Bank of Coral Gables (Coral Gables, FL)

Episode Information

Episode UID
63041171566
Episode Type
Run โ†’ Suspension โ†’ Closure
Bank Type
state
Bank ID
6304117 routing
Routing Number
63-0411
Start Date
June 11, 1930
Location
Coral Gables, Florida (25.721, -80.268)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
10c1bb69dcc9ff8d

Response Measures

None

Description

Bank was an affiliate of the Bank of Bay Biscayne; suspended after heavy withdrawals and had a liquidator appointed/contested in subsequent court actions.

Events (3)

1. June 11, 1930 Run
Cause
Local Banks
Cause Details
Heavy withdrawals and runs on the Bank of Bay Biscayne (an affiliated institution) precipitated withdrawals at the Bank of Coral Gables.
Measures
Directors, after consultation with state comptroller, decided not to open to protect depositors; cash shipments from Federal Reserve flown in to Miami.
Newspaper Excerpt
statement by directors of the bank attributed the closing to recent substantial withdrawals.
Source
newspapers
2. June 11, 1930 Suspension
Cause
Local Banks
Cause Details
Suspension followed substantial withdrawals and the failure/closure of the parent Bank of Bay Biscayne and affiliated institutions.
Newspaper Excerpt
failed to open for business this morning...it was decided not to open this bank and its affiliated institutions ... to protect all of our depositors
Source
newspapers
3. June 12, 1930 Receivership
Newspaper Excerpt
Appointment Duncan of Miami, for Dade Broward the five banks which failed ... was by Comptroller ... Amos ... appointed Duncan liquidator the bank.
Source
newspapers

Newspaper Articles (13)

Article from Messenger-Inquirer, June 11, 1930

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LARGE BANK IN MIAMI CLOSES Biscayne Institution Had Deposits of $15,000,000 Miami, June 11. Bank of Bay Biscayne, with deposits of and three affiliated financial institutions, failed to open for business today. statement by directors of the bank attributed the closing to "recent substantial with. banks were the BisTrust company, the Miami Beach Bank and Trust company, and the Bank of Coral Gables. The Bank of Bay Biscayne in its quarterly statement showed deposits of and total deposits Gilman is president of the bank. The Bank of Bay Biscayne Miami's oldest bank. It has one of the finest buildings in the city, structure erected in 1925. TEMPORARY CLOSING Homestead, June 11. The Bank of Homestead closed its doors today after opening for short time. An announcement was made by Assistant Cashier H. Grady Smith saying the bank was in good condition and that suspension of business was but taken for the purpose of avoiding local bank run account of bank fallures today in Miami. Smith said the bank expects to open in few days. NEW JERSEY BANK CLOSES Vineland, June Vineland Trust company was taken today by the state commissionof banking and insurance to vestigate its company not open for business today. The trust company, which organized about years ago, has capital $100,000 and Its totaled cording to statement as of March were $1,800,619.


Article from News-Press, June 11, 1930

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Bay Biscayne Bank At Miami Is Closed MIAMI, June Bank of Bay 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 company, the Miami Beach Bank and Trust company, and the Bank of Coral Gables. The Bank of Bay Biscayne its last quarterly statement showdeposits of $15,037,198 and total resources of H. Gilman, president of the bank said meeting of the directors this morning, after consultation with the state comptroller, was decided not to open this bank and its affiliated institutions, the Biscayne Trust company, Miami Beach Bank and Trust company, and the Bank of Coral Gables, in order to protect all of our depositors to the fullest extent. "This decision was made after due consideration and was due recent substantial withdrawals." Arthur W. Saarinen, bank examiner, has charge of the institution. The Bank of Bay Biscayne was Miami's oldest bank. It had one of the finest buildings in the city $400,000 structure erected in 1925 and now carried in its books at valuation of $390,000. Among its resources are loans and discounts amounting to securities and commercial paper and bonds valued at $5,368,497. The Biscayne trust company had $1,520,041 and The Miami Beach Bank resources. and Trust company had deposits of and resources of $2,539,281. The Bank of Coral Gables the third of the affiliated institutions, had deposits of $606,598 and resources of E. Romth, president of the First National Bank, said that 000,000 left Jacksonville by airat 9:30 today plane from the Federal Reserve DeposiHe said the First Natory there. tional Bank and its subsidiaries has money on hand to pay all depositors, necessary. Depositors were orderly as they made withdrawals during the morning from other banks of the city and suburbs. HOMESTEAD. Fla., June 11 Bank of Homestead closed its doors at to day after opening for time. Official announcement was made Assistant Cashier H. Grady Smith that the bank is in good condition and suspension of business but temporary, taken for the purpose of avoiding local bank account of bank failures today in Miami. Smith said the bank expects to open in few days. ST. PETERSBURG, June National bank, which has sustained heavy during the last two days, following the closing of two other banks, was open for business as usual today and the line of depositors had disappeared. The bank doors were opened twenty minutes early this morning and about fifty persons who were standing in line were admitted and paid. All paying windows were opened at the regular hour.


Article from The Atlanta Journal, June 11, 1930

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BISCAYNE BANK, OLDEST IN MIAMI, CLOSES ITS DOORS Statement of President Blames Heavy Withdrawals for Action MIAMI, Fla., June 11.-(P)-The Bank of Bay Biscayne, with deposits of $15,037,198 as of the March 27 statement, and three affiliated financial institutions. failed to open for business Wednesday statement by directors of the bank attributed the closing to "recent subwithdrawals. The affiliated banks were the Biscayne Trust Company, the Miami Beach Bank & Trust Company, and the Bank of Coral Gables. The Bank of Bay Biscayne in its last quarterly statement showed deposits of $15,037,198 and total resources of Gilman, president of the bank said today: meeting of the directors Wednesday morning after consultation with the state comptroller, it was decided to open this bank and its affiliated institutions the Biscayne Trust Company, Miami Beach Bank & Trust Company, and the bank of Coral Gables, in order to protect all of our depositors to the fullest extent. "This decision was made after due consideration and was due to recent substantial withdrawals. Arthur W. Saarinen, bank examcharge of institution. The Bank Bay Biscayne was Miami's oldest bank. It had one of the finest buildings in the city, $400,000 structure erected in 1925 and now carried in its books at a valuation of $390,000. Among its resources are loans and discounts amounting to $7,478 458; and commervalued at cial paper and bonds $5 The Biscayne Trust Company had $1,520,041 deposits resources. The Miami Beach Bank and Trust Company had deposits of 349,943 and resources of $2,539,281. The Bank of Coral Gables, the third of the institutions had deposits of $606,598 and of $743,759 C. Romfh, president of the First National Bank, said that $2,000,000 left Jacksonville by airplane at 9:30 m. from the Federal Reserve pository there. He said the First National Bank and its subsidiaries had money on hand to pay all depositors, if necessary. Depositors orderly as they withdrawals during the morning from other banks of the city suburbs. The Bank of Bay Biscayne was older than the city Miami It was established May 1896 days after the first train ran to the community that on July 28, 1896, was incorporated as the city of Miami. statement from C. Penney. chairman of the board of directors of National Bank, said sufficient funds were on hand to meet demands of all depositors in that institution Homestead Bank Suspends The bank of Homestead closed its doors at 10 m. Wednesday after opening for short time. Official announcement was made by Assistant Cashier H. Grady Smith that the bank is in good condition and suspension of business is but temporary taken for the purpose avoiding a local bank on account of bank closings Miami. Smith said the bank expects to open few days. Southern Textile Stocks Quotations M. Spartanburg Per Bid. Abbeville Cotton Cotton Mills Arcadia Mills pfd Augusta Factory Beaumont Mfg Belton pfd Mfg Corporation B Corporation pfd Co (Pa Mills Chesnee Co Mfg Darlington Co Drayton pfd Enterprise Mfg Co pfd Gainesville Cotton M Ga Gossett Greenwood 400 (Par Hartsville 130 88 92 Cotton Mills Mills Lancaster Cotton Serial Marion Mfg Mill pfd Musgrove Mills Cotton Mills. Cotton Pacolet 100 Cot $60) Mills Mfg Piedmont Piedmont Riverside (par 15 Riverside River Mills pfd Sibley Bleach Franklin Franklin pfd Worsted Corp pfd Spartan Mills Notes 100 pfd Wallace Sales. High Close P Westph Yokohama same year same years ago, $1,558,643,000.


Article from Tampa Bay Times, June 12, 1930

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Millions Sent To Miami Banks from Page clined to give later figures as to the bank's approximation of the amount of recent withdrawals. Capital stock was listed surplus profits at statement issued by the subsidiaries same time, the Biscayne Trust company was listed having $1,520,041 deposits and resources. Miami Beach Bank Trust company showed $2,349,943 deposits and $2, The Bank Coral Gables listed deposits of $606,of Withdrawals Are Heavy Heavy withdrawals reported by other banks of the city, but the arrival of in cash by airplane from Jacksonville depository Reserve bank this by Gov. R. Black of the Federal Reserve bank that total $6,000,000 in route banks to allay fears of depositors before President E. C. Romfh of the First National bank, said his had paid out $500,000 large today, and that cash was available meet all demands. The First closed at its regular o'clock The City National bank open after its reqular closing hour give depositors money they chose. President Hugh Gordon, withdrawals had and that funds were for all Flies To Miami Creed of the Federal bank this district here today by airplane from Tampa. went conferthe of Bay the Arthur W. Saarinen, banking took affairs of the closed bank formal from President Gilman the of the this with the was not the open this bank and its affiliated the pany, Miami and Trust comthe Bank of all order of our deposthe fullest extent. "This made after due consideration, was due to recent substantial withdrawals.' It was estimated that between 8,000 and affected of the Miami area banks. L. Chandler, chairman of the of the bank, said the had been closed measure in order to prevent run. APPOINTED Appointment Duncan of Miami, for Dade Broward the five banks which failed Dade county today was by Comptroller ErAmos Four of the banks-the Bank of Bay Biscayne Trust company, Miami Beach Bank and Trust company, Bank Coral Gables -suspended during forenoon. later department the the Fla., which capitalized $35,000.


Article from The Sioux City Journal, June 12, 1930

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FOUR BANKS IN FLORIDA CLOSE Miami Institution and 3 Branches Fail to Open Doors Miami, Fla.-(P)-The Bank of Bay Biscayne, with deposits of $15,037,198 as of the March 27 statement, and three affiliated financial institutions, failed to open for business Wednesday. A by directors of the bank attributed the closing to "resubstantial 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 quarterly statement showed deposits of $15,037,198 and total resources of $17,182,292. J. H. Gilman is president of the bank. The Biscayne Trust company had $1,520,040 deposits and $1,962,14 resources. The Miami Beach Bank and Trust company had deposits of 943 and resources of $2,539,281 The Bank of Coral Gables, the third of the affiliated institutions, had deposits of $606,598 and resources of $743,759 Money Sent by Airplane E C. Romfh, president of the First National bank, said that $2,000,000 left Jacksonville by airplane Wednesday from the federal reserve depository there. He said the First National bank and its subsidiaries has money on hand to play all depositors, if necessary Depositors were orderly as they made withdrawals during the morning from other banks of the city and President Gilman said: "At meeting of the directors Wednesday morning, after consultation with the state comptroller, it was decided not to open this bank and its affiliated institutions, the Biscayne Trust company, Miami Beach Bank and Trust company and the Bank of Coral Gables, in order to protect all of our depositors to the fullest extent. "This decision was made after due consideration and was due to recent substantial withdrawals. Arthur W. Saarinen, bank examiner. has charge of the institution. The bank's resources include loans and discounts amounting to $7,478.458 and securities and commercial paper bonds valued at $5,368,497. Runs on Other Banks Withdrawals from other banks here up to the closing time were made in orderly fashion. bank officials said, and available funds were not E. Romfh, president of the First National bank, Laurie Yonce, Jacksonville pilot, had landed here shortly after 2 p. m. with $2, 000,000 in cash which he brought from the federal depository in Jack Hugh R. Gordon, Jr., president of the City National bank, said that approximately $350,000 had been withdrawn from his bank up to p. m (eastern standard time) and that the doors of the institution would be kept open as long as depositors remained. Mr. Romfh said approximately $500.000 had been withdrawn from the First National bank today telegram signed by E R. Black, governor of the federal reserve district in Atlanta. was posted in the window of the Third National bank which said 000.000 is en route to Miami banks. This total was believed locally to include the that came by airplane from Jacksonville Approximately 10,000 depositors in Miami, Miami Beach and Coral Gables were affected by the bank closings. $6,000,000 Sent to Miami Atlanta R. Black, governor of the Atlanta district of the federal reserve bank, said Wednesday that $6,000,000 was being sent to Miami from the Jacksonville branch of the federal reserve. This money, he said, would be available to all Miami banks that are members of the federal reserve. Mr. Black said $2,000.000 of the amount was sent from Jacksonville to Miami by airplane, and that $4,000,000 more was being sent "by mail.' Asked if any additional amount had been sent from the Atlanta depository of the federal reserve to Jacksonville, Mr. Black said the depository here "is continuously sending money to Jackjsonville, just as it does to the branches in Birmingham, Memphis and other southern Homestead Bank Closes of Homestead closed its doors at 10 a. m. eastern standard time, Wednesday after opening for a short time. Assistant Cashier H. Grady Smith said the bank was in good condition and that suspension of business was but temporary, taken for the purpose of avoiding a local bank run on account of bank failures in Miami. He said the bank expects to open in a few days.


Article from The Oklahoma News, June 12, 1930

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MORE FLORIDA BANKS SUSPEND Total Closures Recently Reach 12; Rush Money to In- June Bank of and the Guaranty Title and Trust smaller also bringing 12 recent bank in Florida. Clearwater on the Florida west Arrival Miami of by airplane and several reassuring statements state banking officers helped allay the who had funds in five banks which closed Wednesday In addition to the plane shipment 000,000 expected by rail to aid in restoring confidence. The which the Bank Bay Co., 148; the Miami Beach Bank Trust Bank Coral Gables, and the Bank of Homestead.


Article from The Evening News, June 12, 1930

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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.


Article from The Wichita Eagle, June 12, 1930

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IN FLORIDA SHUTS DOORS Subsidiary Institutions Suit Following Heavy Runs MIAMI, FLA., June Bank Bay Biscayne, oldest nancial institution South Florida, and three in metropolitan Miami failed to open for business today. the Miami Beach Bank Trust company, the Bank Gables, and the BisTrust Notices posted on the doors of the said the had been taken by depositors" and because of "recent fifth banking house, the Bank Homestead, after being open hour, with the statement would few days. Homestead south Miami. Officials said the closed The Bank of Bay Biscayne listed total and of March in its last Capital listed and surplus and profits at $1,145,Other banks in the city and in the heavy during the


Article from The Bellingham Herald, June 12, 1930

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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.


Article from The Knoxville News-Sentinel, June 12, 1930

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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.


Article from Berwick Enterprise, June 12, 1930

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RIGHT OFF THE WIRE. Sticks To Oxen Calicoon, June general beasts burin this section was disearded years Jacob Dreher. farmer Beechwoods, still prefers them to horses. he they are Electricity In Japan Tokyo, June by electricity has strong hold on Japcountry many economic conditions have been unchanged for hundreds years. conductby the government shows electric light bulbs the of 1929. Tokyo led the of users, with 105 bulbs per 100 Treasury Balance. Washington, June The treasJune Customs receipts for the month that date totaled expenditures Attempted Jail Break. June tempted break county jail here when Martin bor, made attempts escape from prisons various of the was prehended Warden Tablor from the county jail August, 1925, by gling through window five three fourths inches He had brought year term for burglary term years for mail robbery the McNeil Island federal penitenWashington. had been watching for weeks after finding cell. placed itary confinement today. Banks Close Doors. Miami, June The Bank Clearwater, Guaranty Title and $250,000 and the Trust Company, smaller Clearwater, closed their doors also today, bringing twelve the number recent bank closures Florida. Clearwater the Florida coast, Tampa. banks closed yesteday the Bank of Bay Biscayne, of the Biscayne the Trust Beach and Trust Miami the Bank pany, and the Coral Gables, with Homestead. bankers said when the public promptly heavy run made the the They had the institution. from the fedadditional needed. they reserve Voluntary Bankruptcy. June 12(LP)Mount Rock trading the Knepp. Ideal Block blocks, filed ufacturers cement bankruptcy voluntary petition here listing Federal Court and bilities estate valued Real Knepp agreed in the assets, surrender proppetition benefit of his for the Commitee Wants Papers. June Foreign Relations today by vote adopted right resolution asserting Naval Conference London been refused the which committee President Hoover. Chairman Borah the the committee to Mr. Hover and Secretary Stimson through whom State former's refusal produce the papers known the committee. resolution will be presented the Senate for action expression opinion. Lingle Buried. Chicago, June Lingle, by men he had followed for police was years buried with military honors today while civil authorities sent expert out end, with bullets, the gang which have claimed lives. The funeral procession through Garfield Park the West Side from the bureau that the hoodlum roundup of the last hours had behind jail


Article from The Morning Press, June 13, 1930

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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.


Article from The Tampa Tribune, July 3, 1930

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TAMPA OVERRUN IN ON CROOKS, BANK RECEIVER. KIWANIAN To Act To Ritter Recesses Club Urged ArguSituation in Miami ments Remedy The time has come for Tampans stop letting gamblers, bootleggers and ballot box stuffers run their city into the Brengle, local contractor. told the Tampa Kiwanis club fiery speech that brought out heated discussion the club luncheon political situation Tampa, recognized the papers rotten. disgusting honcitizens throughout our trade keeping business away from Brengle that whole and every individual member make known grand Skinner that backing efforts dig the tom primary frauds. Kiwanians jumped up in rapid sucmost them advising against club into the grand jury and soliciSome they would The talks Tampa's "situarose the point, speakers parodies lighter vein failed to relieve the ten- Says Past Elections Worse bad our elections have been would almost made should do thing good Dan heeding ears waited they used steal ballot boxes, and recollect used shoot This did better. They just counted poorly fired back Ed Blackrising feet. the the county supervisor registration. been time when there much crooked and voting. Others point out the too be treated lightly, the club to find (Continued Page hearing few minutes argument the motion of the state comptroller dismiss petition for federal receiver for the defunct Bank Bay Federal Judge Ritter today recessed court until tomorrow. The judge previously had overruled motion bank's attorneys dismiss the petition. brought by Mrs Rosa and her Cook county, Illinois, depositors in the Judge Ritter yesterday threatened representacomptroller's office ceeded the bank's affairs without declaring "neutral for transaction business after hearing of the Hankins petition. set for July 21. Appointment Contested Meanwhile, depositors committee the Bank Coral Gables nounced contest the appointment Comptroller Amos of Duncan liquidator the bank. The Bank Coral Gables closed June 11. and two other subsidiaries the Bank Bay Biscayne closed the same time Miami bank. The appointment Duncan liquidator for Bank Coral Gables brought circuit court for confirmation here Saturday, which time depositors committee expects offer its resistance learned today Duncan. liquidator Dade Broward county June by the troller for Bank Coral and the Miami Beach Bank and Trust June He of the Bank of Bay Biscayne.