Liquidation/receiver activity mentioned in later articles confirming permanent closure.
Events (3)
1.June 11, 1930Run
Cause
Rumor Or Misinformation
Cause Details
Heavy withdrawals triggered by unfavorable talk and nervousness among depositors.
Measures
State banking officers and incoming cash shipments were arranged to reassure depositors (cash flown in).
Newspaper Excerpt
statement by directors of the bank attributed the closing to recent substantial withdrawals.
Source
newspapers
same day
2.June 11, 1930Suspension
Cause
Rumor Or Misinformation
Cause Details
Closed after heavy withdrawals and depositor nervousness following unfavorable talk.
Newspaper Excerpt
The Biscayne Trust Company ... failed to open for business this morning.
Source
newspapers
3.*Receivership
Newspaper Excerpt
Dr. H. Therrell, liquidator of the Biscayne Trust Co., ... (liquidation of the Trust Company).
Source
newspapers
Newspaper Articles (18)
1.June 11, 1930The ItemSumter, SC
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Three Miami Banks Closed Today
Miami, Fla., June 11.-(P)-The Bank of Biscayne, with deposits of $15,037,198. and three affiliated financial institutions, failed to open for business this morning. A statement by directors of the bank attributed the closing to "recent substantial withdrawals."
The affiliated banks were the Biscayne Trust Company, the Miami Beach Bank and Trust Company, and the Bank of Coral Gables.
The bank of Bay Biscayne in its quartely statement showed deposits of $15,037,198 and total resources of $17,182,292.
2.June 11, 1930Lexington Herald-LeaderLexington, KY
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FIVE BANKS IN CLOSE
Miami Institution And Three Of Its Subsidiaries Hurt By Withdrawals
MIAMI. Fla June 11 (AP) The of Bay Biscayne, with deposits of and three affiliated fiinstitutions, failed to for today. statement by directors of the bank attributed the closing to "recent substantial withdrawals.' The affiliated banks were the Biscayne Trust Company, the Miami Beach Bank and Trust Company and the Bank of Coral of Bay Biscayne in its quarterly showed of $15,037 198 and total resources of J. H. Gilman is president of the bank. The Bank of Bay Biscayne is Miami's oldest It has one of the finest buildings in the city, structure in 1925.
HOMESTEAD BANK CLOSES HOMESTEAD, Fla., June 11 (AP) The Bank of closed its doors today after opening for short time. was made by Assistant Cashier H. Grady Smith saying the was in good condition and of business was but tempororaly taken for the of local bank on account of bank failures today in Miami. Smith said the L nk expects to open in few days.
3.June 12, 1930The Washington HeraldWashington, DC
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MIAMI. Fla., June 11
Nervousness among depositors in five local banks decreased late today with the arrival of 000 cash by airplane from Jacksonville and optimistic ports from city and State bank ing officials. Failure to open for business today the city's largest and oldest financial institution and three branches sent depositors for information and their money and caused an other bank to shut down to avoid run. Bank of Bay Biscayne with its affiliated Biscayne Trust Company. Bank Coral Gables and Miami Beach Bank and Trust Company stood closed behind the notice officials that action lowed consultation with State comptrollers. heavy withdrawals recently and reported "frozen The Bank of Homestead shut down early with the expressed purpose of avoiding The Bay Biscayne Bank. capitalized at holds $15,000.in deposits.
4.June 12, 1930The Brooklyn Daily TimesBrooklyn, NY
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5 FLORIDA BANKS TO PAY DEPOSITORS
$2,000,000 Arriving by Plane Allays Uneasiness. Miami, Fla., June 12.-The arrival of $2,000,000 in cash by airplane and several reassuring statements by State banking officers helped today to allay the uneasiness of depositors who had funds in five banks which closed here yesterday. One of the banking officials insisted the situation was not acute, and declared that the conditions which led to the closures would have adjusted themselves if there had not been unfavorable "talk," some of it by bankers themselves. The banks which closed were the Bank of Bay Biscayne, with resources of 182,292: the Biscayne Trust Company, with 1,962,148: the Miami Beach Bank and Trust Company, with $2,593,281: the Bank of Coral Gables, with $743.759. and the the Bank of Homestead. Local bankers said they were confident normalcy would be restored promptly when the public understood the cause of the heavy run made on the institutions. They had the assurance of additional aid from the Federal Reserve if it were needed, they said.
5.June 12, 1930The Evening NewsHarrisburg, PA
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PLANE CARRIES AID 5 BANKS
Fla., June Bank of Clearwater, capitalized $250,000, and the Guaranty Title and Trust Company, a smaller stitution, also of closed their doors today, bringing to twelve the number of recent bank in Florida. Clearwater is on the Florida west near Tampa.
MIAMI, Fla., June are $2,000,000 in cash by airplane and several reassuring statements state banking officers helped today to allay the uneasines depositors who had funds in five banks which closed here yesThe banks which closed were the Bank of Bay Biscayne, with resources of $17,182,292; the Biscayne Trust Company, with the Miami Beach Bank and Trust Company, with $2,593,the Bank of Coral Gables, with $743,759, and the Bank of Homestead Local bankers said they were confident normalcy would stored when the public understood the cause of the heavy run made on the institutions. They had the of from the Federal Reserve were needed, they said.
6.June 12, 1930The Bellingham HeraldBellingham, WA
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MONEY FLOWS IN FIRE LOSS IS HEAVY REGISTERED QUAKE
Refineries of Texas Oil Company Are In Flames
PORT ARTHUR. Tex., June 12.the refineries the Texas Company near here billows of sending flame and feet of the air and taking toll of life property. Starting undeterminer origin the plant, fire destroyed refining unit and vastated an eight blocks square Damage estimated at between $3,000,000. Hatch, died in hospital here today from burns when tanks of and exploded in the terrific heat. Eleven other were burned when flaming oil and for pitals. Another slight bruises. Physicians all the injured The fire started in of the one treating units, where, oil treated by chemicals, spread quickly to nearby structures. Employes were unable escape before the three tanks exploded. As uninjured employes clothing of the fire spread to the huge The oil-soaked ground and buildings caught fire easily, and the blaze spread 80 fast that feremen could not cope 200 feet away from the Employes and officials alike labored construct fire breaks keep the flames from spreading. was thought they had fire to the unit in which Damage to the refinery was mated K. Holmes, plant superintendent. An engineer the company that the loss might mount as high as before the The pumphouse, fertilizer plant, three tanks of oil and gasoline and six batteries of treating units were destroyed.
Disturbance Believed Not Far From Puget Sound hour duration, which at 1:51 and was 'not far was described today seismoregistered graphs at the University of Washington.
THREE SHOCKS REGISTERED earthquake were registered the St. Louis university today on Father Joseph Joliet The disturbances about miles distant. first 1,140 few The second. lasted 45 minutes third short. All the were of medium intensity.
Rush On Southern Florida Banks Believed at End
MIAMI. Fla., June arrival $2,000,000 in cash The airplane and several reassuring state banking offistatements by cers helped allay the of depositors funds in which yesterday. In addition the plane ship$4,000,000 was expected by rail today to aid in restoring confidence. One the banking officials inthe situation not that conditions which closures would have adjusted themselves there had not unfavorable "talk," bankers The closed were the Bank Biscayne, with resources of the Biscayne Trust Company, with and Miami Beach Bank and Bank Coral Gables, with and the Bank of Homestead. Local bankers said they were confident be stored the public the the heavy made the institutions. They the assurance of additional aid from the federal reserve if it were needed, they said.
FAIL TO OPEN Fla., June small financial instituthe Bank of Clearwater Guaranty Title Trust failed today. Notices pany. stated the had been asked to take charge to protect depositors.
7.June 12, 1930The Belleville News-DemocratBelleville, IL
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in Florida Banks Being Regained
Miami, June arrival of $2,000,000 in cash by plane and several reassuring statements by state banking offiiers helped today to allay the uneasiness of depositors who had funds in five banks which closed here yesterday One the banking officials sisted the situation was not acute, and declared that the conditions which led to the closures would have adjusted themselves there had not been unfavorable "talk," some of bankers themselves. The banks which closed were the Bank of Bay Biscayne, with sources of $17,182,292; the Biscayne Trust Company, with the Miami Beach Bank and Trust Company, with $2,593,281; the Bank of Coral Gables, with and the Bank of Homestead. The bankers said they were confident normalcy would be restored promptly when the public understood the cause of the heavy made on the institutions. They had the assurance of additional aid from the Federal Reserve if it were needthey said.
MIAMI RECEIVES MONEY BY PLANE
$2,000,000 Rushed to City Where Five Banks Closed.
By United Press MIAMI, Fla.-The arrival of $2,000,000 in cash by airplane and several reassuring statements by state banking officers helped today to allay the uneasiness of depositors who had funds +n five banks which closed yesterday. One of the banking officials insisted the situation was not acute, and declares the conditions which led to closures would have adjusted themselves if there had not been unfavorable "talk," some of it by bankers themselves. It was said today that an additional $4,000,000 was being rushed Into the Miami district by mail. It will arrive this afterThe banks which closed were the Bank of Bay Biscayne, with resources of $17,182,292; the Biscayne Trust Co., with $1,962,148; the Miami Beach Bank & Trust Co., with $2,593,281; the Bank of Coral Gables, with $743,759, and the Bank of Homestead. Local bankers said they were confident normality would be restored promptly when the public understood the cause of the heavy run made on the institutions. They had the assurance of additional aid from the Federal Reserve if it were needed, they said.
CLEARWATER BANK FAILS By United Press Bank of Clearwater, capitalized at $250,000 and the Guaranty Title and Trust Company, smaller institution, also of Clearwater, went into the hands of the state banking department today and closed their doors.
9.June 12, 1930Transcript-TelegramHolyoke, MA
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$2,000,000 BY AIR FOR FLORIDA BANKS
Five in Miami Open Relieved. ness depositers in five local banks with the arrival in cash by airplane from and optimistic reports from and offici. als.
Failure to for business the largest oldest finanand three branches depositors scurrying for information their money, caused another bank to shut down to run, stopped abruptpadlock heading the residence of Scarface, Chigang leader. Bank Bay Biscayne with its Biscayne Trust Bank Gables and Miami Beach Bank Trust Co. stood closed hind notice officials that tion followed consultation heavy recently and reported "frozen The Bank of Homestead shut down with the expressed puravoiding The Bay Biscayne Bank, capitalized at $1,000,000 hold State banking officials at Talla. blamed around the and frozen assets for failure the Biscayne banks and the assets failure of five recently erican Bank the Ninth Street Bank Trust, Fidelity, First First National. with capital of President Romfh of the Miami First National of the brought by plane would be used other the closed houses.
10.June 12, 1930Mount Vernon ArgusWhite Plains, NY
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FUNDS RUSHED FIVE BANKS
State Officials Allay Fears of Miami Depositors
Miami. Fla. June The arrival of $2,000,000 in cash by airplane and several reassuring statements by State Banking offihelped today to allay the easiness had funds in five banks which closed One of the banking officials insited the not acute and the conditions which led to the closures would have adjusted themselves if there had not unfavorable "talk," some of it by bankers The banks which closed were the of Bay Biscayne, with resources of $17,182,292; the Biscayne Trust Company, with $1,962,148; the Miami Beach Bank Trust Company, with $2,593,the Bank Coral Gables, with $743,759, and the Bank of Local bankers said they were normalcy be restored promptly when the public understood the cause of the heavy run made on the institutions. They had the assurance additional aid from the Federal Reserve it they said.
11.June 12, 1930The Capital JournalSalem, OR
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BRING MILLIONS TO AID FLORIDA BANKS
Miami, Fla. arrival in cash by airplane several reassuring statements by state banking officers helped to lay depositors had funds in five banks which closed here In addition to the plane shipment $4,000,000 was expected rail Thursday to aid in restoring confiOne of the banking officials sisted the situation not acute, and declared that the conditions which led to closures would have adjusted themselves there had not been unfavorable of by bankers themselves. Local bankers said they were confident the banks which closed were the Bank Biscayne, with resources of the Biscayne Trust with and company, Miami Beach Bank and Trust with the Bank of pany, Coral Gables, with and the bank of Homestead. Local banks said they were confident would restored when the public underpromptly stood the cause of the heavy run made on the They had the of additional aid from the federal reserve were needed, they said.
12.June 13, 1930The Record AmericanMahanoy City, PA
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Florida Banks Get Cash To Check Runs rival of $2,000,000 in cash by airplane and several reassuring statements by State banking officials helped today to allay the uneasiness of depositors who had funds in five banks which closed here yesterday. One of the banking officials insisted the situation is not acute, and declared that the condition which led to the closures would have adjusted themselves if there had not been unfavorable "talk," some of it by bankers themselves. The banks which closed were the Bank of Bay Biscayne, with resouces of $17,182,292; the Biscayne Trust Company, with $1,962,148; the Miami Beach Bank and Trust Company, with $2,593,281; the Bank of Coral Gables, with $743,759, and the Bank of Homestead. Local bankers said they were confident normalcy would be restored promptly when the public understood the cause of the heavy run made on the institutions. They had the assurance of additional aid from the Federal Reserve if It were needed, they said.
13.June 13, 1930The Morning PressSanta Barbara, CA
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$8,000,000 in Cash Stems Heavy Runs on Banks in Miami
Miami area bankers tonight believed they seen the end of the financial flurry caused yesterday by the closing of the Bank Bay Biscayne and its three subsidiaries. The subsidlaries are the Biscayne Trust company, the Miami Beach Bank and Trust company and the Bank of Coral Gables. Arrival here yesterday and this morning of $8,000,000 in cash from Jacksonville and Atlanta was believed to have stemmed the tide of anxious depositors who formed in line at the city's larger banks yesterday to withdraw their accounts. Only the First National bank reported continued withdrawals today.
14.June 14, 1930McCurtain GazetteIdabel, OK
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MORE FLORIDA BANKS SUSPEND THURS.
Total Closures Recently Reach 12; Rush Money to Institions by Air Route
Miami, Fla., June 14.-The Bank of Clearwater, capitalized at $250,000. and the Guaranty Title and Trust Co., a smaller institution, also of Clearwater, closed Thursday, bringing to 12 the recent bank suspensions in Florida. Clearwater is on the Florida west coast, near Tampa. Arrival in Miami of $2,006,000 by airplane and several reassuring statements by state banking officers helped Thursday to allay the uneasiness of depositors who had funds in five banks which closed here Wednesday. In addition to the plane shipment, $4,000,000 was expected by rail to aid in restoring confidence. The banks which closed were the Bank of Bay Biscayne, $17,182,292 resources; Biscayne Beach Bank and Trust Co., $2,593,281; Bank of Coral Gables, $753,759, and the Bank of Homestead.
15.August 14, 1930The Miami HeraldMiami, FL
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Liquidator Calls On Owners of Securities To Provide
Assessment of 100 per cent against holders the $150,000 capital stock the closed Biscayne Trust Company made by the state comptroller yesterday Morgan McCormick, president the Guardian Trust Company which liquidating the Trust Company, issued statement showing liabilities July 11, 1930, when the Bank Bay Biscayne subsidiary closed, balance the same amount without taking of real estate mortgages and other loans and assets the closed trust company. Quarterly reports covering the progmade liquidation will made, McCormick said. Mr. McCormick's statement lows: Guardian Trust Company has completed taking over from the examiner assets and records held by
16.May 20, 1931The Miami NewsMiami, FL
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Bishop Sheddan Reaches Nassau After Loss of Yacht That Struck Reef
Shipwrecked Party Is Landed $900,000 SUIT FILED AGAINST BANK PROPERTY NASSAU, Bahamas, May Survivors of the yacht
Livonia wreck rested here today after their rescue from a distant Bahama island where they were marooned following loss of their vessel and the drowning of the ship's captain, Joseph
Bishop Roscow Sheddan of Nassau, sister, Evelyn, and of the Livonia arrived late yesterday aboard the motor Molola. They said suffered no ill effects from their other than inconveni from and The Livonia, used by Bishop Shed dan in visiting churches his sank after striking reef off Plana or French squall. The craft went down within 10 the but all aboard man to reach shore. Despite of the bishop, Captain Taylor dived into the water in an attempt to of their belongings and was drowned. Efforts to recover the body proved unsueBishop Sheddan returning Nassau visit churches at Turks island and Caicos island. He head of the Nassau diocese of the Church of England.
Receiver Asked for Bay Biscayne Building by Bond Holder
Appointment of receiver for the Bank of Bay building be asked before Judge J. H. Tedder in Lauderdale in the few days connection with suit filed here late yesterday by the Metropolitan Life Insurance Co. to foreclose $900,000 against Mo Biscayne Properties, of which James Am H. Gilman is According the suit filed the $900,000 bond issue was floated Nov. 1926, retired at certain dates. The mortgage is in default, $854,750 principal remaining due, together with all interest payments due since May 1, 1930. The First property also has been sold for 1929 In asking for the receiver the plaintiff alleges the defendant receiving Corn the entire from office rentals, which should be applied to retiring the debt. All tenants in the building are made defendants, Dr. H. Therrell being liquidator for the Bank of Bay Biseayne, liquidator for the Biscayne Trust Co. and in his capacity According Knight. Pace and for the Hupp pany, the naming of Dr. Therrell as defendant makes it to hear the of the local judges, all of whom are deposits in the suspended bank.
17.July 11, 1931The Miami NewsMiami, FL
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THERRELL ALLOWED TO ERROR
Dr. H Therrell, liquidator of the Biscayne Trust Co., granted thority late yesterday by Judge Uly Thompson of circuit off of and Annette Ullendorff. heirs of the late Phillipp paid to protect holdings belonging to the liquidator's petithe had $42. to the but when was out on on which they held the made mis against account. The liquidator was to correct the error and subtract the tax
18.October 4, 1931The Miami NewsMiami, FL
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HEIRS MUST SUE BISCAYNE BANK
Appeal to Be Taken from Decision Involving $14,500
Heirs of William Jennings Bryan, whose estate lost $14,500 with the closing the Bank Coconut Grove 1927, now have to the Bank Bay Biscayne liquidator in further effort to recover money, under decision handed down yesterday by Judge H. F. Atkinson of circuit court. The decision, which follows several years of litigation, will be appealed attorneys. The appeal place the case before the Tallahassee tribunal second time, the supreme court already having passed on the right to preferred claim. Mrs. Mary Baird Bryan, the widow, in Los Angeles 1927, asked the Grove cash balher by New York exchange. the not Mrs. Bryan had her in Miami The money was in transit when the institution closed. After suit was brought by Mrs. Bryan agreed that the money, which had reached the Chase National New York, should be placed in Co. held subject order. The Biscayne Trust Co. posited money Bank Bay both closed in 1930. When the supreme court ordered preference granted recently. attorneys for. Duncan, liquidator, the the hands the Biscayne Trust Co. should be the only asset involved, thus relieving Bank Coconut Grove further liability. Judge H. Atkinson concurred in this view.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
