Peoples National Bank - Bennettsville, SC

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 10743
Charter Number: 10743
Start Date: May 23, 1927
Location: Bennettsville, South Carolina (34.617, -79.685)

Metadata

Model: gpt-5-mini
Short Digest: 1f3bd926

Response Measures

None

Receivership Details

Depositor recovery rate: 35.5%
Date receivership started: 1926-07-27
Date receivership terminated: 1929-09-20
OCC cause of failure: Economic conditions
Share of assets assessed as good: 42.2%
Share of assets assessed as doubtful: 37.4%
Share of assets assessed as worthless: 20.4%

Description

Article (The Robesonian, 1927-05-23) states Mr. McConihe has acted as receiver for the People's National Bank of Bennettsville and that dividends have been paid. No run is described; bank is in receivership and being liquidated. Date of initial suspension/failure not given in the excerpt; this article reports ongoing receivership and distributions.

Events (4)

1. May 28, 1915 Chartered

Source: historical_nic

2. July 27, 1926 Receivership

Source: historical_nic

3. May 23, 1927 Receivership

Newspaper Excerpt: he has been acting as receiver for the People's National Bank of Bennettsville ... 55 per cent has already been paid, with another dividend forthcoming.
Source: newspapers

4. * Suspension

Cause Details: Article does not state the cause of suspension or failure; only references receivership and liquidation.
Newspaper Excerpt: he has been acting as bank receiver throughout the South and West ... he has been acting as receiver for the People's National Bank of Bennettsville
Source: newspapers

Newspaper Articles (1)

1. May 23, 1927 The Robesonian Lumberton, NC

Article from The Robesonian, May 23, 1927

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Article Text

AFFAIRS OF FIRST NATIONAL WILL BE CONCLUDED SOON Another Dividend Expected SoonExpenses of Receivership Unusually Small. Malcolm S. receiver Mr. of the First National Bank of Lumberton. spent the week-end with Judge T. 1., Johnson, companying the Intter to Raleigh, where on yesterday they attended :: part of the commencement exercises of Heredith college. Mr. Conihe when seen by 100resentative of The Robesonian this morning. stated his duties as reveiver the First National Bank would probably be concluded at an early date. and that as soon as certain lit!gation between the Bank of McDo adds and the First National Bank had terminated a final dividend worki be paid. I: has been nearly two years since Mr. McConihe entered upon his duties as receiver and practically all the valuable INSURE of the bank have been collected. or will be collected within the week ten days There are a large number of insolvent notes which have been reduced to judgment in an effort to lections thereon. Mr. McConibe explained that the CXDenses of the Lumberton trust have leen very small, due to the fact that he has been as receiver for the People's National Bank of Bennettsville and the Liberty National Bank of Columbia. Most of the expense of the teree trusts has been barne by the other banks, but now that the Liberty Bank has been finally liquidated, it would throw a burden on the Lumberton trust out of all proporGon to the small amount uncollected and Mr. McConihe is giving in today's Robesonian notice of a public sale of the remaining uncollected assets. Any one interested is urged to read the notice of sale. He is anxious Lo get the best possible bid to be submitted to the comptroller of the The sale is being made subject to the anproval of the comptroller. asuccessful sale is made. the depositors will get a final dividend in a very short time. Mr. McConibe expressed the opinion that the receivership of the First National Bank had been conducted with less expense than any other bank receivership of which he had knowledge, and he has been acting as bank receiver throughout the South and West for number of years. He paid high compliment to Judge T. L. Johnson, who has acted as his attorney, both here and at Bennettsville, and says that much credit is due Mr. Johnson for the speed. efficiency and low cost with which the trust has been handled. Mr. Johnson says, however, that the depositors are to be congratulated that Mr. McConihe was sent here for he has realized more out of the assets than even the most optimistic thought it possible to collect when the bank failed. 55 per cent has already been paid. with another dividend forthcoming.