First National Bank (Auburndale, FL)

View Charter #12983 on SPMC View balance sheet

Episode Information

Episode UID
1298301553
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
129830 national
Charter Number
12983
Start Date
May 15, 1929
Location
Auburndale, Florida (28.065, -81.789)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
4463ea71cc1570b7

Response Measures

Full suspension, Books examined

Receivership Details

Depositor recovery rate
15.0%
Date receivership started
1929-05-15
Date receivership terminated
1937-01-28
OCC cause of failure
Economic conditions
Share of assets assessed as good
25.6%
Share of assets assessed as doubtful
55.2%
Share of assets assessed as worthless
19.2%

Events (5)
1. September 1, 1926 Chartered
Source
historical_nic
2. May 15, 1929 Receivership
Source
historical_nic
3. May 15, 1929 Receivership
Source
newspapers
4. May 15, 1929 Run
Cause
Local Banks
Cause Details
Heavy run precipitated by the closing of the Volusia County Bank and other local bank failures/closures.
Measures
Closed doors to conserve assets and protect depositors.
Newspaper Excerpt
The First National Bank of Auburndale were the others.
Source
newspapers
5. May 15, 1929 Suspension
Cause
Local Banks
Cause Details
Suspension/closure followed heavy withdrawals and runs triggered by other local bank closings.
Newspaper Excerpt
The First National Bank of Lakeland closed its doors yesterday to conserve its assets and protect depositors... The First National Bank of Auburndale were the others.
Source
newspapers

Newspaper Articles (16)
1. May 16, 1929 Evening Star Washington, DC
Article from Evening Star, May 16, 1929

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FLORIDA BANKS CLOSE. Lakeland, Winter Haven, Barto and Lake Alfred Firms Involved. LAKELAND. Fla., May 16 (P).-The First National Bank of Lakeland closed its doors yesterday to conserve its assets and protect depositors, according to a statement of the directors, following a run of nearly three hours. It was the fifth bank in Polk County to close. The First State Bank of Winter Haven, Bartow and Lake Alfred and the First National Bank of Auburndale were the others. Chile will spend $10,000,000 on new irrigation dams and canals this year.

2. July 12, 1929 The Times Trenton, NJ
Article from The Times, July 12, 1929

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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.

3. July 12, 1929 The News Journal Wilmington, DE
Article from The News Journal, July 12, 1929

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3 BANKS CLOSED IN CENTRAL FLORIDA; OFFICIAL ACCUSED Move to Reorganize or Liquidate Institutions; Arrest Made. INFORMATION FILED (By The Associated Press.) JACKSONVILLE Fla., July 12.While State and Federal officials be. gan reorganization or liquidation for three Florida banks today, the president of four other central Florida Lanking institutions faced charges of violation of the State banking laws Two of the banks that closed yesterday were 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 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 of Bartow, the first National Bank of Lakeland, the First National Bank of 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 Bartow 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 money when resources of the institution were not to legal requirement. The banks he headed closed May 15. Time of arraignment for preliminary hearing was expected to be set in a few days.

4. July 12, 1929 New Britain Herald New Britain, CT
Article from New Britain Herald, July 12, 1929

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FLORIDA BANKING UNDERGOES PROBE Three Institutions Close-President of Four Faces Charges Jacksonville. Fla., July 12 (AP) While state and federal officers began reorganization or liquidation for three Florida banks today, the president of four other central Florida banking institutions faced charges of violating the state banking laws. Two of the banks that closed yes lerday were in De Land, the only banks in that city. They were the Volusia County Bank and Trust Co., 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 Volusia County bank. Miami Bank Closes The third institution was the CoIonial 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 of Bartow. the First National Bank of Lakeland, the First National bank of 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 Bartow 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 money when sources of the institution were not up to legal requirement. The banks he headed closed May 15. Organized Three Years Ago The Colonial Bank and Trust company was capitalized at $100,000 with a surplus of $50,000. It had been organized for three years, and attributed its closing to steady withdrawals of cash during the last four days. J. V. Carpenter was president. The Volusia County Bank and Trust company had resources of $2.816,188.12; deposits of $1,840,043.19; capital stock of $200,000; surplus of $100,000. and discounts of $1,724,516.08. The First National Bank of De Land had resources of $1,789,372.81; capital stock of $100,000; surplus of $25,000 and deposits of $1,211,750.47.

5. July 12, 1929 Fort Lauderdale News Fort Lauderdale, FL
Article from Fort Lauderdale News, July 12, 1929

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PRESIDENT OF BANK IS FREED John L. Flouts Head Of Four Institutions Arrested In Failures July 12. state and officials began of liquidation for three Florida banks today, the president of four other central Florida faced charges violating the state banklaws. of the banks that closed yesterday were in Deland, the only banks in and among the oldest in Volusia county. They the Volusia County Bank and Trust CHICAGO, July company the First National though little Bennie Welzer's paBank Deland, which its rents, Isaac and Lena Welzer, came doors during after heavy run precipitated by the from Russia Bennie knows about the Volusia county bank. The American divorces, and disapproves third institution was the Colonial them. Trust company Miami. process server came his house John Fouts, made bond $10,000 after his arrest informa- with paper notifying Bennie's tion filed state solicitor Hardin father that Mrs. Welzer had started Peterson Polk county, was presi- suit for Bennie dent director of the bank the did want his not Bartow, the First National Bank parents divorced. First National The child noted that the case was Bank of Auburndale, and the State be called yesterday. yesterday Bank of Winter Haven. skipped school and slipped into COTTON STEADY NEW YORK, July Pretty soon his mother the futures opened steady July, witness He heard her Oct., her husband had beaten her threatened her with

6. July 12, 1929 The Clarksdale Press Register Clarksdale, MS
Article from The Clarksdale Press Register, July 12, 1929

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Florida's Banks are Reorganized or Liquidated; President Faces Charges JACKSONVILLE, Fla., July state and federal officials began reorganization or liq. uidation for three Florida banks today, president of four other central Florida banking institutions faced charges of violation of the state banking laws. Two of the banks that closed yesterday in only banks in that city. They were the Colusia County Bank and Trust comand the First National Bank pany of Deland, which shut its doors during the morning after heavy run precipitated by the closing of the Colusia County Bank. third in stitution was the Colonial Bank and Trust Company of Miami. John Fouts, who made bond of $10,000 after his arrest on information filed by State Solicitor Hardin Peterson of Polk county, was president and director of the state Bank of Bartow, the First National Bank of Lakeland, the First NationBank of Auburndale, and the State Bank of Winter Haven. Information filed against Fouts in three counts charged "loaned himself $5,000 from the funds of the State Bank of Bartow without consent of the board of directors, that had altered the minutes the board to make the loan appear regular, and that he had taken the money when resources of the insti tution were not to legal require ment. The banks he headed closed May 15. Time of arraignment for prelimin ary hearing expected to be set few days. The Colonial Bank and Trust com pany was capitalized $100,000 with surplus of $50,000. It had

7. July 12, 1929 The Daily Record Long Branch, NJ
Article from The Daily Record, July 12, 1929

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Federal Officials Begin Reorgganization For Three Institutions Today. July sociated state and federal officials began reorganization liquidation for three Florida banks today the president of four other central Florida banking institutions faced charges of violation of the state banking laws two of the banks that closed yes. terday were in Deland, the only banks in that city. They were the Volusia County Bank Trust Comand the First National Bank pany of Deland which shut its doors during the morning after heavy by the closing of the precipitated Volusia County Bank third institution was the Colonial Bank Trust Company of Miami John who made bond of $10,000 after his arrest in all information filed by State Hardin Petof Polk 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. Information filed against Fouts in three counts charged he had "loaned" himself from the funds of the State Bank of Bartow without consent of the board of rectors, that altered of the board make the utes and that he had appear the money when resources of taken the institution legal The banks he headed quirement closed May 15.

8. July 12, 1929 The York Dispatch York, PA
Article from The York Dispatch, July 12, 1929

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BANK HEAD ARRESTED Reorganization Of Florida Institutions Is Begun JACKSONVILLE, Fla., July 12 (AP). —While state and federal officers began re-organization or liquidation for three Florida banks today, the president of four other Central Florida banking institutions faced charges of violating of 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 a heavy run precipitated by the 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 of Bartow, the First National Bank of Lakeland, the First National Bank of Auburndale, and the State Bank of Winter Haven. Information filed against Fouts, in three counts, charged that he had "loaned" himself $5,000 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 to make the loan appear regular, and that he had taken the money when sources of the institution were not to legal requirement. The banks he headed closed May 15. The Colonial Bank and Trust company was capitalized at $100,000 with a surplus of $50,000. It had been organized for three years, and attributed its closing to steady withdrawals of cash during the last four days. J. V. Carpenter was present. The Volusia County Bank and Trust company had resources of $2,816,188.12; deposits of $1,840,043.19; 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 $1,739,972.81, capital stock of $100,000; surplus of $25,000 and deposits of $1,211,750.47.

9. July 12, 1929 New Britain Herald New Britain, CT
Article from New Britain Herald, July 12, 1929

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FLORIDA BANKING UNDERGOES PROBE Three Institutions Close-President of Four Faces Charges Jacksonville. Fla., July 12 (P)While state and federal officers began reorganization or liquidation for three Florida banks today, the president of four other central Florida banking institutions faced charges of violating the state banking laws. Two of the banks that closed yes terday were in De Land, the only banks in that city. They were the Volusia County Bank and Trust Co., and the First National Bank of De Land. which shut its doors during the morning after heavy run precipitated by the closing of the VoluMiami Bank Closes The third institution was the Cojonial 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 of Bartow. the First National Bank of Lakeland, the First National bank of 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 Bartow 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 money when sources of the institution were not up to legal requirement. The banks he headed closed May 15. Organized Three Years Ago The Colonial Bank and Trust pany was capitalized at $100,000 with surplus of $50,000. It had been organized for three years and attributed its closing to steady withdrawals of cash during the last four days. J. V. Carpenter was president. The Volusia County Bank and Trust company had resources of $2.capital stock of $200,000: surplus of $100,000. and discounts of $1,724.The First National Bank of De Land had resources of $1,789,972.81: capital stock of $100.000: surplus of $25,000 and deposits of $1,211,750.47.

10. July 12, 1929 The Valdosta Daily Times Valdosta, GA
Article from The Valdosta Daily Times, July 12, 1929

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PRESIDENT FOR FRAUD Loaned Himself Five ThousWithout Conand Dollars sent of Directors FLORIDA FAILURE IN A July federal officials While state and of reorganizabegan the process for three Flortion or liquidation following closing ida banks today of the institutions, the president of four other Central Florida banking institutions faced charges of "lending" himself $5,000 from one consent of the banks without the board of directors, and with the state bankother violations of fng laws. banks that closed Two of the only banks were in the oldest of that city and among Volusia county. They were the Volusia County Bank and Trust company and the First National which shut its Bank of Deland, doors during the morning after heavy run precipitated by the closing of the Volusia County Bank. institution was the the third Colonial Bank and Trust company of The bank official. who made bond $10.000 after his arrest on an information filed by State Solicitor Hardin Peterson of Polk county. was John L. Fouts, president and director of the State Bank of Bartow. the First National Bank of Lakeland. the First National Bank of Auberndale, and the State Bank of Winter Haven All four of the banks headed by Fouts closed on May 15. Technical charges against him name violation of state banking laws.

11. July 12, 1929 The Greensboro Record Greensboro, NC
Article from The Greensboro Record, July 12, 1929

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REORGANIZE 3 FLORIDA BANKS President Of Four Others Held For Law Violations JACKSONVILLE, Fla., July 12. state and federal of ficials began reorganization or Hquidation for three Florida banks today, the president of four oth er central Florida banking Institutions faced charges of violating of the state banking laws. Two of the banks that closed yesterday were in Deland the only binks 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 L Fouts, who made bond of $10.000 after his arrest on an information filed by State Solicitor Hardin Peter son of Polk county. was presi- dent 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 Winterhaven. Charges Information filed against Fouts is three counts charged he had "loaned" himself $5,000 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 to make the loan appear regular. and that he had taken the money when resources of the institution were not to legal requirement. The banks he headed closed May 15.

12. July 13, 1929 New Britain Herald New Britain, CT
Article from New Britain Herald, July 13, 1929

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FLORIDA BANKS IN FINANCIAL TROUBLE TWO More Fail in Daytona Beach-Probe Continues Jacksonville, Fla.. July 13 (AP) Approximately $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 and Trust company and the Atlantic Bank and Trust company, which suspended business vesterday. 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 and Trust company and the First National bank. Thursday, while the Colonial Bank and Trust company of Miami failed to open on that day. The Peoples' bank of Jacksonville nad closed last Friday morning. While banking department officials from the state and federal government audited the books of the six banks. John 1.. 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.

13. November 7, 1931 Tampa Bay Times St. Petersburg, FL

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SHELTON NAMED BANK RECEIVER Former Local Banker Gets Word of His Federal Appointment John Shelton, trust officer the Central National bank until closed April 17, received word day that had been appointed ceiver the National bank Auburndale, the First National Lakeland the Polk County National bank Bartow take effect Nov. Shelton informed his appointment by comptroller, in Shelton leave this morning for Lakeland where he will make headquarters. Mr. Shelton had been trust officer the Central bank for six years, from Chattanooga where he had banking experience. the closed Mr. Shelton retained by M. Anderreceiver for the First National Central National banks, for two in capacity. Due federal laws an officer of cannot of his Anderretained Shelton, however, after the trust department closed Central bank. Griffin, had been receiver the three Florida banks, and Shelton appointed vacancy. Mr. Shelton some time ago to Comptroller position bank receiver and asked whether position accept Mr. Shelton that the came him to report Lakeland. Mr. has property here. to make tersburg

14. November 8, 1932 The Tampa Tribune Tampa, FL

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BANK RECEIVERS GET JUDGMENTS IN U. S. COURT Awards Made on Stock Assessments Default judgments totaling more than $235,000 were awarded by jury in federal court yesterday at the opening of the November session, called chiefly for hearing of criminal cases. The largest judgment was for $47,191 in favor of M. Anderson, as receiver of the First National bank. St. Petersburg, against Elsie Knight Bize, joined by her husband, Marshall Bize. for damages resulting from pay an assessment $40,000 400 stock in the bank owned by Mrs. Bize at the time the bank closed. Another judgment for $45,612 was returned in favor Anderson ceiver the same bank and against John N. Thorn. He obtained judgment against the Thorn Estate, Inc., and Lewis Holding Co., Inc., for $2951, and against Martin. joined by husband, Douglas D Martin, for $29,494 Gets Other Judgments As receiver of the Central National Bank Trust of St. Petersburg. Anderson obtained judgments against the following William Deklyne, $2281: Herman Dann, $10,889; Murok Realty corporation George E. Cook, $25,600; Alvina Griffin, joined by her husband, Thomas R. Griffin, $3333: Charles Powell and Frank Jones, $13,784. and Welton. $2578. receiver of the National City bank, Tampa, Anderson got judgment against M. Leo Elliott for $1535. C. Shelton receiver of the First National bank of Auburndale got judgment against Dean Hickman $3499 As Polk County National bank. Bartow, ceived judgment against Wilson for $25,869 Joseph Gamble, receiver of the City National Tenn., given judgment of $2080 against W. Murrian judgment for was awarded Ida K. Wood against J. G. Whitfield

15. May 11, 1934 The Tampa Tribune Tampa, FL

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J. C. Shelton Resigns As Polk Bank Receiver LAKELAND, May (Special)J. C. Shelton, who was appointed receiver for several Polk county banks Nov. 9, 1931, today announced he has submitted his resignation to Comptroller J. F. T. O'Connor in Washington because of ill health. Shelton, who came here from St. Petersburg, is receiver for the First National bank, of Lakeland, the Snell National bank. of Winter Haven, the Polk County National bank, of Bartow, and the First National bank, of Auburndale.

16. May 17, 1934 The Tampa Tribune Tampa, FL

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New Polk Bank Receiver Prepares To Take Charge LAKELAND, May 16.-(Special) Charles I. Dwiggins, receiver of the National Bank of Commerce at Tarpon Springs, who has been named receiver of four closed national banks in Polk county, was here today to check over his new duties with J. C. Shelton, who has resigned because of ill health. Dwiggins is to be liquidator for the First National bank here, the First National in Auburndale, the Polk County National at Bartow and the Snell National at Winter Haven.