Merchants National Bank (Jacksonville, FL)

View Charter #4332 on SPMC View balance sheet

Episode Information

Episode UID
433201166
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
43320 national
Charter Number
4332
Start Date
February 16, 1897
Location
Jacksonville, Florida (30.332, -81.656)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
d71d682c9b26da5b

Response Measures

Borrowed from banks or large institutions, Capital injected, Full suspension, Books examined

Receivership Details

Depositor recovery rate
71.4%
Date receivership started
1897-03-17
Date receivership terminated
1901-05-31
OCC cause of failure
Excessive lending
Share of assets assessed as good
44.2%
Share of assets assessed as doubtful
40.3%
Share of assets assessed as worthless
15.5%

Events (5)
1. June 2, 1890 Chartered
Source
historical_nic
2. February 16, 1897 Run
Cause
Rumor Or Misinformation
Cause Details
Depositors alarmed by a December bank statement showing low assets and rumors of insolvency, prompting heavy withdrawals.
Measures
Other local banks loaned $20,000 in an effort to save the bank, but it was ineffectual.
Newspaper Excerpt
The cause of the suspension was a run by depositors, brought about by the bank statement last December showing only $5,000 assets, and it was rumored the bank was insolvent.
Source
newspapers
3. February 16, 1897 Suspension
Cause
Rumor Or Misinformation
Cause Details
Directors closed the bank after heavy withdrawals and inability to realize on securities following depositor run.
Newspaper Excerpt
The Merchants' National Bank of this city closed its doors to-day by order of the directors.
Source
newspapers
4. March 17, 1897 Receivership
Source
historical_nic
5. March 17, 1897 Receivership
Newspaper Excerpt
The Merchants' National bank of Jacksonville, Fla., was on March 17, 1897, placed in the hands of E. T. Shubrick, receiver.
Source
newspapers

Newspaper Articles (17)
1. February 17, 1897 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, February 17, 1897

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Article Text

FAILURE NO SURPRISE. The Merchants' National, of Jacksonville. JACKSONVILLE, FLA., February 16.The Merchants' National Bank, of this city closed its doors to-day by order of the directors. The bank had a capital stock of $100,000, and was the successor of the oldest banking-house in the State. That the institution was not in a sound condition was known in banking circles for several months, and the failure was not a surprise. The heavy withdrawals of deposits within the past month, and the inability to realize on securities, are stated by the president, John L. Marvin, to be the cause of the failure. His statement to the local press was as follows: "The Merchants' National Bank was forced to close by constant withdrawals of funds by depositors and inability of the bank to realize on amounts due it from borrowers. The assets, however, are ample to pay depositors in full, but it will take a little while to realize on the securities. Comptroller Eckels has been notified, and will shortly appoint some one to take charge of the bank, which will remain closed until a receiver is appointed." The bankers of this city last Saturday held a conference and appointed a committee, consisting of Messrs. H. G. Aird, R. C. Cooley, T. P. Denham, and B. H. Barret, to investigate the bank's accounts. These gentlemen made a thorough examination, and Mr. Cooley, who was authorized as spokesman for the committee, said that it was the belief of the committee, after examining the securities, that depositors would be paid in full, but that it would take some little time. One thing the committee emphasized, and that was the failure was not brought about by anything dishonorable. The deposits amounted to $112,000, and the outstanding loans amount to $232,000. No other statements have been given out. The bank's failure has caused the failure of the large retail shoe house of Charles Marvin & Co. The president of the bank was the principal owner of the shoe house.

2. February 17, 1897 The Herald Los Angeles, CA
Article from The Herald, February 17, 1897

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Article Text

SCARED DEPOSITORS Drive the Jacksonville Merchants' National to the Wall JACKSONVILLE. Fla., Feb. 16.-The Merchants' National bank of this city closed its doors today. The comptroller of the currency appointed Examiner Shubrick to take charge of the bank. The cause of the suspension was a run by depositors, brought about by the bank statement last December showing only $5000 assets, and it was rumored the bank was insolvent. Depositors gradually became alarmed and accounts were withdrawn in large numbers. Other banks made an effort to save the Merchants'. loaning $20,000 on Monday, but this was ineffectual. President Marvin stated that depositors will be paid in full, although the stockholders may lose. Charles Marvin & Co., an old established shoe firm, assigned this afternoon, as the result of the bank failure.

3. February 17, 1897 Birmingham State Herald Birmingham, AL
Article from Birmingham State Herald, February 17, 1897

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Article Text

EXAMINER TO TAKE CHARGE. Washington, Feb. 16.-The comptroller of the currency was informed at 3 o'clock today of the failure of the Merchants' National bank of Jacksonville, He at once ordered Bank Examiner Shubrick to take charge of the bank. On Dec. 30, the date of the last examination the bank had $100,000 capital; surplus $12,000; undivided profits $3,000. It owed other banks $19,700; individual depositors $190.800, and borrowed money $52,900. Inability to make collections is assigned as the cause of the failure.

4. February 17, 1897 The Morning News Savannah, GA
Article from The Morning News, February 17, 1897

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Article Text

JACKSONVILLE BANK IN A JAM. THE MERCHANTS NATIONAL CLOSES ITS DOORS. Heavy Withdrawals of Deposits and Inability to Realize on Its Securities the Cause of Its Suspension. Depositors May Be Paid in Full, But It Will Require Some Time. The Deposits Foot Up $112,000 and the Outstanding Loans Amount to $232,000. Jacksonville, Fla., Feb. 16.-The Merchants' National Bank of this city closed its doors to-day by order of the directors. The bank had a capital stock of $100,000, and was the successor of the oldest banking house in the state. That the institution was not in a sound condition was known in banking circles for several months, and the failure was not a surprise. The heavy withdrawals of deposits within the past month and the inability to realize on securities are stated by the president, John L. Marvin, to be the cause of the failure. His statement to the local press was as follows: "The Merchants' National Bank was forced to close by constant withdrawals of funds by depositors and inability of the bank to realize on amounts due it from borrowers. The assets, however, are ample to pay depositors in full, but it will take a little while to realize on the securities. Controller Eckels has been notified and will shortly appoint some one, to take charge of the bank, which will remain closed until a receiver is appointed." The bankers of this city last Sunday held a conference and apopinted a committee consisting of H G. Aird, R. C. Cooley, T. P. Denham and B. H. Barnett to Investigate the bank's accounts. These gentlemen made a thorough examination, and Mr. Cooley, who was authorized to act as spokesman for the committee, said that it was the belief of the committee, after examining the securities, that the depositors would be paid in full, but that it would take some time. One thing the committee emphasized, and that was that the failure was not brought about by anything dishonorable. The deposits amounted to $112,000 and the outstanding loans amount to $232,000. No other statement has been given out. The bank failure has caused the failure of the large retail shoe house of Charles Marvin & Co. The president of the bank was the principal owner of the shoe house. Washington, Feb. 16.-The controller of the currency was informed at 3 o'clock to-day of the failure of the Merchant's National Bank of Jacksonville. He at once ordered Bank Examiner Shubrick to take charge of the bank. On Dec. 30, the date of the last examination, the bank had $100,000 capital: surplus, $12,000; undivided profits, $3,000; it owed other banks, $19,700; individual depositors, $190,800, and borrowed money, $52,900. Inability to make collections is assigned as the cause of the failure.

5. February 17, 1897 The Houston Daily Post Houston, TX
Article from The Houston Daily Post, February 17, 1897

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Article Text

Domestic. Senator Chandler made a speech on btmetallism in the senate, in which he severely criticised Senators Palmer and Pettigrew. House passed a number of pension bills. Arthur Duestrow, the St. Louis millionaire murderer, hanged after confessing his guilt. Supreme council of Farmers' alliance in gession at Washington. Investigation of the Sugar and Rubber trusts in New York. Merchants' National bank of Jacksonville, Fla., suspends, foreing a shoe firm to assign.

6. February 17, 1897 The Record-Union Sacramento, CA
Article from The Record-Union, February 17, 1897

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Article Text

BANK FAILURE. The Merchants' National of Jackson= ville Closes Its Doors. JACKSONVILLE (Fla.), Feb. 16.-The Merchants' National Bank of this city closed its doors to-day. The Comptroller of the currency appointed Examiner Shubrick to take charge of the bank. President Marvin stated that depositors would be paid in full, although the stockholders may lose. Charles Marvin & Co., an old established shoe firm, assigned this afternoon, as the result of the bank failure.

7. February 18, 1897 Iowa County Democrat Mineral Point, WI
Article from Iowa County Democrat, February 18, 1897

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Article Text

FLORIDA BANK FAILS. Jacksonvine, Feb 17.-The Merchants' National bank of this city closed its doors yesterday. The cause of the suspension was a run made on the bank by its depositors. President Marvin states that the depositors will be paid in full, although the stockholders may lose.

8. February 18, 1897 The Austin Weekly Statesman Austin, TX
Article from The Austin Weekly Statesman, February 18, 1897

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Article Text

BANK FAILURE. Jacksonville, Fla., Feb. 16.-The Merchants' National bank of this city closed its doors at noon today and the comptroller of the currency was notified. A reply was received in the afternoon directing Examiner Schubering to take charge of the bank. The cause for the suspension was a run made on the bank by depositors, brought about by the bank statement issued last December. This showed only $50,000 in assets, and it was whispered around that the bank was insolvent. Depositors graduallly became alarmed and the deposits were withdrawn in large sums. The other banks in the city made an effort to save the Merchants'. loaning $20,000 on Monday, but this was impossible. President Marvin said the depositors would be paid dollar for dollar. although the stockholders may lose. The suspension created no excitement. Charles Marvin & Co., an old established shoe company. suspended this afternoon as a result of the bank failure.

9. February 19, 1897 The Ocala Banner Ocala, FL
Article from The Ocala Banner, February 19, 1897

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Article Text

Another Bank Collapses. The Merchants National bank of Jacksonville closed its doors last Tuesday. The withdrawal of funds by depositors, and its inability to realize on amounts due it from borrowers, forced its suspension-but its officials say it will pay dollar for dollar. Same old story but a story rarely realized.

10. February 19, 1897 Echo De L'ouest Minneapolis, MN
Article from Echo De L'ouest, February 19, 1897

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T. W. Hynes et Cie, de NewYork, marchands de featre, ont dé posé leur bilan. Passif $175,000. La Merchants National Bank, de Jacksonville, Fla, & fermé ses portes mardi. La State National Bank de St Joseph, Mo., dont le capital était d'un demi-million de dollars, a fermé ser portes. La B nque National de Postdam, qui avait été fondée au capital de $250,000, a suspendu ses payements,

11. February 20, 1897 Red Lodge Picket Red Lodge, MT
Article from Red Lodge Picket, February 20, 1897

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A BAD BANK FAILURE, IN FLORIDA. Merchants' National of Jacksonville Ran Out of Funds. Jacksonville, Fla., Feb. 16.-The Merchants' National bank of this city closed its doors today. The comptroller of the currency appointed Examiner Shubrick to take charge of the bank. The cause of the suspension was a run by depositors brought about by the bank statement last December showing only $5000 assets, and it was' rumored the bank was insolvent. Depositors gradually became alarmed and accounts were withdrawn in large numbers.

12. February 20, 1897 The Greenville Times Greenville, MS
Article from The Greenville Times, February 20, 1897

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A Florida Bank Closes. The Merchants' national bank of Jacksonville, Fla., closed its doors the other day. The comptroller of the currency appointed Examiner Shubrick to take charge of the bank. The cause of the suspension was a run by depositors, brought about by the bank statement last December, showing only $5,000 assets. Depositors gradually became alarmed, and accounts were withdrawn in large numbers.

13. March 3, 1897 The Florida Agriculturist Jacksonville, De Land, FL
Article from The Florida Agriculturist, March 3, 1897

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A meeting of the stockholders representing a majority of the stock of the Merchants' National Bank of Jacksonville, which suspended on Tuesday, was held at the board of trade rooms Wednesday night, when a movement was inangurated to place the bank on a new footing and to recognize and open it, if possible.

14. March 19, 1897 The Brunswick Times Brunswick, GA
Article from The Brunswick Times, March 19, 1897

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RECEIVER APPOINTED For a Suspended Jacksonville Bank By the Comptroller. Jacksonville, March 18.-Bank Examiner E. T. Shubrick, who has been in charge of the Merchants' National bank here since its suspension, has been appointed temporary receiver of the bank by the following telegram : "I have appointed Shubrick temporary receiver of the Merchants' National bank of Jacksonville in order to protect assets of the bank pending resumption. "JAMES H. ECKELS, Comptroller."

15. April 2, 1897 The Herald Los Angeles, CA
Article from The Herald, April 2, 1897

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of the currency contains the following notifications: Resumption-The First National bank of Sloux City, Iowa, which was declared insolvent on the 7th of January, 1897, and placed in the hands of a receiver, has been rectored to solvency and permitted to reopen its doors for business March 16, 1897. Liquidation-The Manufacturers' National bank of Pittsburg, Kas., has gone into voluntary liquidation by resolution of its stockholders dated March 16, 1897. Insolvent-The Union National bank of Minneapolis, Minn., was on March 20, 1897, placed in the hands of Charles W. Sexton, receiver. The Merchants' National bank of Jacksonville, Fla., was on March 17, 1897, placed in the hands of E. T. Shubrick, receiver. Arizona-The Prescott National bank. Prescott; Walter C. Brandon elected assistant cashier. California-The First National bank of Redlands; S. C. Haver elected vicepresident in place of A. L. Park.

16. July 30, 1897 The Ocala Evening Star Ocala, FL
Article from The Ocala Evening Star, July 30, 1897

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Thomas V. Porter, of Jacksonville, was appointed receiver of the Merchants' National Bank of that city.

17. October 19, 1898 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, October 19, 1898

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The Comptroller of the Currency has declared a 10 per cent. dividend in favor of the creditors of the insolvent Merchants' National Bank of Jacksonville, Fla. Augusta, Ga., since It was made headquarters for an army corps, has been designated as one of the important depots to which officers of the subsistence department are assigned for the purchase and shipment of supplies, Lexington, Ky, having been discontinued as such a depot. A special from Pensacola, Fla., says: Only about sixty of the 408 Italian immigrants on the French steamship Britannia have been found to have sufficient money to carry them from here to their destination in Louisiana. The others have not been allowed to land, and the captain of the vessel has appealed to Washington for relief. Unless the government takes some steps the vessel will be required to return the Italians to Palermo.