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TWO ST PETERSBURG, FLA BANKS CLOSE DOORS ST June First National Bank the First Security Bank failed today. directors the First National steady recent closing the American Ninth Street The said the First National had lost more than the last few Central National is Petersburg The First Security Bank bank affiliated the National.
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Florida Banks Quit Business Petersburg, June First National bank and First Security bank failed to business today. resolution adopted by dirèctors of the First National last night the difficulties steady withdrawal funds since the recent closing the American and Ninth banks. The directors said the First tional lost more than two half million dollars the last few weeks. The Central National bank only financial institution remaining open Petersburg. The First Security bank small state affiliated with the First National. June Merrimac River Savings bank failed to open its doors today upon order of the state banking ed the bank and went over its counts with his assistants and bank officials.
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Two Florida Banks Suspend Business ST. PETERSBURG, Fla., June 10 (I.N.S.). - -Two banks here falled to open their doors for business yesterday, the First National Bank of St. Petersburg and a subsidiary, the First Security Bank. Constant withdrawal of deposits, which totaled more than $2,500,000, following the recent closing of the American Trust Company and the Ninth Street Bank, brought on the action,
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BANKERS TRUST IN PHILA FAILS, ALSO MIAMI CITY NAT'L Withdrawals Are Blamed For Closing of Big Institution in East DIVIDENDS FOR ST. PETE One Receiver is Paying Off in Full and Another 15 Per Cent PHILADELPHIA, Dec. 22. (/P)The Bankers Trust Company and its branches in this city closed today by order of Peter Cameron, secretary banking. "Steady seepage" of deposits, due to withdrawals the past few days, was given as cause of the State's action. The bank was said by its president to be solvent but it had been harrassed by withdrawals the 19 branches scattered throughout the city. The last statement showed deposits of more than $45,000,000 and assets of $55,000,000. ST. PETERSBURG, Dec. 22. Depositors in two banks closed here last summer today were receiving payments from the receivers. Depositors in the First Security Bank are being paid in full and depositors in the First National are receiving checks for 15 per cent of their deposits. The first security was reopened with 75 per cent of the deposits frozen until January 1932. The new bank, Union Trust Compony, took over the reopened bank today and is paying the frozen deposits sooner than was promised. The First National receiver is paying a total of $622,000 in his first dividend. MIAMI, Dec. 22. ment of the closing of the City National Bank, Miami's second largest financial institution, was made early today board directors. The board resolution said that heavy withdrawals "due to malicious rumors" regarding the bank's condition, were responsible for the closing. It was announced that the City National Bank of Miami Beach, the City Trust Company and the Guardian Trust Company, subsidiaries of the City National Bank in Miami, will not be affected by the closing. The statement dated September 24 gave resources of $7,000,000; deposits $5,800,000, with a surplus of $500,000. The bank was capitalized at $500,000. The Comptroller of the Currency has been requested to assume charge of the institution. Heavy runs developed on three other local banks but the erowds were orderly Officers said they had sufficient money in their vaults or on the way here to meet the demands of the depositors. MIAMI, Dec. D. Keefer, liquidator of the Miami Beach Bank and Trust Company, has received state comptroller's warrants in payment of second 5 per cent dividend, be announced today. They will be paid to the closed bank's depositors presenting liquidator's ertificates of Flor500,000 contri-
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Bank Examiner BODY OF MAN Takes Over Closed IS FOUND ON Central National MAXIMO ROAD Heavy Withdrawals and Failure to Get Credit Blamed; Other Banks Meet Rush of Crowds With Cash G. HANCOCK, national bank examiner, arrived in St. Pe. tersburg Friday afternoon to take eharge of the affairs of the Central National Bank & Trust Company which closed its doors at m. after being open for business yesterday just one hour and five minutes. The national bank examiner will remain in charge until the Comptroller of Currency appoints receiver for the closed bank. A receiver will likely be speedily appointed as this is the enstom in closed national banks. Closing of the Central National* Bank Trust which without to the general public and warning without excitecaused to quickly front of the institution gather in and at the other banks. There were withdrawals throughout the day Florida National Bank and the Union Trust company but officials of both institutions stated last night that no more than expected after the people had fered the shock of bank closing. Others Offer To Pay D. president of the FlorNational said his bank prepared to off every depositor pay the dollar and that the 100 cents on bank will promptly continue to pay nervous depositors Nat B. Brophy that bank with cash convertible into He note files small in He said money against the Central National Bank and company issued statement shortly after the directors Heavy the coupled sudden credit could extended decision officials In the paid off all money from (Continued on Page Column 2)
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UNION TRUST W. McEachern Succeeds Him as President: Other Changes Announced (Continued from Page also, for the protection of its positors, closed its doors when the parent did. Organized Depositors McEachern immediately organized the depositors kept faith them fulfilling his promise that he would reopen the bank and take of the He obtained the assistance and support of the banking department, securing the nomination Paul Hoxie liquidator, later associated himMr. Brophy, purchasing the building formerly occupied by the Ninth Bank Trust company The First Security bank opened in that building Sept. 1930. The bank deposits more than and its markable growth the short period has elapsed indicated following statement which issued of the close of business last night: due exchange county Quick and 135,000.00 6,239.70 Total Deposits liabilities Union Trust company been bonds in Pinellas county. Mr. McEachern last night believed other safer financial institution during these times. Union Trust company will remain of the fact that many of in the three hours Saturday the bank day, beginning Nov which the merchants to Charles R. Cox, appointed vice will assist McEachern. has in the for He has St. Petersburg for years, and during his the First National bank. When this pended June, Cox was retained M. ceiver, with the First bank. Before coming Petersburg. the First National and the SavanBank and Trust He the World He Mason, Knights Tem. John Elbon, newly elected secretary, be the collection Mr. Elbon native of educated the local schools. After he attended high school, associated First bank, he had charge and change. Mr. Elbon has nected Trust pany and has his through his loyalty and work.