Commercial National Bank - Charleston, SC

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: national
Bank ID: 10543
Charter Number: 10543
Start Date: June 15, 1922
Location: Charleston, South Carolina (32.777, -79.931)

Metadata

Model: gpt-5-mini
Short Digest: e5cd513d

Response Measures

Full suspension

Other: Directors closed bank and planned a stockholders' meeting to vote voluntary liquidation.

Receivership Details

Depositor recovery rate: 27.8%
Date receivership started: 1925-02-07
OCC cause of failure: Economic conditions
Share of assets assessed as good: 17.0%
Share of assets assessed as doubtful: 47.2%
Share of assets assessed as worthless: 35.8%

Description

Article (Charleston, June 15, 1922) reports withdrawals/run driven by rumors, directors closed bank (did not open) and decided to call stockholders to consider voluntary liquidation. Sequence: run → suspension/closure via voluntary liquidation.

Events (5)

1. May 15, 1914 Chartered

Source: historical_nic

2. June 15, 1922 Run

Cause: Rumor Or Misinformation
Cause Details: Withdrawals by depositors ascribed to rumors circulated recently about the bank.
Measures: Directors decided not to open for business and to call a meeting of stockholders to consider voluntary liquidation.
Newspaper Excerpt: the Commercial National bank, of which T. T. Hyde is president, not opening for business this morning, following action taken last night by the directors to this effect, it being decided because of inability to realize promptly on assets and because of withdrawals by depositors ascribed to be the result of rumors circulated recently about the bank
Source: newspapers

3. June 15, 1922 Suspension

Cause: Voluntary Liquidation
Cause Details: Directors decided, because of inability to realize assets and recent withdrawals, to call stockholders to pass on resolution to go into voluntary liquidation.
Newspaper Excerpt: Two banks of this city have closed their doors, the Commercial National bank ... not opening for business this morning, following action taken last night by the directors to this effect
Source: newspapers

4. February 15, 1923 Voluntary Liquidation

Source: historical_nic

5. February 7, 1925 Receivership

Source: historical_nic

Newspaper Articles (1)

1. June 16, 1922 Yorkville Enquirer York, SC

Article from Yorkville Enquirer, June 16, 1922

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Article Text

SOUTH CAROLINA NEWS. Laurens, June 14: Col. John H. Wharton, one of the most prominent men of the county and widely known over the state as legislator and railroad commissioner, died today at his home at Waterloo, Laurens county. The funeral will be held at his home tomorrow afternoon. Col. Wharton had been ill for more than a year, having suffered a breakdown followed by paralysis. He was 74 years of age and was a native of the county. He probably held the record in the state for length of public office holding. -Greenville, June 14: John Henry Hooper, 19-year-old son of Mr. and Mrs. J. L. Hooper of Park avenue, was drowned yesterday afternoon while swimming in Stone's Lake, a pleasure resort near Greenville. Young Hooper had challenged W. A. Hammett, Jr., to a race across the pond. It is supposed that Hooper suffered with cramps. He moved with his family four years ago from Greensboro and was a student at Furman University. - Columbia, June 14.-Miss Esther Graydon, of Columbia, was yesterday clected president of the alumnae association of the University of South Carolina.- Other officers are: Miss Jessie Frazer, Columbia, first vice president; Mrs. J. C. Coulter, Columbia, second vice president; Miss Catherine Love, York county, third vice president; Miss Bruce McDonald, Columbia, secretary; Miss Mary Wingfield, Columbia, treasurer; Mrs. Woods Dargan," Darlington, historian; Mrs. J. R. Durham, Columbia, alumnae editor. - Charleston, June 15.-Two banks of this city have closed their doors, the Commercial National bank, of which T. T. Hyde is president, not opening for business this morning, following action taken last night by the directors to this effect, it being decided because of inability to realize promptly on assets and because of withdrawals by depositors ascribed to be the result of rumors circulated recently about the bank, that the institution should call a mceting of stockholders in July to pass on a resolution to go into voluntary liquidation; and the City Bank and Trust company, a small uptown fiduciary institution, some of whose directors are also directors of the Commerical bank, having to close its doors this morning, following a run made on it by depositors, instructions having been received from the state bank examiner for it to suspend for 30 days. In a statement posted by the City Bank and Trust company later in the day, it was explained that it had closed for the best interests of the depositors, pending a meeting of the stockholders.