Edisto National Bank (Orangeburg, SC)

View Charter #10650 on SPMC View balance sheet

Episode Information

Episode Type
Suspension → Closure
Start Date
March 1, 1933*
Location
Orangeburg, South Carolina (33.492, -80.856)
Bank Type
national
Charter Number
10650

Metadata

Episode ID
Bank ID
City ID
451249990
Model
gpt-5-mini
Short Digest

Receivership Details

Depositor recovery rate
61.0%
Date receivership started
1934-01-23
Share of assets assessed as good
46.8%
Share of assets assessed as doubtful
48.1%
Share of assets assessed as worthless
5.1%

Notes

OCR articles inconsistently mention a receiver in Aug. 1933, but official and later reports show receiver appointed January 1934.

Events (4)
1. October 22, 1914 Chartered
Source
historical_nic
2. March 1, 1933* Suspension
Cause
Government Action
Cause Details
Closed during the March 1933 federal/state banking holiday; reopened under a conservator (W. L. Glover).
Newspaper Excerpt
The bank reopened following the banking holiday under W. L. Glover, former cashier and vice president, as conservator.
Source
newspapers
3. January 23, 1934 Receivership
Newspaper Excerpt
appointed receiver the Edisto National according telegram today the comptroller ... Glover, conservator ... have been under the bank holiday. Glover ... since that time.
Source
newspapers
4. January 23, 1934 Receivership
Source
historical_nic

Newspaper Articles (7)
1. August 8, 1933 The Index-Journal Greenwood, SC

Article Text

More Answers To NRA Problems Aug. does the NRA mean? The following questions were developed and answered Monday by officials of the national recovery administration: Are small businesses. employing only few persons, required to pay stated wage scales and observe the hours specified in the blanket code? They How are unchartered home Industries, such as home launderies, affected by the NRA? Where only one person is engaged in such industries he or she is not affected. Where more are at work, the business is expected to come in under the blanket code. What about firms having curb service and employing several small boys or young men to serve cars at the curb? The minimum wage for parttime worker in such businesses expected to be such that if the employe worked at that wage for full week of 40 hours he would receive the weekly wage prescribed for him by the president's employment agreement. Is an employer expected to discharge employes where he has been spreading work by means of the movement so to give regular work for less number. of workers? No. Compensation of employes above the minimum wage group. whether now fixed by the hour, day, week or otherwise, shall not be reduced, either to compensate the em- ployer for increases that he may be required to make in the minimum wage group in order to comply with the president's re-employment greement, or to turn this agreement into mere movement without resulting increase of total purchasing power. Is an employer who has signed the president's re-employment agreement abiding by its provisions if he turns off any of his employes? He is not complying with the spirit of the agreement. Marchant Named Bank Receiver. ORANGEBURG. Aug. Brig. Gen. E. Marchant of Columbia has been named receiver for the Edisto National bank here. He took charge of the institution yesterday with his assistant, J. B. Baxter. of Columbia. The bank reopened following the banking holiday under W. L. Glover, former cashier and vice president, as conservator.

2. August 8, 1933 The State Columbia, SC

Article Text

MARCHANT NAMED BANK RECEIVER J. B. Baxter Assists Him at Edisto National in Orangeburg. Orangeburg, Aug. Clean Sweep Gen. Marchant of Brooms the Edisto bank here. He took charge the with his THE The bank reopened following the banking holiday under Glover. former cashier and vice conservator.

3. January 25, 1934 The State Columbia, SC

Article Text

NAMED BANK RECEIVER Columbian Appointed for Edisto National in Orangeburg. Orangeburg, Jan. pointed receiver the Edisto National according telegram today the comptroller Glover, conThe the have been under the bank holiday. Glover and cashier the First National which business January has the other institution since that time. Jamaica is still feeling the agricultural due the storm havoc last year.

4. December 8, 1934 The Columbia Record Columbia, SC

Article Text

EDISTO BANK RECEIVER WILL PAY 16 PER CENT (Special The Record) ORANGEBURG, Dec. Edisto National bank Orangeburg, nounced Friday that second dividend per cent the credity that been authorizby the comptroller the that checks would distribution on Monready for The Edisto National bank was closed during the Banking Holiday and Glover was pointed conservator, in charge until the receiver January 1934. The dividend brings to cent the amount paid the creditors of the bank, per cent dividend been paid during January. The announcement has met with general interest, time the year, will be most welcome.

5. March 29, 1935 The Columbia Record Columbia, SC

Article Text

COURT DECIDES BANK'S APPEAL Reversing in part and modyfying in part the findings of the lower court, the supreme court today filed an opinion in the case of T. E. Marchant, as receiver of the Edisto National bank of Orangeburg, appellant, against W. J. Wannamaker, Carrie M. Dew and Goldie W. Holman, as executor and executrixes respectively of the last will and testament of Carrie Wannamaker, deceased, respondents. The case is from Orangeburg county. The case involved the efforts on the part of the bank receiver to terminate a trust of $5,000 alleged to have been established by Carrie Wannamaker. Following the death of Carrie Wannamaker, the record discloses, the receiver sought to terminate the trust but the executor and executrices refused to accept the funds and assets which the receiver designated as those in which Mrs. Wannamaker's money had been invested. The receiver brought suit for the termination of the trust and discharge of the trustee. Meanwhile a suit was brought in the United States district court for similar action against a large group among them the trust of Mrs. Wannamaker. The circuit court hearing the case enjoined the receiver from proceeding with the federal action, and further the court held that the question involved as to the investment of the trust funds was a class matter. He instructed the defendants to so amend their answer in the case as to represent the class of beneficiaries of trusts in the bank. The supreme court affirmed that part of the lower court order which affected the Wannamaker case specifically, but that part of the order bringing others into the case was reversed. Also that part of the lower court order enjoining others from proceedings in the federal courts was reversed.

6. March 30, 1935 The State Columbia, SC

Article Text

HIGH COURT RULES IN BANK ACTION An opinion was filed yesterday in the state supreme court, in a case from Orangeburg county, reversing in part and modifying in part the findings of the lower court in the case of T. E. Marchant, as receiver of the Edisto National bank of Orangeburg, appellant, against W. J. Wannamaker, Carrie M. Dew and Goldie W. Holman, as executors of the last will of Carrie Wannamaker, deceased, appellants. The case involves efforts on the part of the bank receiver to terminate a trust of $5,000 alleged to have been established by Carrie Wannamaker. The receiver brought suit to terminate the trust and for the discharge of the trustee. A suit was also brought in the United States district court. The circuit court enjoined the receiver from proceeding with the federal action, and also held that the question involved as to the investment of the trust funds was a class matter. The supreme court affirmed that part of the order of the lower court which affected the Wannamaker case specifically but that part of the order bringing others into the case was reversed. Also that part of the order enjoining others from proceedings in the federal courts was reversed.

7. April 2, 1935 The Times and Democrat Orangeburg, SC

Article Text

Orangeburg Case In Higher Court Decision Rendered In Litigation Affecting Edisto National Columbia, April 1.—An opinion was filed Friday in the state supreme court, in a case from Orangeburg county, reversing in part and modifying in part the findings of the lower court in the case of T. E. Marchant, as receiver of the Edisto National bank of Orangeburg, appellant, against W. J. Wannamaker, Carrie M. Dew and Goldie W. Holman, as executors of the last will of Carrie Wannamaker, deceased, appellants. The case involves efforts on the part of the bank receiver to terminate a trust of $5,000 alleged to have been established by Carrie Wannamaker. The receiver brought suit to terminate the trust and for the discharge of the trustee. A suit was also brought in the United States district court. The circuit court enjoined the receiver from proceeding with the federal action, and also held that the question involved as to the investment of the trust funds was a class matter. The supreme court affirmed that part of the order of the lower court which affected the Wannamaker case specifically but that part of the order bringing others into the case was reversed. Also that part of the order enjoining others from proceedings in the federal courts were reversed.