Other: Receiver obtained loan from Reconstruction Finance Corporation; dividends paid to depositors later.
Receivership Details
Depositor recovery rate
34.5%
Date receivership started
1932-01-26
Date receivership terminated
1937-11-30
Share of assets assessed as good
14.6%
Share of assets assessed as doubtful
81.7%
Share of assets assessed as worthless
3.8%
Description
Articles (Jan 25–26, 1932) report heavy withdrawals and a run; federal examiner took charge and the bank suspended/failed in late January 1932 (references to Jan. 23 and Jan. 25/26 appear). The bank remained closed and a receiver was appointed; dividends and receiver actions are reported later (Aug 1932 and 1934). Dates derived from newspaper datelines; no evidence of reopening.
Events (6)
1.August 11, 1900Chartered
Source
historical_nic
2.January 23, 1932Receivership
Newspaper Excerpt
First National Bank of Arcadia ... failed notice posted the door national bank aminer charge. There was run the bank. The of the bank, showed deposits of $497,904.55.
Source
newspapers
3.January 23, 1932Run
Cause
Correspondent
Cause Details
Heavy withdrawals after failure of negotiations to obtain assistance from the Federal Reserve at Atlanta; last-minute aid not secured.
Measures
Bank attempted negotiations with Federal Reserve; continued withdrawals prompted calling the federal bank examiner.
Newspaper Excerpt
There was run the bank.
Source
newspapers
4.January 25, 1932Suspension
Cause
Correspondent
Cause Details
Suspension followed heavy withdrawals and failure to secure emergency assistance from the Federal Reserve Bank at Atlanta; examiner took charge and bank closed/suspended operations in late January 1932.
Newspaper Excerpt
After quiet withdrawals last week the First National bank here suspended today. ... the federal bank examiner was called in. He took charge this morning
Source
newspapers
5.January 26, 1932Receivership
Source
historical_nic
6.August 29, 1932Other
Newspaper Excerpt
A first dividend, amounting to $26,000 ... is being distributed among 1,000 depositors in the First National Bank of Arcadia, which closed last Jan. 23. ... The bank's receiver received loan from the Reconstruction Finance Corp.
Source
newspapers
Newspaper Articles (12)
1.January 26, 1932The Palm Beach PostWest Palm Beach, FL
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Article Text
Education Association Approves Carlton's Act
Tallahassee, Jan. nor that not special session the increase the financial public schools received the tion Education through its officers. announcement Saturday following receipt requests from number school boards, notably the county school board, for the special legislative session. letter the governor, the association's officers Monday said were "in accord decision" call the session. They agreed with the governor's doing can for the schools the present time.
ARCADIA BANK CLOSES Arcadia, First National Bank of Arcadia, oldest bank De Soto county, failed notice posted the door national bank aminer charge. There run the bank. The of the bank, showed and had deposits of $497,904.55.
2.January 26, 1932News-PressFort Myers, FL
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Article Text
Failure To Get Aid Closes Arcadia Bank
ARCADIA, Jan. 25-After quiet withdrawals last week the First National bank here suspended today. The action was taken, It is understood, following failure of last minute negotiations to obtain assistance from the federal reserve bank at Atlanta. It was reported here Friday night that the bank had decided to close but after communicating with the federal reserve authorities at Atlanta it was finally decided to remain open pending negotiations to obtain additional federal reserve aid. In the meantime heavy withdrawals continued Saturday and after the closing hour the federal bank examiner was called in. He took charge this morning The bank was the oldest in DeSoto county and is operated by local people who have a substantial interest as stockholders and represent a majority on the board It was capitalized at $100,000 and the last statement showed deposits of $497,905.55.
3.January 26, 1932The Tampa TribuneTampa, FL
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Article Text
M'BRIDE DENIES LEAGUE FAVORS REFERENDA to Senator ham's Statement
WASHINGTON Jan Scott McBride. general superintendent of the Anti-Saloon tonight statement that "neither the Anti-Saloon league recently elected president. Bishop E. Richardson of Philadelphia. has given expressions favorable prohibition referenda. His statement follows in part: "Senator Bingham's remarks support of his defeated resolution calling for referenda prohibition the various apparently created the impression some quarters that the league changed its position opposition to such procedure. The fact that neither the Anti-Saloon league its recently elected Bishop G. Richardson Philadelphia, has given any expressions favorable to prohibireferenda. Commenting on statements him. Richardson on Jan. made the following declaration:
Erroneous Conclusion
"Apparently from some reports that an clusion being drawn from some the statements that made to reporters recently Washington was asked whether believed referendum the subject of prohibition. replied in the negative and my reasons for my negative position. then went on to say that conceded the right every citizen oppose prohibition amendment he conscientiously believe in Those citizens who believe prohibition amendment have just as much right to try have repealed, further amended. have to keep where went state that constitution provides way which this can attempted. These constiprovide way for constitutional referendum. Quotes Statement
"The resolutions adopted the national board directors the league America Jan. contained the following statement of attitude on prohibition referenda question of the repeal or the modification 18th amendment should originate exactsame did adoption amendment should originate with people, voicing their wishes their congress the state elected their views, can amend reapel any part of the immediate and decisive defeat of the Bingham resolution 55 demonthat his did not have the the Anti-Saloon league or any other dry organizations Howreports discussion and Senator Bingham's erence the erroneously titude Bishop Richardson raised doubts which should be dispelled actual record expressing the titude
DESOTO BANK CLOSED Jan. First National bank of Arcadia failed open today. notice posted the door said national bank aminer charge. There was run bank.
DEFUNCT BANK IS
Arcadia, Aug. first amounting cent being distributed in the First National bank of Arcadia, which closed last January today. Two and other have proved their claims. loan from the Finance tion.
5.August 29, 1932Orlando Evening StarOrlando, FL
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Article Text
Arcadia Bank Pays $26,000 first dividend, to amounting $26,000 or cent being distributed per 1,000 among depositors in the First National Bank of Arcadia, which closed last Jan. 23, it was announced today. Two thousand other depositors have not yet proved their claims. The bank's receiver received loan from the Reconstruction ance corp.
6.August 29, 1932The Tampa TimesTampa, FL
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Article Text
DIVIDEND IS PAID BY ARCADIA BANK
Areadia, Aug. 29.-A first dividend, amounting to $26,000 eight one-third cent. being dethe First National Bank closed last today. Two other positors proved their The bank's loan from the reconstruqtion finance corporation.
Dividend Totaling $26,000 Being Paid
ARCADIA. Fla., Aug. 29. (AP)-A first dividend, amounting to $26,000 of 8 1-3 per cent is being distributed among 1,000 depositors in the First National Bank of Arcadia. which closed last January 23. was announced totoday. Two thousand other depositors have not yet proved their claims. The bank's receiver received loan from the reconstruction finance corporation.
8.August 30, 1932The Orlando SentinelOrlando, FL
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Article Text
Presses Vote Count
Aug. Herbert Drane pushed his election contest into Hernando-co. today Circuit Judge Fred Stringer granted of mandamus for election officials to show recount should not allowed seven precincts. Drane, defeated by Peterson 117 votes in the primary election, charges irregularities counting ballots' in the congressional race.
Dividends Made
Aug. The First National bank of Arcadia, which closed last Jan. 23, distributing first dividend. amounting to One thousand depositors will share in the dividend which amounts cent. The bank's receivers obtained loan from the Reconstruction Finance Corp.
BANK PAYING DIVIDEND ARCADIA, Aug. First National bank of Arcadia, which closed last January 23, distributing first dividend, amounting to $26,000. One thoudepositors will share in the dividend which amounts to 1-3 cent. The bank's tained loan from the Reconstruction Finance corporation.
10.February 1, 1934News-PressFort Myers, FL
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Article Text
Bank Receiver Wins Appeal Court Decree
NEW ORLEANS, Jan. 31-(P)The United States circuit court of appeals here today affirmed southern Florida district court judgment awarding Harry Fagan, receiver of the First National bank of Arcadia, Florida, $39,373.82 from Parker Brothers, a corporation, and J. P. Maner, on a deficiency judg. ment. Parker Brothers, which had endorsed Maner's notes and assigned his mortgages to the bank, brought the appeal. The deficiency decree was originally handed down by the circuit court in Highlands county, Florida.
11.February 2, 1934The Miami HeraldMiami, FL
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Article Text
$39,373 AWARDED TO BANK RECEIVER
Higher Court Hands Down Judgment In Florida Case NEW ORLEANS Feb Fagan, receiver of the First National Bank of Arcadia Fla. has been awarded $39,373.82 from Parker Brothers corporation. and O. Maner. of deficiency handed by the United States Fifth Circuit Court of Appeals here The decision of the local court af firmed Southern Florida district court judgment Parker Brothers who indorsed Maner's notes and assigned his mortgages to the bank brought the appeal The nineteenth judicial Circuit court of Highlands county. originally handed down the deficiency decree.
12.June 17, 1934The Tampa TribuneTampa, FL
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Article Text
ACCEPTS CASHIER'S POST ARCADIA, Jurie (Special) Harry Fagan, who has been in Arcadia the past three years acting as receiver for the defunct First National bank of Arcadia, has accepted position as cashier of new bank recently organized in Fort Myers. He will not take over his new work until his has been named. Fagan also has been receiver for banks in Sebring Wauchula, Punta Gorda and Avon Park.
