Last week there were 15 less banks in the country. This shrinkage was caused by:
Failures. A period of economic stress and strain is always ominously punctuated by bank failures. Ten banks last week closed their doors. Some were small, their failure consequently significant only to the immediate neighborhood. Of more general import were the following:
Cause: heavy withdrawals. Effect: Bank of Bay Biscayne, in Miami, oldest bank in Southern Florida, and three subsidiaries failed to open their doors. The four banks had aggregate deposits of over $19,000,000. To...
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