Accommodated withdrawals, Borrowed from banks or large institutions, Fed/other loan, Public signal of financial health, Partial suspension, Full suspension
Clearinghouse involved: Yes
(loan, examination, or other measures)
Receivership Details
Depositor recovery rate
51.4%
Date receivership started
1930-06-09
Date receivership terminated
1937-10-30
OCC cause of failure
Economic conditions
Share of assets assessed as good
31.5%
Share of assets assessed as doubtful
62.2%
Share of assets assessed as worthless
6.3%
Notes
Receivership reported and receiver actions continue through 1930–1932.
Events (5)
1.May 8, 1905Chartered
Source
historical_nic
+25 years
2.June 1, 1930*Run
Cause
Local Banks
Cause Details
Heavy withdrawals triggered by recent closings/failures of other local banks (American Trust Company, Ninth Street Bank) and ensuing depositor contagion
Measures
Clearing house and local banks arranged cash shipments; banks asked depositors to give days' notice and withheld savings withdrawals as permitted
Newspaper Excerpt
Unusually heavy withdrawals from the two banks during the past few weeks was given by directors as the cause
Source
newspapers
+8 days
3.June 9, 1930Suspension
Cause
Local Banks
Cause Details
Directors cited constant/steady withdrawals following recent local bank closings which left the banks unable to open for business
Newspaper Excerpt
Two banks here failed to open for business yesterday, the First National Bank of St. Petersburg and a subsidiary, the First Security Bank.
Source
newspapers
same day
4.June 9, 1930Receivership
Newspaper Excerpt
directors have turned the institution over to the Controller of the Currency for reorganization.
Source
newspapers
same day
5.June 9, 1930Receivership
Source
historical_nic
Newspaper Articles (22)
1.July 18, 1929Tampa Bay TimesSt. Petersburg, FL
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later formal statement SLIGHT FLURRY the which press in urged His follows: "St. Petersburg has always with. stood the effects any misfortune, AS RESULT OF financial or befalling institution institutions in other cities in the state, TAMPA CLOSING the fact the citizens of one city often alarmed
Plenty of Money to Depositor, Bank Officials Declare reputation for stability and safety. (Continued from "Anyone has kept in touch tional Bank does not effect the local with the institution or hamper its operations banks can see glance that they any manner. are and able to pay In its statement the clearing house dollar for dollar their depositors, said:
Clearing House Statement To the People Petersburg: The banks this city, being condition, not unmindful the present in certain particularly the situation several smaller which necessitated the closing of the Citizens Bank Trust company Tampa this said closing having ordered the directors the and the state banking department and protect the interests the depositors of that institution. The banks in this city, because the Tampa and the natfeeling of anxiety depositors might have locally, have issued orders withhold savings deposits for the being, asking the days' notice required. This does not affect for the business nor regular routine banking in any bank Petersburg. We feel explanation that the First National bank this city the affairs of the Citizens Bank Trust company Tampa due depositors the First bank this city. Although chairman of the board of the Citizens Bank Trust company Tampa chairman the board the First National bank of Petersburg, no financial nection two institutions. The First bank has only modets deposit in the Tampa bank. ST. PETERSBURG HOUSE By AVERY JOHN BROWN R. McCUTCHEON, JR. Excutive Committee
Not only assurances of assistance, needed. but actual cash in large quantities poured Petersburg yesterday afternoon and last night. close proximity Tampa caused banks New York and Chicago to wire direct their respondent banks here, offering any financial help that might be required. With the cash which this morning, more than lion dollars currency have reached city within than hours. This cash is make possible for depositors their money quickly they feel they just can't wait they least bit disturbed over condiin nearby localities. Associated Press dispatches sent from night ried details of the Tampa bank uation also listed banks filiated with Bank Trust throughout the north no bank connected Tampa will reassure interests that Petersburg sound in its banking situation, felt in clearing house Officials of the Clearing House last night said they were confident the crisis had and appealed to the people to about business making their deposits writing the essary checks on their and above not listen to idle street corner but come and talk their bankers they felt any unThe sending of approximately $5,000,000 currency west coast section from the federal serve banks meet the needs their member banks the statement by Creed Taylor, deputy ernor of the federal reserve bank of Atlanta that "the federal reserve bank will enough money Tampa pay depositor of the First National and the Exchange National Bank, necessary," his added that "both banks sound" much encouragement to those first inclined be faint hearted. Mayor Arthur Thompson, earlier the day crowd people gathered Cenavenue, them that the financial institutions were fectly and danger, and urging all to go about their business,
2.May 1, 1930Tampa Bay TimesSt. Petersburg, FL
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SKIPPER KEEPS POST IN SPITE OF BITTER ROW
(Continued from Page room where the affiants were sembled charged Shipper cepted in instance apparently for political favor. It was leged that the money came to per from Smith, Sumter county, seeking the post United and that Smith paid to Leon Prine. The affidavit also related that Callaway told the men Skipper received $500 from Fred The affidavit said the men went that he told them FLURRY FAILS Callaway had about him. He said he did not use any money for his use but turned it to the Miami TO CUT FUNDS Skipper did not take the floor during the meeting, but of Miami, vice chairman of the central committee defended the national IN CITY BANKS committeeman after the reading the affidavit. He said he had the and had not been to establish them. Deposits Wednesday Take As acting chairman of the party, Care of Withdrawals McCahill said he reported the allegaby Excited Patrons tions to the United States attorney general and asked an investigation. from McCahill declared that Smith business of city must him he had never discussed flow. Skipper matter of money and that At this meeting which was Smith had made an afficavit to that tended by some 250 men, although effect. Prine also, continued, only about 150 had been originally made an affidavit that he had borinvited telephone, R. Mc- rowed the $1,500, from Smith and president of the First had paid Skipper go to WashingNational Bank and president of the ton and make settlement of some Clearing House outlined Venice development bonds. the condition of the banks in the McCahill said Smith told him the and showed that the flurry had been loan Prine and yesterday had not even dented the that he expected the money to the banks, He cash pressed the belief that business should here today act would resume its normal trends upon these said day. He that the banks have Cahill, arguing for defeat of the fortified themselves strong cash Knotts resolution. should reserves pay protect deposi- await the mesult the tors and the significant state- first. We will ultimately have all that the banks today the facts. The attorney general hand even of and the Sumter tual cash than they carried during county grand jury investigated the boom days when deposits last twice the present As McCahill moved into vigorous Resolutions Adopted phrase of Skipper's work naOther speakers talked briefly Howey shoutthe meeting were Brown, ed that he McCahill retorted Lang, John "truth." that spoke Harris Carr. E. Law- Loud boos came the Howey rence, jr., presided. coalition of the house when in the banking shouted that Howey could tion here by two busi- the not made organizations yesterday and done by Skipper. resolutions adopted. After care- Howey Answers Grace ful analysis of the local bank state- When David ments of the Associated Grace, Petersburg, moved Retail Credit Grantors association the Skipper ouster proposal adopted the following strode the tabled. once Howey his finger at Retail Credit Petersasserted hereby expresses the full and burg complete confidence all its memthe the sound of the been fighting Glenn not local banks, and pledge said. turning the St. Petersburg Clearing House toward Skipper shouted, "but from association our unlimited support fighting make now institutions. declaration before all this positive Directors of the St. Petersburg of Merchants' association unanimously Howey declared that while Skipper adopted the following resolution: Hoover "Resolved that the members of Miami last winter. he and his this board express the full confidence in which they have the stability and He denied that on the integrity of the banks PetersSkipper had anything and promise our unlimited for Florida with the tariff. port to them. of commitget money but teeman NAMED CITY MANAGER to get declared WEST PALM BEACH. April He then turned to Skipper with the native colfirst landed in Flor. for the Miami Hoover lected you ida shipwrecked mariner years club? told only received today was city manago, $400." ager to succeed Parker, whose Howey accused Skipper resignation was requested by the party Florida city commission recently. but endeavoring to money don't care THE WEATHER much he gets legitimately, just he doesn't hurt the name of the LOCAL party,' Howey Reports Howey called Smith in audience asked him to relate Petersburg the his story of the alleged patronage bureau Smith said Prine came Minimum him and wanted He said him have the money. He AND THE TIDES TODAY never discussed money rises Skipper, but declared "it looked High Skipper got the money although mentioned anything of hours earlier. Howey resumed times walking FORECAST direct looked accuser. Hatteras to Florida Grace Sticks To Skipper Grace the weather partly overcast he to winds North Sandy over north Glenn local over Sandy Here north strive showers into the ring and Thursday. Knotts demanded would resignation accepted the primary. people you before the people?" queried. Knotts and Howey Skipper his resignation PAPER PECANS Retail at Wholesale Prices Send home take supply cans with restrictions transporting Special on Pounds more. Nut Shop, Inc. Central Ave. Mail and Insure
Claims Chairman Accepted Money for Political Favors
3.June 9, 1930The Boston Daily GlobeBoston, MA
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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.
4.June 9, 1930Beatrice Daily SunBeatrice, NE
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ST. PETERSBURG, Fla., June First National bank and the First Security bank fall. ed to open for business today. adopted by directors the First National last night attributed the difficulties to steady withdrawal of funds since the recent closing of the American and Ninth street banks. The directors said the First National had lost in withdrawals more than two and half million dollars in the last few weeks. The Central National bank the only financial institution remaining open in St. Petersburg. The First Security bank small state bank affiliated with the First National.
In New England MANCHESTER, June Merricmac River Savings bank failed to open its doors today upon order of the state banking commission. commission visited the bank and went over its accounts.
St. Bank Fails To Open This Morning
St Petersburg, June (AP) The First National Bank an of the First curity to this morn the Central National leaving Bank the only financial institution The First National was capitalized and had 00 Heavy withdrawals was given as the reason for closing
6.June 9, 1930Norfolk Daily NewsNorfolk, NE
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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.
7.June 10, 1930Evening StarWashington, DC
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BANK FAILURES TIE UP $4,500,000 DEPOSITS St. Petersburg, Fla., Has Only One Financial Institution Open, With Two Suspensions. By the Associated Press. ST. PETERSBURG, Fla., June 10.St. Petersburg was left with only one banking institution yesterday when two banks-the First National and Security -failed to open for business. Yesterday's failures tied up nearly $4,500,000 in deposits. The first National was capitalized at $1,000,000, with deposits of $4,160,000, and the First Security was capitalized at $50,000 and had deposits of $302,197. Unusually heavy withdrawals from the two banks during the past few weeks was given by directors as the cause of the closings. The First Security Bank was affiliated with the First National. The American Bank and the Ninth Street Bank recently failed here, leaving one operating out of a previous total of five. The bank which was still open yesterday, and which officers said would be open again today, is the Central National.
8.June 10, 1930The Washington TimesWashington, DC
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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,
9.June 16, 1930Evening StarWashington, DC
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FLORIDA BANKING SITUATION CLEARS No Further Failures Are Expected by Officials of Treasury Department. By the Associated Press. Quiet has been restored on Florida's banking front and no further failures are anticipated by responsible officials of the Treasury Department. Mob hysteria rather than any serious economic upheaval has been, these officials say, responsible for the latest flurry of failures. A small group of depositors in a State bank section where conditions were not of the strongest grew alarmed and withdrew their funds. Others followed suit in a manner that soon grew to the proportions of an avalanche, and the closing of lowed. the institution's doors inevitably folOne national institution suffered in the latest series of difficulties, the First National Bank of St. Petersburg, whose directors have turned the institution over to the Controller of the Currency for reorganization. This institution boasted deposits of approximately $6,000,000, of which approximately twothirds was withdrawn during the recent difficulties. Treasury officials are unable to state at this time how the institution will fare in the final analysis as official accounting reports have not been returned to date. Conditions peculiar to Florida territory have been, in large measure, responsible for the abnormal number of failures there in recent years. The real estate boom of several years ago dealt a blow from which the section has never fully recovered. This was followed by a series of tornadoes which wrought further havoc and lately the fruit fly has, in many cases, wiped out entire crops, some already harvested, on which heavy loans had been placed.
10.July 16, 1930The Tampa TribuneTampa, FL
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At Other Ports
BALTIMORE July and On the Crest of Blue Ridge in a Jacksonville natural Park of nearly 300 acres, July in the "Land of the Sky.' One of and the South's most beautiful resorts. for Large lake for fishing, boating and swimming. Golf, tennis, horseback NEW BANK RECEIVER NAMED riding, dancing, baths and massaging under experts. Excellent H. J. Spurway A. M. Anmeals, choice music, polite service, derson as for the closed First reasonable rates. Several cottages National bank Mr. Anderson becomes for rent. Open June 15. for the First National bank at Major D. C. Woodward, Mgr. St Petersburg. Mr. Spurway comes from Iowa.
11.November 30, 1930Tampa Bay TimesSt. Petersburg, FL
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Benson to Speak Here Wednesday
John president of the American Association of Advertisthe speaker Wednesday the weekly meeting the Advertising club, Saturday Representatives the Chamber the Months and other civic organizations will the meeting. Mr. Benson making tour of the leading the country speaking the advertising. offering about the annual billion dollar advertising bill paid by Americans. this community should help great deal assure possible happy Christmas for many thousand depositors, merchants The aforesaid facts dence all future to the benefit the general creditors, debtors should mind they cannot defraud the receiver, but can only defraud needy depositors, their friends and neighforegoing statement the the First National bank of Petersburg suspenfurther will liberated subsequent to Dec. 31. June 1930
112,118.14 unsecured Total National Bank
12.December 22, 1930The Miami NewsMiami, FL
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ST. PETERSBURG BANKS PAYING OUT
Depositors of One Are Given Payment in Full
ST. closed last the Depos the First full and the First bank are receiving checks for 15 per cent their The First Security bank opened deposits frozen January. 1932. took the today ing frozen sooner than for the First National paying $622,000 the dent representing 15 per cent.
13.January 29, 1931Tampa Bay TimesSt. Petersburg, FL
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BANK RECEIVER SUES OHIO MAN
Suit for $18,000 Filed by A. M. Anderson as Stock Assessment
Suit for $18,000, balance sald to be due on his stock assessments from the defunct First National bank was filed in United States-district court in Cincinnati Wednesday against Charles C. Benedict, capitalist who had considerable property holdings here during the boom. Notice of the suit was received late Wednesday night from Cincinnati and was verified here by Attorney Arthur W. Thompson who is representing A. M. Anderson, receiver for the closed bank. Benedict, heavily interested in Cincinnati real estate, paid without question $6,000 upon the claim made by A. W. Pole, United States bank comptroller in July, 1930 using as the basis of his assessment the sum of $24,000 which was levied on Benedict's alleged holdings of 240 shares of the capital stock of the St. Petersburg bank. Anderson, in his petition filed in the federal district court of Judge Robert M. Nevin, Cincinnati, charges Benedict has failed to respond to further demands for payment of the balance amounting to $18,000.
14.March 12, 1931Tampa Bay TimesSt. Petersburg, FL
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BANK RECEIVER SEEKS $18,000 OF STOCKHOLDER
Anderson Brings Suit Against T. W. Miller in Federal Court at Tampa
In a suit filed Wednesday in the United States district court in Tampa, A. M. Anderson. receiver for the First National bank of St. Petersburg. through his attorney, Arthur R. Thompson, sought recovery of $18,000 in stock assessment liabilitles from T. W. Miller, of the Jungle, and the M. and R. Investment company. In his bill of complaint Anderson alleges that at and prior to March 11. 1930, Miller was the owner of 180 shares of capital stock of the bank, and that at that time, only few days before the bank suspended business, Miller caused the defendant's company to become incorporated. The bill also set forth that Miller and his wife became stockholders of all the shares of stock in the corporation except five shares, which were issued to D. C. Robertson. Anderson charges that as soon as the corporation was organized Miller transferred his 180 shares of bank stock to the corporation. The bill further alleges that Miller had knowledge of the fact that at that time the bank was in failing condition, through Miller's intimate business relationship with officers of the bank. and that Miller made the transfer of stock to his own corporation for the purpose of avoiding stock assessment liability upon failure of the bank. That the transfer as thus made was fraudulent as concerning the rights of creditors of the bank was also contained in the complaint, and further that Miller is still in reality the owner of the stock and that the assignment thereof to his own corporation was a subterfuge for the purpose of avoiding his personal liability. The bill seeks to have the purported transfer and assignment declared null and void as a fradulent assignment, and the recovery of the $18,000 is sought as against the defendant Miller.
15.April 3, 1931Tampa Bay TimesSt. Petersburg, FL
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BANK RECEIVER CHARGES FRAUD IN LAND DEAL
Anna Warner Sued in Circuit Court as Anderson Seeks to Collect Judgment
Suit has been instituted in the circuit court by A. M. Anderson, as receiver of the First National bank. through his attorney. Arthur R. Thompson, against Anna Warner, seeking to set aside an alleged fraudulent conveyance of real estate which occurred soon after the suspension of business of the First National bank of St. Petersburg, June 7. 1930. It is alleged in the bill which was filed at Clearwater yesterday, that prior to the closing of the bank the defendant. Anna Warner, was stockholder in the bank but had transferred her shares of stock to her daughter within 60 days prior to the suspension of the bank, and that under date of June 10. 1930. she at. tempted to convey certain property in Westlake subdivision to the Secand Street Realty company and gave correction deed few days later deeding the same property to Second Avenue Realty company. which corporation was at that time organized by her attorney and his family for the purpose of taking title for her to this It is further alleged in the bill that judgment has already been recovered against Anna Warner in the United States district court at Tampa. on her stock assessment liability. in the sum of $2,721.31 and the the present suit is instituted for the purpose of setting aside the alleged fraudulent conveyance so that execution can be levied thereon.
16.April 4, 1931Tampa Bay TimesSt. Petersburg, FL
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COURT FAVORS BANK RECEIVER IN MIAMI SUIT
U. S. Judge Rules City Did Not Have Preferred Claim on First Assets
An opinion favorable to A. M. Anderson as received of the First Na. tional bank of Petersburg was handed down by Judge Akerman in the United States district court Tampa Friday the case of the City of Miami First National Bank of St. Petersburg and A. M. formation received by Arthur R. Thompson. general counsel for the receiver. Suit had been instituted by the City of Miami against the bank and the receiver seeking to establish as preferred claim the amount of check which had been drawn on the closed bank by depositor in favor of the City. of Miami. The check was transmitted through collecting bank in the ordinary course of business and reached the payee bank prior to the closing thereof and was charged to the account of the person who drew the check and
17.June 22, 1931Tampa Bay TimesSt. Petersburg, FL
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COURT TO HEAR CITY'S MOTION TO QUASH SUIT
Bondholders' Litigation Will Come Before Judge Hobson This Morning
Arguments on a city motion to quash the mandamus action brought by group of New York bondholders to compel the municipality to pay interest on bonds in default will be heard in circuit court chambers here this morning by Judge T. Fank Hobson. Judge Hobson Friday dissolved temporary injunction restraining the city from paying further interest on bonds. The restraining order was grantd a week previous on application of A. M. Anderson, receiver for the First National bank and the Central National bank. Counsel representing the bank receiver indicated that Judge Hobson's decision would be appealed to the supreme court. The group of New York bondholders have possession of approximately one-fourth of the city's outstanding bonds, amounting to about $6,000,000.
18.December 17, 1931The State JournalFrankfort, KY
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BANK RECEIVER FILES SUIT AGAINST ATTORNEY
Dec. 16 (By Trial of the suit of M. Anderson. receiver of the First National Bank of St. Petersburg, Fla., against Charles Benedict. attorney. Cincinnati, seeking recovery of $18,000 alleged due double liability stock assessbegun in Federal district ment, was court here today.
19.February 4, 1932Tampa Bay TimesSt. Petersburg, FL
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BANK RECEIVERS GET $28,805 JUDGMENTS
Default judgments amounting to $28,805 were awarded by federal court in Tampa Monday jury bank receivers in St. Petersburg and Tampa.
A. M. Anderson, receiver for the First National bank of St. Petersburg, won damages of $19,752 with interest of against the Boardman Frazee Realty Co., Inc., and damages of $2,366 against H. won C. Eggar. As receiver for the Central National Bank and Trust company. Anderson in against Gussie A. Burns and her husband, William H. Burns. John B. Sutton. receiver for the Citizens' Mortgage Bond Co., of awarded $293 with $89 was interest.
20.May 22, 1932Tampa Bay TimesSt. Petersburg, FL
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WILL SHARE IN BANK DIVIDENDS
Approximately $538,000 will be in St. Petersburg within the next six weeks with the ment 12½ per cent dividend the general creditors the Central National Bank Trust Co., and dividend per creditors of the First National Depositors of the Central Na. tional Trust receive approximately $248,000 within days, while about 45 days approximately $290,000 will be made available deposiFirst National bank. total about 18,500 dividend released the two banks, approximately 11,000 by the First bank and about 7,500 by the Central tional Bank and Trust Co.
21.May 24, 1932Fort Pierce TribuneFort Pierce, FL
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Closed St. Petersburg Banks will Pay $538,000
ST. PETERSBURG, May will be put into circulation here withthe next weeks with the payment per cent dividend general creditors of the Central National Bank and Trust Company, and payment of an eight per cent dividend to creditors of the First National Bank, Anderson, federal bank receiver has announced. The Central National Bank will distribute $248,000 and about $20,000 will be made available depositors in the closFirst National Bank. Around 18,000 dividend checks will be released by both banks. Both banks which closed last year have already distributed one dividend.
22.August 28, 1932Tampa Bay TimesSt. Petersburg, FL
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AGED MAN DIES PAUPER, HAD FORTUNE
G. W. Clark Carrier Riches In Coat But Depended On Neighbors for Food
The story of 76-year-old man who carried with him, sewed the linings of his clothing. fortune in cash and securities but who died pleading pauper was revealed here Saturday. Living alone in "shack" at Tenth avenue south and depending his neighbors for food, George W Clark requested admittance to Mound Park hospital as charity patient Aug. and died short time later, was learned. Among his effects hospital authorities found cash, stocks and bonds of an unknown amount. Now appraisers are checking on the aged man's determine his actual worth and efforts are being made locate all his immediate kinsmen. Two brothers have been found, one West Haven, Conn., and another Toronto, Can. Clark said have lived Flor. ida for the past 20 years, and most of that time spent in St. Petersburg, persons familiar with the case
He came here from Canada. The Endicott Funeral home given charge of the body when Clark and relatives north quested the aged recluse be buried On Aug. the body terred in Royal Palm cemetery Later the case was placed before County Judge Harry Hewitt, named M. Endicott curator for the estate, with Wilson and Bogue attorneys. Although the exact value Clark's estate has not been determined, was estimated that "good times" was worth $50.000 and $100,000 in cash and securities, and "played the stock market regularly," those close to the case said. Investigation revealed that Clark lost approximately in the closing of the First National bank and the defunct Central National bank. He had $500 monthly annuity from Bogue, one of the attorneys the In addition he had stock certificates several leading motor sues totaling thousands dollars, with an unestimated amount of bonds. Bogue placed the man's wealth his tween $15,000 and $20,000, in stocks and bonds on the present day market.
Bogue said that an investigation at the man's "shack" after his death revealed evidence that he had been hoarding his little fortune his large needle was found. The two brothers located were John Clark, West Haven, Conn., and Thomas Toronto.
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.
