17385. First National Bank (Florence, SC)

View Charter #12799 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
12799
Charter Number
12799
Start Date
January 3, 1932
Location
Florence, South Carolina (34.195, -79.763)

Metadata

Model
gpt-5-mini
Short Digest
c4b97b705ad6dda9

Response Measures

None

Receivership Details

Depositor recovery rate
77.0%
Date receivership started
1932-01-11
Date receivership terminated
1938-03-19
Share of assets assessed as good
31.7%
Share of assets assessed as doubtful
67.1%
Share of assets assessed as worthless
1.2%

Description

Sources show the First National Bank of Florence closed in January 1932 and was placed in the hands of national/state examiners; a national bank receiver (Charles N. Griffin) was appointed and administered the receivership for years with dividend distributions. There is no evidence the bank reopened; it remained a closed, in-receivership institution. OCR errors in articles were corrected (e.g., fragmented sentences).

Events (9)
1. July 21, 1925 Chartered
Source
historical_nic
2. January 3, 1932 Suspension
Cause
Government Action
Cause Details
Directors placed the bank in the hands of national bank examiners and it did not open for business; closure was effectuated by examiners/receiver appointment.
Newspaper Excerpt
The First National Bank. of Florence. closed today. Directors announced had been decided to place the bank in the hands of the Na tional bank examiners.
Source
newspapers
3. January 11, 1932 Receivership
Source
historical_nic
4. January 12, 1932 Receivership
Newspaper Excerpt
Charles Griffin... tomorrow begin duties the First National Bank of Florence, bank closed January (article dated 1932-01-12).
Source
newspapers
5. April 17, 1932 Other
Newspaper Excerpt
The following notice has been sent out by Griffin, receiver the First National bank: pass book, certificate of deposit, cashier's check... must be surrendered when proof filed (receiver administering claims).
Source
newspapers
6. June 19, 1932 Other
Newspaper Excerpt
Charles Griffin, receiver the First National Bank Florence stated... July the final day for filing claims (receiver sets claims deadline).
Source
newspapers
7. April 17, 1933 Other
Newspaper Excerpt
quarterly statement of the First National bank in Florence indicates that more than half of the bank's assets have been collected since previous statement... closed January 1932 (receiver reports collections and payments).
Source
newspapers
8. October 1, 1933 Other
Newspaper Excerpt
J. A. Sutherland Succeeds Him As First National Bank Receiver (Griffin leaves; successor takes over receivership).
Source
newspapers
9. January 21, 1934 Other
Newspaper Excerpt
The receivor is holding $15,000 in dividends to depositors of the closed bank, but despite ample notice, no one has called for it.
Source
newspapers

Newspaper Articles (11)
1. January 3, 1932 The Cincinnati Enquirer Cincinnati, OH
Article from The Cincinnati Enquirer, January 3, 1932

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Article Text

BANK CHAIN SUSPENDS Charleston (S. C.) Institution Is Taken Over By State. Charleston, S. C., January -(AP) People's State Bank, of Charleston, with 44 branches in 41 towns and deposits at the time of its last statement of $24,443,690, did not open for business today Its Board of Directors after it had decided to turn the affairs the system over to the state bank examiner for period of 30 days, pending efforts toward reorganizaThe bank, of the oldest in the state, was capitalized at $2,000,000 and listed its total in its last statement, September 29, at $28,773,802. The First National Bank. of Florence. closed today. Directors announced had been decided to place the bank in the hands of the Na tional bank examiners. Raleigh N. C., January Gurney Hood. State Bank Commissioner was informed this morning that the First National Bank. of and the Farmers' Bank & Trust Co., of Madison, did not open for business today. The Commissioner also announced that the First and Citizens' Bank & Trust Co., of Smithfield took over the Farmers' Bank Trust Co., of Smithfield, this morning.

2. January 12, 1932 The Greenville News Greenville, SC
Article from The Greenville News, January 12, 1932

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Article Text

BANK RECEIVER Jan. Charles Griffin, the public counting firm Brown company, this tomorrow begin duties the First National Bank of Florence, bank closed January

3. April 17, 1932 Florence Morning News Florence, SC
Article from Florence Morning News, April 17, 1932

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Article Text

BANK RECEIVER MAKES The following notice has been sent out by Griffin, receiver the First National bank: pass book, certificate of deposit, cashier's check. draft, other evidence of First National Bank in Florence. upon which claim is based. must be surrendered when proof filed "Care should be taken that all blank spaces in the form furnishby the Receiver are properly filled in.. The signature of the claimant should be written exactit upon the bank's appears books. "When proof is made by an administrator, executor, or by party other than original claimant, certificate of authorty for so domust be attached to the proof. 'Members of firms and officers of corporations must make their affidavits as individuals, using this style: "In and for said County and State, John Smith, who of the firm of John Smith and Co.,' "John Smith, who treasurer of John Smith and Co., corporation. the bottom the affidavit should read: "Due payable John Smith and Co. and should be signed by John Smith as notary will be on hand to probate all claims without cost.'

4. June 19, 1932 Florence Morning News Florence, SC
Article from Florence Morning News, June 19, 1932

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Article Text

FEW PEOPLE FILE CLAIMS Bank Receiver Declares That July the Day Charles Griffin, receiver the First National Bank Florence stated yesterday that comparatively few people had filed their claims against the defunct bank. He pointed out that every tor and every holder of the bank's cashiers checks and certificates deposit must file claim receiving receiver's certificate them participate in dividends paid the bank. In view of the fact that the date for filing claims Mr. Griffin requests depositors and other creditors the bank file their claims early practicable in order to congestion confusion July the final day for filing claims.

5. October 7, 1932 The Atlanta Journal Atlanta, GA
Article from The Atlanta Journal, October 7, 1932

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Article Text

Birmingham, Exchange Bank, 000. Castleberry, Peoples Bank of Castleberry, $5,000. Decatur, Mergan County National Bank Decatur Tennessee Valley Bank, Decatur, Tennessee Valley Bank, $25,000. Fairfield, Fairfield Trust and Bank, Guntersville, $4,500. Jasper, First National Bank of Jasper, $30,000. Lexington, Bank of Lexington, $6,000. Louisville, Louisville, Moulton Bank of Citizens Bank, $6,925. Tuscumbia First National Bank, $30,000. Florida: Clermont, Citizens Bank of $15,000. Fort St. Clermont. Lucie Bank, JackBank of First JacksonNaville, tional Bank of Kissimmee, Lake City, State Exchange Bank $3,500. Live Oak, Commercial Bank Live Oak, National Bank Milton, Saint State Bank, Starke, Bank of Starke, $59,985. Tavares, of Tavares $20,000. First National Georgia: Bank, Cumming. Bank Gainesville Bank, $25,000 Hartwell, First Bank of (receiver), Lake Park, Lake Park Bank, Lowndes Soperton, Bank $12,500. Valdosta, First Soperton, National Bank, $310,000. Wadley, Bank Wadley, $5,000. Waycross, First Bank $15,000. West Point, Citizens Bank and Trust $90,000. Winder National Bank, Carolina- Farmers & South Merchants Bank, $40,000; Camden, Bank Camden, Charleston, South Carolina Bank Charleston, First National of Florence (receiver). Saluda, Planters National Bank of Saluda (receiver) $20,000: Spartanburg. Central National Bank Bank Fairfield, $5,000; Winsboro, Bank of Fairfield, Tennessee- Bradford, Bank Bradford, $15,000; Chattanooga, First National Bank Chattanooga, First National Bank, $90,000; Covington, Union Savings Bank, $13,000; Crossville, First tional Bank $29,500; Dandrige, Jefferson County Bank, $15,000; Darden, Bank Darden, $2,300; Daytton, Dayton Bank Inc., $25,000; Eldridge, Bank of Eldridge, $8,500; Englewood. Bank Englewood, Friendship. Bank of ple's Exchange Bank. $15,000 Halls. Bank of Halls, $14,000 Halls, Bank Halls, $10,000 Humboldt. MerState Bank, Johnson Unaka City National Bank, Kingston Bank Trust Company, $8,000: Knoxville. Tennessee National Bank, $650,000: Lafayette. Citizens Bank, $25,000; Liberty. Liberty Savings Bank. $5,000 Lobelville, Bank of Locial Bank, First Duck Bank, Ripley. First State Bank, $5,500; Rutledge, Citizens Bank Trust Joseph, American Bank $2.200 Scotts Hill. Farmers State Bank. Svierville, Bank of SevierCitizens Bank Sneedville Westmoreland. Farmers Merchants Bank. Yorkville. Bank $10,000. North Carolina Conway. Bank of Conway, $2,500: Dobson. Surry CounLoan Trust Company, Fremont, Bank of Fremont, $10,000 Gastonia, Loan Trust Carolina Bank and Trust Company Commercial Bank of Lexington. Mount Olive, Citizens Bank (receiver), $13,Avery County North Bank North Wilkesboro, $15,000; Raleigh, Commercial National Bank Raleigh (receiver). $721,000; Roanoke Rapids Citizens Bank and Trust Company, $4,000; Rapids Citizens Bank and Trust Company, $3,500; Shelby, First National Bank Shelby, $95,000; Washington, First National Bank of Washington (receiver), $16,000. Building loan associations: North Hamlet Building & Loan Association Henderson, Henderson Building Loan Association $7,500; Henderson, Home Building Loan Association Smithfield Building Association Southport Building & Loan Association $4,000. Insurance companies: Alabama Loncoin Company, $66,200. Mortgage loan companies: Clarksville, Northern Bank Trust Company $40,000. Joint stock land bank the Atlanta Joint Stock Land Bank of Atlanta $55,000.

6. December 15, 1932 The Item Sumter, SC
Article from The Item, December 15, 1932

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Article Text

American Tourist Plan Boycott of France BANK RECEIVER SUES CITY OF FLORENCE Dec Organization group New Bern pledged themselves not to France that country refuses pay United States perfected here today. In several women they planning Eurotrips but that France not be the itinerary the debts are settled before they sail Principle and Interest Amounting to Alleged to Be Due Dec. receiver First National Bank of Florence filed federal court here today against the City he alleged due The complaint contended cipal and interest per from from January

7. April 17, 1933 The Item Sumter, SC
Article from The Item, April 17, 1933

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Article Text

BANK RECEIVER REPORTS Collected for Florence Bank Florence April Showing that has been collected total receivership cost of only the quarterly statement of the First National bank in Florence indicates that more than half of the bank's have been N Griffin ceiver the which was closed January 1932. This statement, as of March 31, posted on the bank's door federal Slightly more than of the bank's assets have been collected since previous statement, sued December The total of the remaining assets at their book 18 Assets date suspension were with additional assets and stock assessment bringing the total be accounted for Assets of offset the blank closed the receive has made the following payments: Secured and preferred liabilities corporation loans, per dividends unsecurcreditors Thirty thousand, hundred and dollars and the hands the and

8. September 26, 1933 Florence Morning News Florence, SC
Article from Florence Morning News, September 26, 1933

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Article Text

Promotion For First National Bank Receiver Called Washto Dividend Soon ington. Word has been received from Washington Charles Grifreceiver the First National Bank in Florence. that he has been appointed Washington examiner Reconstruction Finance Corporation substantial crease in salarv. Mr. Griffin, who has had wide reported for duty shortly the suspension First National Bank in January, When asked about the for further dividend payments First National Bank Griffin that in all probability his successor would be able to declare third dividend before Christmas, considerable amount cash hand would augmented sufficient large collections within the next few make posopinion, to pay, an early dividend. Mr. Griffin stated that his successor withnext days by the Comptroller of the Currency at Washington. and Mrs. Griffin will leave for Washington Saturday. They have made many friends in Florence see them leave with regret. While Mr. Griffin was active in the work of the Kiwanis club.

9. October 1, 1933 Florence Morning News Florence, SC
Article from Florence Morning News, October 1, 1933

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Article Text

Chas. N. Griffin Leaves Florence J. A. Sutherland Succeeds Him As First National Bank Receiver Chas. N. Griffin, for the past several years receiver for the First National Bank in Florence. left this morning to take up his new duties in Washington, where he has just received a splendid promotion. Mr. Griffin announced yesterday that J. A. Sutherland of Columbia. 6. C., had been appointed to take over the receivership of the bank here. Mr. Sutherland is already in the city and will assume his duties tomorrow.

10. January 21, 1934 The Index-Journal Greenwood, SC
Article from The Index-Journal, January 21, 1934

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Article Text

Bank Has Money It Can't Dispose Of FLORENCE. S. Jan. Money to give away and nobody to take it-that's the plight of the First National Bank. The receivor is holding $15,000 in dividends to depositors of the closed bank, but despite ample notice. no one has called for it.

11. April 16, 1934 The Columbia Record Columbia, SC
Article from The Columbia Record, April 16, 1934

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Article Text

FRED E. BROOKS, JR., NAMED TO BANK POST (Special The Record) FLORENCE, April 16.-Fred E. Brooks, Jr., has been elected as sistent cashier of the Guaranty Bank and Trust company to fill the vacancy left by the resignation of Darby Cusaac. He began his duties today. Mr Brooks has been identified with the banking life of the city for the past nine years, having served with the First National bank In Florence for seven years and after the closing of the bank with Charles N. Griffin, national bank receiver, and later with Mr. Griffin's successor, James A. Sutherland.