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Imperial Valley Press
El Centro, Imperial County, California
What is this article about?
Two Florida banks in Deland closed yesterday due to financial runs, leaving the town without institutions; Miami's Colonial Bank also ceased operations; John L. Fouts, president of four central Florida banks that closed in May, was arrested for violating state banking laws and released on $10,000 bond.
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Banks Close Up
JACKSONVILLE, Fla., July 12 (U.P.)—Deland was without a financial institution today, resulting from the closing yesterday of the First National Bank and the Volusia County Bank and Trust Company.
Runs during the past four days also caused the Colonial Bank and Trust Company, of Miami, capitalized at $100,000, to cease business.
John L. Fouts, of Bartow, was arrested late yesterday at Winter Haven on a charge of violating the state banking laws and was freed on $10,000 bond. Fouts was president and director of four central Florida banks which closed their doors on May 15 of this year.
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Domestic News Details
Primary Location
Florida
Event Date
July 12
Key Persons
Outcome
deland left without financial institutions after closings of first national bank and volusia county bank and trust company; colonial bank and trust company of miami ceased business; fouts arrested and released on $10,000 bond; four central florida banks closed on may 15.
Event Details
Closings of First National Bank and Volusia County Bank and Trust Company in Deland due to financial pressures, leaving the town without banks; runs over past four days led to closure of Colonial Bank and Trust Company in Miami; John L. Fouts, president and director of four central Florida banks that closed on May 15, arrested at Winter Haven for violating state banking laws.