State Bank (Bartow, FL)

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FOUR

Examiners Start Probes of Three Other State Banks.

July While and federal officials began reorganization liquidation for three Florida banks the president Central Florida banking faced violating the charges state banking Two the banks that closed terday were Deland, the only banks that city. were Volusia county and company and the National Bank Deland, which shut during the mornafter heavy closing the Volusia county The third the Colonial Bank and Trust company of Fouts, who made bond after information filed by Solicitor Hardin Peterson Polk county, president and director the State bank Barthe First National LakeFirst National bank burndale, and the State Winter Information filed against Fouts charged himself from the funds the State bank Bartow without the board directors, he had altered the the the appear regular, and that taken when resources the institution not quirement. banks he headed closed May 15.

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3 BANKS CLOSED IN CENTRAL FLORIDA; OFFICIAL ACCUSED

Move to Reorganize or Liquidate Institutions; Arrest Made.

INFORMATION FILED

(By The Associated Press.) JACKSONVILLE Fla., July 12.While State and Federal officials be. gan reorganization or liquidation for three Florida banks today, the president of four other central Florida Lanking institutions faced charges of violation of the State banking laws Two of the banks that closed yesterday were in that city. They were the Volusia County Bank and Trust Company and the First National Bank of De Land. which shut its doors during the morning after a heavy run precipitated by the closing of the Volusia County Bank. The third institution was the Colonial Bank and Trust Company of Miami. John L. Fouts who made bond of $10,000 after his arrest on an information filed by State Solicitor Hardin Peterson of Polk county, was president and director of the State Bank of Bartow, the first National Bank of Lakeland, the First National Bank of Auburndale and the State Bank of Winter Haven Information filed against Fouts in three counts charged he had "loaned" himself $5,000 from the funds of the State Bank of Bartow without consent of the board of directors, that he had altered the minutes of the board to make the loan appear regular, and that he had taken the money when resources of the institution were not to legal requirement. The banks he headed closed May 15. Time of arraignment for preliminary hearing was expected to be set in a few days.

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FLORIDA BANKING UNDERGOES PROBE Three Institutions Close-President of Four Faces Charges Jacksonville. Fla., July 12 (AP) While state and federal officers began reorganization or liquidation for three Florida banks today, the president of four other central Florida banking institutions faced charges of violating the state banking laws. Two of the banks that closed yes lerday were in De Land, the only banks in that city. They were the Volusia County Bank and Trust Co., and the First National Bank of De Land, which shut its doors during the morning after a heavy run precipitated by the closing of the Volusia County bank. Miami Bank Closes The third institution was the CoIonial Bank and Trust company of Miami. John L. Fouts, who made bond of $10,000 after his arrest on an information filed by State Solicitor Hardin Peterson of Polk county, was president and director of the State bank of Bartow. the First National Bank of Lakeland, the First National bank of Auburndale, and the State Bank of Winter Haven. Information filed against Fouts in three counts charged he had "loaned" himself $5,000 from the funds of the State Bank of Bartow without consent of the board of directors, that he had altered the minutes of the board to make the loan appear regular, and that he had taken the money when sources of the institution were not up to legal requirement. The banks he headed closed May 15. Organized Three Years Ago The Colonial Bank and Trust company was capitalized at $100,000 with a surplus of $50,000. It had been organized for three years, and attributed its closing to steady withdrawals of cash during the last four days. J. V. Carpenter was president. The Volusia County Bank and Trust company had resources of $2.816,188.12; deposits of $1,840,043.19; capital stock of $200,000; surplus of $100,000. and discounts of $1,724,516.08. The First National Bank of De Land had resources of $1,789,372.81; capital stock of $100,000; surplus of $25,000 and deposits of $1,211,750.47.

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Florida's Banks are Reorganized or Liquidated; President Faces Charges

JACKSONVILLE, Fla., July state and federal officials began reorganization or liq. uidation for three Florida banks today, president of four other central Florida banking institutions faced charges of violation of the state banking laws. Two of the banks that closed yesterday in only banks in that city. They were the Colusia County Bank and Trust comand the First National Bank pany of Deland, which shut its doors during the morning after heavy run precipitated by the closing of the Colusia County Bank. third in stitution was the Colonial Bank and Trust Company of Miami. John Fouts, who made bond of $10,000 after his arrest on information filed by State Solicitor Hardin Peterson of Polk county, was president and director of the state Bank of Bartow, the First National Bank of Lakeland, the First NationBank of Auburndale, and the State Bank of Winter Haven. Information filed against Fouts in three counts charged "loaned himself $5,000 from the funds of the State Bank of Bartow without consent of the board of directors, that had altered the minutes the board to make the loan appear regular, and that he had taken the money when resources of the insti tution were not to legal require ment. The banks he headed closed May 15. Time of arraignment for prelimin ary hearing expected to be set few days. The Colonial Bank and Trust com pany was capitalized $100,000 with surplus of $50,000. It had

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JOHN L. FOUTS, POLK BANKER, IS ARRESTED

Lent Bartow Money to Himself, Says Solicitor.

By The Associated Jacksonville, July 12. While state and federal officials began the process of reorganization or liquidation for three Florida banks today following closing of the institutions, the president of four other central Florida banking institutions faced charges of "lending" himself $5,000 from one of the banks without consent of the board of directors, and with other violations of the state banking laws. Two of the banks that closed were in DeLand the only banks in that city and among the oldest in Volusia county. They were the Volusia County Bank and Trust company and the First National bank of DeLand, which shut its doors during the morning after heavy run precipitated by the closing of the Volusia County bank. The third institution was the Colonial Bank and Trust company of Miami.

Headed Four Banks. The bank official, who made bond of $10,000 after his arrest on an information filed by State Solicitor Hardin Peterson. of Polk county, was John L. Fouts, president and director of the State Bank of Bartow, the First National Bank of Lakeland, the First National Bank of Auburndale, and the State Bank of Winter Haven. Information filed against Fouts in three counts charged that he had "loaned" himself $5,000 from the funds of the State Bank of Bartow without consent of the board of rectors, that he had altered the minutes of the board to make the loan appear regular, and that he had taken the money when resources of the institution were not to legal requirement. Time of arraignment for preliminary hearing is expected to be set in fe wdays. All four of the banks headed by Fouts closed on May 15. Technical charges against him name violation of state banking laws. Steady Withdrawals. The Colonial Bank and Trust company was capitalized at $100,000 with a surplus of $50,000. had been organized for three years, and attributed its closing to steady withdrawals of cash during the last four days. J. V. Carpenter was president. The Volusia County Bank and Trust company had resources of $2,818,888.12; deposits of $1,840,048.19; capital stock of $200,000; surplus of $100,000: and discounts The First National Bank of DeLand had resources of $1,789,971.81; capital stock of $100,000; surplus of $25,000, and deposits of D. B. Tuten, president of this institution, said in statement 'that a strong unexpected run had exhausted our cash supply and we had no time in which to secure additional funds We, therefore. were compelled to close our doors for the protection of depositors, believing it for the best interest of everyone." He added that the bank had been placed in the hands of federal authorities pending reorganization or liquidation. Dr. Lincoln Hulley, president of Stetson university, recently became president of the Volusia County bank. According to statement posted in the window of this institution, the bank was closed and placed in the hands of the state banking department "for protection of all depositors by order of the board of directors. Plans have been discussed and further action is contemplated looking to reorganiaztion of the bank with the purpose in view of paying the depositors in full."

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Federal Officials Begin Reorgganization For Three Institutions Today.

July sociated state and federal officials began reorganization liquidation for three Florida banks today the president of four other central Florida banking institutions faced charges of violation of the state banking laws two of the banks that closed yes. terday were in Deland, the only banks in that city. They were the Volusia County Bank Trust Comand the First National Bank pany of Deland which shut its doors during the morning after heavy by the closing of the precipitated Volusia County Bank third institution was the Colonial Bank Trust Company of Miami John who made bond of $10,000 after his arrest in all information filed by State Hardin Petof Polk was president and director of the State Bank of Bartow, the First National Bank of Lakeland, the First National Bank of Auburndale and the State Bank of Winter Haven. Information filed against Fouts in three counts charged he had "loaned" himself from the funds of the State Bank of Bartow without consent of the board of rectors, that altered of the board make the utes and that he had appear the money when resources of taken the institution legal The banks he headed quirement closed May 15.

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BANK HEAD ARRESTED Reorganization Of Florida Institutions Is Begun

JACKSONVILLE, Fla., July 12 (AP). —While state and federal officers began re-organization or liquidation for three Florida banks today, the president of four other Central Florida banking institutions faced charges of violating of the state banking laws.

Two of the banks that closed yesterday were in Deland, the only banks in that city. They were the Volusia County Bank and Trust company and the First National bank of Deland, which shut its doors during the morning after a heavy run precipitated by the closing of the Volusia County bank. The third institution was the Colonial Bank and Trust company of Miami. John L. Fouts, who made bond of $10,000, after his arrest on an information filed by State Solicitor Hardin Peterson of Polk county, was president and director of the State Bank of Bartow, the First National Bank of Lakeland, the First National Bank of Auburndale, and the State Bank of Winter Haven.

Information filed against Fouts, in three counts, charged that he had "loaned" himself $5,000 from the funds of the State Bank of Bartow without consent of the board of directors, that he had altered the minutes of the board to make the loan appear regular, and that he had taken the money when sources of the institution were not to legal requirement. The banks he headed closed May 15.

The Colonial Bank and Trust company was capitalized at $100,000 with a surplus of $50,000. It had been organized for three years, and attributed its closing to steady withdrawals of cash during the last four days. J. V. Carpenter was present.

The Volusia County Bank and Trust company had resources of $2,816,188.12; deposits of $1,840,043.19; capital stock of $200,000; surplus of $100,000, and discounts of $1,724,516.08.

The First National Bank of Deland had resources of $1,739,972.81, capital stock of $100,000; surplus of $25,000 and deposits of $1,211,750.47.

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NOTICE ORDER OF

IN THE NAME OF THE STATE Robert York and Mrs. Robert Pryor Street Atlanta Georgia You required and appear Circuit Court Eighteenth Circuit Manatee Florida, Chancery Monday 5th day of August Bradenton, Florida answer the Bill of Complaint filed against Sallie complainant therein fail under penalty the allegations said Bill being against you each further ordered that this notice and order published week ceding August 5th the denton Herald newspaper eral circulation published Manatee County Done Bradenton Manatee 5th ROBT ROESCH By Deputy Clerk

OF COURT) Solicitor

IN THE CIRCUIT COURT MANATEE OF IN NO. 3057-C

OF MORTGAGE NORFOLK, STATE AS TRUS

Closed May 15 Information filed against Fouts in three charged that he had "loaned" himself $5,000 from the funds of the State Bank Bartow without consent of the board directors, that he had altered the minutes the board to McSWEENEY the loan appear regular, and that he had taken the money when Defendants, resources the institution were OF SALE not legal requirements The four banks he headed closed may and May certain Decree the Circuit Court Time arrangement for prelimFlorida, inary hearing is expected to be therein set pending Dougherty The Colonial Bank and Trust Manatee River Bank company was capitalized $100, 000 surplus of $50,000 It had organized for three years. and attributed its closing steady withdrawals of cash Special Master ing the last four days. Carbest bidder penter was president. The Volusia County Bank and House Braden Trust company had resources $2,816,188.12; deposits of $1,840.043.19; capital stock of $200,000; during legal hours sale surplus $100,000; and discounts in Manatee Florida of The First National bank of De- Block fifteen land of $1,789.three 972.81; capital stock of $100,000 one surplus $25,000 and deposits of Section lots one Martin's Subdivision Unexpected Run Section D. B. Tuten. president of this institution, said statement Range County that strong unexpected run had exhausted our cash supply and had no time in which to secure ad- Decree, together with all ditional funds. We, therefore, were compelled to close doors Special Master Chancery for the protection of depositors. believing it for the best interest of CIRCUIT COURT every He added that the MANATEE FLORIDA bank had been placed in the hands CHANCERY of federal authorities pending re. organization GEORGE H. Dr. Lincoln Hulley, president of Complainant Stetson university, recently LAURA E. came president of the Volusia County bank. According to ORDER OF statement posted in the window of IN OF THE STATE FLORIDA: this institution the bank closed and placed in the hands Southwest the state banking department" for and Avenue, Moines State all depositors by or. IS HEREBY ORDERED That der of the board of directors appear before the Circuit Plans have been discussed and Eighteenth Judicial Circuit further Florida County Manatee action is the Clerk the Circuit looking to a reorganization of the Court the Courthouse said bank with the purpose view of County Bradenton paying the depositors in full." Florida, Monday the

Game law violators are to be chased by game wardens along the Mississippi river motorboat

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FLORIDA BANKING UNDERGOES PROBE

Three Institutions Close-President of Four Faces Charges

Jacksonville. Fla., July 12 (P)While state and federal officers began reorganization or liquidation for three Florida banks today, the president of four other central Florida banking institutions faced charges of violating the state banking laws. Two of the banks that closed yes terday were in De Land, the only banks in that city. They were the Volusia County Bank and Trust Co., and the First National Bank of De Land. which shut its doors during the morning after heavy run precipitated by the closing of the VoluMiami Bank Closes The third institution was the Cojonial Bank and Trust company of Miami. John L. Fouts, who made bond of $10,000 after his arrest on an information filed by State Solicitor Hardin Peterson of Polk county. was president and director of the State bank of Bartow. the First National Bank of Lakeland, the First National bank of Auburndale. and the State Bank of Winter Haven. Information filed against Fouts in three counts charged he had "loaned" himself $5,000 from the funds of the State Bank of Bartow without consent of the board of directors. that he had altered the minutes of the board to make the loan appear regular. and that he had taken the money when sources of the institution were not up to legal requirement. The banks he headed closed May 15.

Organized Three Years Ago The Colonial Bank and Trust pany was capitalized at $100,000 with surplus of $50,000. It had been organized for three years and attributed its closing to steady withdrawals of cash during the last four days. J. V. Carpenter was president. The Volusia County Bank and Trust company had resources of $2.capital stock of $200,000: surplus of $100,000. and discounts of $1,724.The First National Bank of De Land had resources of $1,789,972.81: capital stock of $100.000: surplus of $25,000 and deposits of $1,211,750.47.

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PRESIDENT FOR FRAUD

Loaned Himself Five ThousWithout Conand Dollars sent of Directors

FLORIDA FAILURE IN A

July federal officials While state and of reorganizabegan the process for three Flortion or liquidation following closing ida banks today of the institutions, the president of four other Central Florida banking institutions faced charges of "lending" himself $5,000 from one consent of the banks without the board of directors, and with the state bankother violations of fng laws. banks that closed Two of the only banks were in the oldest of that city and among Volusia county. They were the Volusia County Bank and Trust company and the First National which shut its Bank of Deland, doors during the morning after heavy run precipitated by the closing of the Volusia County Bank. institution was the the third Colonial Bank and Trust company of The bank official. who made bond $10.000 after his arrest on an information filed by State Solicitor Hardin Peterson of Polk county. was John L. Fouts, president and director of the State Bank of Bartow. the First National Bank of Lakeland. the First National Bank of Auberndale, and the State Bank of Winter Haven All four of the banks headed by Fouts closed on May 15. Technical charges against him name violation of state banking laws.

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REORGANIZE 3 FLORIDA BANKS

President Of Four Others Held For Law Violations

JACKSONVILLE, Fla., July 12. state and federal of ficials began reorganization or Hquidation for three Florida banks today, the president of four oth er central Florida banking Institutions faced charges of violating of the state banking laws. Two of the banks that closed yesterday were in Deland the only binks in that city. They were the Volusia County Bank and Trust company and the First National bank of Deland. which shut its doors during the morning after heavy run precipitated by the closing of the Volusia county bank. The third institution was the Colonial Bank and Trust company of Miami. John L Fouts, who made bond of $10.000 after his arrest on an information filed by State Solicitor Hardin Peter son of Polk county. was presi- dent and director of the State bank of Bartow, the First National bank of Lakeland The First National bank of Auburndale and the State bank of Winterhaven. Charges Information filed against Fouts is three counts charged he had "loaned" himself $5,000 from the funds of the State bank of Bartow without consent of the board of directors. that he had altered the minutes of the board to make the loan appear regular. and that he had taken the money when resources of the institution were not to legal requirement. The banks he headed closed May 15.

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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-