17410. Bank of Commerce (Greenville, SC)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
December 3, 1926
Location
Greenville, South Carolina (34.853, -82.394)

Metadata

Model
gpt-5-mini
Short Digest
ae34376ab17c9f10

Response Measures

None

Description

Articles (Dec 3, 1926) report continued heavy withdrawals (a run) that led directors to place the bank's affairs in the hands of the State Bank Examiner for 30 days under section 3981. There is no clear report of the bank resuming normal operations; later coverage (Dec 18) discusses liquidation/coverage by stockholders and probability depositors will be paid, consistent with permanent closure/administration. OCR errors in the originals were corrected (e.g., 'Bank Commerce' -> 'Bank of Commerce'; 'Albert Fant/Sant' -> Albert S. Fant).

Events (3)
1. December 3, 1926 Run
Cause
Rumor Or Misinformation
Cause Details
Reports/stories of a run and persistent withdrawals circulated, causing heavy withdrawals from the bank over several days.
Measures
Directors decided to close and place affairs in hands of State Bank Examiner; bank failed to open on Dec. 3.
Newspaper Excerpt
Continued withdrawals were responsible for the decision to close the Bank of Commerce
Source
newspapers
2. December 3, 1926 Suspension
Cause
Government Action
Cause Details
Directors placed the bank in the hands of the State Bank Examiner (closure under section 3981) following continued withdrawals.
Newspaper Excerpt
The Bank of Commerce... failed to open for business this morning, its affairs having been placed in the hands of the state bank examiner for a period of 30 days in accordance with section 3981 of the state banking laws.
Source
newspapers
3. December 18, 1926 Other
Newspaper Excerpt
Probability that depositors in the Bank of Commerce, of Greenville, will be paid in full was expressed by officials... stockholders ratified the action of the board of directors in closing the bank on December 3. ... Difference Between Assets And Liabilities In Liquidation Likely Not Be Over 25 Per Cent And This Would Be Covered By Liability Of Stockholders
Source
newspapers

Newspaper Articles (5)
1. December 3, 1926 The Item Sumter, SC
Article from The Item, December 3, 1926

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Article Text

BANK CLOSED THURSDAY Commerce Placed in Hands of State Bank Examiner Greenville, Dec. Bank of Commerce of Greenville will not open for business today, decided o'clock morning by the board of directors, following prolonged session with State Bank Examiner Albert Fant Persistent which have caused heavy withdrawals from the bank during the past few given the action, the directors deeming best bank means of protecting depositors. The Bank Commerce, member banking system, president and Roy Bozeman, cashier.

2. December 3, 1926 The Item Sumter, SC
Article from The Item, December 3, 1926

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Article Text

Greenville Bank In Hands Of Examiner Greenville, Dec. Bank Commerce, capitalized failed to open for busithis its affairs having been placed the hands of bank examiner for riod thirty days. Albert Fant, state bank examiner today that he did believe the closing bank would have harmful effect business No on other any bank is expected result this bank's closing, Mr. Fant Continued withdrawals sponsible for the decision to close Bank' of Commerce, said.

3. December 3, 1926 The Herald Rock Hill, SC
Article from The Herald, December 3, 1926

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Article Text

Greenville Bank Forced to Close By the Associated Press. Greenville. S. C., Dec. 3.-The Bank of Commerce, capitalized at $150,000 failed to open for business this morning, its affairs having been placed in the hands of the state bank examiner for a period of 30 days in accordance with section 3981 of the state banking laws. Albert S. Fant, state bank examiner said today that he did not believe the closing of this bank would have any harmful effects on business here. No "runs" on any other bank are expected as a result of this bank's closing, Mr. Fant said Continued withdrawals were responsible for the decision to close the Bank of Commerce it was stated. No information relative to the amount withdrawn during the nast few days was given out but it is understood to have been a large amount.

4. December 3, 1926 The Free Lance-Star Fredericksburg, VA
Article from The Free Lance-Star, December 3, 1926

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Article Text

BANK FAILS TO OPEN DOORS Bank Of Commerce Places Affairs In State Bank Examiner's Hands. Continued Withdrawals Responsible. GREENVILLE, C., Dec. The Bank capitalized failed to open for busithis its affairs having been placed in the hands of State Bank for period of 30 days Section 3981 of the State Bank Albert Sant, State Bank Examiner, today that he did bethe closing of this bank would have harmful effects on here. No on other bank any result of this bank Mr. Sant said. were for the decision to close Bank of stated. information relative to the amount withdrawn during the past few days out but have been large amount.

5. December 18, 1926 The Greenville News Greenville, SC
Article from The Greenville News, December 18, 1926

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Article Text

AIR MAIL ROUTE THROUGH GREENVILLE APPEARS VORED BANK OF COMMERCE TO LIKELY PAY 100 PER CENT THIS OPINION GIVEN OUT BY OFFICIALS ON REPORT BY ASSISTANT EXAMINER Difference Between Assets And Liabilities In Liquida tion Likely Not Be Over 25 Per Cent And This Would Be Covered By Liability Of Stockholders Probability that depositors in the Bank of Commerce, of Greenville, will be paid in full was expressed by officials of the institution in close touch with the case, following a report of an associate bank examiner at a meeting of stockholders yesterday. Stockholders ratified the action of the board of directors in closing the bank on December 3. In the report that nt assets of of may at the by been ed appointed loan tions The is closed for holders none Mr. Morgan tion of the bank and meeting events ding to the closing of MORGAN Mr. Morgan said that the was going along up until this before that the of and to place the in the of the a came of the and asked with the bank. He stated that down town that the of Another came and reported run on the such stories going Mr. could then what been the matter the Deposits had steadied deposits. (Continued Page Col. 2)