17401. Merchants & Planters National Bank (Gaffney, SC)

View Charter #10655 on SPMC

Bank Information

Episode Type
Run Only
Bank Type
national
Bank ID
10655
Charter Number
10655
Start Date
February 14, 1930
Location
Gaffney, South Carolina (35.072, -81.650)

Metadata

Model
gpt-5-mini
Short Digest
cc1601d0acc067bc

Response Measures

Accommodated withdrawals, Public signal of financial health

Description

Newspapers (Feb 14–15, 1930) report a heavy run on the Merchants & Planters National Bank in Gaffney but describe it as having withstood the run; bank remained open and issued a statement thanking customers and inviting withdrawn deposits to be returned. The run appears triggered by failures/closures of other local Gaffney banks (First National, American State Bank).

Events (2)
1. November 5, 1914 Chartered
Source
historical_nic
2. February 14, 1930 Run
Cause
Local Banks
Cause Details
Runs/closures of other local banks (First National failed; American State Bank closed) precipitated heavy withdrawals from this bank.
Measures
Bank statement thanking patrons and inviting return of withdrawn deposits; police protection provided at the bank.
Newspaper Excerpt
the only one remaining open in Cherokee county had withstood a heavy run late today.
Source
newspapers

Newspaper Articles (2)
1. February 15, 1930 The Washington Herald Washington, DC
Article from The Washington Herald, February 15, 1930

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Article Text

GAFFNEY S. C.. Feb. 14 (U. The second Gaffney bank to close in two days was in the hands of bank examiners tonight. The First National Bank of Gaffney failed open today. Yesterday the American State Bank closed The Merchants and Planters National Bank. the only one remaining open in Cherokee county had withstood a heavy run late today.

2. February 15, 1930 The Gaffney Ledger Gaffney, SC
Article from The Gaffney Ledger, February 15, 1930

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Article Text

THANKS GAFFNEY STAND IN RECENT DAYS APPRECIATED. Customers Invited to Return Withdrawn Deposits and ceive Welcome from Bank. statement expressing thanks to the people who "stood by us so nobly during the last few days" and who have withpersons drawn funds from the to return their accounts issued yesterday afternoon by Smith, president of the Merchants and Planters National Bank. The statement said: Our Friends and Patrons: wish to take this opportunity to thank those who have stood by us nobly the last few days. thank the police department who has rendered such valuable service in protecting us and customers. hope our action in hanthe situation as we have has strengthened the faith of the public in institution. our Any who saw fit to withdraw their funds, will gladly welcome back at any time. 'Merchants and Planters "National Bank, "Gaffney,