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MIAMI. FLA.. BANK CLOSED AFTER RUN City bank of Miami Beach, which underwent heavy run yesterday following the closing of the City National bank in Miami, did not open this morning. L. Clements vice president and eashler the bank closed the order of state bank examiners protect its assets, The bank had capital stock of $100,000 surplus of $50.000 and deposits of $600.000 at the last call.
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Miami Beach Bank Closes After a Run MIAMI, Fla., Dec. 23.-(P)-The The City bank of Miami Beach, which underwent heavy run yesterday following the closing of the City National bank in Miami, did not open this morning. C. L. Clements, vice resident and cashier, said the bank closed at order of state bank examiners to protest its assets.
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Bank At Miami Closes Following Run Associated Press) Dec. City Bank Miami Beach, which underwent heavy run yesterday lowing the closing the City National Bank in Miami, did not open this morning. Clements, and cashier, said the bank closed at the order of state bank examiners to protect its assets. The bank had capital stock of of at the last call. posits
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Miami Bank Closes After Run Opens City Bank of Miami Beach. which underwent a heavy run yesterday following the closing of the City National Bank in Miami. did not open today C. L. Clements. vice-president and cashier said the bank closed at the order of state bank examiners to protect its assets. The bank had a capital stock of $100,000, surplus of $50,000 and deposits of $600,000 at the last call
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Miami Bank Closes After Run Opens MIAMI, Fla., Dec. 23-OP)-The City Bank of Miami Beach. which underwent & heavy run yesterday following the closing of the City National Bank in Miami, did not open today C. L. Clements. vice-president and cashier said the bank closed at the order of state bank examiners to protect its assets. The bank had 2 capital stock of $100.000, surplus of $50,000 and deposits of $600.000 at the last call
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BEACH BANK IS SOLVENT, VICE PRESIDENT AVERS HE'LL TELL ALL OF BANK STORY Closing Blamed on Failure to Reach One Director by Wire "TO PAY IN E. P. Duncan Appointed Has Nothing to Conceal Liquidator by State as Secret Hearing Comptroller Continues Hugh Gordon. Jr., president of the City National bank, will appear this afternoon before N. Vernon Hawthorne, state attorney, to testify about circumstances about the bank's closing and about promises of Penney, chairman of the board. to support the institution to the limit. This was announced early this afternoon, after Mr. Gordon had testified more than two hours the state attorney's office. Whether the investigation would lead to subpoenas for other officers the bank would not be divulged by Mr. Hawthorne. Asked definite statement about the nature of the inquiry, Mr. Hawthorne referred his questioners to the subpoena issued for Mr. Gordon. which asked him bring original statements by Mr. Penney, promising support to the bank. made on April and June 1930. Mr. Gordon said was request Mr. Hawthorne to appear before him in connection with the closing the City National bank. and have answered, to the of my ability. and gladly, every question he has asked am sure one connected with the bank will be glad furnish The records speak for and none of us anything to Mr. Gordon said he did not want go until had been closed. nor would he indicate what questions had him. D. H. Redfearn. attorney, who made vain attempt to be present during the questioning. left for office. but it might be recalled on subpoena to testify about the cumstances of Mr. Gordon's employment bank president. It claimed he was present at the inter view Mr. Penney and Mr. Gordon, at the time Mr. Gordon's selection president. request made by Mr. Gordon this morning that the hearing be made public was denied. The request denied. H. Redfern. Mr. Gordon's attorney, said the reason they were in sistent other persons being present was that Mr. Penney in long distance telephone "was trying move and earth to prevent the facts in this hearing being made public. Mr. Hawthorne denied he had heard of such attempts. During the preliminary discussion. Mr. Gordon said "the affairs of the (CONTINUED ON PAGE THREE) The City Bank of Miami Beach has not failed. It failed to open this morning only officers could reach telegraph the only absent member its directorate thus comply with legal technicalities for converting some of its assets into cash. Such are the facts revealed by statement given the Daily News noon today by Clements. vice president and cashier the Beach institution. Mr. Clements concludes his statement. by saying: "It is our plan to reopen the bank and we certainly have hesitancy that we feel every depositor will be paid in full within very reasonable length of time. E. general liquidator for Dade county banks, today ceived the following message from Ernest Amos, state comptroller "As general liquidator for Dade county hereby tender the appointment as liquidator for the City Bank Miami Beach. Mr. Duncan back his acceptance The story and ficials of the Beach bank labored through all Monday night to prefor further today after the City Bank had weathered Monday that drained $150,000 cash from its tills, only thwarted by delivery of single telegram reads like chapter from legend. But President Clements tell in his words this dietated statement to the Daily News: "On Saturday night, the last business day before the City National bank failed open on Monday morning. the City Bank of Miami Beach had approximately $960,000 posits of which $630.000 public funds. proximately $330.000 in individual deposits. "All of the secured deposits had an bonds. The state approximately $30,000 they released $15,000 on Monday. leaving them still of approximately $15,000. The county and the city had excess coverage of approximately the same amounts. little more in the case the county. "Against the $330,000 unsecured deposits, had this excess coverage of the same amount. total excess coverage of approximate$40,000. In addition to this. had cash on hand. and deposit with other banks of approximately $182,000. In other words. we had approximately of our unsecured deposits in the form of cash, and excess coverage in liquid bonds. "Naturally, in stress those charge of public funds would not inclined release small amount excess collateral. On Monday the first day following the City bank. we paid out $150. 000 currency and through our for advance, of which. after going carefully our deemed amount take care of needs. "After the terms of the advance had agreed our correspondent bank. the details ing the plans out turned over the for the banks, the work carried on all night. Monday night. preparing the papers and checking the legal details of the "Later the night. due technicality our laws to which attenwas called by the attorneys handling the matter. informed that the legal details of the transaction could not be approved without meeting of the board directors of the bank. and that the meeting could be held without due notice on account of the wording in our by. laws. unless all of the directors were present sign waiver. "One directors. Max Orovitz. New York and worked all night get touch with him to telegram authorizing us sign waiver part. but unable do Copy telegram. addressed train which we thought he traveling follows: 23. Miami Line New York Florida Limited 191. this extremely important any way possible mond following ON PAGE THREE
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MIAMI BEACH BANK CLOSED. MIAMI BEACH. Fla., Dec. (UP)-The City Bank of Miami Beach was closed today 10 protect depositors. officials announced. after a run on the bank yesterday. Mr. and Mrs. 1 Oppenheimer have departed for Pittsburgh. Pa. for an extended visit with their daughter, Mrs. J. E. Jacobson.
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BANK FAILS TO OPEN MIAMI, Fla., Dec. 23 (AP) The City Bank of Miami Beach, which underwent heavy run yesterday following the closing of the City National banke in Miami, did not open this morning L. Clements, vice president and cashier, said the bank closed at the order of state bank examiners to protect Its assets.
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HEAVY RUN MONDAY CAUSES BANK TO CLOSE Miami, Fla. Dec 23 City bank of Miami Beach, which underwent heavy run after the closing of the City National bank in Miami, did not open this morning Clements. vice president and cashier said the bank closed at the der of state bank examiners to protect its assets. The bank had capital stock of $100,000. surplus of $50,000 and deposits of $60,000 at the call
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MIAMI BANK CLOSES Fla., Dec. 23 City Bank of Miami Beach, which underwent heavy run yesterday following the closing of the City National Bank in did open this morning. Clements, vice president and said the bank closed in the order to protect its
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Miami Beach Bank Fails MIAMI, Dec. City bank of Miami Beach, which underw a heavy run yesterday following the closing of the City National bank in Miami, did not open this The bank had capital stock of $100,000, surplus of $50,000 and deposits of $600,000 at the last call.
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Large Miami (Fla.) Bank Fails to Open Miami, Fla., Dec. 23-(AP)The City bank of Miami Beach, which underwent a heavy run yesterday following the closing of the City National bank in Miami, did not open this morning. The bank had a capital of $100,000, surplus of $50,000 and deposits of $600,000 at the last call.
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Another Miami Bank Is Forced to Close Miami, Fla., Dec. 23 (P).-The City Bank of Miami Beach. which underwent a heavy run Monday following the closing of the City National bank in Miami, did not open Tuesday morning.
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Close Miami Beach Bank Miami Beach, Fla. Dec. 24The City Bank of Miami Beach was closed today to protect depositors, officials announced, after a run on the bank. The city bank had a capita stock of $100,000 and deposits of approximately $600,000. The City National Bank of Miami was closed Monday.
FLORIDA BANK REOPENS MIAMI BEACH, Fla., Jan. 13State banking will be made here today when City Bank of Miami Beach which closed Dec. 23, opens ready to pay 100 cents on the dollar. It closed following run on City National Bank of Miami despite declaration of directors that bank was sound.