County Savings Bank - Abbeville, SC

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: December 10, 1920
Location: Abbeville, South Carolina (34.178, -82.379)

Metadata

Model: gpt-5-mini
Short Digest: e3b3141c

Response Measures

None

Description

Article (Dec 10, 1920) states the County Savings Bank closed its doors at noon today and was turned over to the Bank Examiner for action. It is described as solvent but illiquid; no run is mentioned. The ultimate outcome (rehabilitation vs. receivership) is not decided in the article; I classify as suspension_closure because the bank was suspended and placed in examiner hands (likely leading to closure/receivership).

Events (1)

1. December 10, 1920 Suspension

Cause: Government Action
Cause Details: Bank officers closed the bank and turned it over to the Bank Examiner due to inability to realize on its papers during the deflation; examiner to determine further action.
Newspaper Excerpt: The County Savings Bank closed its doors at noon today. ... the officers of the bank at a meeting this morning decided to close the doors of the institution and turn the Bank over to the Bank Examiner for such action as may be advisable.
Source: newspapers

Newspaper Articles (1)

1. December 10, 1920 The Abbeville Press and Banner Abbeville, SC

Article from The Abbeville Press and Banner, December 10, 1920

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Article Text

The County Savings Bank closed tis doors at noon today. The Bank falls the first victim of the "deflation" which is sweeping the country. The Bank is amply solvent; that is, it has assets sufficient to pay all its debts, but inability to realize on its papers, causes it to be unable to meet the demands on it as they mature. Being a new bank it is without established credit and the officers of the bank at a meeting this morning decided to close the doors of the institution and turn the Bank over to the Bank Examiner for such action as may be advisable. Whether the Bank will go into the hands of a receiver, or whether it may be rehabilitated and enabled to go on cannot yet be told. The County Savings Bank was organized last fall, The capital stock is about $20,000. It owns the beautiful bank building in which it has been engaged in business since its opening. The officers of the Bank are Dr. G.A.