Stuart Bank & Trust Company (Stuart, FL)

Episode Information

Episode UID
63024171551
Episode Type
Run → Suspension → Closure
Bank Type
state
Bank ID
6302417 routing
Routing Number
63-0241
Start Date
March 5, 1929
Location
Stuart, Florida (27.198, -80.253)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
92b41d455c2a9779

Response Measures

None

Description

Closure followed heavy withdrawals after a nearby bank's suspension; receiver later appointed.

Events (3)
1. March 5, 1929 Run
Cause
Local Banks
Cause Details
Heavy withdrawals followed the recent suspension of the Seminole Bank, producing a run on the Stuart Bank & Trust Co.
Measures
Bank shut its doors for the protection of depositors; examiner placed in charge temporarily.
Newspaper Excerpt
the withdrawals were so heavy that we found it necessary to shut the doors for the protection of depositors.
Source
newspapers
2. March 6, 1929 Suspension
Cause
Local Banks
Cause Details
Closed by examiner after heavy withdrawals tied to recent local bank failures/suspensions (Seminole Bank).
Newspaper Excerpt
The Stuart Bank & Trust Company failed to open its doors this morning. A notice posted on the door said that the institution had been closed by the State Banking Department for the protection of depositors.
Source
newspapers
3. April 5, 1929 Receivership
Newspaper Excerpt
Comptroller Ernest Amos today announced the appointment of O. Nobles, of Titusville, as receiver for the Stuart Bank and Trust company, which suspended operations some time ago.
Source
newspapers

Newspaper Articles (11)
1. March 6, 1929 The Stuart News Stuart, FL
Article from The Stuart News, March 6, 1929

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Article Text

STUART BANK & TRUST CO. DOORS CLOSED BY AMOS Second Bank Failure in Four Days Results From Heavy Withdrawals NO PLANS FORMULATED Martin County is the Hundred Million Dollar County Without a Bank The Stuart Bank & Trust Company failed to open its doors this morning. A notice posted on the door said that the institution had been closed by the State Banking Department for the protection of depositors. This second bank closing in four days, on the heels of the Seminole Bank suspension March 1, created a difficult situation in the community, complicated business transactions and made the cashing of foreign checks impossible. Arthur W. Saarinen, chief examiner, has been placed in charge of both closed local institutions temporarily. E. M. Porter, chief examiner from Tallahassee, has been in Stuart since yesterday afternoon. He told the board of county commissioners this morning, at a session attended by all except Phil Y. Cason of Indiantown, that he would do what he could to effect a reorganization of the banks and a receiver would be asked for only as a last resort. He expressed himself as hopeful the latter would not be necessary. "The Stuart bank had a good day Monday, and the officials were confident it could pull through," said the bank examiner, "but yesterday the withdrawals were so heavy that we found it necessary to shut the doors for the protection of depositors." "It will take some time to effect a reorganization, if it can be done," said Mr. Porter. "Such things always require a lot of time."

2. March 7, 1929 The State Journal Frankfort, KY
Article from The State Journal, March 7, 1929

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Article Text

HUSBAND FAILS TO KILL HIMSELF IN PACT LOUISVILLE, March 6. (By A. P.) Francis E. Simmons, 30, tonignt was in a serious condition in the City Hospital and his wife, Mrs Agnes Simmons. 33, was lodged in the Jef ferson county jail as the result of a double suicide attempt at their home here this afternoon. Mrs. Simmons said her husband cut himself with a safety razor after he had knocked a cup of poison from her hands. She said he had been despond ent because of recent illness. Although Simmons at first told the police he was cut by an unknown man with whom he had argued. he later changed his story to agree with his wife's version of the affair FLORIDA BANK BREAKS STUART. Fla.. March 6 (By A. P.) The Stuart Bank and Trust Com pany failed to open this morning This is the second bank failure here within four days and leaves Martin county bankless Arthur W Saar inen. chief examiner, has been placed

3. March 7, 1929 The Palm Beach Post West Palm Beach, FL
Article from The Palm Beach Post, March 7, 1929

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Article Text

MANIFOLD OF MEXICO OCCUPY ATTENTION THREATENED; REVOLT PRESIDENT SPREADING RAPIDLY Mexican Revolt, Special SesSTUART BANK FAILS; sion of Congress are Discussed By Hoover DRY DELEGATIONS MEET NEW CHIEF EXECUTIVE Farm Relief May Be Considered Beginning April Probe Body Named the Associated Press Washington, March 6.-Swinging quickly the stride of the presidency, Herbert Hoover today gave his attention to the revolt in Mexico, the special session of the new congress, general law enforcement, patronage and other In addition he found time to delegations Arkansas and Louisiana and 31 temperance dry organizations the hands more than 800 visitors who filed through his Secretary Kellogg called the ecutive offices times during the day with the reports Mexico there doubt the deep interest of the the in the neighfinal decision being reached, the president date for the beginning the special tive the publican of the are that sembled April the proceeding with consideraof relief. Sackett Kentucky. other (Continued Page Seven) Second Failure Within Four Days Recorded; Examiner Is Charge Stuart, Stuart Bank and Trust company open this four Martin county chief examinplaced charge the well the Seminole bank which March Porter, chief deputy examinStuart Tuesday told the board county commisspecial this morning that he would what he effect reorganization the banks and that receiver asked resort. "The Stuart bank Monday and the officials were conficould pull through." said the examiner, yesterday the withdrawals heavy that necessary to the for the protection depositors. will effect reorganization, but things always require lot of time.

4. March 7, 1929 The Tampa Tribune Tampa, FL
Article from The Tampa Tribune, March 7, 1929

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Article Text

Second Bank Closes at Stuart Within Four Days STUART, March 6. (A.P.)-The Stuart Bank and Trust company failed to open its doors this morning. This bank failure here within four days leaves Martin county bankless. Arthur W. Saarinen, chief examiner, has been placed temporarily in charge of the bank, as well as the Seminole bank which suspended on March 1. E. M. Porter, chief deputy examiner, from Tallahassee, has been in Stuart since yesterday afternoon. He told the board of county commissioners at a special session this morning that he would do what he could to effect a reorganization of the banks and that a receiver would be asked for only as last resort. "The Stuart bank had a good day Monday and the officials were confident it could pull through," said the bank examiner, "but yesterday, the withdrawals were so heavy that we found it necessary to shut the doors for the protection of depositors. It will take some time to effect a reorganization, but can be done. Such things always require a lot of time."

5. March 7, 1929 Pensacola News Journal Pensacola, FL
Article from Pensacola News Journal, March 7, 1929

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Article Text

MARTIN COUNTY NOW BANKLESS Stuart Trust Closes Under Examiner's Orders March Stuart Bank and Trust Co. failed its doors this morning. This open second bank failure within four days leaves Martin county bankless. Arthur W. Saarinen, chief examiner, has been placed temporarily in charge of the well the Seminole bank which suspended March Porter, chief deputy exam- iner from Tallahassee, has been in Stuart since yesterday afternoon. He told the board of county commissioners special session this morning that he would do what he could to effect reorganization of the banks and that receiver would for only last resort. Stuart had good day Monday and the officials were fident could pull through.' said examiner. yesterday. the withdrawals were heavy that found necessary to shut the doors for the protection of deposiwill some time to fect reorganization. but

6. April 5, 1929 News-Press Fort Myers, FL
Article from News-Press, April 5, 1929

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Article Text

ptroller Ernest Amos today announced the appointment of O. Nobles, of Titusville, as receiver for the Stuart Bank and Trust company, which suspended operations some time ago. immigration officials here. A perusal of provisions recently adopted show that the price of naturalization papers has increased from $5 to $15. Formerly the cost of first pa pers to the alien was $1 and for the second $4. Now its $5 and $10. The new rules also permit the naturalization, with certain restrictions of any alien who arrived in this country prior to June 3. 1921. whether regularly admitted or smuggled in.

7. April 5, 1929 The Atlanta Journal Atlanta, GA
Article from The Atlanta Journal, April 5, 1929

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Article Text

Ferry Operator's Daughter Drowns in Chattahoochee River DOUGLASVILLE Ga., April The daughter of Mr and Mrs. L Banks, was drowned Thursday night when she fell into the river Her father who operated ferry on the river. plunged in after the child but was unsuccessful in recovering the body. Bank Receiver Named Comptroller Ernest Amos Friday nounced the appointment of O. Nobles of Titusville as receiver for the Stuart Bank and Trust company. which suspended operations some time ago

8. April 6, 1929 Tampa Bay Times St. Petersburg, FL
Article from Tampa Bay Times, April 6, 1929

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Article Text

BANK RECEIVER NAMED TALLAHASSEE, April Comptroller Ernest Amos today announced the appointment of O. Nobles, of Titusville, as receiver for the Stuart Bank and Trust company, which suspended operations some time ago.

9. April 6, 1929 The Tampa Tribune Tampa, FL
Article from The Tampa Tribune, April 6, 1929

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Article Text

BANK RECEIVER NAMED April Comptroller Ernest Amos today announced the appointment of O. Nobles of Titusville, as receiver for the Stuart Bank and Trust company, which suspended operations some time ago.

10. April 8, 1929 Tallahassee Democrat Tallahassee, FL
Article from Tallahassee Democrat, April 8, 1929

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Article Text

TITUSVILLE MAN WILL BE BANK'S RECEIVER O. Nobles, of Titusville, has been appointed by Comptroller Ernest Amos as receiver for the Stuart Bank and Trust Company which institution suspended operations some time ago.

11. November 19, 1929 The Stuart News Stuart, FL
Article from The Stuart News, November 19, 1929

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Article Text

NOBLES REPORTS TO COUNTY BOARD ON STUART BANK Receiver Makes Statement on 7 Months Operaton of Institution BOND TRADE MADE County Accepts Palm City Bonds in Lieu of Frozen Deposits Orris Nobles, receiver for the Stuart Bank & Trust Company, reported to the board of county commissioners of Martin county this morning, on his stewardship of the institution since it closed seven months ago. The report in writing was made at the direction of Ernest Amos, comptroller. The report of II. C. Hensley as receiver of the Seminole Bank was made at the afternoon session of the board and will be reviewed tomorrow. Mr. Nobles' report showed that the carnings of the Stuart Bank & Trust Company under his receivership had been $5,122.31 and that the receiver's expenses, including salary, had been $4,003.08, leaving a net earning of $1,119.23. The report showed further that at the time the bank closed, the total deposits of all kind were $431,197.14 and that on October 31, 1929, the deposits had been brought down by adjustments, payments, credits, etc., to $259,733.05. This reduction of $171,464.09 in deposits would indicate that the liquidation of the bank was 39 per cent completed in the seven months of receivership. It was indicated, however, that the quickest adjustments had already been made and that this percentage was no indication of the time that would be required to work the situation out. When asked about his report and its significance, Mr. Nobles said: "How the Stuart Bank & Trust Company will work out is a question that nobody could answer definitely at this time. In the operation of the receivership, it is a matter of conservation of resources and the collection of notes. The success of these efforts all, depends on the future, a3 it is impossible to collect today and it cannot be done tomorrow. But I do feel that the situation can be worked out." A little later in the board session Mr. Nobles showed further progress when he made a proposition to the county board for an exchange which the board accepted. The offer proposed that in exchange for the county's remaining balance in the Stuart Bank & Trust Company amounting to $10,405,62, the receiver would give the county $11,000 in Palm City bonds with all unmatured coupons-attached. On motion of Dunscombe-Cason, the offer was accepted subject to confirmation by Judge Elwyn Thomas and Comptroller Ernest Amos.