEST PALM BEACH, Fla., March AP) The First National Bank and Trust company of Palm Beach and the Northwood Bank and Trust company at West Palm Beach closes their doors today when the First American Bank and Trust company here failed to open this morning Runs began on two other West Palm Beach banks. 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 left Miami for West Palm Beach bearing a large sum of currency for the Citi, zens bank and the Farmers Bank and Trust company Directors the First American bank and Trust company stated that the bank is solvent and would be reopened after reorganization. The directors stated they have more the legal reserve on hand Officers of the First American bank which capitalized at $300,000 said the bank had to be closed because of general conditions following failure of three Palm Beach banks last June. the First Bank and Trust company officers gave no reason for closing; but it is believed the bank closed to forestail a run. The Northwood bank, which serves the part of West Palm Beach, is believed to have closed for the same reason.

7. March 8, 1927 Visalia Daily Times Visalia, CA

Article from Visalia Daily Times, March 8, 1927

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Three Palm Beach Banks Are Closed WEST PALM March leading banks the Palm Beaches closed their doors this morning and started one of the most frenzied runs in the history of Florida finance. Midday found streets jammed with to save their money by withdrawing from remaining banks of the Runs on the Farmers Bank and the Citizens Bank of West Palm Beach were such that an armored car was dispatched from Miami bearing cash for panicky depositors. No sooner had the first American Bank and Trust Company posted notice that business was suspended for the protection of depositors than two other institutions Northwood Bank and Trust Comnany of West Palm Beach and the First Bank and Trust Company of Palm Beach. Heavy withdrawals on all three banks the past eight or ten months and unsettled condition of affairs in this part of the state were given as reasons for the closings. Long queues of worried depositors waited during the early afternoon to withdraw their savings from banks remaining Police kept the open. lines moving. As result of the closing of the First Bank and Trust Company Palm Beach was left today without chartered bank E. M. Brelsford. Palm Beach capitalist and South Florida pioneer, was president of the First American Bank, which was the first to announce it had closed. Brelsford was also an officer of the First Bank and Trust company.

8. March 8, 1927 The Times Streator, IL

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THREE FLORIDA BANKS CLOSED WEST PALM BEACH March leading banks of the Palm Beach district closed doors today and started one most the of Florida finance. found streets deposit seeking save money from banks of the Runs on Farmers bank and the Citizens bank of West Palm Beach were such that an armored from Miami car bearing for panicky depositors No sooner had First can Bank and Trust Company posted notice that business pended for the protection of depos. than other Northwood Bank and Trust Company of West Beach and First Bank Trust Company of Palm

9. March 8, 1927 The Brooklyn Daily Times Brooklyn, NY

Article from The Brooklyn Daily Times, March 8, 1927

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Run on Banks Florida When Close Their Doors United West Palm March leading banks of the Palm Beach District closed their doors day and started one frenzied runs in the history Florida finance. Midday found streets Jammed with depositors seeking save their money from maining banks the Runs Farmers' Bank and the Citizens' Bank West Palm Beach that armored bearing panicky depositors. had the First American Bank and Trust Company posted notice that for the protection of depositors, than two other institutions Northwood Bank and Trust Company West Palm Beach and the First Bank and Trust Company Palm Beach. Heavy withdrawals on all three banks during the eight months and unsettled conditions of affairs this State the closing.

10. March 8, 1927 The Hanford Sentinel Hanford, CA

Article from The Hanford Sentinel, March 8, 1927

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ON BANKS CAUSES SUSPENSION Frenzied Depositors Jam Streets In Panicky Crash. ARMORED CAR OUT Withdrawals From Other Banks Follow Closings. West Palm Beach, Fla., March leading banks of the Palm Beaches closed their doors this morning and started one of the most frenzied runs in the history of Florida finances. Midday found streets jammed with depositors seeking to save their money by withdrawing it from the remaining banks of the city. Runs on the Farmers Bank and the Citizens Bank of West Palm Beach were such that an armored car dispatched from Miami bearing cash for panicky depositors. No sooner had the First American Bank and Trust company posted notices that business was suspended for the protection of depositors than two other institutions Northwood Bank and Trust company of West Palm Beach, and the First Bank and Trust company of Palm Beach. Heavy withdrawals on all three banks during the past eight or ten months and unsettled condition of affairs in this part of the state were given as reasons for the closings. Long queues of flurried depositors waited during the early afternoon to withdraw their savings from banks remaining open. Police kept the lines moving. As result of the closing of the First Bank and Trust company, Palm Beach was left today without E. M. Brelsford, Palm Beach capitalist and South Florida pioneer, was president of the First American Bank which was the first to an nounce its close. Brelsford was also an officer of the First Bank and Trust company.

11. March 8, 1927 Spokane Chronicle Spokane, WA

Article from Spokane Chronicle, March 8, 1927

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FLORIDA BANKS CLOSING DOORS Two of West Palm Beach's Institutions Unable to Open-Runs on Others. WEST PALM BEACH, Fla., March 8. (P)-The 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 failed to open this morning. Runs began on three other West Palm Beach banks. Police took charge of the crowds that gathered in front of the instiand maintained order. The First American bank's officers said it 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 failof the First Bank and Trust company few weeks ago in Lake Worth, and continued large withdrawals depositors in the past few More $10,500,000 has been withdrawn from bank peak of $13,500,000 deposits a few months directors said. The First Bank and Trust company of Palm Beach capitalized at $50.000 and $100,000 as surplus and undivided profits. No reason was announced for the closing, but it is lieved that the bank closed in order to forestall The Northwood bank, which serves northern part West Palm Beach, is believed to have closed for the same reason.

12. March 8, 1927 Los Angeles Evening Citizen News Hollywood, CA

Article from Los Angeles Evening Citizen News, March 8, 1927

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RUNS Streets Of West Palm Beach Jammed As Depositors Cash ARMORED CAR USED Heavy Withdrawals Of Last Eight Months Given As Reason [UNITED PRESS LEASED WIRE] WEST PALM March leading banks of the Palm Beaches closed their doors this morning and started one of the most frenzied runs in the history of Florida finance. Mid-day found streets jammed with depositors seeking to save their money by it from remaining banks of the Runs on the Farmers bank and the Citizens bank of West Palm Beach were such that an armored was dispatched from Miami bearing cash for panicky depositors. No sooner had the First AmeriBank and Trust Company postnotice that business was suspended for the protection of depositors than two other institutions Northwood Bank and Trust Company West Palm Beach and the First Bank and Trust Company of Palm Heavy withdrawals on all three banks during the past eight or ten months and unsettled condition of affairs in this part of the state were given as reasons for the closing.

13. March 8, 1927 The Daily Republican Poplar Bluff, MO

Article from The Daily Republican, March 8, 1927

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Three Palm Beach Banks Today By Associated West Palm Beach, Fla., March armored car bearing $2,000,000 in currency arrived here shortafter noon today from Miami to the closing of two local prevent banks following the closing of three other banks today. Heavy withdrawals of deposits in the two banks continued in the early afternoon, but bank officials expressed belief that the impending closing had been averted by the lief from Miami. West Palm Beach, Fla., March The First Bank and Trust Company of Palm Beach and the Northwood Bank and Trust Company Palm Beach closed their doors today when the First American Bank and Trust Company here failed to open this morning. Runs began on two other West Palm Beach banks. Crowds Gathered. Police took charge of the crowds that gathered in front of the institutions, and maintained Directors of the First Bank and Trust Company stated that the bank is solvent and would be ened after reorganization. The rectors stated that they have more than legal reserve on hand. The First American Bank's officers be closed because of said it had to general conditions following the failof three Palm Beach banks last hurricanes, the continued June, the depression in real estate, the upheavel the city affairs, the failure of the First Bank and Trust Company few weeks in Lake Worth and conago tinued large withdrawals by depositthe few weeks. It was ors in past capitalized at $300,000. Bank and Trust ComThe First pany of Palm Beach is capitalized at No reason was announced $50,000. it is believed that for the closing but order to forestall the bank closed in run. The Northwood Bank, which serves of West Palm the northern part have closed for Beach, is believed to the same reason. West Palm Beach, Fla., Mar. in Palm Beach Two banks and one failed for busines stoday. to open

14. March 9, 1927 Daily News New York, NY

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3 FLORIDA BANKS CLOSE, STARTING RUNS ON OTHERS West Palm Beach, Fla., March 8 (U. P.).-Three leading banks of Palm Beach district closed their doors today. This act started one of the most frenzied runs in the history of Florida finance. Midday found streets jammed with depositors seeking to withdraw their money from remaining banks of the city. Runs on the Farmers' bank and the Citizens' bank of West Palm Beach were such that an armored car was sent from Miami bearing cash for panicky depositors. No sooner had the First American Bank and Trust company posted notice that business was suspended than the Northwood Bank and Trust company of West Palm Beach and the First Bank and Trust company of Palm Beach closed.