17377. Farmers & Merchants Bank (Ehrhardt, SC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
February 1, 1921*
Location
Ehrhardt, South Carolina (33.097, -81.014)

Metadata

Model
gpt-5-mini
Short Digest
55d098fdb13d9a96

Response Measures

None

Description

Articles (Mar 1921) report the Farmers & Merchants Bank of Ehrhardt had been closed for several weeks and that receivers were appointed after a Feb 25 hearing. State bank examiner cites many large insufficiently secured loans; receivers expect to liquidate and pay depositors. No run is mentioned.

Events (3)
1. February 1, 1921* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closed for several weeks; examiner noted many large loans insufficiently secured and difficulty in collecting assets.
Newspaper Excerpt
the bank, which has been closed for sevral weeks past.
Source
newspapers
2. February 25, 1921 Receivership
Newspaper Excerpt
Following a hearing before Judge Hayne F. Rice on February 25th, S. W. Copeland, J. M. Kirkland and E. E. Hughes have been appointed receivers for the Farmers and Merchants Bank, of Ehrhardt.
Source
newspapers
3. March 24, 1921 Other
Newspaper Excerpt
In view of the widespread interest on the part of the depositors and customers of the Farmers and Merchants Bank of Ehrhardt, which recently went into the hands of receivers, The Herald requested James H. Craig, state bank examiner, for a statement concerning the condition of the bank's assets and liabilities.
Source
newspapers

Newspaper Articles (2)
1. March 17, 1921 The Bamberg Herald Bamberg, SC
Article from The Bamberg Herald, March 17, 1921

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Article Text

RECEIVERS APPOINTED. Three Gentlemen Named to Settle Affairs of F. and M. Bank. Following a hearing before Judge Hayne F. Rice on February 25th, S. W. Copeland, J. M. Kirkland and E. E. Hughes have been appointed receivers for the Farmers and Merchants Bank, of Ehrhardt. The directors of the institution consented to the appointment of receivers to settle the affairs of the bank, which has been closed for sevral weeks past. The receivers are authorized by the order of Judge Rice to receive and disburse funds in the name of the bank, and compensation is allowed by the order as follows: For E. E. Hughes, $100 per month, and for Messrs. Copeland and Kirkland, $50 per month each, the amount not to exceed, however, the sum of 5 per cent. of the funds SO collected and disbursed. Expenses actually incured in the discharge of their duty are also allowed. The following gentlemen are the directors of the Farmers and Merchants Bank: S. W. Copeland, J. M. Kirkland, E. E. Hughes, H. Karesh, G. W: Folk, D. E. Copeland, J. O. Barnes, J. E. McMillan, G. B. Clayton.

2. March 24, 1921 The Bamberg Herald Bamberg, SC
Article from The Bamberg Herald, March 24, 1921

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Article Text

DEPOSITORS MAY BE PAID. State Bank Examiner Makes Statement Regarding F. & M. Bank. In view of the widespread interest on the part of the depositors and customers of the Farmers and Merchants Bank of Ehrhardt, which recently went into the hands of receivers, The Herald requested James H. Craig, state bank examiner. for a statement concerning the condition of the bank's assets and liabilities. The statement of Mr. Craig, in part. follows: "I would say at the outset that it would be very difficult at this stage of liquidation to state what kind of settlement the receivers will be able to make of its outstanding obligations. "There were a good many large loans insufficiently secured, and a great many small loans secured about as average loans are in banks, upon which collections could not be made at this time. The bank had paid its bills payable down to a very reasonable amount, but perhaps this fact hampered them to some extent in finding ready cash to meet the checks of their depositors. "The liquidation of the bank is in the hands of a committe under order of the court, who are entirely familiar with the entire clientage of the bank and with the collateral even in chattel mortgages. It would take some time for these receivers to wind up the affairs of the bank, but it is believed that in the end they will make the closest possible collections. In this event, the depositors should ultimately be paid off."