19986. Bank of Chesnee (Chesnee, SC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
January 2, 1930
Location
Chesnee, South Carolina (35.148, -81.861)

Metadata

Model
gpt-5-mini
Short Digest
b0399099

Response Measures

None

Description

Early January article reports small withdrawals/loss of deposits after nearby bank closings and rumors, but the bank remained open and doing business. In mid-February (Feb 14-15, 1930) the bank placed its affairs in the hands of the state bank examiner and was locked to the public, i.e. suspended and effectively closed; closures are attributed to failures of nearby banks (local contagion). No evidence bank later reopened in the provided articles.

Events (3)

1. January 2, 1930 Run
Cause
Local Banks
Cause Details
Small withdrawals and difficulty meeting demands following the December closings of nearby Spartanburg banks (Dollar Savings and Carolina National) and related loss of confidence.
Measures
Directors restored confidence and stabilized matters temporarily (per reports).
Newspaper Excerpt
Reports circulated here yesterday the effect that the Bank Chesnee had failed ... Inquiry developed the fact that the bank doing business usual. ... said there had been small the bank two three ago, following the closing banks Spartanburg, but the Chesnee institution had trouble meeting demands.
Source
newspapers
2. February 14, 1930 Other
Newspaper Excerpt
TWO S. C. BANKS CLOSE DOORS - First National of Gaffney and Bank of Chesnee Locked to Public. for and to take charge of the comb the to BANK CLOSES
Source
newspapers
3. February 14, 1930 Suspension
Cause
Local Banks
Cause Details
Failure/closure of nearby banks (Rutherford county banks and American State Bank at Gaffney) which precipitated deposits loss and made operations untenable; directors turned affairs over to the state bank examiner.
Newspaper Excerpt
The Bank of Chesnee, of Chesnee ... placed its affairs in the hands of the state bank examiner at directors meeting at o'clock tonight. ... the failure of the Rutherford county banks and the American State bank at Gaffney rendered the situation too acute for the Chesnee bank to continue operations.
Source
newspapers

Newspaper Articles (4)

Article from The Gaffney Ledger, January 4, 1930

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Article Text

CHESNEE BANK REPORT WITHOUT FOUNDATION RECRUITING ADS ARE DESTROYED. Boston Crowd Storms Office and Tears and Tramples Banners from Standards. Boston, Jan. demonstration on Boston Common in which coast guard recruiting posters destroyed an unexpected aftermath today of meeting historic Faneuil hall called in prothe killing of three rum test Rhode Island waters runners Sunday by coast guardsmen. The petty officer charge the station was unable crowd. The posters stem torn their metal trampled, and the torn bent and ancient rafters of Faneuil The echoed charges that in forcement the tion faces form oppresThe Rhode Island killings sion. referred the 'Newport compared with the massacre" the first bloodBoston massacre, the independence. The coast guard was accused blooded killing brutal of wounded the treatment deaths the three rum runners. resolution adopted unanimouswhich filled called President hall upon Hoover for impartial follows part: gation. Liberty Destroyed. the of such "By practices the governmental cident (the shooting runners) described the rum but the destrucnothing liberties for which our the fought, which fathers have bled from the time the great charter. asserting the guilt are guard believe the coast attitude the government taken will justly the that give tempt being made to suppress the facts act worst this for the enforcement unpopular, unnecessary stupid which no proper constitution of place which all intelligent nation and know can never be forced." Conrad W. the Liberal Civic council for league which called the protest meeting and which had into the shootdenied that the rum runners to that escape were given any the coast guard boat before with opened machine Crooker said his investigation showed the men shot down from pointblank feet their range the Black Duck, ceeding four miles hour dense fog and headed directly toward the The instead being in pursuit, the stern, Bumpling Rock the time. Charges Cowardice. He Boatswain Cornell, skipper the and was afraid board the Black Duck Charles Travers, wounded survivor her crew, brought alongside the coast guard craft. were left to welter and die their blood," was the aboard the said, finally in sponse to Travers' pleas, went aboard the Black Duck help him with the three dead dying Crooker claimed that if the guardsmen had taken the quicker, Weisman's life might have been saved. John W. lass said runners "outrageously promised forward an investigation Washington. Shoots Greenville, condition Wells, veteran clerk of the city of Greenwho pistol wound his chest in his private office city hall today, remained tonight, according to taches the City ployees the offices, hearing pistol shot followed Wells' private early today, find the slumped in chair his desk pistol right hand. audit of the annual procedure, started yesterday. Institution Open and Doing Business as Usual Friday, Inquiry Reveals. Reports circulated here yesterday the effect that the Bank Chesnee had failed open business proved to without foundaInquiry Chesnee developed the fact that the bank doing business usual. Hall, Chesnee business Mr. and Hall of Gaffney, said there had been small the bank two three ago, following the closing banks Spartanburg, but the Chesnee stitution had trouble meeting demands. confidence the stability the bank, and understand how such report circulated here had been started.


Article from The Greenville News, February 14, 1930

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Article Text

Bank Of Chesnee In Examiner's Hands SPARTANBURG, Feb. The Bank of Chesnee, of Chesnee, 20 miles northwest of here placed its affairs in the hands of the state bank examiner at directors meeting at o'clock tonight. The institution lost a number of deposits when the Dollar Savings bank and the Carolina National bank of closed December 30, but the directors were able to restore confidence and stabilize matters until today when the failure of the Rutherford county banks and the American State bank at Gaffney. rendered the situation too acute for the Chesnee bank to continue operations. The deposits, at close of business yesterday, amounted to $228,793.26 showing decrease of about $106,000 since the published statement of December 31, 1929; capital stock of the bank was $50,000. surplus $20,000 and bills payable none.


Article from The Sentinel, February 14, 1930

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Article Text

TWO S. C. BANKS CLOSE DOORS First National of Gaffney and Bank of Chesnee Locked to Public. for and to take charge of the comb the to BANK CLOSES


Article from The Gaffney Ledger, February 15, 1930

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Article Text

BANK OF CHESNEE FORCED Failures at Rutherfordton and Gaffney Affect Nearby Bank. Spartanburg, Feb. Bank Chesnee, Chesnee, 20 miles northwest here, placed fairs in the hands state bank examiner directors' meeting o'clock tonight. The institution lost number deposits when Dollar Savings bank the Carolina National bank Spartanburg closed December 30th. the directors restore confidence and matters until today when the banks and the American State bank Gaffney the situation acute the Chesnee bank The deposits, the close of busiyesterday amounted $223,showing decrease of about $106,000 since the published statement 31st, stock the bank $50,000; surplus, $20,000, and bills payable, Loans and discounts amounted December This than the deposits at the time but $100,000 than the statement.