17169. National Bank (Abbeville, SC)

View Charter #3421 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
3421
Charter Number
3421
Start Date
January 8, 1925
Location
Abbeville, South Carolina (34.178, -82.379)

Metadata

Model
gpt-5-mini
Short Digest
aa2b236dddd89955

Response Measures

Public signal of financial health, Full suspension, Books examined

Receivership Details

Depositor recovery rate
92.0%
Date receivership started
1925-02-07
Date receivership terminated
1929-07-15
OCC cause of failure
Economic conditions
Share of assets assessed as good
50.8%
Share of assets assessed as doubtful
28.3%
Share of assets assessed as worthless
20.9%

Description

Multiple contemporaneous articles report that 'wild rumors' and uneasiness among large depositors produced heavy withdrawals beginning Jan. 7–8, 1925; directors closed the bank temporarily Jan. 8 pending a national bank examiner. Efforts to reopen failed late January and a receiver was appointed; the bank did not resume normal operations as a going concern (payments to depositors were made by the receiver). OCR errors in articles corrected (e.g., truncated phrases, spelling of Perrin). Article 6 additionally notes the cashier Lewis Perrin resigned and left for Florida, which precipitated the run; primary contemporaneous explanation in local reports is 'wild rumors,' though Perrin's departure appears contributory.

Events (6)
1. December 16, 1885 Chartered
Source
historical_nic
2. January 8, 1925 Run
Cause
Rumor Or Misinformation
Cause Details
Wild rumors circulated locally causing large depositors to withdraw funds; contemporaneous accounts also note the cashier Lewis Perrin's resignation and departure for Florida precipitated panic.
Measures
Board of directors closed the bank's doors temporarily and posted notice; called for national bank examiner and notified comptroller of the currency.
Newspaper Excerpt
Wild rumors floating around for the past several days caused some of the largest depositors to become uneasy and withdrawal of funds ... threatened to develop into a run on the bank
Source
newspapers
3. January 8, 1925 Suspension
Cause
Rumor Or Misinformation
Cause Details
Directors ordered temporary closure to halt withdrawals after rumors and large depositor withdrawals threatened a full run; closure pending arrival of national bank examiner and comptroller's representative.
Newspaper Excerpt
This bank has closed temporarily by the order of the board of directors.
Source
newspapers
4. January 27, 1925 Receivership
Newspaper Excerpt
Plans for reopening the National bank here have failed and the Institution will have to go into the hands of receiver for liquidation; prospects are excellent for substantial dividend to depositors ... closed doors about weeks ago after run had been started by large depositors ... returned without delay to help restore the confidence ... plans reopening the National Bank Abbeville have failed and its liquidation will be ... deposits amounted to nearly half million dollars.
Source
newspapers
5. February 7, 1925 Receivership
Source
historical_nic
6. May 15, 1925 Other
Newspaper Excerpt
The National bank of Abbeville, which closed its doors in January, commenced this afternoon to pay out to depositors their first dividends. The amount to be paid out is $195,000, which is 50 per cent. the amount when the bank failed.
Source
newspapers

Newspaper Articles (7)
1. January 9, 1925 The Greenville News Greenville, SC
Article from The Greenville News, January 9, 1925

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Article Text

DIRECTORS CLOSE ABBEVILLE BANK Notice On National Bank Doors Says Closing Only Temporary. ABBEVILLE Jan. 8.-(Special) National Bank closed its doors here this morning due to threatened by depositors. Shortly before the following notice was posted on the closed doors: "This bank has been closed temporarily by the order of the board of directors." Wild rumors floating around for the past several days caused some of the largest depositors to become uneasy withdrawal of funds started continuing this to develop run on the bank which the officials call of the directors who decided to close the doors the tutlou pending the arrival of National bank examiner and the comptroller of the currency at ton notified of this National Bank the oldest bank in this section. having been organized number years ago, with the late Andrew Wardlaw as and Lewis Perrin, teller. On the deach of Mr. Allen Smith, was elected president and has continued in position for 25 to 30 years. The bank has ways been as strong the officials now think is conditioned. has withstood all panics and has enjoyed the of the heard of directors is composed of Allen Smith. A. Smith, Morse, W. M. Barnwell, and Lewis Perrin.

2. January 9, 1925 The Charlotte Observer Charlotte, NC
Article from The Charlotte Observer, January 9, 1925

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Article Text

RUN THREATENS DUKE ENDOWM'T NATIONAL BANK BECOMES ACTIVE Abbeville Concern Closes Doors Makes Survey of Institutions Under Directors' Orders. in Two Carolinas. Comptroller of Currency Has Been Notified and Asked to Send an Examiner. Special to The Observer ABBEV ILLE, S. C., Jan. 8.-The National bank closed its doors here this morning. due to a threatened run by large depositors. Shortly before noon the followh notice was pasted the closed doors: "This bank has closed temporarily by the order of the board of Wild rumors floating around for the past days some of the largest depositors to become uneasy and withdrawal of funds, started yesterday afternoon and con tinuing this morning, threatened develop into the bank. which caused the officials to call meeting of the decided close the doors of the institution pending the of Na tional Bank examiner. The comptroller of the currency at Washing ton was notified of this action The National Bank is the oldest bank In this section, having been organized number of years ago with late Andrew Wardlaw as and Questionnaires Have Been Sent Out as Basis for Preferential Treatment. Special to The Observer institutions, together with the other countries in state and South Carolina, will receive portion the fund established on December by James B. Duke The division of the endowment in which Forsyth and the other counties of both North and South Carolina will par- president. B. S. Barnwell, cashier, and Lewis Perrin teller On the death of Mr Ward'aw Allen Smith, was elected president, and has continued in this position at least 25 or 30 The bank has regarded as financially strong. and the officials now think It condition. has all panics and has enjoyed the confidence of the public. The board of directors is composed of Allen Smith, Sr., A. Smith, S. Morse, W. M. Barnwell Lewis Perrin

3. January 9, 1925 The Index-Journal Greenwood, SC
Article from The Index-Journal, January 9, 1925

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Article Text

CLOSING OF BANK SHOCKS RESIDENTS Abbeville People Sur- prised at Action. Other Items Index-Journal Bureau, Abbeville, C. Abbeville, S. C., Jan. clos ing of the doors of the National Bank here yesterday was a great shock to the people of the community. It is understood that wild rumors floating around for the past few caused some of the largest depositors to become uneasy. and withdrawal of funds began Wednesday afternoon, and continuing Thursday morning threatened to de velop into a run on the bank This caused the officials to hurriedly call directors meeting and at this meeting it was decided to close the doors of the institution pending the arrivdi of a National Bank Examiner The Comptroller of the Currency at Washington was notified of the action taken and asked to send a representative to take charge. The National Bank of Abbeville is the oldest bank in this section having been organized many years ago with the late Andrew Wardlaw. as president. B. S. Barnwell, cashier. and Lewis Perrin teller. Upon the death of Mr. Wardlaw. J. Allen Smith. Sr., was elected president and has held this position for the past twenty-five or thirty year.s The bank has always been regarded as Conneially strong bank and the offi cials now believe it is in solvent condition. It has withstood all the panies of the past and has enjoyed the confidence of the public. The Board to Directors is composed of J. Allen Smith, Sr., A. M. Smith. J. S. Morse, W. M. Barnwell and Lewis Perrin. The bank examiner is expected to arrive today. Abbeville County has thirty pris opers on the chain gang. according Sheriff McLane, this morning. Three more white prisoners are ex pccted 10 report back here in ten days to start serving sentences. That makes an even thirty-three. Dr H. McMurray received telegram from Dr. R. H Brice this morning at Miami. Florida. Dr. Brice is stopping at the Tamiami Hotel and reports a safe and pleasant trip down. He goes from Miami to Sarasota where he will in all probability locate. Mrs. Brice is visiting here until he gets settled.

4. January 10, 1925 The Gaffney Ledger Gaffney, SC
Article from The Gaffney Ledger, January 10, 1925

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Article Text

NATIONAL BANK IS CLOSED TO AVOID RUN Directors of Abbeville Institution Halt Withdrawals by Large Depositors. Jan. National Bank closed its doors here this due threatened run by large depositors. Shortly before noon the following notice was the closed doors: "This bank on has closed temporarily by order the board of directors." Rumors floating around for the past several days caused some the largest depositors become and withdrawal funds uneasy started afternoon and continuing this morning threatened develop into the bank, caused the officials to call meeting the directors, who cided close the doors the stitution pending the arrival of national officials the bank said. The comptroller the currency was tified this The National Bank one of the oldest banks this section, having been organized number years with late Andrew Wardlaw president; H. Barnwell and Louis Perrin, teller. On the Mr. Wardlaw, Allen Smith, elected president and has continued in that position 25 30 years. The bank always been regarded financially strong the officials think in solvent dition. has withstood all and the confidence the public. The board of directors composed of Smith, Smith, Morse, Barnwell and Lewis Perrin.

5. January 27, 1925 The Greenville News Greenville, SC
Article from The Greenville News, January 27, 1925

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Article Text

Order Placing Of Abbeville Bank In Receiver's Hands Plans for Reopening Institution Fail After Investigation. EXPECT GOOD DIVIDEND ASHEVILLE, Jan. All plans for reopening the National bank here have failed and the Institution will have to go into the hands of receiver for liquidation, according to issued this afternoon by Rorebeck, chief national bank examiner of the Fifth Federal district. Mr. Rorebeck believes prospects are excellent for substantial dividend to deposi"Although," Mr. Rorebeck states, "the comptroller of the currency may have other plans, cannot tell and will not know until reach Washington and talk matters over with him. receiver may be appointed tomorrow, it may be two or three days. At the receivership concluded Mr. Rorebeck. at o'clock this for Washington. The Abbeville National bank, the oldest bank in the county, Allen Smith, Sr., president, closed doors about weeks ago after run had been started by large depositors the Lewis and his departure for Florida trip. When Mr. was notified his friends the affairs in the had taken he returned without delay to help restore the confidence the people. The statement the chief examias follows: plans reopening the Na. tional Bank Abbeville have failed and its liquidation will be pects for the are under they tial of their Chief National Examiner, Fifth Federal District.' It reported deposits amounted to nearly half million dollars. were parked in front of the bank all morning one farmer overalls took the steps and waited for to open.

6. January 28, 1925 The Washington Times Washington, DC
Article from The Washington Times, January 28, 1925

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Article Text

RETURN OF CASHIER FAILS TO SAVE BANK ABEVILLE, S. C., Jan. 28.The Abbeville National Bank will be thrown into the hands of a receiver, it was stated here today following announcement of E. F. Rorebeck, chief national bank examiner, that plans to reopen it have failed. Rorebeck, however, expressed belief that a substantial dividend will be available for depositors. The bank failed when Lewis Perrin, cashier, resigned and left for Florida. A run immediately started. Perrin returned when he heard of the state of affairs in order to restore confidence, but withdrawels had weakened the bank to such an extent that it was forced to close.

7. May 15, 1925 The State Columbia, SC
Article from The State, May 15, 1925

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Article Text

PAYING DEPOSITORS National Bank of Abbeville Commences Reimbursements. Special to The State Abbeville, May The National bank of Abbeville, which closed its doors in January, commenced this af. ternoon to pay out to depositors their first dividends. The amount to be paid out is $195,000, which is 50 per cent. the amount when the bank failed. H. M Kirkman states that other dividends will be paid out from time to time as collections are made. Women Pilots Barred. Lincoln, Eng.- have been barred from any employment in the operating crews of airplanes engaged In the transport of passengers by the international of air navigation which met here recently. In making this decision the commission reaffairmed conclusion reached by medical subcommission some time ago.