gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
f2d6dc0dece26410
Response Measures
None
Description
The bank closed preemptively to forestall a run after the failure of the First American Bank and Trust Company.
Events (1)
1.March 8, 1927Suspension
Cause
Local Banks
Cause Details
Closed to forestall a run following the failure of the First American Bank and Trust Company and other local institutions.
Newspaper Excerpt
the Northwood Bank and Trust company of West Palm Beach closed their doors today when the First American Bank and Trust company failed to open this morning
Source
newspapers
Newspaper Articles (14)
1.March 8, 1927Merced Sun-StarMerced, CA
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POLICE CHECK RUNS ON BANKS PALM BEACH
Series of Crashes Follows Hurricane Loss, Real Estate Slump
Solvent, Say Officers When $3,000,000 Institution Closes Its Doors
WEST PALM BEACH. Fla., March 8. (P)-The First Bank and Trust company of Palm Beach and the Northwood Bank and Trust company of West Palm Beach closed their doors today when the First American Bank and Trust company failed to open this morning Runs began on the three other West Palm Beach banks. Po. lice took charge of the crowds that gathered in front of the institutions. and maintained order Officials of the Citizens bank announced that an armored car had left Miami for West Palm Beach bearing a large sum of currency for the Citizens bank and the Farmers Bank and Trust company Directors of the First American Bank and Trust company stated that the bank is solvent and would he opened after a reorganization. The directors stated that they have more than a legal reserve on hand. $3,000,000 Deposits The First American bank was capitalized at $300,000 and a statement issued this morning showed: loans and discounts, $3,416,503: cash in vault $58,255: cash in oth. er banks $553.730: liabilities. bills payable. $1,140,000: deposits, $2.The First American Bank's officers said it had to be closed because of general conditions following the failure of three Palm Beach hanks last June the hurricanes, the continued depression in real estate. the upheaval in the city affairs. the failure of the First Bank and Trust company a few weeks ago in Lakeworth. and continued large withdrawals by depositors in the past few weeks Much Withdrawn
More than $10,500,000 has been withdrawn from the bank from a peak of $13,500,000 deposits a few months ago, directors said. The First Bank and Trust company of Palm Beach is capitalized at $50.000 and has $100,000 as surplus and undivided profits. No reason was announced for the closing but It is expected that the bank closed in order to forestall run. The Northwood bank which serves the northern part of West Palm Beach. is believed to have closed for the same reason. Closing of the reorganized First Bank and Trust company of Lakeworth (Continued on Page 6)
2.March 8, 1927The Vincennes Sun-CommercialVincennes, IN
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THREE LEADING FLORIDA BANKS CLOSE DOORS
West Palm Beach, Fla., March (UP) leading banks of the Palm Beach district closed their doors today and started one of the most frenzied runs in the history of Florida finance. Midday found streets jammed with depositors seeking to save their money by withdrawing it from remaining banks of the city. Runs on the Farmers Bank and The Citizens Bank of West Palm Beach were such that an armored car was dispatched from Miami bearing cash for the depositors. No sooner had the First American Bank and Trust company posted notice that business was suspended for protection of depositors than two other institutions closed -the Northwood Bank and Trust company of West Palm Beach and the First Bank and Trust Company of Palm Beach.
3.March 8, 1927The Waukesha County FreemanWaukesha, WI
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RUN OPENED FLORIDA BANKS
WEST PALM BEACH, Fla. leading banks of the Palm Beach district closed their doors today and started one of the most frenzied runs in the history of Florida finance. found streets jammed with depositors seeking to save their money by withdrawing from maining banks of the city. Runs on the Farmers bank and the Citizens bank of West Palm Beach were such that an armored car was dispatched from Miami bearing cash for panicky depositors. No sooner had the First American Bank and Trust company posted notice that business was suspended for the protection of depositors than two other institutions Northwood Bank and Trust company of West Palm Beach and the First Bank and Trust company Palm Beach.
4.March 8, 1927Post-BulletinRochester, MN
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RUN FOLLOWS CLOSING OF PALM BEACH BANKS
Story of Bursting of Florida Bubble Told In Financial Slump
West Palm Beach, Fla., March 8. First American Bank and Trust company of Palm Beach and the Northwood Bank and Trust company of West Palm Beach closed their doors today when the First American Bank and Trust company here failed to open this morning. Runs began on three other West Palm Beach banks.
Police took charge of the crowds that gathered in front of the institutions, and maintained order. Directors of the First American Bank and Trust company stated that the bank is solvent and would be opened after reorganization. The First American was capitalized at $300,000 and statement issued this morning showed: Loans and discounts $3,416,503:
(cash in vault $58,255; cash in other banks $553,730; liabilities, bills payable, $1,140,000; deposits $2,982,787 The First American bank's officers said it had to be closed because of conditions following the failure of three Palm Beach banks last June, the hurricanes, the continued depression in real estate, the upheaval in the city affairs. the failure of the First Bank and Trust company few weeks ago in Lake Worth, and continued large withdrawals by depositors in the past few weeks. More than $10,500,000 has been withdrawn from the bank from peak of $13,500,000 deposits a few months ago, directors said. The First Bank and Trust company of West Palm Beach was capitalized at $50,000 and has $100,000 as surplus and undivided profits. No reason was announced for the closing, but it was given that the bank closed in order to forestall a run. The Northwood bank. which serves the northern part of West Palm Beach, is believed to have closed for the same reason.
5.March 8, 1927The Sheboygan PressSheboygan, WI
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Frenzied Run On Three Palm Beach Banks Is Started
United Press]
Three West Palm Beach, the Palm Beach leading banks closed their doors today district one of the most frenand started in the history of Florida zied runs finance. found streets jammed seeking to with depositors withdrawing their money banks of the city. from remaining Runs on the Farmers bank and bank of West Palm the Citizens Beach were such that an armored dispatched from Miami bearing cash for panicky deposisooner had the First AmeriBank Trust company posted notice that business was for the protection of positors two other institutions Northwood Bank and Trust company West Palm Beach and First Bank and Trust of Palm Beach. company
6.March 8, 1927Simpson's Leader-TimesKittanning, PA
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THREE BANKS IN FLORIDA CLOSE DOORS
West Palm Beach, Fla., March 8. (U.P.)-Three leading banks of the Palm Beach district closed their doors today and started one of the most frenzied runs in the history of Florida finance. Mid-day found streets jammed with depositors seeking to save their money by withdrawing It from the remaining banks of the city. Runs on the Farmers bank and the Citizens bank of West Palm Beach were such that an armored car was dispatched from Miami bearing cash for panicky depositors. No sooner had the First American Bank and Trust Company posted notice that business was suspended for the protection of depositors than two other institutions closedthe Northwood Bank and Trust Company of West Palm Beach and the First Bank and Trust Company of Palm Beach. Heavy withdrawals on three banks during the past eight or ten months and unsettled conditions of affairs in this part of the state were given as reasons for the closing.
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Leader-Times ads reach the peopie every time.
BOWLING NEWS At the end of the second sevenweeks period, the season twothirds over, the standing is as folThe McMasters in first place followed: closely. by the Prudentials. The Adelsons hold high total pins, high game and high match record. Poole of the Adeleens hold high individual score of and high match average of 181 plus. High individual average for the season has not been determined. Dodge Bros. vs K. of c. Daugherty 166 133 Schall 134 112 119 Rearic 99 136 155 Schenk 87 117 Berline 143 127 130 660 566 654 Pierce 136 150 102 Jame 133 131 129 Hoffman 93 142 166 Caretti 102 123 132 Glenn 175 117 Dummy 90 554 721 646 W. P. vs. Dodge Bros. Householder 118 132 154 Mills 85 116 95 Parfitt 113, 130. 106 Slagle 116 165 101 Simpson 108 87 102 539. 630. 558 Hays 121 118 105 Rearic 78 108 108 B. Erwin 137 162 141 Erwin 120 126 114 Dummy 90 90 90 546 604 558 K. of Poole 124 123 159 Geary 162 154 134 136 121 149 Curren 98 130 133 90 90 90 620 618 665 James 113 97 130 99 135 105 T. Lehner 111 82 128 125 172 109 152 97 101 600 583 573 P. M. Mills 155 145 119 Yount 87 Simpson 89 98 Parfitt 103 129 152 Parke 107 93 109 House 123 144 142 575 600 620 Shuster 170 119 100 99 153 136 Jack 142 144 120 Apple 103 128 103 Carl 131 140 147 645 704 606 L. A. Vs Prud. Poole 128 112 Curren 150 124 129 Jack 131 143 163 Dummy 90 90 90 Dummy 90 90 90 604 585 584 Lehner 106 107 89 Stouffer 107 150 137 Schrecengost 102 91 110 McPherson 109 143 114 Murray 140 127 128 564 618 578
7.March 8, 1927Daily Republican-RegisterMount Carmel, IL
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TWO FLORIDA BANKS CLOSE THEIR DOORS
(United WEST PALM BEACH, Fla. March leading banks the Beach district closed their doors today and started the runs in the history of Florida finance. found streets jammed with depositors seeking their money withdrawing from remaining banks of the city. Runs on the Farmers' bank and the Citizens' bank of West Palm Beach such an armored car dispatched from Miami bearing cash for panicky depositNo sooner had the First American bank and Trust company posted notice that business suspended for the protection depositors than two other institutions Northwood bank and Trust company of West Palm Beach First Bank and Trust of Palm Beach. company
8.March 8, 1927Albany Democrat-HeraldAlbany, OR
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THREE BANKS CLOSED: PANIC STARTS
Heavy Runs Cause Leading Palm Beach Institutions to Suspend Business This Morning.
CROWDS SEEK FUNDS
Depositors Swarm Around Doors of Defunct Firms -Cash Brought in via Armored Truck.
(By United Press Leased Wire) WEST PALM BEACH. Fla. March 8.-Three leading banks of Palm Beach closed their doors this morning and started the most frenzied runs in the history of Florida finance. Midday found streets jammed with depositors seeking to save their money by drawing it from remaining banks the city. Runs the Farmers bank and the Citizens bank of West Palm Beach were such that an armored car was despatched from Miami bearfor panicky No sooner had the American and Trust posted that business for the protection of depesitors than two institutions elosed-the North wood Bank and Trust company of West Palm Beach. and the First Bank and Trust company of Palm Beach. Heavy withdrawals on all three banks during the past eight ten months unsettled condition affairs in this part the given as reasons for the
9.March 8, 1927Marshfield News-HeraldMarshfield, WI
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START RUNS ON THREE FLORIDA TRUST CONCERNS
WEST PALM BEACH, Fla., March AP) The First National Bank and Trust company of Palm Beach and the Northwood Bank and Trust company at West Palm Beach closes their doors today when the First American Bank and Trust company here failed to open this morning Runs began on two other West Palm Beach banks. Police took charge of the crowds that gathered in front of the institutions and maintained order. Officials of the Citizens Bank announced that an armored car left Miami for West Palm Beach bearing a large sum of currency for the Citi, zens bank and the Farmers Bank and Trust company Directors the First American bank and Trust company stated that the bank is solvent and would be reopened after reorganization. The directors stated they have more the legal reserve on hand Officers of the First American bank which capitalized at $300,000 said the bank had to be closed because of general conditions following failure of three Palm Beach banks last June. the First Bank and Trust company officers gave no reason for closing; but it is believed the bank closed to forestail a run. The Northwood bank, which serves the part of West Palm Beach, is believed to have closed for the same reason.
10.March 8, 1927The Brooklyn Daily TimesBrooklyn, NY
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Run on Banks Florida When Close Their Doors
United West Palm March leading banks of the Palm Beach District closed their doors day and started one frenzied runs in the history Florida finance. Midday found streets Jammed with depositors seeking save their money from maining banks the Runs Farmers' Bank and the Citizens' Bank West Palm Beach that armored bearing panicky depositors. had the First American Bank and Trust Company posted notice that for the protection of depositors, than two other institutions Northwood Bank and Trust Company West Palm Beach and the First Bank and Trust Company Palm Beach. Heavy withdrawals on all three banks during the eight months and unsettled conditions of affairs this State the closing.
11.March 8, 1927Los Angeles Evening Post-RecordLos Angeles, CA
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DEPOSITORS RUSH TO DRAW OUT CASH
WEST PALM BEACH, Fla., March 8.-Three leading banks of the Palm Beaches closed their doors this morning and started one of the most frenzied runs in the history. of Florida finance. Mid-day found streets jammed with depositors seeking to save their money by withdrawing it from remaining banks of the city. Runs on the Farmers bank and the Citizens bank of West Palm Beach were such that an armored car was dispatched from Miami bearing cash for panicky depositors. No sooner had the First American Bank and Trust company posted notice that business was suspended for the protection of depositors than two other institutions closed—the Northwood Bank and Trust company of West Palm Beach and the First Bank and Trust company of Palm Beach. Heavy withdrawals on all three banks during the last eight or 10 months and unsettled condition of affairs in this part of the state were given as the reasons for the closings.
12.March 8, 1927The Sedalia DemocratSedalia, MO
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CURRENCY
Three At West Palm Shut Doors Heavy Withdrawals
Associated Press. WEST PALM BEACH, Mar. Citizens Bank and The Farmers Bank and Trust survived prolonged runs today observed their usual o'clock closing hour custom, following the closing of three other banks
PALM BEACH, Mar. armored car bearing in currency arrived shortly after noon today from Miami prevent closing of banks following the closing of three other banks today. Heavy withdrawals deposits the two continued in the bank officials expressed belief that the impendhad been averted the relief from Miami.
WEST PALM BEACH, March First Bank and Trust Company Palm Beach and the Northwood Bank and Trust Company of West Palm Beach clostheir doors today when the First American Bank and Trust Company here failed this morning. open Runs began two other Palm Beach banks. Police took charge of the crowds that gathered in front of the instituand maintained order. Directors of First American Bank and Trust Company stated that bank would opened after The directors stated that they have than legal reserve on hand. The First American Bank's said had to closed general conditions following failure of three Palm Beach banks last June, the hurricanes, the continued in real estate, the upheaval the city affairs, failure of the First Bank and Trust Company weeks ago in Lake Worth continued withdrawby depositors in the past weeks. It capitalized at First Bank and Trust pany of Beach capitalized $50,000. No reason was announced the closing but is believed that the bank closed in order to forestall The Northwood Bank, which the northeastern part of West Palm Beach, believed to have closed the same reason.
13.March 8, 1927Transcript-TelegramHolyoke, MA
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THREE BANKS OF WEST PALM BEACH CLOSE THEIR DOORS
WEST PALM BEACH. March Three leading banks of the Palm Beach district closed their doors today and started one of the most frenzied runs in the history of Florida Mid-day found streets jammed with depositors seeking to save their their money by withdrawing it from the remaining banks of the city. Runs on the Farmers' Bank and the Citizens' Bank of West Palm Beach were such that an armored car was sent from Miami bearing cash for panicky depositors. No sooner had the First American Bank and Trust Company posted notice that business suspended for the protection of depositors than two other institutions closed-the Northwood Bank and Trust Company of West Palm Beach and the First Bank and Trust Company of Palm Beach. Heavy withdrawals on all these banks, during the past eight or ten months and unsettled conditions of affairs in this part of the state, were given is reasons for the clostag.
14.March 8, 1927The Daily RepublicanPoplar Bluff, MO
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Three Palm Beach Banks Today
By Associated West Palm Beach, Fla., March armored car bearing $2,000,000 in currency arrived here shortafter noon today from Miami to the closing of two local prevent banks following the closing of three other banks today. Heavy withdrawals of deposits in the two banks continued in the early afternoon, but bank officials expressed belief that the impending closing had been averted by the lief from Miami.
West Palm Beach, Fla., March The First Bank and Trust Company of Palm Beach and the Northwood Bank and Trust Company Palm Beach closed their doors today when the First American Bank and Trust Company here failed to open this morning. Runs began on two other West Palm Beach banks. Crowds Gathered. Police took charge of the crowds that gathered in front of the institutions, and maintained Directors of the First Bank and Trust Company stated that the bank is solvent and would be ened after reorganization. The rectors stated that they have more than legal reserve on hand. The First American Bank's officers be closed because of said it had to general conditions following the failof three Palm Beach banks last hurricanes, the continued June, the depression in real estate, the upheavel the city affairs, the failure of the First Bank and Trust Company few weeks in Lake Worth and conago tinued large withdrawals by depositthe few weeks. It was ors in past capitalized at $300,000. Bank and Trust ComThe First pany of Palm Beach is capitalized at No reason was announced $50,000. it is believed that for the closing but order to forestall the bank closed in run. The Northwood Bank, which serves of West Palm the northern part have closed for Beach, is believed to the same reason. West Palm Beach, Fla., Mar. in Palm Beach Two banks and one failed for busines stoday. to open
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.
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