Edited by Spessard Stone from The Florida Advocate
Two Hardee Chain Banks Closed; Others Are Strong
First Bank Failure for County Occurred Tuesday
Friday, Feb. 15, 1929
Hardee County experienced her first bank failure this week when the Hardee County Bank
here and the Citizens Bank of Zolfo at Zolfo Springs failed to open for business Tuesday
morning.
Notices posted on the doors of the institutions stated the directors had decided to place the
affairs in the state banking department.
Both the closed institutions were in the Skipper-Roberts-Lanier chain of banks and were
established comparatively recently. The Hardee County Bank moved here from Zolfo Springs
about 1922, and the Citizens Bank was formed at that time.
The closing of the two banks followed the failure of the Highlands Bank and Trust Company at
Sebring on Monday, that being the first bank in the chain to close.
Meanwhile, business went on as usual at the other three banks in the county, including the
State Bank of Bowling Green and the Bank of Wauchula and Carlton National Bank in
Wauchula.
At the close of business Tuesday afternoon the three remaining banks in the county reported
business “as usual’ and some of them even reported an increase in deposits for the day.
There was no excitement of any kind, and people went about their business as though nothing
had happened.
It is understood that the city of Wauchula and the county had some funds in the two closed
banks, but it is believed it will pay off all obligations.
Information from a reliable source shows that the Citizens Bank at Zolfo Springs was in good
shape financially and it is believed it will pay off all obligations.
The other banks in the county are strong and there is no doubt but that they will continue to
prosper as usual. The Carlton National Bank was organized in 1904 and the Bank of Wauchula
and State Bank of Bowling Green were both organized in 1908.
Two Local Banks Closed After Heavy Withdrawals
Rumors and Runs Leave City Without Banking Houses
Friday, Feb. 22, 1929
Business was practically standing still here Wednesday following the closing of the two
banks here after repeated withdrawals Tuesday afternoon and Wednesday morning exhausted
their supply of cash.
Some nervous depositors withdrew large sums and wild rumors spread rapidly. One
depositor withdrew more than $4,000 from the Bank of Wauchula and it was said he spread the
alarm among those who would listen to him. As a result, within a few hours large sums had been
withdrawn from that institution and the inspectors decided to turn the affairs of the bank over to
the state.
The Carlton National Bank opened for business as usual Wednesday morning, but a mob of
people immediately started a run. The bank remained open until 9:40 o’clock, having paid out
approximately $20,000 in cash during the forty minutes.
Carlton National Bank
The excitement was caused, it was said, by the closing of several banks in this section of the state during the past few days, followed by the adverse reports circulated about the local banks.
State banking officers were here Wednesday and yesterday, completing the work of examining the books late yesterday at the Bank of Wauchula. The bank was opened in 1908 and had capital stock of $30,000. A. G. Smith was president; D. O. Ratliff, vice-president; and W. W. Gillette, cashier. Directors were A. G. Smith, D. O. Ratliff, W. B. Beeson, J. W. Farr, J. C. McEwen, C. R. Bostick, Harry Stansfield, B. T. Altman and W. W. Gillette.
The Carlton National Bank was organized in 1904 and became a national bank in 1916. It was capitalized at $50,000. C. J. Carlton was president; H. H. Meadows, vice-president; and C. S. Carlton, cashier. Directors of the bank were C. J. Carlton, B. H. Meadows, J. W. Earnest, H. B. Rainey and S. D. Williams.
“The Carlton Bank is not a ‘busted’ bank but a ‘closed’ bank, this being brought about Wednesday morning by a run. Many interested citizens could not reason with excited depositors, who withdrew their accounts,” said C. J. Carlton, president of Carlton National Bank.
Mr. Carlton also said “this is the first time in three years that we have had normal climatic conditions and the prospects for our vegetable crop is the best in ten years. The groves are putting on an excellent growth and full fifty per cent of the crop is still in the trees and indications are that it will pay a profit to the grower over the cost of production.”
Wauchula State Bank
The Florida Advocate of Friday, April 26, 1929, in a feature, “Wauchula State Bank Opened
On Wednesday,” noted that a group of prominent capitalists had assumed charge, and on
Wednesday morning the new institution opened for business.
State Bank of Bowling Green
The Florida Advocate of Friday, July 19, 1929, in “Bank At Bowling Green Failed To Open
Yesterday,” reported that the State Bank of Bowling Green, organized in 1908, had failed to
open its doors on July 18. It, however, later reopened with W. A. Hendry as president. In
August 1936, it closed after being purchased by the Wauchula State Bank:
Bank at Bowling Green Closed Doors Saturday
All Accounts And Business Matters
Are Transferred To Local Bank
Friday, Aug. 28, 1936
The State Bank of Bowling Green closed its doors to the public at the close of business hours
last Saturday afternoon, and all accounts have been transferred to the Wauchula State Bank here.
The bank at Bowling Green was purchased some time ago by J. W. Crews, president of
Wauchula State Bank, and his associates.
Mr. Crews states that he will keep his same employees at the bank here, and in addition has
secured the services of Misses Marcia and Doris Minor, of Bowling Green, former employees of
the bank there.
The Wauchula State Bank is now the only banking institution in Hardee County, with total
deposits of better than $855,000 and local resources better than $956,000. It is one of the
soundest financial institutions in Florida and its total resources are ample to handle any
legitimate business in Hardee County.
As “History” ‘Banking Houses’” this was published in The Herald-Advocate, 12B, April 3, 2008.