Newspapers report the Liberty National Bank of Columbia closed its doors in the mid-1920s and went into voluntary liquidation with a liquidating agent/receiver appointed (Malcolm S. McConihe). Actions in 1926 concern stockholder litigation to enjoin assessments; later receivership collection suits continue. There is no description of a depositor run; the bank was closed and liquidated, so classify as suspension leading to permanent closure (suspension_closure). OCR inconsistencies corrected (some articles state 1923, others 1925 for closure; I follow the repeated phrasing 'closed its doors 1925' / mid-1920s).
Events (8)
1.March 4, 1910Chartered
Source
historical_nic
2.December 10, 1923Voluntary Liquidation
Source
historical_nic
3.January 1, 1925*Receivership
Newspaper Excerpt
Malcolm Connihie (McConihe) ... took charge receiver and in June the assessment ... ordered by the comptroller against the stockholders payable today, July ... plaintiffs asked that the appointment of the receiver be set aside ... (1926 articles discuss the receiver).
Source
newspapers
4.January 1, 1925*Suspension
Cause
Voluntary Liquidation
Cause Details
Bank 'went voluntary liquidation' and engaged the National Loan Exchange as liquidating agent; comptroller later levied assessments on stockholders.
Newspaper Excerpt
The Liberty National bank closed its doors 1925 and the National Loan Exchange became liquidating agent.
Source
newspapers
5.March 4, 1926Receivership
Source
historical_nic
6.July 17, 1926Other
Newspaper Excerpt
Stockholders of Defunct Columbia Bank Appeal to Federal Court For Relief From Assessment; asked that appointment of receiver be set aside and the assessment voided; order issued returnable July 27 by Judge Cochran (petition filed).
Source
newspapers
7.July 28, 1926Other
Newspaper Excerpt
Judge Cochran refused to grant injunction; petition dismissed (order refusing injunction issued Wednesday).
Source
newspapers
8.April 19, 1928Other
Newspaper Excerpt
Bank receiver starts action to collect stock; suit instituted against ten stockholders by R. E. receiver for the Liberty National Bank of Columbia (federal court filing).
Source
newspapers
Newspaper Articles (10)
1.July 17, 1926The ItemSumter, SC
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MOTOR BUS OPERATORS RESIST
State Highway Commission Stockholders of Defunct to Fed- Served With Injunction to lumbia Bank Appeal eral Court For Relief Prevent Collecting Motor From Bus License Fees Assessment
Columbia, McIntosh, comptroller of the of the late Liberty National bank of Columbia, directed by order of UnitStates Judge Cochran show cause why they should be restrained and enjoined during of action institutpendency in behalf stockholers of bank from collecting tempting collect stock levied the comptroller shareholders of the The issued yesterday morning returnJudge Cochran July order issued filing by McGowan petition the Liberty National bank. the liquidating committee the Liberty National Jones, ley Schirmer. Jones and Timberlake McCormick Columbia, Eastover, Rowland Sumter Woodward of Bishopville, asking that the pointment the in the aside and the ment voided. Liberty National its doors 1923 the tional Loan Exchange became liquidating agent. Mr. Connihie this took charge receiver and in June the assessment of 50 cent., calculated raise was dered by the comptroller against payable today, resist this assessment the stockholders initiated action federal courts, alleging: That Loan Exchange bank undertook the liquidation of the Liberty National under the Liberty National bank went voluntary liquidation under the contract the national not the the receiver and the attempted the assessment been done under mistake of law fact and should be aside; that the the bank should be the that the should count the Loan Exchange for by him that the assessment should be voided. Attorneys the plaintiffs Benet. Shand McGowan Columbia, Robinson Columand George Bell Timmerman Lexington.
2.July 21, 1926The Watchman and SouthronSumter, SC
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ENJOINED
Stockholders of Defunct Columbia Bank Appeal to Federal Court For Relief From Assessment
Columbia, Intosh, comptroller of the currency for States and Malcolm Connihie, receiver of late Liberty National bank Columdirected by of United Judge Cochran cause why they should not be restrained during the pendency action Institutbehalf of the stockholers bank from collecting the stock against the of the bank. The order issued yesterday returnable Judge July 27 at 10 The order following filing by McGowan petition the Liberty National liquidating Liberty National Sloan, Walter Love, Schirmer, Jones and W Cormick Columbia, Hamer Eastover, Rowland Sumter Woodward Bishopville asking that the pointment the receiver the case set aside and the assessment The Liberty National bank closed its doors 1925 and the tional Loan Exchange liquidating agent. Mr Connihie this year took charge and in June the assessment cent., culated was dered by the comptroller against the stockholders, payable today, July resist this the initiated the action the federal alleging: That Loan Exchange bank undertook the liquidation Liberty bank under con tract the Liberty National bank went voluntary under the national do not ply; that the the levy the has been under fact and should be aside; that bank be returned the Loan Exchange bank and that the receiver should count to Loan bank for moneys by him and that the assessment should be voided. Attorneys for the plaintiffs are: Benet, Shand MeGowan lumbia, Robinson ColumGeorge Bell of Lexington
3.July 28, 1926The ItemSumter, SC
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Bank Petition Dismissed By Judge
July petition Liberty National Bank Columbia several of that institution askinjunction to restrain the United States Comptroller Currency, McIntosh, and bank receiver, Malcolm McConihe, from collecting attempting collect the against stockholders of the bank, missed Judge Ernest Cochran. the United States eastern district court. Judge Cochran following hearTng Tuesday an order Wednesday refusing to grant the juction.
4.July 28, 1926Florence Morning NewsFlorence, SC
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BANK CASE TAKEN UNDER ADVISEMENT
CHARLESTON, July hearing petition by the Liberty National Bank, Columbia, several stockholders of that institution and stockholders United States Judge Ernest Cochrane this afternoon took the case under advisement. The petition asked the court restrain the comptroller the currency and the bank's receiver from collecting or attempting collect against the stockholders, holding that these assessments were made under mistake of fact and law. Judge Cochrane overruled the time being motion by the defense the case for lack In addition to asking an injunction against assessment. the petitioners that the appointment of the ceiver be set aside being violation of the law of the Unit ed States regulating banks which liquidating voluntarily.
5.July 29, 1926The Greenville NewsGreenville, SC
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Bank Stockholders Are Denied Petition petition of the Liberty National bank, of Columbia, and several stockholders of that Institution asking for an injunction to restrain the United States Comptroller of Currency, J. W. McIntosh, and the Bank Receiver Malcolm 8. McConihe from collecting or attempting to collect the assessment against shareholders of the bank was dismissed the by Judge of Ernest United States eastern district court. Judge Cochran, following hearing held Tuesday, issued an order Wedneeday refusing to grant the Injune-
6.July 29, 1926The StateColumbia, SC
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COCHRAN REFUSES TO GIVE INJUNCTION
Dismisses Petition of Liberty National Bank of Columbia.
July (By Liberty National bank of Columbia and stock holders of that institution. nsking United currency, and the receiver, from or the assessment against of the bank, was by Judge Ernest Cochran the United States Eastern district Judge following ing Tuesday, Wednesday refusing to grant the injunction.
"Pa" Blames Klan. Austin, Texas, July James E. charged that the Ku Klux Klan the "silent behind the defeat his Miriam Ferguson, in last Saturday's primary.
7.May 23, 1927The RobesonianLumberton, NC
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AFFAIRS OF FIRST NATIONAL WILL BE CONCLUDED SOON
Another Dividend Expected SoonExpenses of Receivership Unusually Small.
Malcolm S. receiver Mr. of the First National Bank of Lumberton. spent the week-end with Judge T. 1., Johnson, companying the Intter to Raleigh, where on yesterday they attended :: part of the commencement exercises of Heredith college. Mr. Conihe when seen by 100resentative of The Robesonian this morning. stated his duties as reveiver the First National Bank would probably be concluded at an early date. and that as soon as certain lit!gation between the Bank of McDo adds and the First National Bank had terminated a final dividend worki be paid. I: has been nearly two years since Mr. McConihe entered upon his duties as receiver and practically all the valuable INSURE of the bank have been collected. or will be collected within the week ten days There are a large number of insolvent notes which have been reduced to judgment in an effort to lections thereon. Mr. McConibe explained that the CXDenses of the Lumberton trust have leen very small, due to the fact that he has been as receiver for the People's National Bank of Bennettsville and the Liberty National Bank of Columbia. Most of the expense of the teree trusts has been barne by the other banks, but now that the Liberty Bank has been finally liquidated, it would throw a burden on the Lumberton trust out of all proporGon to the small amount uncollected and Mr. McConihe is giving in today's Robesonian notice of a public sale of the remaining uncollected assets. Any one interested is urged to read the notice of sale. He is anxious Lo get the best possible bid to be submitted to the comptroller of the The sale is being made subject to the anproval of the comptroller. asuccessful sale is made. the depositors will get a final dividend in a very short time. Mr. McConibe expressed the opinion that the receivership of the First National Bank had been conducted with less expense than any other bank receivership of which he had knowledge, and he has been acting as bank receiver throughout the South and West for number of years. He paid high compliment to Judge T. L. Johnson, who has acted as his attorney, both here and at Bennettsville, and says that much credit is due Mr. Johnson for the speed. efficiency and low cost with which the trust has been handled. Mr. Johnson says, however, that the depositors are to be congratulated that Mr. McConihe was sent here for he has realized more out of the assets than even the most optimistic thought it possible to collect when the bank failed. 55 per cent has already been paid. with another dividend forthcoming.
8.April 19, 1928Florence Morning NewsFlorence, SC
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BANK RECEIVER STARTS ACTION TO COLLECT CASH
April Suit collect stockholders stock in the Liberty National Bank of Columbia has bee instituted against ten by R E. receiver for the bank with the filing here in federal court of ten summons and from 8100 to Stockholders and amounts follow Mrs Livingston North Garrett $100 these Colum-
9.March 18, 1933The Greenville NewsGreenville, SC
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TO NATIONAL
Plan Completed And Will Be Submitted To Fifth District Committee
COLUMBIA, Mar. the South Carolina National Charlesbranches here and at Greenville, will be to federal reserve committee district within 10 Edwards, federal conservator. announced here tonight. Edwards, who conservator for this week, explained the federal district to handle organization member banks being set at He said he talked with banking authorities both Richmond Washington and had reason to the reorganization plan would "most favorable sideration. Reorganization of the bank would return to the hands its direcBefore his Edwards was executive vice president of the bank Julian Mitchell of Charleston
10.August 19, 1933The StateColumbia, SC
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Over $2,600,000 Available Immediately to Depositors on 40 Per Cent.
Basis.
CENTRAL OFFICE
HERE
Mitchell Remains as President With Edwards as Executive Vice President of the Bank. Ends at Noon ing Means Much to State.
The outh Carolina National bank, with units Columbia, Charleston and Greenville, will reopen Monday morning for business This meaning that up since will immediateanM execof the the same time became known the central office for and credit, maintained Columbia for the last years, continue be Mr. Edwards Charlespresident. addition and Edwards the officers Greenville LaCoste Joseph Bell M. vice presiassistJohn Columbia; James last Mr Edwards has been the since the banking holiMarch. terminate noon today and the fairs the board and the bank resume operation under approved the the The affairs the bank have handled Edwards, that has loans. All trust deposits end of date. These accounts total $2,341.The bank opening Monday banking than enough to pay There are depositors inserted bank this issue of The the owners the bank paid, the fact that stock the bank the shares their benethey vitally interested in the of the institution Immediately payable 40 per cent The remaining later. In the payable per The reopening plan had agreed the deposits cent. not inoffsets. took $800.000 in preferred stock based acceptance quired amount of deposits. Mr.
