gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
f3d538a8f4116c7b
Response Measures
Full suspension, Books examined
Receivership Details
Depositor recovery rate
33.9%
Date receivership started
1929-07-12
Date receivership terminated
1935-10-11
Share of assets assessed as good
25.5%
Share of assets assessed as doubtful
54.3%
Share of assets assessed as worthless
20.2%
Description
Closure followed a heavy run precipitated by the Volusia County Bank suspension; receiver later filed suit confirming permanent failure.
Events (5)
1.February 7, 1910Chartered
Source
historical_nic
2.July 11, 1929Receivership
Newspaper Excerpt
bank was closed July 11, 1929, with liabilities of $1,487,996.81. (receiver later filed suit).
Source
newspapers
3.July 11, 1929Run
Cause
Local Banks
Cause Details
Heavy withdrawals triggered by the posted suspension/closing of the Volusia County Bank & Trust Company in DeLand.
Measures
Closed doors to protect depositors / placed in hands of examiners (closure to protect depositors).
Newspaper Excerpt
the First National Bank of De Land, which shut its doors during the morning after a heavy run precipitated by the closing of the Volusia County Bank.
Source
newspapers
4.July 11, 1929Suspension
Cause
Local Banks
Cause Details
Suspension followed immediate heavy run induced by the neighboring Volusia County Bank's suspension/closing.
Newspaper Excerpt
The First National bank closed its doors shortly before noon after heavy run following the posting of notice on the window of the Volusia County Bank that that institution suspended business.
Source
newspapers
5.July 12, 1929Receivership
Source
historical_nic
Newspaper Articles (23)
1.July 11, 1929The Atlanta JournalAtlanta, GA
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Two Banks at DeLand Closed; One Termed As Only Temporary DELAND Volusia Bank and Trust Company oldest financial institution county. failed to open its doors o'clock Thursday morning an National following a run that notice. singed by George C. the door of the Volusia County Bank announc ing that the bank suspended business of the State on ed that the the protection closed by order of the of di rectors Plans have been discussed and further ing hthe purpose the signed Lincoln president Stetson came of the Volusia County Bank The First National Bank the only other bank Deland heavy during after o'clock the notice door of that stated that supply nhand. necessitating of business pending D. of National close at due day holiday observed in this
2.July 12, 1929The News-StarMonroe, LA
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FLORIDA BANKERS FACE CHARGES OF VIOLATING LAWS
Associated Fla., July While state and federal officials be. gan Florida banks today, the president four other central Florida banking institutions faced charges violating the state banking laws. Two of the banks that closed yes banks Volusia County Bank and Trust pany and the First National bank of DeLand, which shut its doors during the after heavy run cipitated by the closing the lusia County third institution the Colonial Bank and Trust company of Miami. John Fouts, made bond of $10,000 after his arrest on filed State Hardin Peterson Polk county, and director of the State bank of Bartow, the First National bank land, the First bank Auburndale and the State bank Winterhaven.
3.July 12, 1929Springfield Evening UnionSpringfield, MA
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HEAD OF FOUR FLORIDA BANKS FACES CHARGES
Three Other Institutions in Process of Reorganization or Liquidation: Irregularities Charged.
JACKSONVILLE. Fla., July 12(AP) While state and Federal officers began reorganization or liquidation for three Florida banks today. the prestof four other Central Florida dent banking institutions faced charges of violation of the state banking laws. Two of the banks that closed yesterday were in De Land, the only banks in that city. They were the Volusia County Bank and Trust Company and the First National Bank of De Land. which shut its doors during the morning after a heavy run precipitated by the closing of the Volusta County Bank. The third Institution was the Colonon? Bank and Trust Company of Miami John L. Fouts, who made bond of $10,000 after his arrest on an information filed by State Solicitor Har. din Peterson of Polk County, president and director of the State Bank of Bartow, the First National Bank of Lakeland. the First National Bank Auburndale. and the State Bank Winter Information filed against Fouts in three counts charged he had "loaned" himself $5000 from the funds of the State Bank of Bartow without consent of the board of directors. that he had altered the minutes of the board and make the loan appear that he had taken the money when resources of the institution were not up The banks he to legal headed closed May The Colonial Bank and Trust Company was capitalized at $100,000. with surplus of $50,000. It had been ganized for three years, and attributed 118 closing to steady withdrawals cash during the four days. J. Carpenter president County Bank and Trust The Volusia Company had resources of $2,816.188.12: deposits of capital stock of $200,000 surplus and discounts of The First National Bank De Land had resources of capital stock of surplus of and deposits of $1,211,750.47.
4.July 12, 1929The Daily ReportOntario, CA
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BANK FORCED PRESIDENT
State Banking Law Said Violated by President Now Under Heavy Bon
DUMMY HOUSE LOST CITY HAS NO BANK
Womanless Wedding Set for Climax Today's Program of Festivity
GILLINGHAM, Kent, Engboisterous. comedy climax of a two-day mid-summer festival was turned suddenly into a ghastly tragedy before the eyes of 5,000 people last night when plans for "The Fireman's went awry and 12 persons were burned to death. Ten of the 12 were burned almost unrecognizably by the fire which swept through "dummy house" onlookers applauded what they took to be the victims realistic acting. Two others died in hospitals lat and three more were not expected to live.
"Wedding" Becomes Tragedy
Gillingham had saved the "wedding" feature for grand climax to the festival which began Wednesday. The famous old English comedy performance of Fireman's Wedding" was to have been staged. and thousands citizens assembled to watch the antics of the womanless wedding party. The wedding party arrived the scene late in the evening, and was greeted with cheers laughter. The bride, Worrall, fireman. timidly clung to the arm of Jack Tabrett. the bridegroom.
Ready for "Rescuers"
Worrall's charred body lay to day in the Gillingham mortuary along with the nine other bodies. Tabrett in hospital, not pected to live. To the laughter of the audience, the wedding guests followed the bride and into the house and climbed to third and fourth floors where the wedding reception was held. Many clowns were among them. some dressed old women. ready to loars of laughter from the watchby making "heroic reseues lat when the fire scene was staged.
Stage Carefully Set
According to the plan, the build ing was have been set on fire and those inside to rush mad to the windows. hang from them and implore the watchers to help them. fire bridgade was stationed behind screen of trees, and when the alarm sounded they were to dash forward. save the wedding party, and extinguish the fire. The fire was started. but through some error no alarm was sounded. The groom and their guests rushed to windows calling: God's sake, bring the fire brigade.
Firemen In Hiding
The 5000 spectators applauded and laughed gaily that they drowned out the cries of the victims, which now had become scréams. The firemen, who saw the flames but heard no supposed were not wanted. They chuckled, and waited. think. they were giving the audience added time for enjoyment. Suddenly the alarm was sounded. and when the firemen dashed from behin the trees they they facing real tragey. The firemen hastily adjusted their waterhose and attempted fight the blaze, but the flames had enveloped the flimsy building and too late.
Run on Miami Bank Forces It to Be Closed at Same Time
Deland was without financial institution today resulting from the closing yesterday of the First National bank and the Volusia County Bank and Trust company. Runs during the past four days also caused the Colonial Bank and Trust company of Miami, capitalized at $100,000, to cease business. John Fouts of Barstow was arrested late yesterday at Winterhaven on charge of violating the state banking laws and was freed on $10,000 bond. Fouts was president and director of four Central Florida banks which closed their doors on May 15 of this year.
5.July 12, 1929Finger Lakes TimesGeneva, NY
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Three Florida Banks Close, Banker Arrested
Jacksonville, Fla., July While state and federal officers began liquidation for three Florida banks today, the of four other central Florida faced charges of violating of the state banking Two the banks that closed yesterday were the onbanks that city They were Volusia County Bank and Trust Company and the First National Bank of De Land, which shut doors during the morning after precipitated closing of the VolusiaCounThe third institution the was Colonial Bank and Trust Company Miami John Fouts, bond of $10,000 after his arrest on information filed by Solicitor Hardin Peterson of Polk counpresident director the State Bank of Bartow, the First Bank of Lakeland, the First National Bank of Auand the State Bank Winter Information filed against Fouts three counties charged he had "loaned" himself $5,000 from the funds State Bank of tow without consent the of directors, that tered the minutes of the board to make the loan appear regular, and that he had taken the money when resources of the institution were not legal The banks he headed closed May
The Colonial Bank and Trust Company was capitalized 000 with surplus $50,000 had been organized for attributed its closing to dy withdrawals of cash during the last four days. Carpenter president.
6.July 12, 1929The TimesTrenton, NJ
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FLORIDA PRESENTS BANKING PROBLEMS
Three Banks Closed-President Of Four Others Facing
Charges
JACKSONVILLE, Fla, July While State and Federal officers began reorganization or liquidation for three Florida banks today, the president of four other Central Florida banking stitutions faced charges of violating the State banking laws. Two of the banks that closed yesterday were in Deland, the only banks in that city. They were the Volusia County Bank and Trust Company and the First National Bank of Deland, which shut its doors during the morning after heavy run precipitated by closing of the Volusia County Bank. The third institution was the Colonial Bank and Trust Company of Miami. John L. Fouts, who made bond of $10,000 after his arrest on an information filed by State Solicitor Hardin Peterson of Polk County, was president and director of the State Bank Barton, the First National Bank of Lakeland, the First National Bank Auburndale, and the State Bank of Winter Haven. Information filed against Fouts in three counts charged he had "loaned" himself $5,000 from the funds of the State Bank of Barton without consent of the board of directors, that he had altered the minutes of the board to make the loan appear regular, and that he had taken the mony when of the institution were not up to legal requirement. The banks he headed closed May 15. The Colonial Bank and Trust Company was capitalized at $100,000. with surplus of $50,000. It had been organized three years, and attributed its closing to steady withdrawals cash during the last four days. J. was president The Volusia County Bank and Trust Company had resources of deposits of capital stock of $200,000; surplus of $100,000, and discounts of $1,724,516.08. The First National Bank of Deland had resources of capital stock of $100,000; surplus of $25,000, and deposits of $1,211,750.47.
7.July 12, 1929Imperial Valley PressEl Centro, CA
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Two More Florida Banks Close Up JACKSONVILLE, Fla., July 12 (U.P)-Deland was without a financial institution today, resulting from the closing yesterday of the First National Bank and the Volusia County Bank and Trust Company. Runs during the past four days also caused the Colonial Bank and Trust Company, of Miami, capitalized at $100,000, to cease business. John L. Fouts, of Bartow, was arrested late yesterday at Winterhaven on a charge of violating the state banking laws and was freed on $10,000 bond. Fouts was president and director of four central Florida banks which closed their doors on May 15 of this year.
8.July 12, 1929Brownsville HeraldBrownsville, TX
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BANKS CLOSED DELAND, Fla., July 12.-(P)-The Volusia Couty Bank and Trust company, oldest financial institution in this county failed to open its doors today, and an hour later the First National Bank closed temporarily following a run on that institution.
9.July 12, 1929Tampa Bay TimesSt. Petersburg, FL
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THREE FLORIDA BANKS CLOSED
Bartow Banker Is Arrested on Charge of Making Illegal Loans
July Three Florida banks in of bank pending or
The First National bank of De Land closed its doors shortly before noon after heavy run the of the dow of the Bank and Trust company also of De that that institution "has business and is now in the bands of the state banking The banks at DeLand were two of the oldest financial Volusia county and both in depositories for city and county funds. The county bank had of deposits of 19: capital stock of surplus and loans and discounts of while the First National had of surplus $25,000 and deposits of 211 Closing of those two banks left without single financial The Colonial Bank and Trust of capitalized at surplus of failed today after of during the past (Continued on Page 2. Column 1)
10.July 12, 1929The Tampa TribuneTampa, FL
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Two Banks at DeLand, One at Miami, Suspend
July Three Florida banks, two at DeLand and one at Miami, were in the hands of bank examiners tonight pending reorganization liquidation. The First National bank DeLand closed its doors shortly before noon after heavy run following the posting of notice on the window of the Volusia County Bank Trust also of DeLand. that that institution suspended business now in the hands of the state banking department." The banks at DeLand were two of the oldest Volusia county and both were depositories for city county funds. The Volusia county bank had resources $2,816,188,12; deposits and capital stock $200,000, while the First had resources of and capital stock Closing two banks left DeLand without single financial The Colonial Bank & Trust Co., of Miami, $100,000 and surplus of $50,000 failed open its doors today after steady cash during the past four days. was years and first was known as the South Florida Trust company.
Protection Measure
WASHINGTON, July The office of the comptroller of the today that the closing the First National bank in DeLand, Fla., to protect the interests of the from any run on the from failure of state bank nearby.
11.July 12, 1929Fitchburg SentinelFitchburg, MA
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FLORIDA BANKERS FACE CHARGES
JACKSONVILLE Fla., July 12 (AP) -While state and federal officers began reorganization or liquidation for three Florida banks today, the prosidents of four other central Florida banking institutions faced ebarges of violation of the state banking Laws. Two of the banks that closed yes. Volusta County Bank & Trust and the First National bank of Deland. which suhts its doors during the morning after heavy run precipitated by the closing of the VoCounty The third Institution was the Co. Ionial Bank & Trust Co. of Miami.
12.July 12, 1929The Huntsville TimesHuntsville, AL
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COMELY YOUNG FOR REUNION IN BANKS WOMAN HELD MONTMARTRE FACE CHARGES
Topeka Woman Confesses She Robbed Two Men In Daylight Holdup year and she mitted the holdup Benefit June The Mrs. Vivian and Cecil in an they Marie Rainey, who with them as "nlece" and was Scraper's confidante after the crime, was held for investigation. Officers found $13,690 hidden in an chair behind in the Mrs. said, that her Streit that the holdup after A. salesman, drive her to scene the in front of Security build- Louis Streit brother of Streit, one the employes she robbed. Sheriff Horning said Mrs. Scraphad refused implicate Streit in her confession. Scraper according sheriff, planned the holdup but delayed It because she "lost nerve.' She also said revolver used was There cartridges gun when was found shortly after robbery. arrest the three was said to have resulted given to the authorities by the Rainmother. Rainey Mrs. Scraper and Cecil her home within an hour after the robbery carrying blankets. Officers were inclined to believe the money was hidden in them. Two days later she the returned and took away shoe which, officers said, apparently contained the
Fliers of Pathfinder Expect To Join French Ocean Fliers Soon
July tary shortly for the Orchard Club." The Americans want to their to the French Fevre that both crews succeeded in crossing safely. During the latter part next the will plane crated and will then sail for home. The fliers also drop visit Major Italian flier who is hospital there resting The government has called convene at 6:30 p.m. today Collona render homage to Roger Captain Lewis Yancey, Atlantic aviators. The meeting will mark the of Rome's the two fliers, arrived from Old Orchard, with but one stop enroute, at SanSpain. There will music speeches by ItalThe Aviators will be given a high by the Italian government, Maurice, orders Saints they King Victor Emanuel next Monday.
Four Central Florida Financiers Accused of Violating Bank Laws July and cials liquidation for three Florida banks today, the four other central Florida faced of violating the state Two of the banks closed terday Deland, the banks Volusia Company First National Deland, which during after run the Volusia The Bank and Trust of John Fouts, who $10,000 information Hardin the National Lakeland, the National State Bank Winterhaven Information filed Fouts in counts "loanhimself $5,000 funds the State Bank Bartow out consent directhat had altered the regular that he the institution were not up to legal reThe he headed closed May
Time of for preliminary to be set few The Colonial Bank and Trust Company was capitalized at $100,000 $50,000. closing attributed withdrawa during last few J. The Volusia County Bank and Trust Company had resources capital of surplus $100,000 and discounts of $1,724,The First National Bank of Deland had resources of capital stock of surplus $2,500 and deposits of $1,211,750.47.
Florida Bank Closed
Press) De Land, Fla., July 12.-The Volusia County Bank and Trust Company, oldest financial institution in this county, failed to open its doors at 9:00 o'clock Thursday morning and an hour later the First National Bank closed temporarily, following a run on that institution. A notice, signed by George C. White, state bank examiner, was posted on the door of the Volusia County Bank and Trust Company, announcing that the bank "has suspended business and is now in the hands of the state banking department."
SEVEN FLORIDA BANKS IN TOILS OF STATE LAWS
Three Institutions Close Doors After "Run"-President of Four Others Under Arrest.
Jacksonville, Fla., July 12.-(A. P.) -While state and federal officials began reorganization or liquidation for three Florida banks today, the president four other central Florida banking faced charges of violation of the state banking laws. Two of the banks that closed yesterday were in Deland- only banks in that city. They the Volusia County Bank and Trust and the First National Bank of Deland. which shut its doors during the morning after heavy run precipitated by the closing the Volusia County bank. The third institution was the Colonial Bank and Trust company of Miami. John L. Fouts, who made bond of $10,000 after his arrest on information filed by State Solicitor Hardin Peterson of Polk county, president and director of the State bank of Bartow, the First National bank of Lakeland, the First National bank of Auburndale the State bank of Winter Haven. Information filed against Fouts in three counts charged he had "loaned" himself $5,000 from the funds of State bank of Bartow without consent of the board of directors; that he. altered the minutes of the board to make the loan appear regular he had taken the money when_ of the institution up to legal requirement. The banks he headed closed May 15. Time of arraignment for hearing is expected to be set ing few The Colonial Bank and Trust company was capitalized at $100,000." surplus of $50,000. It had been ganized for three years/and attributed its closing to steady withdrawals of cash during the last four days. V. Carpenter president. The Volusia County Bank and Trust company had resources of $2,816,188.12. deposits of $1,840,043. capital stock of $200,000, surplus $100,000 and deposits of $1,724,516.08. The First National bank of Deland had of capital stock of $100,000. $25,000 and deposits of $1,211,950.47 D. Tuten, president of this institution, said in that strong run had our cash supply and we had no time in which to funds. We, therefore, were compelled to our doors the protection of depositors, believing It for the best interest of everyone."
15.July 12, 1929The Charlotte NewsCharlotte, NC
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Bank Officers In Florida To Face Charges
Four Other Banks in State Are Being Liquidated or Reorganized - "Run" Closes Bank.
While State and Federal officials began reorganization or liquidation of three Florida banks today, the pres. ident of four other Central Florida banking institutions faced charges of violation of the State banking Two of the banks that closed yesterday were in Deland, the only banks in that city. They were the Volusia County bank and Trust Company and the First National Bank of Deland, which shut its doors during the morning after heavy run precipitated by the closing of the Volusia County Bank The third institution was the Colonial Bank and Trust Company of Miami. John Fouts, who made bond of $10,000 after his arrest on an information filed by State Solicitor Hardin Peterson. of Polk County, was president and director of the State Bank of Bartow. First National Bank Lake. land. the First National Bank Auburndale, and the State Bank of Information filed against Fouts in three counts charged he had "Joanhimself 85,000 from the funds of the State bank of Bartow without the consent of the Board of D1rectors. that had altered the minutes the board to make loan appear regular that he had taken the money when resources of the institution not to legal quirement The banks he headed closed May Time of arraignment for prelimin. ary hearing was expected to be set in few The Colonial Bank and Trust Company was with of $50,000. It had been organized for three attributed its closing to steady drawals cash during the last four days. J. V. Carpenter was president. The Volusia County Bank and Trust had of $2. 816,188 of capital of $200,000; surplus of $100,000, and discounts of $1,724, 516.08 The First National Bank of Deland had resources of 789,972.81: cap. ital stock of $100,000 surplus $25,000, and deposits of $1,211,750
The stem of giant bamboo a tree may grow foot in one day
16.July 12, 1929The Lima NewsLima, OH
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FLORIDA BANK CLOSES DOORS
DELAND, Fla., July 12 (AP) The Volusia-co Bank and Trust Co., oldest financial institution in this country, failed to open this morning and an hour later the First National bank closed temporarily following a run on that institution. A notice signed by George C. White, state bank examiner was posted on the door of the Volusia Co Bank and Trust Co., announcing that the bank "has suspended business and is now in the hands of the state banking department."
17.July 12, 1929The Bradenton HeraldBradenton, FL
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Officials Take Steps To Clear Up Bank Cases
Violation Of Bank Laws Of State Charged To John L. Fouts and federal officials began reorganization liquidation for three Florida banks today. the president of four other central Florida banking institutions faced charges violating the state banking laws Two of the banks that closed yesterday were in DeLand, the only banks in that city and among the oldest in Volusia county They were the Volusia County Bank and Trust Company and the First National Bank of DeLand, which shut
18.July 12, 1929The Buffalo NewsBuffalo, NY
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HEAD OF FARM BANKS IN FLORIDA ACCUSED
July 12 While and federal officers began liquidation for three Florida banks today the president of central Florida stitutions faced charges of violating the state banking the that closed De Land banks They the Volusia County Bank and Trust company and the First National bank of De Land which shut doors during the morn heavy run by closing bank The Colonial Bank and Trust company of Miami
19.July 12, 1929The Columbus LedgerColumbus, GA
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Florida Officials Plan Liquidation For Three Banks
Jacksonville, state and federal began the process of Ida banks today following closing of the institutions, the president of four other central Florida banking Institutions faced charges of himself $5,000 from one of Ing" the without consent of the banks and other violations of the state banking laws. Two of the banks that closed were In banks city among the oldest in They the Volusla County Bank and Trust company and the First National Bank Deland, which shut after by the Volusia County third was the and company of The bank made of after his arrest an filed by State John dent and director of the First National the First of and the State four of the banks headed Fouts closed on cal name vio of banking laws.
20.July 13, 1929Evening StarWashington, DC
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Authorities at Work on Reorganization or Liquidation of Institutions. ONE OF TWO IN SANFORD CLOSED DOORS TODAY Seven Now Have Suspended, Two at Daytona Beach Going Out of Business Yesterday. By the Associated Press. JACKSONVILLE, Fla., July 13.-App.oximately $9,000,000 in depositors' money was tied up today as State and Federal banking authorities worked toward the reorganization or liquidation of six Florida banks which have closed within the last eight days, five of them since Thursday. The latest to fail were two in Daytona Beach, the Merchants' Bank & Trust Co., and the Atlantic Bank & Trust Co., which suspended business yesterday. Both were closed, according to notices on their doors, by State bank examiners pending reorganization for the protection of their customers. The failure of the Daytona Beach banks brought a run on the two remaining institutions in the city, which continued business despite heavy withdrawals. De Land, in the same county, suffered closing of the only two banks in the city, the Volusia County Bank & Trust Co. and the First National Bank, Thursday, while the Colonial Bank & Trust Co. of Miami failed to open on that day. The People's Bank of Jacksonville closed last Friday morning. While banking department officials from the State and Federal Governments audited the books of the six banks, John L. Fouts, president of four other closed Central Florida banks, prepared for preliminary hearing on three charges involving violation of State banking laws. Fouts was president and director of the State Bank of Bartow, the First National Bank of Lakeland, the First National Bank of Auburndale and the State Bank of Winter Haven. Fouts is alleged to have loaned himself $5,000 from one of the banks without the consent of the directors, at a time when the bank was not in a position to make the loan, and to have altered minutes of a directors' meeting to show that the loan was approved. Sanford Bank Closes. SANFORD, Fla., July 13 (AP).-The First National Bank, oldest banking : institution in Seminole County, was closed today with a notice on the doors that its affairs had been placed in the hands of the controller. The notice read: "In order to protect the interests of all its depositors, this bank is closed by its directors and its affairs have been placed in the hands of the controller of currency." The First National was more than 40 years old. It had resourcesof $2,200,000 and deposits of $1,800,000. Only one other bank remains here, the Sanford Atlantic National Bank.
21.July 13, 1929The Tampa TribuneTampa, FL
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Two Banks Close At Daytona Beach
DAYTONA July 12. The Merchants Bank Trust company the Atlantic Bank Trust company here closed their doors Runs also made on the Daytona Beach Bank Trust company First National bank, the institutions here. but they were able to meet the demands of depositors withdrawals. The bank failures here brought to five the number of banks that closed their doors in Florida the two The Volusia County Bank Trust company and the National bank in DeLand the Colonial Bank Trust company of Miami closed yesterday. Notices posted doors of the Beach institutions stated been closed by the aminer for protection the depositors pending The notices bank. which identical wording, stated that efforts would made pay all depositors in full Officials of the Atlantic National bank and the Barnett National bank of Jacksonville wired officials the two closed institutions, offering them financial
22.August 4, 1932Evening StarWashington, DC
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BANK RECEIVER SUES Accounting Demanded of J. Fred McGuire, Chicago Realtor. CHICAGO, August 4 (AP).-A suit demanding an accounting was filed in United States District Court yesterday against J. Fred McGuire, Chicago realtor by M. G. McNair, receiver for the First National Bank of Deland, Fla.. which was closed July 11, 1929, with liabilities of $1,487,996.81. The suit charges violation of the national bank:ing laws, unsound loans and depletion of the bank's capital through payment of dividends.
23.August 4, 1932Orlando Evening StarOrlando, FL
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BANK RECEIVER NAMES CHICAGOAN CHICAGO, (/P)-M. G. McNair, receiver for the First National bank of DeLand, Fla., has filed suit in federal court here demanding an accounting from J. Fred McGuire, Chicago real estate man. The charges violation of the national banking laws, unsound loans and depletion of the bank's capital through payment of dividends. bank was closed in 1929 with liabilities of $1,487,996.81.
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.
