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has been granted this week by the state banking department to the Stuart Bank and Trust Company to reopen for business Monday, Ernest Amos announced. The bank, which suspended operations some time ago, capitalized at $50,000. Peel of St. Cloud has been appointed receiver of Bank of St. Cloud, which suspended some time ago, Mr. Amos announced.
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Stuart Bank Granted Authority To Reopen TALLAHASSEE, Oct. Authority has been granted by the state banking department for the Stuart Bank & Trust company to reopen next Monday, Comptroller Ernest Amos has announced. The bank which pended operations time ago capatilized at $50,000. G. Reed of St. Cloud has been appointed receiver of the Bank of St. Cloud, which suspended some time ago, the comptroller announces.
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STUART BANK IS GIVEN AUTHORITY TO RE-OPEN Authority has been granted by the state banking department to the Stuart Bank & Trust company of Stuart, to reopen Monday, Ernest Amos, state comptroller, announced today. The bank, which suspended operations some time ago, is capis talized at $50,000.
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OPENING AUTHORIZED State Banking Department Approves Stuart Plans. Fla., Oct. (P)Authority has been granted by the state banking department to the Stuart Bank and Trust Company, of Stuart, to reopen Monday, Ernest Amos, comptroller, announced today The bank. which suspended operations some time ago, is capitalized at $50,000
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Stuart Bank to Reopen TALLAHASSEE, Fla., Oct. 9.-(P). Authority has been by the state bank artment to the Stuart Bank and Trust company, of Stuart, to reopen Monday, Ernest Amos, comptroller, announced Saturday. The bank, which suspended operations some time ago, is capitalized at $50,000.
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PERMISSION GRANTED FOR BANK REOPENING Authority been granted by the state banking department to the Stuart Bank and Trust Company, of Stuart, reopening today. Ernest Amos, comptroller, announced. The bank, which operations some time ago, was capitalized at
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To the People of Stuart and Martin Co.: The closing of the Seminole Bank last Friday was a matter of keenest regret to its officers. We stood by and used every means at our command to meet the situation and in the last five days we paid out in the neighborhood of $360,000 in CASH to our depositors who asked for their money. This was a phenomenal feat for a million dollar bank and we are justly proud of it; if the expected help had come to us, we would have been able to pay off all local individual depositors and still be open but we were disappointed at the last moment. One week before the closing of the Seminole Bank, we were in splendid condition. This is attested by the fact that A. J. Higdon, assistant cashier, who was familiar with all details of the bank's affairs, bought a share of Seminole Bank stock seven days before we closed and paid $185 for it. The run on the Seminole Bank was apparently precipitated by the closing of the Farmers Bank & Trust Company of West Palm Beach. The fact that one of the officers of Farmers Bank & Trust Company was also a director of the Seminole Bank was taken by many persons to indicate that our bank was weakened by the West Palm Beach closing. Nothing could be further from the fact as the banks were entirely independent of each other. Last summer when the Stuart Bank & Trust Company failed, it was the Farmers Bank & Trust Company of West Palm Beach that came to our assistance with plenty of cash. This time we did not have the support of the Farmers Bank & Trust Company. As one of the original organizers and also the first president and now chairman of the board of directors of the Seminole Bank, I want to express my appreciation of the loyalty of the depositors who stayed with us to the last. I have no ill will against the individuals and firms who withdrew their deposits because I appreciate fully the situation and the panicky state of the public mind those last five days. The Seminole Bank made an earnest effort to finance the legitimate business needs of every local business, industry including county, city and district affairs. How well we succeeded was fully proven by the steady growth of the bank since its founding and by the splendid way in which we rode out the financial storm that hit Florida last summer. As we have now closed, we trust that you will believe and keep in mind that we spared no effort to assist in the upbuilding of Martin County. Every officer of the Seminole Bank comes out of the crash with practically no cash. I had $135 in my pocket when we closed and I opened a personal checking account this week with the Stuart Bank & Trust Company. I hope that the public will support the Stuart Bank & Trust Company. The Seminole Bank was instrumental in helping that bank to reopen last fall and we want it to stay open and retain public confidence. What the Seminole Bank will do in the future rests entirely in the hands of the public. If you still have confidence in us and want us to reorganize and open the doors, we will bend every effort to that end. For the time being, until an audit is completed, the affairs of the Seminole Bank are in the hands of John M. Duryee, deputy examiner for the State Banking Department. If you owe us a note your prompt payment of same to him at this time will greatly help. JOHN E. TAYLOR