19881. Bank of Brunson (Brunson, SC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
April 3, 1913
Location
Brunson, South Carolina (32.925, -81.187)

Metadata

Model
gpt-5-mini
Short Digest
bf16933a

Response Measures

None

Description

Bank was closed on order of the State Bank Examiner and placed in receivership; examiner found insolvency, illegal loans and worthless paper. No run reported in the articles. Receivers remain involved and litigation over receivers continued into May/June 1913, indicating permanent closure.

Events (3)
1. April 3, 1913 Receivership
Newspaper Excerpt
The Bank of Brunson ... was, by an order of Judge T. H. Spain, dated April 3, placed in the hands of receivers. ... The petition of B. J. Rhame, as State bank examiner, sets forth ... that the bank is insolvent ... three illegal loans aggregating $53,000 ... worthless notes aggregating $12,390.80 ... liabilities are $209,663.46 . . . . The receivers are W. E. Richardson and W. M. Robertson . . . . Additionally: Bank of Brunson Closed. Brunson, April 7.-The Bank of Brunson Saturday closed its doors on the orders of the State Bank Examiner. (Keowee Courier, 1913-04-09). Summary: Court placed bank in receivership on examiner's petition, citing insolvency and bad/illegal loans.
Source
newspapers
2. April 5, 1913 Suspension
Cause
Government Action
Cause Details
Ordered suspended/closed by the State Bank Examiner following an examination that found insolvency, illegal loans and worthless notes.
Newspaper Excerpt
The Bank of Brunson, one of the oldest financial institutions in Hampton county, was ordered suspended by the State Bank Examiner April 5.
Source
newspapers
3. June 10, 1913 Other
Newspaper Excerpt
Mr. C. F. Rizer has been appointed as one of the receivers of the Bank of Brunson. Mr. C. F. Rizer spent last Tuesday in Brunson. (County Record, June 10, 1913). This notes additional receiver activity and local effects of closure.
Source
newspapers

Newspaper Articles (6)
1. April 9, 1913 Keowee Courier Walhalla, Pickens, SC
Article from Keowee Courier, April 9, 1913

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Article Text

Bank of Brunson Closed. Brunson, April 7.-The Bank of Brunson Saturday closed its doors on the orders of the State Bank Examiner. No statement as to the cause of the suspension was given out here. It is said that the depositors will be paid in full. The suspension of the bank, following an examination by the examiner, has not caused the excitement and unrest usual in such cases. The people seem confident that they will get their money when the affairs of the bank are straightened out. The Bank of Brunson, having resources of $200,000, is one of the oldest financial Institutions in Hampton county. It was organized in 1901.

2. April 10, 1913 The Bamberg Herald Bamberg, SC
Article from The Bamberg Herald, April 10, 1913

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Article Text

RECEIVERS OF BRUNSON BANK. Grounds Upon which Bank Examiner Ordered Institution Closed. Hampton April 8.-The Bank of Brunson, at Brunson, in this county, was, by an order of Judge T. H. Spain, dated April 3, placed in the hands of receivers. The original papers, together with the order of the Court, were filed in the office of the clerk of Court. The receivers are W. E. Richardson and W. M. Robertson. The petition of B. J. Rhame, as State bank examiner, sets forth, among other things, that the bank is insolvent, its assets being $209,663.46, of which more than $20,000 are worthless, and that the assets are made up partly of the banking house, estimated as worth $2,000, furniture and fixtures, estimated at $1,000, and real estate, estimated as worth $2,728.21, and the further allegation that its liabilities are $209,663.46. The bank examiner states that there are three illegal loans, aggregating $53,000, and that the bank holds worthless notes aggregating $12,390.80, and that the bank makes no effort to collect maturing papers, this being left to the convenience of the customers. The outlook for the depositors and general creditors seems to be bright for the payment of a large portion of their accounts, and the sterling qualities of those prominent in the bank's affairs, known locally as good men and true, causes local depositors to state generally that every cent will be paid to every creditor of the institution. The affair is looked upon locally as a misfortune. No censure is heard of any of the bank's officials.

3. April 10, 1913 The County Record Kingstree, SC
Article from The County Record, April 10, 1913

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Article Text

A $75,000 hotel for Georgetown is planned. XXX Born blind 29 years ago, Leila Cameron of Marion has just obtained sight by a surgical operation. XXX Congressman Lever has been elected life trustee of Clemson college to succeed the late R W Simpson. XXX Congress met in extraordinary session Tuesday under Democratic auspices. Senators Smith and Tillman were both in their places. XXX Express Messenger J A Wilson was probably fatally injured and L H Jaudon, flagman, badly bruised, when a Seaboard train was wrecked near Columbia Monday. XXX The famous battleship Oregon was put out of commission last week and will so remain until the opening of the Panama canal, when she will have the honor of being the first ship to pass through. XXX The Bank of Brunson, one of the oldest financial institutions in Hampton county, was ordered suspended by the State Bank Examiner April 5. No statement has been given out as to the cause of suspension. XXX Senator E D Smith of South Carolina has introduced a joint resolution to repeal the 14th and 15th amendments to the constitution of the United States, whereby suffrage was conferred on the negro. XXX Upon breaking into the basement of a fashionable dry goods store at Greenville shortly after 3 o'clock Sunday morning, Leonard Smith, aged 17, son of a wealthy and prominent family, and Rowley Martin, his 20 year old companion, engaged in a pistol battle with three policemen, who had concealed themselves in the store in anticipation of a burglary, with the result that the two boys were shot and one of the policemen severely wounded. As soon as they entered the store the boys placed masks over their faces and held their pistols in shooting position. When called upon to "hold up your hands" the boys began to shoot and the officers opened fire on them. Young Smith with five bullets in his body, one through the heart, ran up a flight of stairs before he expired. Martin, shot through the head, lived two hours. The affair created a profound sensation.

4. April 24, 1913 The Bamberg Herald Bamberg, SC
Article from The Bamberg Herald, April 24, 1913

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Article Text

OTHER CONCERNS EMBARRASSED Several Affected by Closing of Bank of Brunson. Hampton, April 21.-The Bank of Brunson, located at Brunson, in this county, is in the hands of receivers and the effect of the closing of its doors by the State bank examiner is being felt by the incidental failure of other concerns in this and adjoining counties and by the financial stringency felt by local depositors and merchants with whom these depositors do business. The Carolina Telephone Company was placed in the hands of receivers on April 16, on account of its inability to meet its obligations, due to the closing of the Bank of Brunson, the bank being a large mortgage creditor of the telephone company. This company operates its whole chain of exchanges at Beaufort, Hampton, Estill and North from its general offices at this place. J. Reid Fitts, its manager, was the petitioner for the receivers. The mortgage indebtedness, past due, is said to be $25,000. S. A. Agnew, of Brunson, the cashier of the defunct bank, is the president of the Carolina Telephone Company; W. E. Richardson and J. S. Williams were named by the Court as receivers. The Spartanburg Lumber Manufacturing Company, a saw mill corporation, operating about two miles from Brunson, was closed down by the receivers of the Bank of Brunson on Friday. The indebtedness of this concern to the bank is said to be over $20,000, with stated assets of hardly over $6,000; consequently about 30 laborers and employees of the mill are out of work for the present. The Farmers' Cotton Oil Company, at Brunson, which has not been operating for several months past, is indebted to the bank, as appears from the statement of the bank examiner, in the sum of $35,000, and suits are pending in the Courts against it for over $10,000. The estate of Addison and the estate of Ginn claim that the company is indebted to them over $20,000. The financial conditions in the Brunson community are freely discussed throughout the county and predictions of future further complications are heard. The depositors of the Bank of Brunson are anxiously awaiting developments.

5. May 29, 1913 The Bamberg Herald Bamberg, SC
Article from The Bamberg Herald, May 29, 1913

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Article Text

MOTION TO REMOVE RECEIVERS. Argued Before Judge Rice at Aiken in Brunson Bank Case. Aiken, May 24.-A motion to remove the receivers of the Bank of Brunson at Brunson was argued today before Judge Rice by attorneys representing the creditors. The Bank of Brunson was placed in the hands of receivers under direction of the attorney general through the State bank examiner, B. J. Rhame, in April, and Walter E. Richardson, of Beaufort, and W. M. Robertson were named as receivers. The creditors want Richardson and Robertson removed on the ground. as aleged, that Richardson, who is connected with banks at Varnville, Yemassee, Hampton and Beaufort, has interests which will not permit him to deal justly with the creditors of the Bank of Bruson. A personal reason is argued against the continuance of Robertson as a receiver. George Warren, of Hampton, and P. F. Henderson, of Aiken, represented the creditors, and W. B. DeLoache, of Camden, and W. J. Thomas, of Beaufort, the receivers. Judge Rice reserved his decision in the matter until next week.

6. June 12, 1913 The Bamberg Herald Bamberg, SC
Article from The Bamberg Herald, June 12, 1913

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Article Text

COUNTRY NEWS LETTERS SOME INTERESTING HAPPENINGS IN VARIOUS SECTIONS. News Items Gathered All Around the County and Elsewhere. News From Olar. Olar, June 10.-Mrs. Charlie Still died last Friday morning. She had a stroke of paralysis while at breakfast Tuesday morning and gradually grew worse until the end came. She was about sixty five years of age. She leaves a husband and one son. All who have been speaking of doing various deeds on a cold day in June, had the opportunity presented last Monday and Tuesday. Most farmers fear that the present cool weather will have a detrimental effect on the cotton crop. Prof. Floyd C. Chitty has accepted the principalship of the Norway school for the next school year. The trustees of that institution have acted wisely by securing his services. Mrs. Marion Rizer, of Lodge, is visiting Mrs. Leighton Hartzog this week. Dr. Cecil B. Ray has returned from his stay at Livingston. Mr. J. F. Ouzts, of Kirksey, was here last Thursday. Mr. Archie Barker has accepted a position in Charleston. Mr. A. R. Wallack spent the weekend in Barnwell. Capt. Jack Morris, of Barnwell, was here last week. Miss Frazier, of Beaufort, has been elected principal of the Olar high school. Her sister has also been elected as one of the teachers. Mr. C. F. Rizer has been appointed as one of the receivers of the Bank of Brunson. Rev. Jno. L. Harley, superintendent of the Anti Saloon League, will preach here next Sunday night at the Methodist church. The Methodist Sunday-school will have a picnic on Wednesday, July the second. Messrs. W. B. Chitty and J. E. Cook went to Bamberg last Wednesday. Mr. C. F. Rizer spent last Tuesday in Brunson. Miss Zelma Rizer has returned home from Columbia College. Mr. Frank Guess spent the weekend in Cordova. Messrs. Bunyan Black and Robert Bronson, of Barnwell, were in town Sunday. Mr. Henry O. Morris visited Kline last Sunday. Mr. Wyatt Cook and Misses Belle and Delma Cook are visiting relatives in Aiken.