Polk County National Bank (Bartow, FL)

View Charter #4627 on SPMC View balance sheet

Episode Information

Episode Type
Run → Suspension → Closure
Start Date
May 15, 1929
Location
Bartow, Florida (27.896, -81.843)
Bank Type
national
Charter Number
4627

Metadata

Episode ID
Bank ID
City ID
120278138
Model
gpt-5-mini
Short Digest

Response Measures

Accommodated withdrawals, Capital injected

Notes

Bank suffered a brief run in mid-May 1929 and closed permanently early in the summer of 1929; a new Florida National Bank opened in Nov. 1929.

Events (6)
1. September 11, 1891 Chartered
Source
historical_nic
2. April 16, 1929 Voluntary Liquidation
Source
historical_nic
3. May 15, 1929 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank was in a failing condition leading to closure/suspension early in the summer of 1929; officers later faced investigations.
Newspaper Excerpt
the closing of the Polk County National bank early in the summer.
Source
newspapers
4. May 17, 1929 Run
Cause
Rumor Or Misinformation
Cause Details
Local rumors prompted depositors to attempt withdrawals at opening; business leaders and depositors countered withdrawals.
Measures
Local business men and wage earners made deposits that outnumbered withdrawals, halting the run within about half an hour.
Newspaper Excerpt
Deposits Offset Run On Bank in Bartow ... the threatened run on the institution had been halted by business men and wage earners.
Source
newspapers
5. November 8, 1929 Voluntary Liquidation
Source
historical_nic
6. * Receivership
Newspaper Excerpt
Early in 1929 the older bank was in a failing condition and the new bank was formed to take over its assets and assume its liabilities. ... suit brought in 1931 by the receiver of the successor bank. (appeal reported 1934).
Source
newspapers

Newspaper Articles (6)
1. May 17, 1929 The Tampa Times Tampa, FL
Article from The Tampa Times, May 17, 1929

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Article Text

Deposits Offset Run On Bank in Bartow Bartow, May 17.-Officials of the Polk County National bank found today when they checked up yesterday's business that deposits far exceed withdrawals and that a threatened run on the institution had been halted by business men and wage earners. The threat came at the opening for business yesterday, but was ended within half an hour when depositors outnumbered those who sought to remove their funds. Rumors current here were to the effect that New York capitalists interested in other Polk county institutions had that if investigation showed the five banks closed in this district early this week were found solvent they would be reopened as soon as negotiations could be completed. Conditions were reported "as usual' at other financial institutions in this section.

2. July 12, 1929 Pensacola News Journal Pensacola, FL
Article from Pensacola News Journal, July 12, 1929

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Article Text

THREE FLORIDA BANKS CLOSED BY HUGE RUNS Two Deland And One Miami Institution In Hands Of Examiners BARTOW OFFICIAL HELD Official Arrested On Charge Of Violating State Banking Laws JACKSONVILLE, July Three Florida at Deland and one in the hands bank examiners pending reorganization or liquidation. The First National bank at Deland closed its doors shortly before noon after heavy run following the notice on the window of the Volusia County Bank and Trust Co., also of Deland, that that institution suspended business and is the hands of the state Held County Funds The banks at Deland were two of the oldest financial institutions in Volusia county and both depositories for city and county funds. The Volusia county bank had sources of deposits of capital stock of $200.000; surplus and loans and discounts of $1,724,516.08, while the First National had resources of capital stock $100,000: surplus $25,000 and deposits of Closing of those two banks left Deland without single financial institution. Examiner Takes Charge The Colonial Bank and Trust Miami, capitalized $100,000 and with surplus of $50,000 failed to open its doors today after steady withdrawals of cash during the past four days. was organized three years ago and first was known as the South Florida Trust Co. Porter. state bank examiner, placed in of the Colonial bank, of which Carpenter, was president. BANKER ARRESTED BARTOW, July Fouts. director of four Central Florida banks, all of which failed May 15, last, arrested late today on an information filed by State Solicitor Hardin Peterson, charging him with having violated the state banking laws. Fouts. who was director and president the State Bank Bartow the First National Bank of Lakeland, First National Bank Winter Haven and brought here. His bond was fixed $10,000. which furnished by John Swearingen and Brown of this city. The information charges Fouts with having himself of the funds of the State Bank of Bartow.

3. July 12, 1929 News and Record Greensboro, NC
Article from News and Record, July 12, 1929

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Article Text

FLORIDA BANKS FAIL TO OPEN DOORS John Fouts; President of Chain In Central Florida, Is Under Arrest. IRREGULARITY CHARGED Jacksonville, Fla., July Three Florida at DeLand and one Miami-were placed in the the examiners today and John Fouts. president and director Florida banks which four central closed on May 15. was placed under arrest in connection with their failThe First National Bank and the Volusia County Bank and Trust comthe only two banks pany at Colonial Bank the and and Trust company of Miami, closed Fouts. who was director and president the State Bank of Bartow, First National Bank of Lakeland. the First National Bank Auburndale and the State Bank of Haven. was arrested at Winter Haven and to Bartow The information filed against Fouts at Bartow, alleged that loaned himself 85 000 of the Bartow bank's funds without the consent the board. and that he altered the minutes of the board to make appear that the loan was regular when the resources actually were not norCounty bank. at had Volusia resources deposits of 19. stock $200,000, surplus $100,000 and loans and of $1,724,516.08, while the First National bank had resources $100.capital stock of surplus $25 000 and deposits of The Colonial Bank and Trust comand pany with of Miami, surplus of $50,000, failed to open its doors after steady withdrawals of cash during the past four days. BANK IN DELAND, FLORIDA, ANNOUNCES HAS CLOSED Deland. Fla., July Volusia County Bank and Trust company, oldest financial institution in this county, failed to open its and doors an morning att hour later o'clock the National bank closed temporarily following a run on that notice, institution. signed by George C. bank examiner White, posted on state the door of the Volusia County Bank and announcing the bank "has suspended and in the hands of the state banking department." Dr. Lincoln Hulley, president of Stetson university here recently became president of the Volusia County Bank and Trust company, the First National only other bank in Deland. heavy run and shortly after 10 o'clock the doors were closed. D. Tuten is president of the First National bank. NATIONAL BANK DECLARED AS SAFETY MOVE Washington, July office of comptroller of the currency said today that the closing of the First National bank in Deland, Fla., was measure to protect the interests of the depositors from any run on the institution resulting from failure of state bank nearby. In cases of this kind, it was explained, national bank feel that depositors are of nearby bank they close the national institution so that all depositors recelve the same treatment rather than permit few to withdraw their entire deposits and place the bank in an embarrassing The office said this procedure explained the reasons for two or three national banks in the south closing after failures of state banks in the vicinity. The opinion was expressed was probable the national banks would open as as condiAmong the national banks which closed due to failure of state banks those at Bartow Eufaula, and Lakeland, Fla. The Lakeland bank more than month ago after the failure of state bank which of Its officers was interested. Since then an application has been filed to open new national in that town.

4. July 12, 1929 The Day New London, CT
Article from The Day, July 12, 1929

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Article Text

Florida Banks to Be Reorganized 4 Face Charges July 12 and federal officers for the four other central Florida the state banking the banks that were the County and Trust Co. the First Na shut during the after closing County third was the CoBank and Trust of Miami Fouts, who made bond arrest on an infor Hardin dent and the State Bartow First National bank Lakeland. bank Auburndale the State bank Haven Information filed against Fouts the funds of State without conhe had altered the minutes the board the loan appear regular, and he had taken money the institution were not legal The banks up headed closed May 15.

5. November 15, 1929 The Tampa Times Tampa, FL
Article from The Tampa Times, November 15, 1929

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Article Text

NEW BARTOW BANK TO OPEN NEXT MONDAY Financial Institution First Since Early Summer Special The Times Bartow, Nov. 15.-The Florida National Bank of Bartow will open its doors here Monday, providing the citizens of this community with their first financial institution since the closing of the Polk County National bank early in the summer. Announcement of the creation of the Florida National bank under the direction of Almours Securities, inc., of which Alfred I. Dupont is president, was received here from Jacksonville today. Capital of $100,000. The new bank will begin with paid in capital of $100,000 and surplus of $50,000. Harold S. Day, for a number of years connected with the Fourth National bank, Macon, Ga., and more recently a national bank receiver for various Florida banks. will head the institution as president. George E. Tribble, assistant vice president of the Florida National Bank of Jacksonville, with which the bank here will be affiliated. will be vice president. Mr. Tribble is also vice president of the Florida bank of Thomas E. Chambers, also formerly the Fourth National bank of Macon, will be cashier The directors are W. H. Swann E. Pierce. R. M. Oglesby and Mr. Day, of Bartow. and Mr. Tribble. of The tellers will be W. H. Winseman and Preston Knapp. The bank will occupy the quarters of the old State Bank of Bartow, which also closed, the prop-

6. March 2, 1934 The Tampa Tribune Tampa, FL

Article Text

COURT REVERSES BARTOW BANK CASE JUDGMENT Holds With Old Bank in Liquidation Suit The United States circuit court of appeals at New Orleans yesterday reversed a decision by Federal Judge Akerman in which he awarded a judgment for $61,330 against the Polk County National bank of Bartow, and in favor of the Polk County National bank in Bartow, which took over assets of the older bank. The decision was in a suit brought in 1931 by the receiver of the successor bank. The receiver sought to establish liability of the older bank for endorsement of certain notes, which would enable him to assess its stockholders. Took Over Assets Early in 1929 the older bank was in a failing condition and the new bank was formed to take over its assets and assume its liabilities. The old bank gave its note for $1,576,520 pledged by all its assets. This note was to be liquidated from the essets and the stockholders were to be relieved of liability. Some of the notes sued on had been transferred to other institutions and in time were paid off by the new bank or its receiver in accordance with the agreement to pay debts of the old bank. Himes & Himes and C Edmund Worth, attorneys for the old bank, maintained this payment relieved the old bank. They maintained that the endorsement on other notes had been allowed to remain on them through oversight at the time they were delivered to the new bank. Judge Akerman held these pleas were not a valid defense and entered judgment. The receiver was represented by McKay, Withers & Ramsey. Court's Opinion The appellate which remanded the case for further hearing in reversing Judge Akermen's ruling, held in effect that the agreement between the two banks made the old bank a principal debtor and the new bank surety with respect to debts of the old bank, and that when the new bank paid off other banks, which held part of the notes, the old bank's liability was discharged. The court also held that the old bank could not be held liable on the notes on which its endorsement had been allowed to remain through oversight.