Article Text
ENTERS SUIT AGAINST TWO BANK OFFICIALS ORANGEBURG S. C., Jan. P)-Suit against F. A. Adden. president. and Scoville Wannamaker. cashier. of the Southern Bank and Trust Company, which closed last
17473. Southern Bank & Trust Company (Orangeburg, SC)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- trust
- Start Date
- September 1, 1931*
- Location
- Orangeburg, South Carolina (33.492, -80.856)
Metadata
- Model
- gpt-5-mini
- Short Digest
5069f1ef7b38dce0
Response Measures
None
Description
The Southern Bank & Trust Company of Orangeburg closed and went into liquidation (receiver M. H. Whetsell). Closure is stated as September 1931; reasons cited are heavy losses on stocks and bonds (bank-specific adverse information). By 1934 the receiver was distributing dividends and the bank building and business were purchased by Southern National Bank, indicating permanent closure rather than reopening of the original institution.
Events (3)
1.
September 1, 1931*
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Bank closed and went into liquidation owing to losses in value of stocks and bonds in which it had invested funds; led to insolvency and suspension of operations.
- Newspaper Excerpt
- The Southern Bank and Trust Company went liquidation September, 1931.
- Source
- newspapers
2.
May 6, 1934
Receivership
- Newspaper Excerpt
- Whetsell, receiver of the Southern Bank and Trust company, announces 30 per cent. dividend distribution to depositors of that institution effective Monday. Receiver for Southern Bank and Trust Company Announces 30 Per Cent. Dividend. (The State, 1934-05-06). M H. Whetsell, receiver of the Southern Bank and Trust company, which closed will distribute 30 per cent. dividend to depositors Monday. (The State / Florence Morning News, 1934-05-06).
- Source
- newspapers
3.
September 6, 1934
Other
- Newspaper Excerpt
- The bank building on Middle Street formerly used the Southern Bank and Trust Company has been purchased by the Southern National Bank from the Receivership of the former institution. (The Times and Democrat, 1934-09-06). Southern National bank Orangeburg ... will open for business Monday. (The State, 1934-05-06).
- Source
- newspapers
Newspaper Articles (5)
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April Bride was sung solo, by Marion Moise "The Bridal Chorus' Mr. was played for the from process the Marion Moise entered first and lighted Then ten of the the Sol Cogroomsmen, lumbia and Davis Moise, brothers of the Miss Gladys Kirton of Columbia by Miss Caththen Block of erine Julian Levy Miss Alice Moise of another entered, followed Miss Jennie Harby of Abbeville, formerly of Next the matron of honor, came Mrs Kohn of Miss August Via Charlotte N. was maid of honor. The with her brother, Marion Moise. Her petite brunette beauty enhanced by close ting white satin en train. She wore Normandy of with orange from which veil tulle. In her arms she carried calla lilies and lilies of entered with his bridegroom brother, Marion K. Rosefield. After the large rèception held in the Annex. the line was the wedding Mrs. David Mrs. Frank Mr. Martin Rosefield and Mr. H. C. Bland Spartanburg. The bride charming and popuShe graduate Mr. Rosefield, before South attended the Rhode Island college, and later the University of South Carolina. The many friends of Mr. and will be happy to welcome back to Sumter. where they will make their home. Special to The Dillon, 5.-Mr. and Mrs. L. Manning of Dillon announce the gagement of their Mary and Frank Leon The wedding will take place June. Miss Manning is now member of the senior class at Columbia College. the comptroller of the currency. In addition will paid in surplus of The new institution will occupy the quarters used by the Orangeburg cash depository is prepared to take the affairs of that instituH is Henry Sims, vice and M H. Whetsell cashier of the new bank are: H. Smoak, Sims, Henry Joseph McNamara. of Winfield Clark of Cope and W. Bull of Vance The preferred stock representing half of the capital was subscribed by the Finance corporation the stock representthe other half was subscribed locally. M H. Whetsell, receiver of the Southern Bank and Trust company, which closed will distribute 30 per cent. dividend to depositors Monday. This will make of thus far disper in and it is expecttributed there will be yet further ed that The dividend will repredividends. Of this sent amount about will be will The cash be in to stock soem time ago by depositors in plan new proposed national for bank the organization in which nearly full 100 per cent. of the depositors are participating.
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ORANGEBURG GETS NEW BANK MONDAY Receiver for Southern Bank and Trust Company Announces 30 Per Cent. Dividend. Special to The State. Orangeburg, -Evidence of this section's steady trek back to noris contained in two The Southern National bank Orangeburg, with capital of $100,000, will open for busiMonday. Whetsell, receiver of the Southern Bank and Trust company announces per cent. dividend distribution to of that institution effective Monday Authority for the opening of the new bank has just been received from
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Southern National Makes Purchase Receiver of Southern Bank & Trust Co. The bank building on MiddleStreet formerly used the Southern Bank and Trust Company has been purchased by the Southern National Bank from the Receivership of the former tution. understood the price was Fifteen Thousand Dollars, which also included furniture and tures former bank. The Southern National Bank ganized in May and its stockholdconsist largely of the depositors old Southern Bank and Trust nearly all of whom joined in the organization new national ank.
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For Stock Liability Bank Receiver Takes Action Under Recent Court Order. Stockholders the Southern Bank and Trust Company ing called to their statupon utory liability, according made by Henry Sims, Receiver, who said he was acting under an order of the cuit Court recently signed by Judge M. M. Mann. Stockholders unable to pay the entire amount of their liability may Receiver benefit of an installment plan, lowing them to pay the amount due October 1934, and similar amount 15th, April 15th, and July 15th, 1935. do not pay or make any before 15th will be liable to suit by the ReThe Southern Bank and Trust Company went liquidation September, 1931. The bank's ficulties arose from losses the value stocks and bonds in which the bank had invested its funds. Up to time dividends been paid the depositors in amount equal to half of their posits and holds of indebtedness and property from which hopes pay further reasonable estimate the probability indicates that the assets of the will not able to pay the full, the stockholders being called upon for their liability.