Atlantic Bank & Trust Company (Daytona Beach, FL)

Article Text

BANKS CLOSED DAYTONA BEACH

July 12. The Merchants Bank and Trust company, and the Atlantic Bank Trust company here closed today. Runs were made on the Daytona Beach Bank and Trust company the First tional bank, the other two financial here. but they to meet the demands of depositors' withdrawals

Article Text

FLORIDA BANKS IN FINANCIAL TROUBLE TWO More Fail in Daytona Beach-Probe Continues Jacksonville, Fla.. July 13 (AP) Approximately $9,000,000 in depositors' money was tied up today as state and federal banking authorities worked toward the reorganization or liquidation of six Florida banks which have closed within the last eight days, five of them since Thursday, The latest to fail were two in Daytona Beach. the Merchants Bank and Trust company and the Atlantic Bank and Trust company, which suspended business vesterday. Both were closed. according to notices on their doors, by state bank examiners pending reorganization for the protection of their customers. The failure of the Daytona Beach banks brought a run on the two remaining institutions in the city, which continued business despite heavy withdrawals. De Land. in the same county, suffered closing of the only two banks in the city, the Volusia County Bank and Trust company and the First National bank. Thursday, while the Colonial Bank and Trust company of Miami failed to open on that day. The Peoples' bank of Jacksonville nad closed last Friday morning. While banking department officials from the state and federal government audited the books of the six banks. John 1.. Fouts. president of four other closed central Florida banks. prepared for preliminary hearing on three charges involving violation of state banking laws. Fouts 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.

Article Text

Authorities at Work on Reorganization or Liquidation of Institutions. ONE OF TWO IN SANFORD CLOSED DOORS TODAY Seven Now Have Suspended, Two at Daytona Beach Going Out of Business Yesterday. By the Associated Press. JACKSONVILLE, Fla., July 13.-App.oximately $9,000,000 in depositors' money was tied up today as State and Federal banking authorities worked toward the reorganization or liquidation of six Florida banks which have closed within the last eight days, five of them since Thursday. The latest to fail were two in Daytona Beach, the Merchants' Bank & Trust Co., and the Atlantic Bank & Trust Co., which suspended business yesterday. Both were closed, according to notices on their doors, by State bank examiners pending reorganization for the protection of their customers. The failure of the Daytona Beach banks brought a run on the two remaining institutions in the city, which continued business despite heavy withdrawals. De Land, in the same county, suffered closing of the only two banks in the city, the Volusia County Bank & Trust Co. and the First National Bank, Thursday, while the Colonial Bank & Trust Co. of Miami failed to open on that day. The People's Bank of Jacksonville closed last Friday morning. While banking department officials from the State and Federal Governments audited the books of the six banks, John L. Fouts, president of four other closed Central Florida banks, prepared for preliminary hearing on three charges involving violation of State banking laws. Fouts 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. Fouts is alleged to have loaned himself $5,000 from one of the banks without the consent of the directors, at a time when the bank was not in a position to make the loan, and to have altered minutes of a directors' meeting to show that the loan was approved. Sanford Bank Closes. SANFORD, Fla., July 13 (AP).-The First National Bank, oldest banking : institution in Seminole County, was closed today with a notice on the doors that its affairs had been placed in the hands of the controller. The notice read: "In order to protect the interests of all its depositors, this bank is closed by its directors and its affairs have been placed in the hands of the controller of currency." The First National was more than 40 years old. It had resourcesof $2,200,000 and deposits of $1,800,000. Only one other bank remains here, the Sanford Atlantic National Bank.

Article Text

Two Banks Close At Daytona Beach

DAYTONA July 12. The Merchants Bank Trust company the Atlantic Bank Trust company here closed their doors Runs also made on the Daytona Beach Bank Trust company First National bank, the institutions here. but they were able to meet the demands of depositors withdrawals. The bank failures here brought to five the number of banks that closed their doors in Florida the two The Volusia County Bank Trust company and the National bank in DeLand the Colonial Bank Trust company of Miami closed yesterday. Notices posted doors of the Beach institutions stated been closed by the aminer for protection the depositors pending The notices bank. which identical wording, stated that efforts would made pay all depositors in full Officials of the Atlantic National bank and the Barnett National bank of Jacksonville wired officials the two closed institutions, offering them financial

Article Text

RUNS CLOSE BANK AT DAYTON BEACH, FLA.

DAYTONA BEACH, Fla., July 12.-(P)-The Merchants Bank and Trust company and the Atlantic Bank and Trust company here closed today. Runs also were made the Daytona Beach Bank and Trust company and the First National bank, the other two finanetal institutions here, but they were able meet the demands of depositors' withdrawals

Article Text

HEAD OF WILL BE TRIED FOR VIOLATIONS

Daytona Beach Failures Cause Heavy Runs Upon Two Institutions.

$9,000,000 TIED UP

JACKSONVILLE. July depositors' money was tied up today and Federal banking authoriworked the reorganization liquidation of six Florida closed last eight days, five of them since Thurslatest fail were two in DayTrust Company and the Atlantic Trust Company which suspended business yesterday. Both were according notices on their doors, by state bank examiners pending reorganization for the protection of their customers. The failure of the Daytona Beach banks brought run the two maining the city, which business heavy withdrawals. in the county. suffered closing of the only bank trust company the First National while Colonial Bank and Trust Company failed that The Peoples' Bank Jacksonville, closed last Friday morning. While banking officials the Federal the books of the six John of four other central Florida banks, prepared for preliminary hearing three charges involving violation state banking Fouts president and director the State Bank Bartow. First National Bank of Lakeland. First Auburnand the State Bank of Winter Haven.

Article Text

TWO MORE FLORIDA BANKS CLOSE DOORS

Bring Total to Five to Fail Within Two Days.

Heavy Runs Made on Two Daytona Beach Institutions, but They Withstand Strain.

JACKSONVILLE, Fla., July 12 (AP).—Failure of the Merchant's Bank and Trust company and the Atlantic Bank and Trust company at Daytona Beach today, brought to five the number of financial institutions to close in Florida within the past two days.

The Volusia County Bank and Trust company and the First National bank, both of Deland, and the Colonial Bank and Trust company, of Miami, closed yesterday.

Article Text

JACKSONVILLE, Fla., July 12 (AP).—Failure of the Merchant's Bank and Trust company and the Atlantic Bank and Trust company at Daytona Beach today, brought to five the number of financial institutions to close in Florida within the past two days.

The Volusia County Bank and Trust company and the First National bank, both of Deland, and the Colonial Bank and Trust company, of Miami, closed yesterday.

Meanwhile, pending re-organization or liquidation, John L. Fouts, president and director of four central Florida banks, which failed recently, was at liberty under $10,000 bond, following his arrest on charges of violating the state banking laws.

Failure of the two Daytona Beach banks today was followed immediately by runs on the Daytona Beach Bank and Trust company and the First National bank of that city, but they were able successfully to meet the demands.

Notices posted on the doors of the two closed institutions stated that they had been closed by the state banking department for the protection of depositors, pending reorganization.

Fouts, who 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, was arrested at Winter Haven on a charge that he had unlawfully "lent" himself $5,000 from the funds of the State Bank of Bartow without consent of the board of directors.

He also was charged with altering the minutes of the board to make the "loan" appear regular, and with having taken the money when the resources of the institution were not up to legal requirements.

Officials of the two closed Daytona Beach banks would make no statement.

The Merchant's Bank and Trust company at Daytona Beach was the largest banking institution in that city. The notice on its doors was signed by E. R. Conrad, president, and F. J. Niver, secretary.

The wording of the directors' notice at the Atlantic bank was identical.

F. N. Conrad, president of the Atlantic bank, is chairman of the board of the Merchant's bank, and was president of the latter institution until a few weeks ago when he resigned. He was succeeded by his nephew, E. R. Conrad, who also is a director of the Volusia County Bank and Trust company, that failed at Deland yesterday.

Niver, who is executive vice-president and secretary of the Merchant's bank at Daytona Beach, also is secretary of the Atlantic bank there.

The Merchant's bank had resources of $3,749,984.46; deposits of $2,921,030.53; capital stock of $100,000, and surplus of $250,000.

The Atlantic bank had resources of $785,719.94; deposits of $461,934.70; capital stock of $100,000 and surplus of $31,330.24.

Article Text

MORE FLORIDA BANKS GO UNDER

Oldest Institution in Seminole County in Hands of Comptroller.

HUGE SUMS TIED UP

Two Daytona Beach Houses Fail to Open Face

Heavy Runs.

SANFORD, Fla., July 13. (AP)-The First National bank, oldest banking Seminole county, was closed today. notice its affairs had been placed hands comptroller. The First National was more than years old. and deposits $1,800,000. Only other bank remains here, the Sanford Atlantic National bank. Sanford the heart of the celery growing belt.

$9,000,000 Tied Up. Approximately in dewas tied up today as state and authorities and liquidation six Florida banks which have closed within the last eight days. The were two in Beach, the Merchants Bank and the Atlantie Bank and Trust company which yesterday.

Failures Runs.

The failure the Daytona Beach banks brought the on maining the city, which continued despite heavy withdrawals. Deland, the same closing of the only two banks the the Volusia County Bank and Trust company and the First National bank, Thursday, while the Colonial Bank and Trust company of Miami falled The People's closed last Friday While banking department offi. clais from and federal ments audited the the six banks, John Fouts, president four other closed central Florida banks, prepared for preliminary hearing three charges involving violation of state banking laws.

Article Text

MORE FLORIDA BANKS GO UNDER

Oldest Institution in Seminole County in Hands of Comptroller.

HUGE SUMS TIED UP

Two Daytona Beach Houses Fail to Open Doors-Others Face

Heavy Runs.

SANFORD, Fla, July First oldest banking institution Seminole county, was closed today. notice its affairs been the hands of the comptroller. The National more than 40 years old. and $1,800,000. bank here, the Sanford National bank. Sanford is heart of the celery growing $9,000,000 Tied Up. Approximately in deup today state federal banking autoward and of six Florida which closed the days. The were two in Beach, the Bank and Trust and the AtlanBank and Trust which company, suspended business yesterday. Failures Start Runs.

The failure of the Daytona Beach banks the two remaining institutions the city, which continued despite heavy withdrawals. Deland, in the county, closing of the only two in the city, the Vothe First National bank, Thursday, while the Colonial Bank and of Miami falled open that The People's bank of closed Friday While banking department offifederal governments audited the books the six banks, closed Florida banks, for preliminary hearing three charges involving violation of state banking laws.

Article Text

AMOS BLAMES PEOPLE FOR CRASH OF BANKS AS 15 MORE GO DOWN

(Continued from Page One) gossip adverse conditions following the appearance the Mediterranean fruit fly. which was responsible feeling unand fear developed on the part of people.' the Citizens Bank prethat all depositors paid in full and that its go out of To bolster up public confidence. was brought here by airplane from Atlanta and the First National Bank Tampa, member of the Federal Meanwhile, officials of other solvent banks in Tampa, drawals few small depositors were statements that plenty cash had been obtained meet all Creed Taylor. deputy the Federal Reserve Bank Atlanta, who arrived also declared that local bankers "have all the money they need with which to meet the Advices from Washington stated that the shipment of from Atlanta to Tampa was said by FedReserve officials to have been authorization the board establishment two currency depots in Florida, one Tampa one Miami, each which would kept for quick use by the banks. Sarasota, the the Ringling Savings and Trust the three there, said the closing the Bank and Company of effect on their Both under they said. John fame, the of the Bank Sarasota, and the Savings has entire of the late Charles Ringling, brother.

Daytona Beach, July plan relieve the cash of small ready funds were tied up in the failure the and Trust Company and the Atlantic Bank and Trust Company Wednesday the News-Journal, an afternoon which Herbert Davidson editor. The embraced the formation relief has for the to needy perbefore the failure the two than $50 more than ten per cent of the amount tied up.

July States Senator Duncan U. Fletcher Florida, address here Wednesday, pleaded with the people the not become pessimistic and discouraged over recent Florida, but good cheer, have hope and stand shoulder to shoulder have never seen day ahead for ahe state today.' Speaking before the Exchange club Fletcher declared that but solid and that are but little ways ahead