Bank of Homestead (Homestead, FL)

Episode Information

Episode UID
63024571566
Episode Type
Run → Suspension → Closure
Bank Type
state
Bank ID
6302457 routing
Routing Number
63-0245
Start Date
June 11, 1930
Location
Homestead, Florida (25.467, -80.446)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
c80764b65e33d72e

Response Measures

None

Description

Closed June 11 to avoid run after Miami failures and later placed in liquidation (dividend paid 60 days after suspension).

Events (3)
1. June 11, 1930 Run
Cause
Local Banks
Cause Details
Depositors withdrew or threatened withdrawals owing to bank failures and runs in Miami, provoking local nervousness.
Measures
Closed early (shut doors at 10 a.m.) to avoid a run; announced temporary suspension and expected to reopen in a few days.
Newspaper Excerpt
the bank was in good condition and that suspension of business was but temporary, taken for the purpose of avoiding a local bank run on account of bank failures today in Miami.
Source
newspapers
2. June 11, 1930 Suspension
Cause
Local Banks
Cause Details
Suspension enacted by directors/management to protect depositors amid heavy withdrawals and failures of Miami banks.
Newspaper Excerpt
The Bank of Homestead closed its doors at 10 a. m. ... suspension of business was but temporary, taken for the purpose of avoiding a local bank run on account of bank failures today in Miami.
Source
newspapers
3. August 12, 1930 Receivership
Newspaper Excerpt
Approximately $24,000 in state comptroller's checks was waiting for Bank of Homestead depositors when the institution opened its doors yesterday... Exactly 60 days has elapsed since the bank suspended. ... first dividend of 35 per cent on deposits ... prepared by E. P. Duncan, liquidator, aided by W. Dunwoody, former cashier, and H. Grady Smith assistant.
Source
newspapers

Newspaper Articles (14)
1. June 11, 1930 Washington Daily News Washington, NC
Article from Washington Daily News, June 11, 1930

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Article Text

One of Miami, Fla., Leading Banks Was Closed Early Today MIAMI, Fla. June 11.-(AP)-The doors of the Bank of Bay Biscayne, one of the leading financia] institutions of the city, failed to open this morning. A sign on the door read: "Closed by.order of directors for the protection of depositors." The last quarterly statement of the and total resources of $17,132,292. HOMESTEAD, Fla., June -The bank of Homestead closed its doors at 10 a. m. E. S. T today after opening for a short time. Assistant Cashier H. Grady Smith said the bank was in good condition and that suspension of business was but temporary, taken for the purpost of avoiding a local bank run on ac count of bank failures today in Miami.

2. June 11, 1930 The Item Sumter, SC
Article from The Item, June 11, 1930

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Article Text

MILLIONS BY AIRPLANE Jacksonville, Fla., June 11.-(P) -An airplane loaded with approximately $2,000,000 in cash from the Federal Reserve bank, left here today for Miami, following several bank failures there. The money was consigned to the Federal Reserve Bank at Miami. The Bank of Homestead closed its doors at 10 a. m., t., today after opening for a short time. Assistant Cashier H. Grady Smith said the bank was in good condition and that suspension of business was but temporary. taken for the purpose of avoiding a local bank run on account of bank failures today in Miami. He said the bank expects to open in a few days.

3. June 11, 1930 The Macon News Macon, GA
Article from The Macon News, June 11, 1930

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Article Text

Banks in Florida Forced to Close Fla. June Bank of Bay one the leading city failed to open dnesymorning on the door read by directors The Bank of Bay Biscayn in had and total resources Fla., June 11. Bank Homestead doors at 10 Wednesopening Official was made Cashier Smith, that the bank in dition and but taken for th purpose avoiding bank on account of bank failures today in Miami

4. June 12, 1930 The Washington Herald Washington, DC
Article from The Washington Herald, June 12, 1930

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Article Text

MIAMI. Fla., June 11 Nervousness among depositors in five local banks decreased late today with the arrival of 000 cash by airplane from Jacksonville and optimistic ports from city and State bank ing officials. Failure to open for business today the city's largest and oldest financial institution and three branches sent depositors for information and their money and caused an other bank to shut down to avoid run. Bank of Bay Biscayne with its affiliated Biscayne Trust Company. Bank Coral Gables and Miami Beach Bank and Trust Company stood closed behind the notice officials that action lowed consultation with State comptrollers. heavy withdrawals recently and reported "frozen The Bank of Homestead shut down early with the expressed purpose of avoiding The Bay Biscayne Bank. capitalized at holds $15,000.in deposits.

5. June 12, 1930 Salt Lake Telegram Salt Lake City, UT
Article from Salt Lake Telegram, June 12, 1930

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Article Text

GOLD ARRIVALS ALLAY FEARS Plane Brings $2,000,000 to Five Banks Closed in Miami City June 12 (United of $2,000,000 in cash by sirplane and several reas. statements by state banking officers helped to allay the uneasi. ness of depositors who had funds in five banks which glosed here In to the shipment, by raif One of the the and that the conditions to the closures would adjusted themselves there not been unfavorable of by bankers which closed were the bank of Bay with of the with and Miami Beach Bank and Trust the Bank of and the Bank of Homestead fident normaley would be restored promptly when the public stood the cause the heavy run made on the institutions. They had the assurance of aid from the federal reserve If It were

6. June 12, 1930 The Oklahoma News Oklahoma City, OK
Article from The Oklahoma News, June 12, 1930

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Article Text

MORE FLORIDA BANKS SUSPEND Total Closures Recently Reach 12; Rush Money to In- June Bank of and the Guaranty Title and Trust smaller also bringing 12 recent bank in Florida. Clearwater on the Florida west Arrival Miami of by airplane and several reassuring statements state banking officers helped allay the who had funds in five banks which closed Wednesday In addition to the plane shipment 000,000 expected by rail to aid in restoring confidence. The which the Bank Bay Co., 148; the Miami Beach Bank Trust Bank Coral Gables, and the Bank of Homestead.

7. June 12, 1930 Chattanooga Daily Times Chattanooga, TN
Article from Chattanooga Daily Times, June 12, 1930

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Article Text

FIVE BANKS CLOSE DOORS IN FLORIDA Four in Miami, One in Homea stead Unable to Meet 'Runs.' Bank of Bay Biscayne Announces Deposits of $15,Helps. MIAMI, Fla., June 11 (A).-The Bank of Bay Biscayne, oldest financial institution of South Florida, and three subsidiaries in metropolitan Miami failed to open for business today. The subsidiaries are the Miami Beach Bank and Trust company, the Bank of Coral Gables and the Biscayne Trust company. Notices posted on the doors of the institutions said the action had been taken by directors "for protection of depositors" and because of "recent substantial withdrawals. fifth banking house, the Bank of Homestead, closed after being open an hour, with the statement that it would reopen in few days. Homestead is thirty miles south of Miami. The Bank of Bay Biscayne listed total resources of and deposits of as of March 27, 1930, in its late quarterly report. President James H. Gilman declined to give later figures as to the bank's condition or of the amount of recent withdrawals Capital stock was listed as $1,000,000 and surplus and profits at In issued by the subsidiaries at the same time, the Biscayne Trust was listed as having $1,520,041 and resources. The Miami Bank and Trust $2,349,943 deposits and $2,539,281 resources. The Bank of Coral Gables listed deposits of $606,598 and resources of Heavy withdrawals were reported by other banks of the city, but the arrival of $2,000,000 in cash by from Jacksonville of the Federal Reserve bank this and the announcement by Gov. E. R. Black, the Federal bank in Atlanta, that total of $6,000,000 in cash was en route here was expected by banks to allay fears of depositors before tomorrow. President E. C. Romfh, of the First National bank, said his institution had paid out $500,000 to large number of depositors today and that sufficient cash was available to meet all demands. The First National closed at its regular 2 o'clock hour. The City National bank remained open after its regular closing hour to give withdraw their money if they chose President Hugh Gordon, Jr., said withdrawals had been approximately $350,000 and that funds were available for all depositors seeking them. Other banks reported heavy withdrawals. It was estimated that between 8,000 and 10,000 affected by the closing of the Miami area banks. L. Chandler, chairman of the board of directors of the Homestead bank, said the institution had been closed in order to prevent a run. and damage estimated at nearly $1,000,000 was caused by a fire which raged for several hours before being brought under control tonight at the plant of the company oil refinery, just outside the city limits here. All of the injured were employes of the refinery. Leonard Hatch, the most severely burned of the twelve, was in critical condition. W. K. Holmes, superintendent of the plant, estimated the damage would be "slightly more than 1,000,000. The fire started late today with an explosion from an undetermined one of the treating units, quickly followed by lesser blasts in five other units. The treating units, known agitators, the handle the oil in one step of refining process. At the first blast pieces of metal and sheets of flaming oil were thrown for hundreds of yards, setting conflagration which within short time was consuming all of the refining equipment within an area about the size of a city block.

8. June 12, 1930 The Evening News Harrisburg, PA
Article from The Evening News, June 12, 1930

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Article Text

PLANE CARRIES AID 5 BANKS Fla., June Bank of Clearwater, capitalized $250,000, and the Guaranty Title and Trust Company, a smaller stitution, also of closed their doors today, bringing to twelve the number of recent bank in Florida. Clearwater is on the Florida west near Tampa. MIAMI, Fla., June are $2,000,000 in cash by airplane and several reassuring statements state banking officers helped today to allay the uneasines depositors who had funds in five banks which closed here yesThe banks which closed were the Bank of Bay Biscayne, with resources of $17,182,292; the Biscayne Trust Company, with the Miami Beach Bank and Trust Company, with $2,593,the Bank of Coral Gables, with $743,759, and the Bank of Homestead Local bankers said they were confident normalcy would stored when the public understood the cause of the heavy run made on the institutions. They had the of from the Federal Reserve were needed, they said.

9. June 12, 1930 The Wichita Eagle Wichita, KS
Article from The Wichita Eagle, June 12, 1930

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IN FLORIDA SHUTS DOORS Subsidiary Institutions Suit Following Heavy Runs MIAMI, FLA., June Bank Bay Biscayne, oldest nancial institution South Florida, and three in metropolitan Miami failed to open for business today. the Miami Beach Bank Trust company, the Bank Gables, and the BisTrust Notices posted on the doors of the said the had been taken by depositors" and because of "recent fifth banking house, the Bank Homestead, after being open hour, with the statement would few days. Homestead south Miami. Officials said the closed The Bank of Bay Biscayne listed total and of March in its last Capital listed and surplus and profits at $1,145,Other banks in the city and in the heavy during the

10. June 12, 1930 The Bellingham Herald Bellingham, WA
Article from The Bellingham Herald, June 12, 1930

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MONEY FLOWS IN FIRE LOSS IS HEAVY REGISTERED QUAKE Refineries of Texas Oil Company Are In Flames PORT ARTHUR. Tex., June 12.the refineries the Texas Company near here billows of sending flame and feet of the air and taking toll of life property. Starting undeterminer origin the plant, fire destroyed refining unit and vastated an eight blocks square Damage estimated at between $3,000,000. Hatch, died in hospital here today from burns when tanks of and exploded in the terrific heat. Eleven other were burned when flaming oil and for pitals. Another slight bruises. Physicians all the injured The fire started in of the one treating units, where, oil treated by chemicals, spread quickly to nearby structures. Employes were unable escape before the three tanks exploded. As uninjured employes clothing of the fire spread to the huge The oil-soaked ground and buildings caught fire easily, and the blaze spread 80 fast that feremen could not cope 200 feet away from the Employes and officials alike labored construct fire breaks keep the flames from spreading. was thought they had fire to the unit in which Damage to the refinery was mated K. Holmes, plant superintendent. An engineer the company that the loss might mount as high as before the The pumphouse, fertilizer plant, three tanks of oil and gasoline and six batteries of treating units were destroyed. Disturbance Believed Not Far From Puget Sound hour duration, which at 1:51 and was 'not far was described today seismoregistered graphs at the University of Washington. THREE SHOCKS REGISTERED earthquake were registered the St. Louis university today on Father Joseph Joliet The disturbances about miles distant. first 1,140 few The second. lasted 45 minutes third short. All the were of medium intensity. Rush On Southern Florida Banks Believed at End MIAMI. Fla., June arrival $2,000,000 in cash The airplane and several reassuring state banking offistatements by cers helped allay the of depositors funds in which yesterday. In addition the plane ship$4,000,000 was expected by rail today to aid in restoring confidence. One the banking officials inthe situation not that conditions which closures would have adjusted themselves there had not unfavorable "talk," bankers The closed were the Bank Biscayne, with resources of the Biscayne Trust Company, with and Miami Beach Bank and Bank Coral Gables, with and the Bank of Homestead. Local bankers said they were confident be stored the public the the heavy made the institutions. They the assurance of additional aid from the federal reserve if it were needed, they said. FAIL TO OPEN Fla., June small financial instituthe Bank of Clearwater Guaranty Title Trust failed today. Notices pany. stated the had been asked to take charge to protect depositors.

11. June 12, 1930 The Belleville News-Democrat Belleville, IL
Article from The Belleville News-Democrat, June 12, 1930

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in Florida Banks Being Regained Miami, June arrival of $2,000,000 in cash by plane and several reassuring statements by state banking offiiers helped today to allay the uneasiness of depositors who had funds in five banks which closed here yesterday One the banking officials sisted the situation was not acute, and declared that the conditions which led to the closures would have adjusted themselves there had not been unfavorable "talk," some of bankers themselves. The banks which closed were the Bank of Bay Biscayne, with sources of $17,182,292; the Biscayne Trust Company, with the Miami Beach Bank and Trust Company, with $2,593,281; the Bank of Coral Gables, with and the Bank of Homestead. The bankers said they were confident normalcy would be restored promptly when the public understood the cause of the heavy made on the institutions. They had the assurance of additional aid from the Federal Reserve if it were needthey said.

12. June 12, 1930 The Knoxville News-Sentinel Knoxville, TN
Article from The Knoxville News-Sentinel, June 12, 1930

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MIAMI RECEIVES MONEY BY PLANE $2,000,000 Rushed to City Where Five Banks Closed. By United Press MIAMI, Fla.-The arrival of $2,000,000 in cash by airplane and several reassuring statements by state banking officers helped today to allay the uneasiness of depositors who had funds +n five banks which closed yesterday. One of the banking officials insisted the situation was not acute, and declares the conditions which led to closures would have adjusted themselves if there had not been unfavorable "talk," some of it by bankers themselves. It was said today that an additional $4,000,000 was being rushed Into the Miami district by mail. It will arrive this afterThe banks which closed were the Bank of Bay Biscayne, with resources of $17,182,292; the Biscayne Trust Co., with $1,962,148; the Miami Beach Bank & Trust Co., with $2,593,281; the Bank of Coral Gables, with $743,759, and the Bank of Homestead. Local bankers said they were confident normality would be restored promptly when the public understood the cause of the heavy run made on the institutions. They had the assurance of additional aid from the Federal Reserve if it were needed, they said. CLEARWATER BANK FAILS By United Press Bank of Clearwater, capitalized at $250,000 and the Guaranty Title and Trust Company, smaller institution, also of Clearwater, went into the hands of the state banking department today and closed their doors.

13. June 12, 1930 The Capital Journal Salem, OR
Article from The Capital Journal, June 12, 1930

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BRING MILLIONS TO AID FLORIDA BANKS Miami, Fla. arrival in cash by airplane several reassuring statements by state banking officers helped to lay depositors had funds in five banks which closed here In addition to the plane shipment $4,000,000 was expected rail Thursday to aid in restoring confiOne of the banking officials sisted the situation not acute, and declared that the conditions which led to closures would have adjusted themselves there had not been unfavorable of by bankers themselves. Local bankers said they were confident the banks which closed were the Bank Biscayne, with resources of the Biscayne Trust with and company, Miami Beach Bank and Trust with the Bank of pany, Coral Gables, with and the bank of Homestead. Local banks said they were confident would restored when the public underpromptly stood the cause of the heavy run made on the They had the of additional aid from the federal reserve were needed, they said.

14. August 12, 1930 The Miami News Miami, FL
Article from The Miami News, August 12, 1930

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BANK DISBURSES FIRST DIVIDEND OF 35 PER CENT $24,000 in Comptroller's Checks Distributed in Homestead REDLAND DISTRICT BUREAU Approximately $24,000 in state comptroller's checks was waiting for Bank of Homestead depositors when the institution opened its doors yesterday. The checks. signed by Ernest Amos and payable the First National of Miami, represent the first dividend of 35 per cent on deposits. Public funds. secured by government bonds, etc. have been taken of already by sale of the collateral. Throughout the day steady stream of claimants lent the appearance of on the bank to anyone not ae quainted with the situation. All expressed much satisfaction at the speedy and efficient manner in which the dividend has been prepared by E. P. Duncan. liquidator, aided by W. Dunwoody. former cashier. and H Grady Smith assistant. Exactly 60 days has elapsed since the bank sus pended. According to Mr. Smith. who is in charge the of Cashier in advance with the City National for its armored truck to carry larger supply of than and num ber of depositors took this by cashing their drafts at the on wheels" when it reached here today. Claims not filed in time to benefit by the first payment will be protected by and paid with the second dividend. which should available within 60 days. as liquidation of and loan collections are progressing rapidly.