First National Bank (St Augustine, FL)

View Charter #3462 on SPMC View balance sheet

Episode Information

Episode UID
346201295
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
34620 national
Charter Number
3462
Start Date
November 18, 1907
Location
St Augustine, Florida (29.895, -81.315)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
1cdd0f5291949032

Response Measures

Capital injected, Full suspension

Other: The bank closed to protect depositors from heavy withdrawals. Articles also mention a planned consolidation with two other local banks (Peoples Bank and Bankers Trust Company) that had been approved but not yet executed at the time of closing.

Receivership Details

Depositor recovery rate
29.1%
Date receivership started
1929-07-25
Date receivership terminated
1937-02-11
Share of assets assessed as good
32.5%
Share of assets assessed as doubtful
46.5%
Share of assets assessed as worthless
21.0%

Description

The bank closed in July 1929 following heavy withdrawals during a period of regional banking distress in Florida. Article 7 describes a separate 1907 run on the same bank.

Events (6)
1. March 3, 1886 Chartered
Source
historical_nic
2. November 18, 1907 Run
Cause
Macro News
Cause Details
Panic of 1907 and nationwide currency shortage.
Measures
Offered cashier's checks instead of cash; limited payments to $25 lots.
Newspaper Excerpt
On Nov. 16 the First National bank of St. Augustine... offered cashiers checks in place cash... This precipitated trouble, and on Monday morning, Nov 18, there started run on this bank which lasted six weeks.
Source
newspapers
3. July 24, 1929 Run
Cause
Local Banks
Cause Details
Heavy withdrawals following the closing of other Florida banks and uncertainty over crop marketing due to fruit fly quarantine.
Measures
The bank closed to protect depositors after heavy withdrawals.
Newspaper Excerpt
The First National Bank of St. Augustine... were closed today excessive withdrawals and for the protection of depositors.
Source
newspapers
4. July 24, 1929 Suspension
Cause
Local Banks
Cause Details
Closed due to excessive withdrawals during a period of regional bank failures.
Newspaper Excerpt
The First National Bank of St. Augustine and the Phiefer State Bank of Gainesville... were closed today excessive withdrawals and for the protection of depositors.
Source
newspapers
5. July 25, 1929 Receivership
Source
historical_nic
6. March 15, 1930 Receivership
Newspaper Excerpt
10 percent dividend will be paid next Wednesday all depositors of the First National Bank, announced here Saturday by M. McNair, bank receiver.
Source
newspapers

Newspaper Articles (7)
1. July 20, 1929 The Owensboro Messenger Owensboro, KY
Article from The Owensboro Messenger, July 20, 1929

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Article Text

Another Bank Closes Its Doors In Florida Reports of the closing the state Bank Pablo Jacksonville Beach reached the state banking today. Comptroller Ernest Amos said the bank liquid condition. but closprecaution when The bank Palbo the teenth bank which closed Florida this week and the Twenwithin weeks. Four others closed May and their president, John Fouts, Bartow, awaiting trial charge illegally lending himself funds. reassuring tion has from Washington dicating that lessening the fruit fly under consideration and that President Hoover plans recommend reimbursement for growers whose crops have been destroyed. This, together with growing public confidence, combined stop the runs Floridaa banks, the comptroller indicated.

2. July 25, 1929 The Tennessean Nashville, TN
Article from The Tennessean, July 25, 1929

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Article Text

STEVENSON, RAILROADER, Native of Ireland Served for 50 Years; Funeral to Be Friday. Thomas J. Stevenson, native of County Clare, Ireland and for 50 years well known among Nashville railroaders as "Uncie Tom" because of his career as an engineer, died at the home of his daughter, Mrs. Harrison, 607 North Third street, at 3:30 o'clock Wednesday Mr. Stevenson who was retired from 16 years by the Nashville Terminals by whom was employed when he suffered injuries fall from his engine in the East Nashville yards, 31. He came here shortly after the Civil in which he served in the Born in County Clare, Mr. Stevenson to America as small child. His family settled in Vermont and it there when the war broke out in the 60s that he joined the New York cavalry regiment with which he served until the over. Meanwhile his brother, Pat had come to Nashville and was engaged conductor here. Mr. Stevenson came here and soon was also an em: ploye railroads here. He was employed as engineer by various companies. total of years hefore his retirement accident caused his years to be spent Since his wife died two years Mr. had lived with his deughter Four and three Mrs. Stevenson of Augusta. Ga.. also survive Mr. member the Church the Holy TTe also was -"Mated with the Brothnt home Friday with high mass o'cleak. Burial will be in CalHonorary will he members the Helv Name Active he: Holes, Mitch Green and George Thompson. TWO BANKS OSE Jacksonville, Fla., July The First National Bank of St. Augustine and the Phiefer State Bank of Gainesville, having aggregate more than $3,000.000, were closed today excessive withdrawals and for the protection of depositors.

3. July 25, 1929 The Bradenton Herald Bradenton, FL
Article from The Bradenton Herald, July 25, 1929

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Article Text

Authorities Take Over Bank Affairs ACKSONVILLE Fla., July federal bankofficials today were charge accounts of Florida banks that closed their doors yesterday. Officials the banks, the First National Bank St. Augustine Phifer State Bank of Gainesville. said the institutions were closed protect depositors the face of heavy withdrawals. The Augustine has posits of $2,122,588.92. capital stock of $130,000 and surplus $70,000. The Gainesville bank's posits were listed and capital stock Other banks the two cities light during day, officials but had plenty cash on hand to withstand them. Permission of the United States comptroller recently granted for the consolidation of the First National Bank St. Augustine and two other banks of that city, but the fusion had not been made. President Puller of the First National bank said that the other banks. the Peoples Bank and the Bakers Trust company, would continue operate before and probably would not be affected by the closing of the First National.

4. August 6, 1929 Brownsville Herald Brownsville, TX
Article from Brownsville Herald, August 6, 1929

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Article Text

FLORIDA CALM AFTER PANIC Washington Crop Movement Report Restores Composure to Public ORLANDO, Fla., Aug. 6.-Florida's second bank panic in two years, due largely to uncertainity over marketing crops next winter because of the fruit fly quarantine, has become a thing of the past, financial interests believe. About 30 banks having closed their doors. The unexpectedness of the runs, which gained impetus after reports were circulated that Tampa and most other banks were closing, caused many sound institutions to close their doors when the reserve cash gave out, officials said. All of these banks are preparing to reopen as soon as their affairs have been straightened out to the satisfaction of the state comptroller. The people of Florida are recovering their composure with the news from Washington that citrus crops will be moved out of infested and protective zones and that other vegetables will also go to market. In this county the State Bank of Ocoee opened the first part of the week. This bank closed more than a year ago. The bulk of the depositors have agreed to freeze their deposits for a period of from one to four years rather than force liquidation and poor settlements at this time. The depositors get 25 per cent of their money each March 1, beginning next year through 1933, with interest at four per cent. The First National Bank of Winter Garden in all probability will reopen shortly. There will be some changes in the directorate, with one or two Orlando financiers on the board. The depositors are assured full payment. At St. Augustine three banks are to be consolidated, namely; the Firest National, the People's Bank for Savings and the Bankers Trust Company. Announcement is said to have been made by the United States Comptroller, approving the consolidation. At St. Petersburg the Fidelity Bank & Trust Company has acmired the banking rooms of the llexander National, at Seventh and Central avenues, which will be inlarged. The Fidelity has a capital of $100,000, which will be increased, according to announcement plans for reorganization. Announcement of the approval for sale of assets of the First Nattional of Lakeland to the DuPont interests, by the treasury department, has caused Sebring business men to predict that such action might cause the sale of the assets of the First national of Sebring to the same concern. Under the terms of the sales contract, approved by the comptroller of currency the Almours Security Company, inc., will organize a new bank to be known as the Lakeland National Bank, and will pay at the earliest "practical time a 25 per cent dividend to all creditors and pay in full all preferred claims.' New Institution At Sarasota the Palmer National Bank and Trust Company, a new financial institution capitalized at $100,000, opened for business last week. The principal stockholders are Honoree and Potter Palmer of Chicago. The bank is temporarily occupying the banking rooms of the former American National bank. Its president is John B. Cleveland, for the past three years manager of the Tampa offices of the Palmer coration.

5. March 16, 1930 The Palm Beach Post West Palm Beach, FL
Article from The Palm Beach Post, March 16, 1930

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Article Text

IS OPEN AGAIN Lights again are blazing while the music of jazz band blares from the orchestra of famed club West Palm Beach, long known as the Marathon But, today. the name is changed and the management is different, according The closed more than eight months ago series prohibition raids brought fame to the place, now the name of the Two-Bit Club. Baldwin POLICE ATHLETIC MEET the new "Baldy, he Regular the known to the Police Athletic club will be held in cently closed Paradise Club, on the police this at South Poinsettia, orchestra o'clock. All members are urged leader at the latter attend, according an announcement by Richard Post, secNINE NEGROES HELD retary. BANK TO PAY DIVIDEND Augustine, March 10 percent dividend will be paid next Wednesday all depositors of the First National Bank, an nounced here Saturday by M. McNair, bank receiver. IRISH FINDS PREHISTORIC Discovery cemetery in County Meath, Irish Free State, believed prove that there are still many interesting finds in this former seat of the cient kings of Ireland Antiqua declare that the rich pasture lands cover valuable relies of the time when all roads led Tara and great held on the planns finds much interin that part the COSTLY PIGS H. Clinton Leonard didn't like when the neighbors' pigs strayed onto farm. So caught them and sold them for $90 The owners, James Carphan and Everett Banks, found that had sold them and brought against him. He fined $196 for the pigs and $22.80 court costs, thereby losing more than $10 Oon the deal. Nine negroes, caught in skin game, face police court Monday morning answer gambling Officer A. Conner made the Along with these are six other negroes being confined city jail larceny charge case goods from the Florida Sugar Bond was set $200 H. Verner and C. O. Pierce made the ar- STATE FAIR OPENS Jacksonville, March Despite the driving rain Saturday, about 3,000 persons attended the opening of the annual Florida state School children, given free admitup most the The with Flor ida fish life, was the chief attraction HUGE NEW ZEPPELIN Berlin ship of the Graf Zeppelin is started this year the Zeppelin Airship Company The ship will be 740 feet long and will larger than either of the huge English ships, the "R 100" and expected that the ship will completed in the summer 1931.

6. March 16, 1930 Tampa Bay Times St. Petersburg, FL
Article from Tampa Bay Times, March 16, 1930

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Article Text

WILL PAY "DIVIDEND" ST. AUGUSTINE, March 10 per cent dividend will be paid next Wednesday all depositors of the First National bank, was here today by M. G. McNair, bank receiver. organizing competition for the best out campaign among clubs. During the Easter and Passover periods will be at least 4,000 in Moscow city and 10,000 in Moscow province. Four picture projectors, three troupes and 100 brigades will dispatched to the Radio loud will be placed in the streets to transmit anti-religious propaganda. For workers are busy in the day time, night demonstrations will given at the cow planetarium materialaspects of the world as opposed to

7. February 1, 1931 The Miami News Miami, FL
Article from The Miami News, February 1, 1931

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Article Text

hard to get much currency, but I assembled all could. rode day coach back to Miami with $13,000 in an old suit case, and was amply prepared for business on the fifth, when the Fort Dallas did not open and we had "run" on our bank. That is the elosest ever have come to running out of money, and the only time in the history of this bank that I've been scared. Shortly after the failure of the Fort Dallas, stockholders of the Bank of Biscayne reorganized. under the leadership of Dr. James M. Jackson and Joseph A. McDonald, who was Flag ler's representative in Miami, bought the old Fort Dallas building. which was their banking house until expansion few years ago. Conditions arising from the failure of the Fort Dallas grew worse with the panie of 1907. There was nationwide money panic, which of course was felt in Florida. On Nov. 16 the First National bank of St. Augustine, owing to the shortage of currency, though the bank was perfectly solvent. offered cashiers checks in place cash to employees in Miami. This precipitated trouble, and on Monday morning, Nov 18, there started run on this bank which lasted six weeks. We couldn't find out where the money went, though then, now since Dec. 22, our safe deposit department was busy admit ting customers to examine papers and jewelry and other effects in their boxes. We had enough money in our vaults, about $50,000. but we didn't know how long the panic would last, SO we counted it out in $25 lots. Depositors didn't want to accept our New York drafts for their checks, but we didn't want use all our because we didn't know when we could get more. This run was not as dramatic we in the last few years, but it was much greater drain on our because currency disappeared from circulation, whereas in later runs, in dividual balances were withdrawn the money always has been redeposited through other channels, such as postal funds, bond purchases, etc. After the panic of 1907. there was another boom in Florida. this time in Everglades land. United States Congressman Frank Clark inquired on the floor of congress if Florida sold this land by the acre or gallon. This boom brought about the first draining of the Everglades and increased real estate values around Miami. It was about this time that the Miami Bank and Trust Co. organized, in 1910 or 1912. This bank was absorbed in 1926 by the City National bank in Miami. The 11 years from 1910 to 1921 were constructive ones for Miami. in spite of the war business conditions were good, the Carl Fisher development at Miami Beach gave new impetus to land values. Likewise, on the Miami side the bay, the period was one of marked development. Harbor