Bank of Citra - Citra, FL

Episode Information

Episode UID: 63037071546
Episode Type: Suspension → Closure
Bank Type: state
Bank ID: 6303707 routing
Routing Number: 63-0370
Start Date: October 18, 1928
Location: Citra, Florida (29.412, -82.110)

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: 1e8f19975d9d7bad

Response Measures

None

Description

Article implies rumors forced the bank to close but explicitly says whether a run occurred is unknown.

Events (5)

1. October 18, 1928 Suspension

Cause: Rumor Or Misinformation
Cause Details: Closed after loss of confidence driven by rumors, suspicions, and whisperings that forced management to cease operations.
Newspaper Excerpt: On October 18, 1928, the Bank of Citra closed.
Source: newspapers

2. December 27, 1928 Receivership

Newspaper Excerpt: On December 27 following its affairs were turned over to the Commercial Bank & Trust company, of Ocala, as receiver.
Source: newspapers

3. June 1, 1929* Other

Newspaper Excerpt: In June, 1929, the Citra depositors were paid 30 per cent.
Source: newspapers

4. July 1, 1929* Other

Newspaper Excerpt: This was followed by another 30 per cent payment in July.
Source: newspapers

5. January 14, 1930 Other

Newspaper Excerpt: Last week these depositors were paid 40 per cent more—paying them back their entire deposits within a year after the receiver took charge.
Source: newspapers

Newspaper Articles (1)

1. January 14, 1930 The Tampa Times Tampa, FL

Article from The Tampa Times, January 14, 1930

Click image to open full size in new tab

Article Text

SHOULDN'T HAVE FAILED. On October 18, 1928, the Bank of Citra closed. On December 27 following its affairs were turned over to the Commercial Bank & Trust company, of Ocala, as receiver. In June, 1929, the Citra depositors were paid 30 per cent. This was followed by another 30 per cent payment in July. Last week these depositors were paid 40 per cent more—paying them back their entire deposits within a year after the receiver took charge. The conclusion that the Bank of Citra should not have failed is inevitable. There was, it would seem, positively no actual need for closing the doors of a banking institution the affairs of which were in such shape that its depositors could be given a full settlement by the receiver in so short a time. Precise facts attendant upon the failure of the Bank of Citra are unknown. In the face of the showing that has been made it is fairly safe to say that it was the victim of rumors, and suspicions, and whisperings which brought those having it in charge to the conclusion that they could not carry on. Whether there was an actual "run" upon the institution or not is unknown, but it looks that all the conditions for a bank panic must have been in the situation. It is too bad that a bank which has proved to have been in such condition as has the Bank of Citra should have been forced into liquidation. As the result of what has happened its depositors all have all their money, but Citra is hurt and general confidence in banks and bankers and banking is shaken. And there are many reasons for believing that the Bank of Citra is not the only one in history that could have gone ahead and carried on safely had the people in its home place and doing business with it not lost their heads and forced it to the wall. The lesson is an old one, but it seems that people will never learn it. There is no apparent reason, at this date, why this bank should have ceased to function—but it was forced to do so.