First National Bank - St Cloud, FL

Episode Information

Episode UID: 970701419
Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 97070 national
Charter Number: 9707
Start Date: March 1, 1918*
Location: St Cloud, Florida (28.249, -81.281)

Metadata

Model: gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest: d3bc608db892d541

Response Measures

None

Receivership Details

Depositor recovery rate: 43.8%
Date receivership started: 1918-01-02
Date receivership terminated: 1926-10-09
OCC cause of failure: Fraud
Share of assets assessed as good: 22.0%
Share of assets assessed as doubtful: 30.9%
Share of assets assessed as worthless: 47.1%

Description

The article refers to the 'St. Cloud National Bank', which is the same entity as the First National Bank of St. Cloud.

Events (4)

1. March 24, 1910 Chartered

Source: historical_nic

2. January 2, 1918 Receivership

Source: historical_nic

3. March 1, 1918* Receivership

Newspaper Excerpt: A. W. Gustus, cashier of the bank at the time it went into receivership
Source: newspapers

4. March 1, 1918* Suspension

Cause: Bank Specific Adverse Info
Cause Details: alleged embezzlement of the bank's funds totaling between $150,000 and $200,000
Newspaper Excerpt: The bank was placed in the hands of a receiver a year ago.
Source: newspapers

Newspaper Articles (1)

1. March 13, 1919 The News Scimitar Memphis, TN

Article from The News Scimitar, March 13, 1919

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Article Text

BANKERS INDICTED ON EMBEZZLEMENT CHARGE TAMPA, Fla., March 13.-A. E. Donegan, former president of the St. Cloud National Bank, of St. Cloud, Fla., and two other bank officials have been indicted by a federal grand jury here. it is announced, in connection with alleged embezzlement of the bank's funds. Herbert S. Phillips, district attorney. said the alleged embezzlements totalled between $150,000 and $200,000. The bank was placed in the hands of a receiver a year ago. One indictment charged Donegan with embezziement. In another Donegan and Paul K. Weaver, a former cashier of the bank, were charged with misapplication of funds. A. W. Gustus. cashier of the bank at the time it went into receivership, was charged in a third indictment with aiding and abetting Donegan and Weaver in making false entries in the bank's records. Capiases have been issued for arrest of the men, it was announced. and it was decided to fix their bonds at $5,000 each.