19848. Peoples Bank (Anderson, SC)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
June 27, 1921
Location
Anderson, South Carolina (34.503, -82.650)

Metadata

Model
gpt-5-mini
Short Digest
821af0b1

Response Measures

Capital injected, Full suspension, Books examined

Other: Stockholders pledged capital and depositors signed one-year holdbacks; War Finance Corporation funds were approved but not delivered in time.

Description

Multiple articles describe a run and short closure in June 1921 after the president's suicide (bank reopened same day), and a decisive run in January 1922 that led to suspension (closed Jan 18, 1922) followed by a stockholders' vote to reopen in early February 1922. The immediate trigger for the Jan 1922 run is described as widespread rumor/talk of trouble despite underlying weakened condition following the president's death and other adverse conditions. Bank type inferred as state (no 'National' or 'Trust' in name).

Events (4)

1. June 27, 1921 Run
Cause
Bank Specific Adverse Info
Cause Details
Bank had been closed three days on account of the suicide of its president Lee G. Holleman; depositors queued to redeposit showing confidence.
Measures
Bank reopened for business; officers issued a statement reassuring public and operations ran smoothly.
Newspaper Excerpt
There were a stream of people waiting with their deposits in their hands when the doors opened... By noon today there had been deposited $57,550.46, and withdrawals of $2,538.87
Source
newspapers
2. January 16, 1922 Run
Cause
Rumor Or Misinformation
Cause Details
Rumors circulated that the bank 'had some trouble' the previous week, prompting depositors to withdraw funds over two days.
Measures
Despite assistance from other banks and an expected War Finance Corporation loan, withdrawals continued leading officials to close the bank.
Newspaper Excerpt
The run on Monday was strong, and on Tuesday it amounted to such a sum that the officials decided that the wisest plan was to close the doors today.
Source
newspapers
3. January 18, 1922 Suspension
Cause
Rumor Or Misinformation
Cause Details
Pressure of withdrawals caused by widely circulated talk of the bank's weakened condition forced suspension of payments/closing the doors on Jan. 18, 1922 (articles dated Jan 18–25 report closure).
Newspaper Excerpt
The People's bank closed its doors after a run of two days... the officers decided that the wisest plan was to close the doors today.
Source
newspapers
4. February 3, 1922 Reopening
Newspaper Excerpt
By unanimous vote of stockholders here today it was decided to reopen the People's bank of Anderson, which has been closed the last few weeks... Mr. Craig said the bank had two plans, one to reopen and the other to go into the hands of a receiver. When the resolution was stated that the bank should reopen, it was carried unanimously. (Feb. 3, 1922).
Source
newspapers

Newspaper Articles (9)

Article from The Watchman and Southron, June 29, 1921

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Article Text

DEPOSITORS WAIT TO LEAVE MONEY Run on Bank in Anderson Pleases Officers Anderson, June 27.-It is believ ed that an unprecedented thing happened in this city today when the People's bank was opened for business, after being closed three days on account of the death by suicide of its president Lee G. Holleman. There were a stream of people waiting with their deposits in their hands when the doors opened to show that they believed in the bank, and were going to help it in every way. By noon today there had been deposited $57,550.46, and withdrawals of $2,538.87 the amount of withdrawals being the accumulation of checks cashed .by other banks while this bank was closed. Only $1,062.46 was actually paid out in withdrawals One man said he had to wait in line until ten others got out of the way before he could make his deposit, and then he put every cent he had in the bank. The following statement was given out this morning by the bank. "The People's Bank opened for business at the usual hour this morning, and its affairs are running with the utmost smoothness and lease. Not a sign of panic has appeared; the checks cashed are only those usual in the ordinary course of a day's business. On the contrary the deposits have been unusually heavy. The people seem to desire to show Mr. E. P. Vandiver, newly elected president, and his co-workers the confidence which they have in them and the bank. The cooperation of the papers, the other banks and the people with officers and directors of the bank has been loyal and prompt and this fine spirit has triumphed over a trying situation and has retained for Anderson a valuable institution which has contributed much in the past to the growth and welfare of the city and county, and which will be an invaluable asset in the solution of the grave problem still confronting the country."


Article from The Watchman and Southron, January 21, 1922

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Article Text

Anderson Bank Closes Doors Withdrawals by Depositors Cause Suspension-Run Continued Two Days Anderson. Jan. 18.=The People's bank closed its doors this morning after a run of two days. It was I'llmored that the bank had some trouble the latter part of last week. The people who had deposits got frightened. The run on Monday was strong. and on Tuesday it amounted TO such a sum that the officials decided that the wisest plan was to close the doors today. Deposits in this bank. according to a recent statement, are more than $1,100,000. The capital and surplus are $300,000 with loans and discounts aggregating near $2,000,000. Application had been approved from the war finance corporation for $175,000. which would have been here by the last of this week and would have tided the bank over the financial depression. and probably would have resulted in the bank continuing. Since the death of the president. Lee G. Holleman, in the summer, this bank has been in a crippled condition. but the directors and depositors thought that by a strong pull together it would soon be in a firm place again. This bank was organized in 1899, and Joseph J. Fretwell was the first president. Mr. Fretwell resigned and Lee G. Holleman was elected president. When Mr. Holleman took his own life last summer the bank was reorganized with E. P. Vandiver as president: 11. H. Watkins, vice president: J. Fulmer Watson. vice president: T. S. Banister, cashier: Donald E. Brown. assistant cashier. and F. L. Tucker, assistant cashier. At the time the bank was organized the capital was $100,000. Since that time the capital stock was increased to $200,000, and its surplus showed $100,000 in its last statement. This has been one of the most popular banks of this city. Closing of the Peoples bank has not affected other banks of the city. Deposits have shown an increase. The other three banks are in good condition and the books show that there has been only a few deposits withdrawn during the day. It is said that a man who drew $4,700 out of the Peoples'. bank on Tuesday was aksed what he was going to do with it. He answered. "I'm going to take it home. put it in a fruit jar and bury it. There is already talk of reorganizing the bank. and it is thought that this will be done at any early date.


Article from Fort Mill Times, January 24, 1922

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Article Text

Anderson Bank Closed. Anderson.-The People's bank closed its doors after a run of two days. It was rumored that the bank had some trouble the latter part of last week, 'and the people who had deposits got frightened. Deposits in this bank. according to a recent statement, are more than $1,100,000. The capital and surplus are $300,000 with loans and discounts aggregating near $2,000,000. Application had been approved from the war finance corporation for $175,000, which would have been here by the last of this week and would have tided the bank over the financial depression, and probably would have resulted in the bank continuing. Since the death of the president, Lee G. Holleman. in the summer, this bank has been in a crippled condition, but the directors and depositors thought it would soon be in a firm place again.


Article from Keowee Courier, January 25, 1922

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Article Text

DERSON BANK CLOSES DOORS. Under Crippled Conditions for Number of Months-Others O. K. (Anderson Mail, Jan. 19.) The doors of the People's Bank of Anderson were closed yesterday and the bank has suspended payments. Deposits in this bank, as shown by a recent statement, are more than $1,100 000. The capital and surplus are 300.000, while loans and discounts aggregate practically two millions of dollai Difficulties at the bank began last summer when President Lee G. Holleman committed suicide. Persons alliar with banking, and even layhave known that the bank was appled condition, but hope was through hard worky the bank might be carried through the present period of depression. collections and other adverse conditions, however, brought about the closing of the institution. It is to be regretted that pressure of withdrawals this week have caused the bank to be closed, for $175,000 of war finance corporation funds would have been available to the bank before the end of the week. Application had been approved, and when final arrangements were comploted the application was signed by the directors and ready to be sent off. When this was completed the bank officials hoped to aveit closing the bank, but unfortunately talk of the weakened condition of the bank became so widely circulated that Monday and Tuesday showed steady and continued withdrawals of deposits at the bank. So great was this pressure of withdrawals that, despite the loyal assistance of other banks, officers of the People's Bank realized that night that they could not stand another day such as had just been passed, and it was then that it was seen that the bank could not be opened again. The effect of the closing of the People's Bank has shown the true Anderson spirit during the day. The three other banks of the city are in strong financial condition, and a few nervous persons asked for their deposits, but in practically every case when they were told that they could get their money they did not want it as badly as they though On the con. trary, deposits in the other banks of the city have shown an increase. The people have not lost their heads, and are not going to. In fac', the weakened condition of the People's Bank had been generally known for months, and now that the worst has come it will go a long way toward clarifying the situation. Established in 1899. The People's Bank was established in Anderson in 1899, the capital being $100,000. J. J. Fretwell was its first president. Mr. Fretwell retired and Lee G. Holleman became president of the bank, remaining at its head until its death last summer. Since the bank's foundation the capital had been increased to $200,000, and its surplus showed $100,000 in its last statement. It was a popular bank in the city and county and was largely patronized. At the present time its officers are: E. P. Vandiver, president; H. H. Watkins, vice president; J. F. Watson, vice president; T. S. Bannister, cashier; Donald E. Brown, assistant cashier; F. L. Tucker, assistant cashier.


Article from Cheraw Chronicle, January 26, 1922

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Article Text

Anderson Bank Closed. Anderson.- - The People's bank closed its doors after a run of two days. It was rumored that the bank had some trouble the latter part of last week, and the people who had deposits got frightened. Deposits in this bank, according to a recent statement, are more than $1,100,000. The capital and surplus are $300,000 with loans and discounts aggregating near $2,000,000. Application had been approved from the war finance corporation for $175,000. which would have been here by the last of this week and would have tided the bank over the financial depression, and probably would have resulted in the bank continuing. Since the death of the president. Lee G. Holleman. in the summer, this bank has been in a crippled condition, but the directors and depositors thought it would soon be in a firm place again.


Article from The Union Daily Times, February 4, 1922

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ANDERSON BANK TO OPEN DOORS Anderson, Feb. 3.-By unanimous vote of stockholders here today it was decided to reopen the People's bank of Anderson, which has been closed the last few weeks. There were so many stockholders present that they were unable to get into the room and intense interest was manifested. James H. Craig, state bank examiner, read a statement of the condition of the bank which showed that the bank had $1,051,000 on deposit. Mr. Craig said the bank had two plans, one to reopen and the other to go into the hands of a receiver. Only two more weeks were available to take action. When the resolution was stated that the bank should reopen, it was carried unanimously. There is yet about $10,000 in deposits that have not been signed, the cards from depositors with $901,000 who were willing to leave their money in the bank for one year. The additional pledges will have to be secured. A resolution was also adopted that stockholders put up 20 per cent of the stockholdings. Those not able to put up the cash will have the opportunity of signing a joint note with others to put up their pro rata. The spirit of the meeting was optimistic and the strong support of the stockholders will reestablish the bank and put it on a good business gasis.


Article from Yorkville Enquirer, February 7, 1922

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Tuesday, February 7, 1922. Hanalleges wrongful death in that the city radical party deputies. allowed cows to be tied out within MacNider, national commander of the city. It appears that young Stokes American Legion, is reported to was riding on a sidewalk on his bicyrefused appointment by the govcle and a cow tied to a stake dragged of Iowa to succeed Wm. S. Kena chain across the sidewalk throwing as United States senator from the youth to the ground and inflicting One hundred and ten state. injuries' from which he died. ns were killed and numbers were - Clarendon county farmers shipped ed when a train was buried by an a carload of hogs to Richmond, Va., inche on a Japanese railroad at last week. Henry no, Japan, Saturday on Saturday purchased the bank- The Peop'es Bank of Anderson is Lincoln Motor company of Deto re-open for business within two weeks under an agreement whereby Mich., for $8,000,000. the depositors agree not to withdraw amounts already tied up for a year, SAVING A PIPE DREAM they to receive 5 per cent. interest in the meantime. At a meeting Friday it es is Skeptical of Harding's Optideveloped that all but $10,000 of the $1,051,000 deposits had signed up and it mism. was decided that the $10,000 be guarclaring that the economies which anteed by the stockholders. Such of ident Harding and Director the stockholders who were unable to es of the budget announced Friput up were to sign a joint note. The at the second business meeting of stockholders and depositors were in government were largely of a good spirits with regard to the matter. er" variety, was made Saturday The organization had the choice beRepresentative Byrnes, of South tween two alternates, the other being ina, a Democratic member of the to go into the hands of a receiver. e appropriation committee, who, Greatest interest and attendance e formal statement, voiced the continues in the Sunday revival. In , that Mr. Harding had been so spite of rain and slush the tabernacle bed in other matters that he was was crowded again Sunday, at both conversant "with the existing afternoon and night services. Mr. tion" in government finances. Sunday preached to men in the afteraccording to the press," Mr. Byrnoon and to all people at night. In statement said, "a direct saving Sunday night's sermon Mr. Sunday 32,000,000 and an indirect saving stated that the peop'e in the south ore than $104,000,000 had been know how to handle the negro question nplished in less than six months. and that darn meddlesome men and fact is that against this alleged women of the north should let them g, the president, at the instance alone. He said the trouble in Ireland e budget bureau, has recently was the irreconcilable fight on Cathoitted requests for additional aplics against Protestantism and that iations as deficiencies, amounting people from outside had no business 80,704,286 and within a few days meddling there. Mr. Sunday further congress will commence considersaid he believed in Protestantism, of another deficiency bill to take Americanism and the supremacy of the of this shortage in funds. This white race. int is in addition to the urgent - Columbia, Feb. 4: Several matters iency bill appropriating $50,556,of importance came before the execuand the first deficiency bill approtive committee of the South Carolina ing $105,277,443. If the $180,704,division of the American Cotton assohow asked by the president is ciation at a meeting held in Columbia ted, it will make the total deThursday. It was decided to urge the cies to date $336,537,953. farmers of the state not to increase rejoice that the president reittheir cotton acreage this year, but to d his opposition to deficiencies conform to the southwise agreement to use I hesitate to think what plant on'y one-fourth of the cultivated nt would be requested if he were lands in cotton. Present at the meetopposed to deficiencies." ing of the committee were Dr. J. B. presentative Byrnes said that if Johnson, of Rock Hill, president; Louis I. Guion, of Lugeff, vice presi1 amounts the treasury mentioned should show had it. been He dent and manager; R. C. Hamer, of red that no such showing howActon; Dr. A. R. Johnson of St. George; had been made, and added: F. Thomas, of Manning; J. H. Claffy, fear the reason why it is not of Orangeburg; B. Harris, of Columis that the alleged savings in bia; J. R. Rivers of Columbia; R. B. instances consist only in the Laney, of Cheraw; Edwin Wilson, of bonement of actual expenditures St. Charles; J. P. Stribling, of Westthe next fiscal year." minster; J. Skottowe Wannamaker, of : Byrnes declared that the supSt. Matthews, and T. L. Manning of ental estimates for the next fisDillon. President Wannamaker of the year amount to $80,083,200 added American Cotton Association told the e total amount requested for the committee of the national farmers' I year 1923 would make that total conference held in Washington last 296,365 more than the amount apweek and spoke of conditions over the riated for the current fiscal year. country generally as they affect the farmers. DAMATICS AT HOPEWELL


Article from The Abbeville Press and Banner, February 8, 1922

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"DEPSON BANK WILL OPEN DOORS Plan to Continue Follows Enthusiastic Meeting of the Stockholders. Anderson, Feb. 4.-By unanimous vote of stockholders here Friday it vas decided to reopen the People's bank of Anderson, which has been losed the last few weeks. There were SO many stockholders present that they were unable to get into the room and intense interest was manifested. James H. Craig, state bank examiner, read a statement of the condition of the bank which showed that the bank had $1,051,000 on deposit. Mr. Craig said the bank had two plans, one to re open and the other to go into the hands of a receiver. Only two more weeks were available to take action. When the resolution was stated that the bank should reopen, it was carried unanimously. There is yet about $10,000 in deposits that have not been signed, the cards from depositors with $901,000 who were willing to leave their mon ey in the bank for one year. The additional pledges will have to be secured. A resolution was also adopted that stockholders put up 20 per cent. of he stockholders. Those not able to put up the cash will have the opportunity of signing a joint note with others to put up their pro rata. The spirit of the meeting was optimistic and the strong support of the bank and put it on a good business basis.


Article from The Watchman and Southron, February 8, 1922

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Anderson Bank Will Reopen Plan to Continue Foilows Enthusiastic Meeting of Stockholders Anderson, Feb. 3-By unanimous vote of stockholders here today it was decided to reopen the People's bank of Anderson. which has been closed the last few weeks. There were so many stockholders present that they were unable to get int othe room and intense interest was manifestal James 11. Craig. state bank examiner, read a statement of the condition of the bank which showed that the bank had $1,051,000 on deposit. Mr. Craig said the bank had two plans. one to reopen and the other to go into the hands of a receiver. Only two more weeks were available to take action. When the resolution was stated that the bank should propen. its was carried manimously. There is yet about SHO 600 in deposits that have not leap signed. the cards from depositors with $901.000 who were willing to leave their money in the Bank for one year. The additional Medges will have to be secured. A resolution was also adopted that stockholders put l.!' 20 per cent the stockholdings. These not able to pill up the cash will have the opportunity of signing a joint oto with others to put up their pro rata. The spirit of the meeting was oplimistic and the strong support of the stockholders will reestablish the bank and put it on a good business basis.