gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
bcf51d92e999212d
Response Measures
None
Description
Later litigation alleges assets were transferred to Citizens Bank & Trust; liquidator named.
Events (3)
1.July 15, 1929Run
Cause
Rumor Or Misinformation
Cause Details
Unfounded rumors of a currency shortage/unwise gossip tied to Mediterranean fruit fly panic triggered withdrawals
Measures
Bank kept its doors open several hours overtime to meet demands; paid out as rapidly as possible
Newspaper Excerpt
Unfounded rumors of currency shortage started run on the Bank of Ybor City yesterday afternoon
Source
newspapers
2.July 17, 1929Receivership
Newspaper Excerpt
Notices posted at the Citizens bank by a state bank examiner said the institution was in his hands. ... liquidator of the Bank of Ybor City, seeking ... Hunter Henderson as liquidator of the Bank of Ybor City (later litigation Oct.)
Source
newspapers
3.July 17, 1929Suspension
Cause
Government Action
Cause Details
State banking examiners/comptroller took charge and the bank failed to open on July 17
Newspaper Excerpt
Twelve banks in south Florida failed to open their doors today... The Bank of Ybor City
Source
newspapers
Newspaper Articles (18)
1.July 16, 1929The Tampa TimesTampa, FL
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Bank Run Subsides
Plenty of Money at Ybor Institution Refutes "Shortage" Rumor.
Unfounded rumors of currency shortage started run on the Bank of Ybor City yesterday afternoon and small crowd of small depositors were at the bank today withdrawing their money. There was plenty of money at the bank, and the being paid as rapidly as possible. The ones money this were orderly ficials of the bank said. The fervor of excitement began to abate when was learned that leading merchants and business of the vicinity have continued to make deposits. Bank officials expected the rush to gradually. The Bank Ybor City is known of the soundest financial institutions in the city. The bank kept its doors open several hours overtime last night to meet all the demands of depositors, many of whom returned this morning to re-deposit their money.
2.July 17, 1929The Austin Daily HeraldAustin, MN
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BANK AND NINE BRANCHES CLOSE
Florida Fruit Fly Blamed; Depositors May Not Lose Money
Tampa, Fla., July 17 (/P)-Fourteen state banks in southwest Florida closed their doors today, bringing to twenty-three the number of financial institutions to fail within the state in the past two weeks. Tampa, Fla., July 17 (AP)-The Citizens Bank and Trust Company, a state institution, and nine subsidiary banking institutions failed to open their doors today. Besides-the Citizens four of the depositories were in Tampa. Notices posted at the Citizens bank by a state bank examiner said the institution was in his hands. The branches affected were: Run On One Bank The Bank of Ybor City on which a run was made Monday. The Lafayette Bank; Citizens Nebraska Avenue Bank; Franklin Bank and the bank of Plant City; Bradenton Bank and Trust Company; First Bank and Trust Company, of Sarasota; First State Bank of Fort Meade, and the Bank of Pasco county at Dade City, The board of directors of the Citizens Bank and Trust, at a meeting early today issued a statement explaining conditions as due to "unwise gossip and continued adverse conditions following the appearance of the Mediterranean fruit fly which was responsible for a*feeling of unrest and fear developed on the part of the
Predict Full Payment The directors predicted all depositors would be paid in full and that the depositories would go out of bustness. Among the larger branches were the Citizens Bank and Trust with paid in capital of $1,000,000 and deposits in excess of $3,000,000. and the bank of Ybor City, paid in capital of $200,000 and deposits of $2,679,237.69
3.July 17, 1929The Bismarck TribuneBismarck, Mandan, ND
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TEN FLORIDA BANKS CLOSE THEIR DOORS; FRUIT FLY BLAMED Depositors : Will Receive Payment in Full, Directors of Closed Houses Say Tampa, Fla.,* July 17.-(P)-The Citizens Bank and Trust company, a state institution. and nine subsidiary banking institutions failed to open their doors today. Besides the Citizens bank, four of the depositories were in Tampa. Notices posted at the Citizens bank by a state bank examiner said the institution was in his hands. The branches affected were the bank of Ybor City on which a run was made Monday; the Lafayette bank; Citizens Nebraska Avenue bank; Franklin bank and the bank of Plant City: Bradenton Bank and Trust company: First Bank and Trust company. of Sarasota; First State Bank of Fotr Meade, and the Bank of Pasco county at Dade City. The board of directors of the Citizens Bank and Trust, at a meeting early today issued a statement explaining conditions as due to "unwise gossip and continued adverse conditions following the appearance of the Mediterranean fruit fly which was responsible for s feeling of unrest and fear developed on the part of the people." The directors predicted all depositors would be paid in full and that the depositories would so out of business. Among the larger banks were the Citisens Bank and Trust with paid in capital of $1,000,000 and deposits in excess of $3,000,000 and the bank of Yhor City, paid in capital $200,000 and deposits of $2,679,237.00.
4.July 17, 1929Brownsville HeraldBrownsville, TX
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tion The branches affected were: The Bank of Ybor City on which a run was made Monday, The Lafayette bank; Citizens' Nebraska Avenue bank: Franklin bank and the Bank of Plant City: Bradentown Bank and Trust company, First Bank and Trust company of Sarasota; First State bank of Fort Meade and the Bank of Pasco county at Dade City. E. P. Jackson, state examiner, has been here since Monday checking up conditions. The board of directors of the Citizens Bank and Trust, at a meeting today issued a statement explaining conditions as due to "unwise gossip and continued adverse conditions following the appearance of the Mediterranean ily which was responsible for a feeling of unrest and fear developed on the part QE the people."
Is Fruit Fly Caused
Bank and Trust company, Citizens' TAMPa. July institutions, to subsidiary banking state institution, and nine their doors today. open in Tampa. Notices of the depositories were Besides the Citizens, four said the institubank examiner Citizens' bank by state posted nt the was in his hands. affected were: The TO ROME? The Bank of Ybor City on which was made bank: Citizens' The Franklin braska Avenue the Bank of Flant City: Bradentown Bank and Trust company. First Bank and Trust company State bank of Fort Meade and Bank of Pasco coun-: Dade City. Jackson, state examiner, has been here since Monday checkup conditions. ing directors of the The board Citizens Bank and Trust, meetissued statement today conditions due to and continued adverse gossip following the appearance conditions Mediterranean which was the feeling of unrest responsible for on the part of and fear developed the people.'
Twelve South Florida Banks Fail to Open Doors Today
King's Last Appearance Before Operation
Demands of Heavy Depositors Force Closing
ACTION INVOLVES FORTY MILLIONS
Closing Does not Reflect Bad Business, Comptroller Says
Twelve banks in south Florida failed to open their doors today, according to Comptroller Ernest Amos. who was advised by wire that unusually heavy demands on the part of depositors in number of communities had forced the closing of the Citizens Bank and Trust company of Tampa and five other financial institutions in Hillsborough county, as well as six member banks in other sections. Stood Runs Tuesday
The twelve institutions, some of which withstood heavy runs during Tuesday and which failed to open for business this morning, are the Citizens Bank and Trust company, the Citizens Nebraska avenue bank, the Franklin bank. and the Lafayette bank, of Tampa; the First State bank of Port Tampa; the Bank of Ybor City: the BradenBank and Trust company of Bradenton: the First Trust pany of Sarasota: the First State Bank of Fort Meade: the Bank of Plant City: the Bank of Pasco County, Dade City, and the Bank of Mulberry. It was said that more than forty million dollars are involved in deposits of the twelve banks which failed today.
Gray Goes to Scene Captain R. Gray, assistant to Comptroller Amos, left last night for Sanford and other South Florida points to assist in the situation now confronting the banking department Mr. Amos declared today that closing of the banks did not flect any unusually bad business conditions and said that undue alarm on the part of depositors who had begun to draw their money hurriedly had brought about runs which could not be stopped. The Citizens Bank and Trust company at Tampa was operatunder legislative charter granted many years ago, said. and virtually all the other eleven banks which closed their were member banks. doors
7.July 17, 1929The Tampa TimesTampa, FL
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ATLANTA WILL SEND ALL CASH NEEDED IN CITY
(Continued from Page One.) perity of this section and during the trying years since 1925 It has played large part maintaining the stability of the business in"During the last few weeks as result unwise gossip and continued adverse conditions, culminating in the Mediterranean fruit fly, feeling of unrest and fear developed on the part of the people, resulting active run on the Bank Ybor City, tinued withdrawal of depositors from this institution such an tent as to deplete the cash reserve. 'Believing unfair to continue to pay out the funds and to the best the depositors to close the doors and thereby conserve the assets of the bank, the board of directors in session Wednesday, July 17. passed the followin view further this bank, and believing necessary the protection of the depositors, be solved, that the comptroller of the state Florida requested to immediately take charge of this
Statement of Conditions. statement of the condition of the Citizens Bank and Trust company, published as of the close of its deposits as with total amounting to $18,412.Similar statements of the Frankline Bank revealed resources with deposits of $332,986.89: Lafayette Bank, deposits. resources, $645,802.03; Citizens Nebraska Avenue Bank, deposits, $182,650 sources, Bank of Ybor City, deposits, resources,
TWELVE FLORIDA BANKS CLOSE DOORS
Large Tampa Institution Newest To Fail; $6,500,000 Deposits
Tallahassee, Fla., July 17.-(INS)Twelve banks with forty million dollars in deposits failed to open in South Florida today, according to State Comptroller Ernest Amos. Amos also declared that many other banks had withstood heavy runs Tuesday. The failures, according to the comptroller, are not due to business conditions, but to "undue and uncalled for alarm.' The banks which failed to open today, according to Amos, are as follows: Citizens Bank and Trust Company of Tampa, parent of others, including the Citizens Nebraska Avenue Bank, Tampa, the Franklin Bank, Tampa, the Lafayette Bank, Tampa, the Bank of Ybor City, the First State Bank at Port Tampa, the Bank of Mulberry, the Bank of Pasco County at Dade City, the Bank of Plant City, the First State Bank at Fort Meade, the First Trust Company at Sarasota, and the Bradenton Bank and Trust Company. Run On Ybor Bank. The others are: the Bank of Pasco County at Dade City, the First Bank Trust Company of Sarasota, the First State Bank of Fort Meade, the Bradenton Bank and Trust Company,
(Continued On Page Six)
WRECKS NERVOUS SYSTEM HELPING HUBBY ON DIET New York, July she wrecked (her nervous system trying to help her 232 pound husband, Donald L. Samuels, stock exchange member, to reduce, Mrs. Charlotte Samuels, who weighs 120, wants divorce. She applied in the supreme court today for week temporary alimony and got
She states in her petition Samuels cheated on his diet.
TWELVE FLORIDA BANKS CLOSE DOORS
Large Tampa Institution Newest To Fail; $6,500,000 Deposits
Tallahassee, Fla., July 17.-(INS)Twelve banks with forty million dollars in deposits failed to open in South Florida today, according to State Comptroller Ernest Amos. Amos also declared that many other banks had withstood heavy runs Tuesday.
The failures, according to the comptroller, are not due to business conditions, but to "undue and uncalled for alarm.' The banks which failed to open today, according to Amos, are as follows: Citizens Bank and Trust Company of Tampa, parent of others, including the Citizens Nebraska Avenue Bank, Tampa, the Franklin Bank, Tampa, the Lafayette Bank, Tampa, the Bank of Ybor City, the First State Bank at Port Tampa, the Bank of Mulberry, Fla., the Bank of Pasco County at Dade City, the Bank of Plant City, the First State Bank at Fort Meade, the First Trust Company at Sarasota, and the Bradenton Bank and Trust Company. Run On Ybor Bank. The others are: the Bank of Pasco County at Dade City, the First Bank and Trust Company of Sarasota, the First State Bank of Fort Meade, the Bradenton Bank and Trust Company,
10.July 17, 1929The JournalLogan, UT
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a state bank examiner said the institution was in his hands. The branches affected were: The bank of Ybor City on which a run was made Monday; the LaFayette Bank; Citizens' Nebraska Avenue Bank: Franklin Bank and the bank of Plant City; Bradenton Bank and Trust company; First Bank and Trust company of Sarasota; First State bank of Fort Meade and the bank of Pasco County at Dade City. E P. Jackson, state examiner, has been here since Monday checking up on conditions. The board of directors of the Citizens Bank and Trust at a meeting early today, issued a statement explaining conditions as due to "unwise gossip and continued adverse conditions following the appearance of the Mediterranean fly which was responsible for a feeling of unrest and fear developed on the part of the people. The directors predicted that all depositors would be paid in full and that the depositories would go out of business. Paid in capital of the citizens Bank and Trust was $1,000,000 according to the published statement of the bank as of June 29 last. Deposits were given as in excess of $3,000,000 Paid in capital of the Citizens Nebraska Avenue was $50,000 with deposits of $182,650.11. according to published statements. The LaFayette bank had paid in capital of $150.000 with deposits of $457,222.65; the bank of Ybor City paid in capital was $200,000 and deposits of $2,679,237.69 and the Franklin Bank's paid in capital was $50 with deposits of $322,986.87 according to statements to conditions as of June 29.
11.July 18, 1929The Morning CallAllentown, PA
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15 FLORIDA BANKS CLOSE THEIR
(Continued from Page One) who asked for their all depositors State bank examiners took charge of the closed institutions have beaudits of their affairs. Today's closures brings to 23 the number of banks suspending business within two weeks Banks in the city affiliated with the citizens which Bank, Nebraska Bank, the Bank Ybor. in affiliated with the closing the Bank Plant Bank Trust the First Bank and Trust Company Sarasota, the First Bank and Trust Meade the Bank of Pasco County of Dade Other banks not affiliCitizens of Frostproof, the Bank Mulberry and the Ellenton State Bank Ellenton. The First Bank of Port Tampa and the State Bank. not affiliated with the Citizens. closed temporarily for to their All deposits of Comptroller Ernest blamed the closing on withdrawals ganda and the mental attitude of the man the Amos that while there was "financial certain degree over the state. accentuated by effect the Mediter ranean fly and regarded the "the just before the peowill not tear down the temple above heads. developed Monday on the Bank Ybor. but the institution open beyond the regular hours and all depositors to close the Citizens Bank and its made morning meeting throughout the night of the directors.
12.July 18, 1929Tampa Bay TimesSt. Petersburg, FL
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BANKING CRISIS OVER, BELIEF, AS SENDS HELP
Five Millions Sent Tampa and St. Petersburg Institutions
(Continued from Page financial institutions which closed today, according figures at the banking department, was $3,630,000; deposits $22,575,728.97 and Names of the defunct institutions, which the hands state bank department today, Citizens Bank and Trust company, Tampa. *Franklin bank, Tampa. Lafayette bank, Tampa. American State Tampa. *Citizens Nebraska Avenue bank, Tampa. *Bank of Ybor City, Ybor City. *Bank Plant City, Plant City. *Bradenton Bank and Trust Bradenton. *First Bank and Trust company Sarasota. *First State bank, Fort Meade. *Bank Citizens bank of Frostproof. bank Tort City. Bank Mulberry. Mulberry. Ellenton State bank, Ellenton. with Citizens Eight other banks have failed the past weeks, bringthe number of failures within time board directors of the CitiBank Trust company of Tampa today issued written stateexplaining that the present situation due to "unwise gossip continued adverse fol"lowing the appearance of the Mediterranean fruit fly. was sponsible for feeling unrest and fear developed on the part of the Directors of the Citizens bank predicted that all depositors would be full and indicated that its subsidiaries would go out of busibolster up public confidence, $1,000,000 cash was brought here airplane today from Atlanta and delivered the First National bank Tampa, member the Federal Reserve. Meanwhile, officials of other solbanks Tampa, where withdrawals by few depositors reported, issued statements plenty of been obtained demands. Creed governor the Federal Rebank Atlanta, arrived today, also declared that local bankers could all the money need with which meet the from Washington stated the shipment of from Tampa said by FedReserve officials to have been authorization by the for the establishment of two depots one in each million dollars would quick use by the member officials of the Bank Sarasota, the Ringling Trust and First Trust company. the three solinstitutions there, said of the First and Trust "company that city no effect their banks. The three under usual business today, they said. Ringling circus fame, the board the Bank Sarasota and the Ringling Trust Savings bank. officials has the entire fortune the late Charles Ringling. brother.
13.July 18, 1929The Montgomery AdvertiserMontgomery, AL
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Fifteen Banks Close In Day In Southeast Florida; Total Is 23
(Continued from Page One) withdrawals funds that should be the ordinary channels trade. The people have Sampson-like brought down the temple themselves, and realize this they will change their attitude. "With all these bank failures, Florida still has more money left in banks than some of our sister states. As an instance. unprecedented withdrawals, the sum $750,000 was taken out CitiBank of Tampa one day. Volusia Bank Deland had of new funds and the Merchants Bank Beach had cured new funds, which, under ordinary would sufficient to have carried them through the "There been run on the Bank of Ybor City day majority of banks closed Tampa today were affiliated with the Citizens Bank Tampa and their closing made necessary that account precautionary "Confiscation of fruit made it impossible for growers meet their obligathe banks."
"There has been too much propaganda, too much agitation and too much withdrawals of funds that should be in the ordinary channels of trade. The people have Sampson-like brought down the temple on themselves and as soon as they realize this they will change their attitude.
"With all these bank failures, Florida still has more money left in banks than some of our sister states. As an instance of unprecedented withdrawals, the sum of $750,000 was taken out of the Citizens bank, of Tampa, in one day.
"The Volusia County bank, of DeLand, had $700,000 of new funds and the Merchants bank, of Daytona Beach, had secured $500,000 of new funds, which, under ordinary circumstances, would have been sufficient to have carried them through the summer.
"There has been a run on the Bank of Ybor City for a day or two.
"The majority of the banks that closed in Tampa today were affiliated with the Citizens bank of Tampa, and their closing was made necessary on that account as precautionary measures.
"Confiscation of fruit made it impossible for growers to meet their obligations to the banks."
15.July 18, 1929The Miami HeraldMiami, FL
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COMPTROLLER SAYS
CONDITIONS GOOD TAMPA July of today aggregate deposits more than regarded State Amos tonight being the 'darkened hour just the dawn. In statement The Comptroller he bethe primary cause of the was ganda and the mental attitude of the people. There financial depression to degree the the comptroller explained, "which has accentuated by the effect of the regard this the just however, people will not tear the temple upon their heads. This what they are doing "The flurry we have had today perhaps the largest we have the history of the Property values in Florida. While there been no we the same the and same who will take hold they that cleared in the circles of the state. "There has been too much propaganda, much agitation and funds that should be in the ordinary channels of trade. The people have brought down temple on themselves, as they this they will change With all bank failures. Florida still has money banks than our sister As an instance the sum $750,000 was taken out the Citizens Bank Tampa one day. "The Volusia County Bank DeLand had of new funds and the Bank of Daytona Beach had secured $500,000 new funds, which, ordinary would to have carried the There on the bank of for "The majority of banks that closed in Tampa today affiliated the Citizens Bank of Tampa and their closing was made that account as precautionary meas"Confiscation of fruit made it impossible for to their gations to the Aggregate capital stock of the 15 which today. to figures the state banking department, deposits and assets of Names of the defunct institutions which were placed in hands of the bank today Bank and Trust Tampa: *Franklin Tampa; *Lafayette Bank, Tampa: American State Bank Tampa; Nebraska Bank, Tampa: *Bank Ybor City, City: *Bank of Plant City, Plant *Bradenton and Trust ComBradenton: *First Bank and Trust Company, First State Bank, *Bank Pasco County, City: Bank Frostproof; Bank Port Tampa Bank lenton Bank, Ellenton. ated Citizens Bank at Tampa. Eight banks in weeks, bringing failures within board directors of the Citizens Bank Trust which parent institution the other banks which failed today, issued written statement, the present "unwise and the pearance the which was responsible for the feeling unrest fear on the the Directors the Citizens Bank predicted depositors indicated go out of business confidence, cash brought here airplane today from Atlanta and delivFirst National Bank Tampa, member of the Federal Reofficials of other solvent in statements plenty cash had been Creed Taylor, deputy governor of Federal Reserve Bank Atlanta, arrived here today declared that local the money they with which to meet from Washington stated that the from lanta Tampa said by Federal Reserve officials to have been sent under authorization by the board At Sarasota officials of the Bank of Sarasota and the Savings and the First Trust Company, the three solvent there, said closing the First Bank and Trust Company that city "had no effect whatever" their Both were conducted under usual today. they said John Ringling circus fame chairman of the Bank Sarasota the and Savings has behind fortune of the late Charles brother.
16.October 31, 1929The Tampa TribuneTampa, FL
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SUIT ATTACKS CITIZENS BANK FUND TRANSFER
Alleges Ybor Bank Notes Were Taken Illegally
Adolph Katz, Ybor City merchant. alleging that the Citizens Bank & Trust company, the day before it closed July 17, usurped without valid authority approximately $70,000 of the assets of the Bank of Ybor City, filed action in circuit court yesterday to recover a $3000 note he executed to the Ybor City bank. but which was discounted to the federal reserve by the Citizens bank. The suit is directed against C. L Knight as liquidator of the Citizens bank and Hunter Henderson as liquidator of the Bank of Ybor City. Katz also alleges that when the Bank of Ybor City closed July 17 he had on deposit there about $2000, and the purpose of his suit is to have the $3000 note returned to the Bank of Ybor City in order that his credit of deposit can be utilized as an offset against it.
Directorates Interlocking
In his bill of complaint Katz sets forth in effect that directors of the Citizens bank were enabled to effect the transfer of securities of the Ybor City bank because Dr. L. A Bize was president of the Bank of Ybor City and chairman of the board of directors of the Citizens bank at the same time, and that other directors of the Citizens bank were also directors of the Ybor City bank. Referring to the Citizens Bank & Trust company asa privately chartered banking institution, Katz then alleges that prior to the closing of the banks, and "particularly during 1929 up to July 17, the Citizens Bank & Trust company dominated and in effect controlled the policy and affairs of the Bank of Ybor City: that the Citizens Bank & Trust company had among its board of directors L. A. Bize, John Bize, Frank Bentley and George Booker: that the Bank of Ybor City was a large depositor in the Citizens Bank & Trust company, and at the time the banks closed had large amount to its credit in the Citizens Bank & Trust company. Allege No Indebtedness A further allegation is that the
Bank of Ybor City "did not owe the Citizens Bank & Trust company any indebtedness, if so the same was a negligible amount." "For several days prior to July 17," the bill goes on, "a quiet or silent run on the Citizens Bank & Trust company was commenced and maintained principally among its large depositors, and heavy withdrawals were made during the several weeks immediately preceding July 17. The Citizens Bank & Trust company was sorely in need of cash; that the Citizens Bank & Trust company in its effort to gather in and collect together as much cash as was possible, designed the following plan of raising cash. to-wit: "It by reason of its dominating and controlling power over the Bank of Ybor City took from the said Bank of Ybor City, among other assets,' Katz's promissory note, given to secure a loan obtained from the Ybor City bank on July 3. and discounted it with the federal reserve. In like manner, Katz then alleges, the Citizens bank took over approximately $70,000 worth of notes and other securities of the Ybor City bank. and sought to procure loan thereon from the federal reserve.
Charge Method Was Wrong
Charging that the "manner and method pursued by the Citizens Bank & Trust company in handling, withdrawing and usurping the assets of the Bank of Ybor City constituted a wrong done," Katz further avers "your orator is unable to allege whether the said discounting was made with the purpose and intent of deliveries over to the Bank of Ybor City the proceeds of such discounts, or whether it was the purpose and intent of the Citizens Bank & Trust company to use the proceeds for its own benefit." Katz alleges, however. that on the day the banks closed "there was in the possession of the Citizens Bank & Trust company approximately $70,000 in cash representing proceeds of the discounts of the securities of the Bank of Ybor City." In the preamble of his bill Katz sets out that he has been depositor in the Ybor City bank for several years. The note he gave was for 90 days. Alvin M. Sandler is attorney for Katz.
17.October 31, 1929The Tampa TribuneTampa, FL
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City Is Paid for Funds Tied Up in Closed Bank
The balance of city funds on deposit in the closed Bank of Ybor City, totaling $10,651, was paid to City Comptroller Steuart yesterday by William Love, associate manager of the southeast division of the United States Fidelity and Guaranty company of Baltimore, who insured the money. Payment of the Ybor City bank balance, cleaned up the city's accounts in the subsidiary banks closed before or at the time the Citizens Bank & Trust company suspended operations. The city funds in the parent bank. aggregating $189,000, are fully protected by insurance company bonds, Mr. Steuart said.
18.August 2, 1930The Tampa TimesTampa, FL
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CLAIM SOUGHT BANK OF YBOR
Parent Institution Made Defendant in Court Suit.
By suit filed in circuit court Hunter liquidator of the Bank of Ybor City, seeking have the courts order that institution's claim of $118,against Citizens Bank and Trust company placed the latter's books as prior claim. the larger bank sufficient retire The Ybor bank with chain banks controlled by the Citizens bank, all of which their doors when "mother' operations. his bill complaint against Henderson told chain place just few days closing through which, he the Ybor bank to obtain funds withstand "run" its but which in those funds going the Citizens bank. Tells of On July of last year, the bill the Ybor bank amount cash the Federal Reserve bank depositors' and this turned over worth the notes to the bank, discounted the the Reserve. Ybor with on through the Citizens bank, which Money from the Federal Reserve the notes, Hendersaid, was by the was never turned bank. All the Federal been off said, with eight, aggregating which remains balance of Referring balance of his against the Citizens bank, the stated that the Ybor had with banks cash reserve, that amount ordered the Citizens bank account the Federal Reserve, to be Citizens for the benefit the Says Transfer Agreed Upon. with An Bize H. Laney, officers Citizens bank, deposit with New York and Philawould transferred the Reserve's branch Jacksonville. Through rangement, the declared, would be possible for the Citizens bank secure Reserve help bank The rangement through, Henderson stated. the Ybor bank did receive money, because the closing the Citibank the subsequent ing banks its inthe Bank filed Dr Bize nor Mr. Laney, the time makthe closing of the Citizens bank, any bank in the chain. in the closed on July 17 of last
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.
