City Trust Company (Miami, FL)

Episode Information

Episode UID
63048271577
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
6304827 routing
Routing Number
63-0482
Start Date
May 9, 1931
Location
Miami, Florida (25.774, -80.194)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
4933648f5e1ad883

Response Measures

None

Description

Multiple articles show appointment of receivers and ongoing liquidation disputes; bank remains in receivership/liquidation.

Events (1)
1. May 9, 1931 Suspension
Cause
Government Action
Cause Details
Court-appointed receiver and liquidator proceedings following closure and allegations of asset intermingling and depletion.
Newspaper Excerpt
Taylor filed bond of $5,000 last night as receiver for the City Trust Company.
Source
newspapers

Newspaper Articles (10)
1. January 20, 1931 The Miami Herald Miami, FL
Article from The Miami Herald, January 20, 1931

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Article Text

CITY BANK RECEIVER SELL SECURITIES Continued from Page of these pledged securities totals $366,927.97. Other securities on the list are pledged to secure deposits of the City Trust Company, Dade county, Dade county school board and City Miami The general court order "is deemed advisable so that the securities can be the delay incident to obtaining individual court orders in each letter from the United States comptroller's office. attached to the explains. "Many of the securities now owned pledged are of doubtful and would needless delay and expense separate were required in instance of sale or of authorization of sale," the order signed by Judge Sheppard says. The sanction of the receiver is necessary before securities pledged to sepublic other deposits can be and E. Leatherman. clerk Circuit court, already had requested of bonds held the City Trust Company secure the court clerk's balance The various pledged securities will sold by the City Trust Company. Federal Reserve Bank, Jacksonville: Chemical Bank and Trust Company of York City, and others holding the pledged securities trustees. The proceeds over the pay the secured deposits will be turned the listed covering other sedepositors are follows: Legion, $13,000 par value, book value: county funds, $275,500 par value, $275,423.74 book value; county school funds, par value, $38,085 book value; City of Miami, $21,000 par $20,526.54 value; City Trust $339,850 par $337,319.46 book value: Trust Company. par value, book value; City Homestead, $18,000 par value, book value; W. Knott, state treasurer for state funds, par value, $4,016.06 book value; W. Knott, state treasurer and county treasurer, exofficio, $57,000 par value, Knott, state treasurer, for account Dade County Security Company, $80,000 par value, $80,321 book B. Leatherman, clerk of court, $125,000 par value, book value; M. Lehman as sheriff, $5,000 par value. book value: George McCall, clerk Criminal court, $7,000 par value, $7,000.10 book value; Miami Clearing House, $51,000 par value, Postal Savings, $454,000 value, book value: Bob Simpson. tax collector, 8107,000 par value, $103,570.68 book value, and Therrell, liquidator for the closed Bank of Bay Biscayne. $20,000 par value, $20,080.30 book or unpledged securities listed and held by the total par value and book value. These include. among others. Hotel McAllister bonds. $32,000 par value and book value: Coral Gables, Inc., $210,300 par value and $210,300 book value: Coral Gables, Inc., debenture, $343.510 par value and $141.175 value. and City National Building. Inc., par value $855,000 value, of no par stock of the City National Building, Inc.

2. January 21, 1931 The Miami Herald Miami, FL
Article from The Miami Herald, January 21, 1931

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Article Text

CITY TRUST COMPANY SOLD TO MIAMI GROUP Affairs Will Be Merged With Guardian Trust: Purchase Price Is $177,500 The City Trust owned by the closed City Bank In Miami, sold by Spurway, receiver. yesterday to Miami interests headed Ralph H. Buss, vice of the City National Bank before the PenneyGwinn interests took control. The receiver total of $177,500. The new interests, composed of Miami and business the Guardian Trust Company, had been controlled the City Trust Company The Guardian Trust Company ized by City Trust Company interests last July to liquidate the closed BisCompany. The City Trust Company now will be and the business the offices of the Guardian Trust Company, 22 N. Miami avenue, Mr McCormick, president the Guardian Trust Company before the closing of the City National Bank was named president by the new interests yesterday. R. Fenters was elected vicepresident; Gustus, assistant vice president, and Amos secretary and treasurer Mr. Buss is expected to be elected of directors at January 27. The City National paid $200 share for 880 shares of Trust Company stock. total of and also was paid purchase price of one 10-share City Company stock certificate, which had been at $150 share by the before was There 1,000 shares of City Trust the 110 shares being outside the City National Bank

3. May 9, 1931 The Miami News Miami, FL
Article from The Miami News, May 9, 1931

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Article Text

BANK RECEIVER CONFLICT LOOMS IN TRUST CASE Taylor Named by Court to Handle Guardian and City Firms With the next move in the complicated in doubt early today, and with possible conflict and local apparently the Judge H. H. was charge this the Guardian Trust Co. and City Trust Co., follow ing his last night receiver by Judge F. Atkinson of circuit The local based after regular hours by Will Atlanta business who claims creditor of two with handling of $25,000 bond and who dissipation assets the the City Filing of the Allen suit closely lowed late yesterday Therrell liquidator of the City Trust liquidator of the Bank of Bay Biscayne out city today and was not to return for week or Morgan S. president the Guaradian Trust said would move dissolution of the ceivership of that concern soon could prepare which he thought would be sometime today. Taylor said in full charge of the assets of under court order and duty them should relieved. He is under $25,000 bond for faithful perhis Mr. McMormick and Mr Taylor were the Guardian Trust Co. office early today arranging for the to take charge Mr. mick said the proceedings "complete and that his,first inkling when he stepped off incoming train this morning after receivership filed last night by for alleged that when Cormick bought Trust Co. in January. from Spurway, City tional the purchase price through the First National bank $200,000. and that this repaid through ON PAGE NINE)

4. May 9, 1931 The Miami News Miami, FL
Article from The Miami News, May 9, 1931

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Article Text

BANK RECEIVER CONFLICT LOOMS IN TRUST CASE FROM PAGE ONE) pletion of the surplus and divided profits of the City Trust Co. The Guardian Trust Co., which months ago by City National Bank City Trust Co., to liquidate the Biscayne Trust was alleged to be intimately nected with the City Trust Co. and to have transferred 1,000 lucrative aethe Guardian Trust Co. Defendants named the included the City Trust Guardian Trust Co., S. McCormick, A W Fenters. Amos Travis and Ralph H. Buss. An in. junction was by Judge Atkinson to any with the by him. Dr. Therrell' reof the City Trust made late by Amos, state comptroller. said to have been unexpected that of the appointment few hours later of Judge Taylor. divided in their opinion of what action would follow the naming of for the same institution. Some believed the parallel that of the Dade County Security in which the state supreme court held recently the receiver named by the state compnot supplanted. Other attorneys thought the presmight set of facts which might result in dif H. for the City who sold the City Trust stock to Mr. and his associates, out of the city reported he was Washington and would not return fore Tuesday Wednesday

5. May 9, 1931 The Miami Herald Miami, FL
Article from The Miami Herald, May 9, 1931

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Article Text

TRUST COMPANY RECEIVER NAMED Continued from Page through The Administrator Company from H. J. Spurway, national bank receiver in charge of the City National Bank In Miami, the stock of the City Trust Company through an escrow agreement with the First National Bank whereby he borrowed $200,000 to make the purchase. It is further charged in the complaint that McCormick then used the capital, surplus and undivided profits of the City Trust Company to repay the loan, thus depleting its assets. It is further declared in the bill of complaint that through this transaction McCormick was able to transfer to the Guardian Trust Company more than 1,000 lucrative trust accounts of the City Trust Company, which, it charges, he controls through dummy corporation known as the GuardCompany Taylor filed bond of $5,000 last night as receiver for the City Trust Company. Bond for receivership of the Guardian Trust Company was fixed at $20,000. The City Trust Company, former subsidiary of the closed City National Bank has been in process of liquidation since its acquisition several months ago by a group of capitalists who control the Guardian Trust Company. The Guardian Trust Company, originally organized to liquidate the closed Biscayne Trust Company, was owned by the City Trust Company and the City Trust Company was owned by the City National Bank Mr. Spurway sold that bank's stock in the City Trust Company, state institution, thereby giving the purchasers control of the Guardian Trust Company The Guardian Trust Company then resigned as liquidator for the closed Biscayne Trust Company and Therrell was appointed in its place. Under the law the corporate existence of the City Trust Company cannot be dissolved for three years.

6. May 13, 1931 The Miami News Miami, FL
Article from The Miami News, May 13, 1931

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LEGAL BATTLE OVER RECEIVER Amos Attorney to Move for Dissolution of Taylor Naming General legal in which number attorneys will participate, and which expected last the mainder the afternoon. was they gin today the office Judge H. Atkinson, over conflict receiverships Guardian Trust Co. and the City Trust Co. Carl Hoffman, representing Ernest state comptroller, will move for dissolution the appoint ment of H. H. Taylor ceiver of the two institutions. If the motion granted. he for the appointment Dr. H. Therrell. already named by state comptroller. Among attorneys expected to par ticipate Burwell Sibley representing Will Allen, business man, suit the court ceivership: R. Railey, representing Isidore Bernstein, intervenor judgment the Miami Bank Trust Floyd Knight. for the Miami Bank Trust Other attorneys. to be for H. H. Taylor. receiver. and Charles R. Pierce, for H. the City bank. from which the City Trust Co. purchased by the Guardian Trust Both Mr. Spurway and Dr. Therrell out of city. In action the courts unfavorable Ernest Amos, state comptroller, latter already has indicated Talla bassee dispatches that he will ask preme court to assume jurisdiction.

7. July 7, 1931 The Tampa Tribune Tampa, FL
Article from The Tampa Tribune, July 7, 1931

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Supreme Court Upholds Naming of Bank Receiver TALLAHASSEE July The Florida supreme court today ruled the circuit court for Dade county was within its rights in appointing a receiver for the City Trust company of Miami and that the state comptroller likewise was within his powers in naming a liquidator for the Guardian Trust company Miami Both institutions closed recently. The City © 1931. The American Tobacco Co., Mfrs. Trust company closed voluntarily. and asked appointment of the receiver.

8. September 18, 1931 The Miami News Miami, FL
Article from The Miami News, September 18, 1931

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BANKING DISPUTE HEARING ORDERED Judge Criticizes Officials for Failure to Agree Efforts to settle the dispute between J. H. Therrell, liquidator of the Guardian Trust Co., and H. H. Taylor, receiver of the City Trust Co., over the proper basis for division of the intermingled assets, will be made at an all-day hearing tomorrow, following sharp criticism late yesterday by Judge H. F. Atkinson over the failure of the officials to agree. Hearing of the case, set for late peared the arguments would be lengthy. It was then the court made the remark that some agreement would have to be reached promptly to keep the interests of the public from suffering and to keep persons interested from making repeated requests to him for action. Basis of settlement proposed by the two officials recently differs radically, in that larger total of assets is shown by the audit made by Dr. Therrell's staff than that shown by Taylor, and larger share of the combined assets is claimed. Intermingling took place Feb. 20, last, when the Guardian Trust Co. purchased the City Trust Co. from the City National bank receiver. L. R. Railey, attorney for Taylor, said his client had asked Dr. Ther- longing to the Guardian Trust Co. so they could be administered, and that the other details of the settlement could be arranged later. He said Therrell's attitude was that he should take over nothing whatever until all points in dispute could be decided.

9. October 4, 1931 The Miami News Miami, FL
Article from The Miami News, October 4, 1931

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TAYLOR REMAIN AS BANK RECEIVER Supreme Court Rules Against Amos in City Trust Case H. Taylor will remain as receivCity Trust finally decided the state supreme court by yesterday from the docket of Ernest state comptroller, to have Dr. Therrell pointed. The marks the ending continuous litigation but means only the beginning of in circuit court here Taylor Therrell. liquidator Guardian Trust over proposed division of assets the funds and trusts became intermingled Feb. 20 when the Guardian Trust Co. purchased City Trust Co. from City National Bank Now both the City Trust and the Guardian Trust in liquidation and their receivers, in contradictory claims, are seeking to get the lion's share. Taylor was appointed by Judge H. Atkinson May receiver both the Guardian Trust Co. and City Trust Later sought have Therrell appointed to both posts. When cently decided Taylor should remain the place Therrell at other, the state comptroller immediately asked reopening.

10. October 22, 1931 The Miami News Miami, FL
Article from The Miami News, October 22, 1931

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ACTION IS BROUGHT AS INCOME SHRINKS Louis Burgess, whose deposit of more $18,000 the Dade Co. once considered good to pay him income for the of today filed suit against H. H. Taylor, ceiver for the City Trust Co., because his deposit yields only $300 Burgess said that in 1927 he signed his deposit to the City Trust which claimed was make for him pay him the proceeds. City Trust Co. now liquidation. The suit asks the court to revoke Burgess' the company, to relieve him liability under and to require the receiver to whatever cash or mort gages still remain to his credit.