In December 1931 the First National Bank of Mullins closed its doors by order of directors and an examiner for 30 days as a protective measure against runs. Articles describe a precautionary suspension ordered/posted by the examiner (Folger) and reference temporary banking facilities provided by Peoples State Bank. There is no article text indicating the First National entered receivership or permanently closed, so this is best classified as a suspension with temporary closure (reopening likely after the 30 days). Dates corrected/estimated from newspaper publication (closure reported Dec. 13, 1931).
Events (3)
1.October 21, 1910Chartered
Source
historical_nic
2.December 12, 1931Suspension
Cause
Government Action
Cause Details
Closed by order of directors and bank examiner (Folger) as a protective 30-day suspension to protect depositors and avoid a run; closure described as precautionary following closing of another local bank and branch at Nichols.
Newspaper Excerpt
notice on the door stated the bank had been closed by order of directors to protect its depositors and stockholders ... This notice was signed by Folger, examiner in charge.
Source
newspapers
3.December 14, 1931Receivership
Source
historical_nic
Newspaper Articles (3)
1.December 13, 1931The StateColumbia, SC
Click image to open full size in new tab
Article Text
Second Institution in Town and Branch at Nichols Quit for Thirty Days for Safety. Special to The Mullins, Dec. First National bank of Mullins doors today notice on the door stated the bank had been closed by order of directors to protect its depositors and stockholders and that affairs had been placed in the hands the of the This notice was signed by Folger, examiner in charge. The directors of the bank of Mulupon learning of the action the First National closed its doors and posted notice to the effect that would remain closed for days protective measure. Officers of the Bank of Nichols Nichols, which branch of the Bank Mullins, to for 30 days to avoid any run the bank. closing of the First National bank marks the first bank closing in the town's history,
FLORENCE BANK RELIEF
Peoples State Bank FurTemporary Facilities
At the request of a delegation of citizens of Mullins whose two banks closed The Peoples State Bank of provide banking for the business interests that town and was nounced night McLeod. chairman of the board. Dr. stated that representatives of the interests of Mullins were here Saturday night conference and that order assist in Peoples Bank arranged furnish temporary banking facilities.
Frank Brand, district vice president the Peoples State Bank. and Darby Cusaak, cashwill early this remain in Mullins long necessary, it stated.
The action follows the closing on Saturday First National Bank Mullins, which was followthe closing the Bank of Mullins to protect itself against run.
State bank examiners, it said last night, making an investigation affairs both of these
3.May 8, 1932The Charlotte NewsCharlotte, NC
Click image to open full size in new tab
Article Text
Mullins Business Man Kills Self
Mullins S May S H Schoolfield. 56 business leader here for the past 30 years was found dead of bullet wound at his home here today He died short time later hospital Relatives said it was apparently suicide and that they believed ill health prompted the Mr Schoolfield native of Dan. ville president of the Mullins Lumber company and was president the First National bank of Mullins recently closed
