East Coast Bank & Trust Company (Daytona Beach, FL)

Episode Information

Episode UID
8837237691518
Episode Type
Run → Suspension → Closure
Bank Type
trust
Bank ID
883723769 hash
Start Date
June 4, 1926
Location
Daytona Beach, Florida (29.211, -81.023)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
3f724c8cb2a0e1b5

Response Measures

None

Description

Bank suspended after June 1926 runs, reopened in Sept 1926 with frozen-deposit plan, then placed in receivership March 1927.

Events (4)
1. June 4, 1926 Run
Cause
Local Banks
Cause Details
Runs and heavy withdrawals spread among Daytona Beach banks after reports a third bank would close; withdrawals depleted reserves.
Measures
Board decided to suspend business; examiners called to inspect books.
Newspaper Excerpt
This depleted reserve being unable obtain immediate relief ... run this
Source
newspapers
2. June 4, 1926 Suspension
Cause
Local Banks
Cause Details
Temporary suspension followed heavy withdrawals and inability to obtain immediate relief after runs on local banks.
Newspaper Excerpt
The East Coast Bank and Trust company failed to open its doors for business Wednesday morning ... decided to suspend business pending arrival representative from the state comptroller's office.
Source
newspapers
3. September 1, 1926 Reopening
Newspaper Excerpt
Approval was given by State Comptroller Amos today for the East Coast Bank and Trust Company of Daytona Beach to re-open for business the first week in September. ... will be re-opened on the plan of frozen deposits as followed by other banks being reorganized . . . .
Source
newspapers
4. March 12, 1927 Receivership
Newspaper Excerpt
The appointment of C. L. Vining, of Daytona Beach, as receiver for the East Coast Bank and Trust Company, of that city, was announced today by Comptroller Ernest Amos. The bank closed about two weeks ago . . . .
Source
newspapers

Newspaper Articles (9)
1. June 4, 1926 Tampa Bay Times St. Petersburg, FL
Article from Tampa Bay Times, June 4, 1926

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Article Text

Daytona Beach Bank Forced Close After Run BEACH, June extremely heavy withdepositors their funds drawals from the American Bank and Trust company shortly after noon yesterday which came shortly the East Coast Bank and Trust company failed to doors for business Wednesday morning, the American Bank Daytona notified Ernest Amos, comptroller Tallahassee that decided suspend business pending arrival representative from the state comptroller's action of American Bank after meeting board directors. The following telegram sent the comptrolland the press: Ernest Amos, camptroller, business neighboring city yesterday run this This depleted reserve being unable obtain immediate relief time for opening board directors this decided busi. the of office (Signed) Bank and Trust local banks were closed today of The East Coast Bank and Trust and the Bank and Trust each were capitalized $100,000.

2. June 5, 1926 The Daily Star Fredericksburg, VA
Article from The Daily Star, June 5, 1926

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Article Text

TWO DAYTONA BEACH BANKS CLOSE DOORS suspended payment of funds on account of its inability to collect on loans as fast as deposits were with- Daytona Beach, Fla., June 5-The drawn. American Bank and Trust Co. here "The suspension of business by announced temporary suspension of neighboring banks created in our city business following heavy withdraw ils a run on this bank," the American by depositors Wednesday The with. Bank and Trust Co. announced. "This drawals came after the East Coast depleted our cash reserve, and being Bank and Trust Co. failed to open unable to obtain immediate relief in its doors for business. Both banks are time for opening our board of direccapatalized at $100,000 tors decided to suspend business until The East Coast Bank and Trust Co. the arrival of a representative from announced that it had temporarily the State controller's office."

3. June 6, 1926 The Macon News Macon, GA
Article from The Macon News, June 6, 1926

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Article Text

ON FOUR BANKS DAYTONA BEACH Fla. June Bank Examiner E. Jackson and corps of auditors tonight examining the books of wo Daytona Beach banks following closing week and run on the remaining four today preliminary report on their expected shortly declared early evening Citizens were thrown into near panic this morning when was ported third bank was about close its doors and heavy run was made Daytona banks for withdrawal of funds. The bankers. however, prepared for such emergency and weathered the storm successfully By noon. the city's finances were reported improved and apparently normal The closed banks are the East Coast Bank Trust company on the peninsula, and the American Bank Trust company on the mainland. The four remaining banks are considered strong institutions and faith them was expressed during the by telegrams from banks in the East and Jacksonville offerany necessary.

4. June 6, 1926 The Asheville Times Asheville, NC
Article from The Asheville Times, June 6, 1926

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Article Text

Runs Withstood by Four Banks at Daytona Beach Daytona Beach, Fla., June (INS) state bank examiner, E. P. Jackson, and a corps of auditors tonight were examining the books of local banks, following their closing this week and run on the remaining four banks to. day. A preliminary report on their condition may be expected shortly Jackson declared early this eve. ning. Citizens were thrown into near panic this when it was reported third bank was about to close its doors and heavy run was made on all Daytona banks for withdrawal of funds. The bankers, however, were prepared for such emergency and weathered the storm successfully. By noon, the city's finances were reported improved and apparently normal. The closed banks are the East Coast Bank and Trust Company, on the Peninsula and the American Bank and Trust Company. on the mainland. The four remaining banks are considered strong institutions and faith in them was expressed during the crisis by telegrams from banks in the East and in Jacksonville offering any assisnecessary.

5. August 13, 1926 Fort Lauderdale News Fort Lauderdale, FL
Article from Fort Lauderdale News, August 13, 1926

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Article Text

BANK PLAN APPROVED Aug. proval was given by State Comptroller Amos today for the East Coast Bank and Trust Co., of tona Beach reopen for business the first week in September. This bank, which suspended durthe recent financial flurry, will reopened the plan of frozen deposits as followed by other banks being reorganized. Delegations from other banks are here conferring with the comptroller regarding reopening plans.

6. August 13, 1926 Tampa Bay Times St. Petersburg, FL
Article from Tampa Bay Times, August 13, 1926

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Article Text

DAYTONA BEACH BANK OPENS IN SEPTEMBER TALLAHASSEE Aug. 12-Approval was given by state comptroller Amos today for the East Coast Bank and Trust Company of Daytona Beach to re-open for business the first week in September. This bank. which suspended the recent financial flurry, will be re-opened on the plan of frozen deposits as followed by other banks being reorganized. Delegations from other banks are here conferring with the comptroller regarding re-opening plans. TAMPA GIRL BADLY BURNED TAMPA. Aug. 12-(P)-Her dress igniting from a match struck by her two-year-old brother, Everesta Ivey, six, was badly burned today. The two children were playing in the house alone, and the baby managed to strike the match. In attempting to take It from him, the girl's dress caught fire. Her father rushed in from the yard and wrapped a coat around her, extinguishing the blaze At the hospital it was said she probably will recover. The nine large drawn glass factories of Brussels are working to capacity and cannot keep up with orders.

7. August 13, 1926 The Atlanta Constitution Atlanta, GA
Article from The Atlanta Constitution, August 13, 1926

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Article Text

Canton Troops Moving North Against Wu Pekin. August 12.-(P)-The northward movement of Cantonese government troops against forces of Marshal Wu Pei-Fu, overlord of central China, has disarranged plans for the crushing of the Kuominchun troops, the na tional armies of the Pekin government deposed last April Wu Pei- Fu and Chang Tso- Lin. dictator of Manchuria. The Kuominchun and the Cantonese government long have been supported from bolshevik forces of Russia against Wu Pei-Fu and Chang Wu Pei-Fu has made little headway against the Kuominchun forces entrenched by Cantonese government troops. Wu has been compelled to order strong concentration of his forces in Hunan province to oppose their northward march. Tow Cantonese armies. led by Comman Chang Kai-Shak, have been eqiupped by the expenditure of many millions, and expert observers believe their pressure northward through Hunan may force Wu PeiFu to go personally to the aid of his troops. PAGE THIRTEEN of his allies, unstable always, are BANK CAN REOPEN said to Wu Pei-Fu concern. Marshal Sun Chuan Fang. ostensibly sympathetic with the alliance between Daytona Beach Plans to Wu and Chang Tso-Lin, appears to be taking no steps to aid Wu Pei Fu Resume Business in the south. Sun Chuan-Fang, controlling the provinces of Kangsu, Chekiang, Kiangai, Anhui and Fukein, Tallahassee, Fla., August 12.-(4) one of the most powerful figures in Approval was given by State CompChina. Lukewarm in his adherence troller Amos today for the East Coast to the northern alliance, he is hostile to Chang Tsung- Chang, governor of Bank and Trust company of Daytona Shantung province. Beach to reope nfor business the first

8. March 12, 1927 Fort Lauderdale News Fort Lauderdale, FL
Article from Fort Lauderdale News, March 12, 1927

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Article Text

RICH TREASURE IS UNEARTHED Valuables Are Said To Have Been Buried In 1671 By British Pirate (BY ASSOCIATED PRESS) NEW YORK, March 12 treasure supposed to have been buried in old Panama to avoid seinure when the city WRS raided in 1671 by Sir Henry Morgan, British pirate, is being discovered beneath the ruins of the city, the New York Times says today in copyrighted dispatch from Panama City. ground radio apparatus, the Times says, led searchers to the treasure in subterranean tunnel beneath the ruins of San Jose church, when the old city fired by Morgan. Golden ornaments and chains tar- nished by long burial, and precious stones, including emeralds, rubies, diamonds and supphires, yet valued have already been recovered. Wallace Bain, American, and George Williams and Fred Keily, Englishmen, are carrying on the cavations under concession for four year treasure searching granted by President Chiari Panama. Panama was one of the richest cities in Spanish America before it fell to the famous pirate. Morgan was taken back to England in 1672 piracy charges. With gold obtained during his career as buccaneer he fought the charges, and later was knighted. In 1674 he went to Jamaica as lientenant governor. BANK RECEIVER NAMED March appointment of Vining, Daytona Beach, as receiver for the East Coast Bank and Trust Ca, of that city, was today Ernest The bank closed its doors about two weeks

9. March 13, 1927 The Tampa Tribune Tampa, FL
Article from The Tampa Tribune, March 13, 1927

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Article Text

BANK RECEIVER NAMED TALLAHASSEE, March 12.-(A.P.) -The appointment of C. L. Vining, of Daytona Beach, as receiver for the East Coast Bank and Trust Company, of that city, was announced today by Comptroller Ernest Amos. The bank closed about two weeks ago.