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WESTERN CAROLINA BANK CLOSES DOORS Entire Western Section of State Severely Effected by Failure of Large Institution. IN EXAMINER'S HANDS Directors Hold Meeting Yesterday Thorough Audits Will Be Made. F. & M. Bank Doing Business. Consternation and dismay reigned Aiken and Aiken County yesterday morning when the Bank of Western Carolina, with nine branches in Barnwell, Blackville, Salley, Ellenton, Wagener, North Johnston, Lexington and Batesburg and with total deposits of $2,641,211.12, failed to open its doors for business. The Bank of Graniteville, the majority stock of which owned by the Bank of Western Carolina, also failed to Posted on the doors of the head office in Aiken and of the branch banks was the following statement from W. B. Turner, president: "Due to heavy withdrawals of deposits, the shrinkage of the value of securities, the impossibility of making loans, and for the purpose of conserving our assets and protecting all depositors, I, W. B. Turner, as president of the Bank of Western Carolina. after long consultation with our local finance committee, with the State Banking Department, and with our attorneys, have placed this bank in the hands of the State Bank Examiner." Accompanying this was a notice signed by Albert S. Fant, state bank examiner, in which he stated he had taken over the affairs of the bank for thirty days. The news quickly spread about town and large groups of persons directly and indirectly affected, gathered to discuss the situation: Business, though temporarily stunned, soon began to move however. the first shock of surprise had passed. The Farmers and Merchants Bank opened as usual for business. and weathered a small run during the first two hours. Later in the day. however, with the general atmosphere less strained. the bank's business began to get back to normal. More money, it was stated. was taken in than was drawn out. as the business people and displayed their confidence in its solidarity. The Bank of Western Carolina directors held a meeting early yesterday morning. Two representatives from the bank examiner's office were present, and told the directors that a thorough audit would be made at once determine the exact financial status the parent bank and the branches, that in about two weeks a meetof the stockholders would be callbe presented the facts. he general consensus of opinion is' the Bank of Western Carolina should be able to liquidate and that situation may not be as bad as it seem. The entire western section of the state, however, has been severely eflected by the bank's closing, and word rom the other towns where the pranches were located was anything jut optimistic. Barnwell County was left without a bank. as the Williston bank, to protect its depositors. closed 0 avoid any heavy withdrawals. The statement of condition of the Bank of Western Carolina as of Sepember 29 appears in another column of the paper.
