17498. Carolina National Bank (Spartanburg, SC)

View Charter #12146 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
12146
Charter Number
12146
Start Date
December 28, 1929
Location
Spartanburg, South Carolina (34.950, -81.932)

Metadata

Model
gpt-5-mini
Short Digest
8a95d4a27baedda8

Response Measures

None

Receivership Details

Depositor recovery rate
55.0%
Date receivership started
1929-12-30
Date receivership terminated
1938-02-28
OCC cause of failure
Governance
Share of assets assessed as good
31.6%
Share of assets assessed as doubtful
38.9%
Share of assets assessed as worthless
29.5%

Description

The Carolina National Bank (Spartanburg) was closed on December 28, 1929 (article 1). Articles describe a receiver handling winding up of the bank's affairs and suing former directors for bad/negligent loans, indicating permanent closure and receivership rather than reopening. Cause of suspension appears to be bank-specific adverse information (careless/negligent loans to insiders and others). OCR errors in the articles were corrected (e.g., Willcashier likely William, cashier; dates normalized).

Events (6)
1. March 25, 1922 Chartered
Source
historical_nic
2. December 28, 1929 Receivership
Newspaper Excerpt
Receiver of Spartanburg Bank Seeks Recovery of $183,538... The complaint alleges loans were carelessly and negligently made ... The Carolina National bank was closed on December 28, 1929. Simultaneously the Dollar Savings bank ... was closed by the order of the board of directors (Charlotte Observer, 1931-06-28).
Source
newspapers
3. December 28, 1929 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Complaint alleges loans were carelessly and negligently made to members of the cashier's family, certain employees, and the Spartanburg baseball club without adequate security, contributing to the bank's failure.
Newspaper Excerpt
The Carolina National bank was closed on December 28, 1929
Source
newspapers
4. December 30, 1929 Receivership
Source
historical_nic
5. June 28, 1931 Other
Newspaper Excerpt
Receiver of Spartanburg Bank Seeks Recovery of $183,538 From Defendants. ... the receiver filed suit in the United States district court ... for accounting and the recovery of $183,538.33 alleged the receiver been negligently and carelessly loaned. (Charlotte Observer, 1931-06-28)
Source
newspapers
6. November 30, 1931 Other
Newspaper Excerpt
Strange Malady Kills Spartan Bank Receiver ... Harter had for several months engaged with the receiver in winding the affairs of the Carolina National bank. (The Greenville News, 1931-11-30)
Source
newspapers

Newspaper Articles (4)
1. June 28, 1931 The Charlotte Observer Charlotte, NC
Article from The Charlotte Observer, June 28, 1931

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Article Text

SUES DIRECTORS OF CLOSED BANK Receiver of Spartanburg Bank Seeks Recovery of $183,538 From Defendants. Charlotte Observer Campbell. for the defunct Carolina National bank filed sult in the United States district court of the western district of South Carolina against 15 former directors the institution and the executors of the estates of two deceased members the board for accounting and the recovery of $183,538.33 alleged the ceiver been "negligently and carelessly loaned." The complaint alleges loans were carelessly and negligently made members of the family of Willcashier of the defunct institution, in the amount of to certain employes the bank amounting $35,431 and to the Spartanburg baseball club $24,880 "without adequate security." All of the loan: according to the complaint of the receiver are tal the bank. The Carolina National bank was closed on December 28, 1929 Simultaneously the Dollar Savings bank, state operated in the closed by the or. der of the board of directors

2. November 30, 1931 The Greenville News Greenville, SC
Article from The Greenville News, November 30, 1931

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Article Text

Strange Malady Kills Spartan Bank Receiver Nov. Carlisle died local hospital Saturday encephalitis disease which closesleeping Harter had for several months engaged with the receiver in winding the affairs of the Carolina National bank. He been about week. SCHOOLS TO REOPEN UNION Nov. schools Monday follow ing the holidays. been the custom for number years school Wednesthe The out of teachers spent holidays relatives or friends.

3. January 21, 1932 The Gaffney Ledger Gaffney, SC
Article from The Gaffney Ledger, January 21, 1932

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Article Text

RECEIVER LEAVES FIRST NATIONAL. Expected that Receiver of Carolina National of Spartanburg Will Take Charge. H. Dixon, receiver of the First National Bank Gaffney National Bank of Fort Mill, has been transferred Durham, N. be receiver of the recently closed First National that seven and million dollar bank. Mr. Dixon received the appointment Monday afternoon by telegraph Walt. acting comptroller the currency Washington. He left Gaffney Durham Tuesday morning. His family will remain here until after the close the present school session. While not definitely was thought here that the fairs National and Fort Mill National will turned Campbell receiver of the Carolina National Spartanburg. Mr. Dixon came to Gaffnev week after the First National failed open the morning February 1930. Under his ceivership depositors credihave been paid dividends talling 70 cent, or close per $800,000. Mr. Dixon, who native Florence, entered the government banking service 1923. He has handled the receiverships of number banks very factory manner. He made many friends here by his but kind and considerate, methods.

4. February 2, 1932 The Gaffney Ledger Gaffney, SC
Article from The Gaffney Ledger, February 2, 1932

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Article Text

TAKES LOCAL FIRST NATIONAL Man Checks In Receiver, Succeeding Dixon. Campbell was checked Saturday receiver of the National here, Dixon, who transferred receivership First National Bank at Mr. Dixon here for the transfer. returned to Duryesterday afternoon. Campbell receiver of the Carolina National Bank Spartanburg and number other closed in the including National Fort which took over from Mr. Dixon also. Faces Trial. Philadelphia, Jan. debutante's bidden affair and brothslaying the suitor finds Eddie Allen prepared trial tomorrow indictment charging him with murder of Francis Donaldson,