First National Bank - Clinton, SC

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: national
Bank ID: 8041
Charter Number: 8041
Start Date: January 22, 1931
Location: Clinton, South Carolina (34.473, -81.881)

Metadata

Model: gpt-5-mini
Short Digest: 86979c18

Response Measures

Full suspension, Books examined

Other: Liquidation proceedings and payment of a 50% dividend by liquidating agent in July 1931.

Receivership Details

Depositor recovery rate: 100.0%
Date receivership started: 1931-01-27
Date receivership terminated: 1937-08-24
Share of assets assessed as good: 33.9%
Share of assets assessed as doubtful: 52.5%
Share of assets assessed as worthless: 13.6%

Description

Newspaper articles report an unexpected run on First National Bank of Clinton on Jan 22, 1931; directors closed the bank 'for the protection of its depositors.' Later (July 21, 1931) a liquidating agent pays a 50% dividend to creditors, indicating the bank did not reopen and was liquidated. OCR typos corrected (e.g., garbled words in article 1).

Events (5)

1. January 10, 1906 Chartered

Source: historical_nic

2. January 22, 1931 Run

Cause Details: Unexpected run on the bank reported; no specific trigger (rumor or correspondent failure) mentioned in articles.
Measures: Directors placed sign on the door: The bank is temporarily closed for the protection of its depositors.
Newspaper Excerpt: closed its doors today shortly after opening hours due to an run the bank
Source: newspapers

3. January 22, 1931 Suspension

Cause Details: Directors voluntarily closed/suspended payments following heavy withdrawals (protective suspension).
Newspaper Excerpt: directors placed sign on the door stating, The bank is temporarily closed for the protection of its depositors.
Source: newspapers

4. January 27, 1931 Receivership

Source: historical_nic

5. July 21, 1931 Receivership

Newspaper Excerpt: Harry Fagan, liquidating agent of the First National bank here, announced today that he would begin payment ... of cash dividend to all creditors of this institution.
Source: newspapers

Newspaper Articles (3)

1. January 23, 1931 The Greenville News Greenville, SC

Article from The Greenville News, January 23, 1931

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Article Text

CLINTON BANK CLOSES DOORS Action Taken To Protect DeDirectors Anpositors nounce In Suspending CLINTON Jan. 22-The First National bank of this city, one of the oldest and strongest banking institutions of the country, closed its doors today shortly after opening hours due to an "run" the bank Following number on the placed sign on the door stating "that the bank was closed for of its depositors. The First bank was ganized years ago. statement December 31, showed deposits with total assets of $533,029.37 bank inspector expected once take the affairs of the bank before any statement can issued Today was the first time that the town Clinton has ever experienced bank closing

2. January 23, 1931 The State Columbia, SC

Article from The State, January 23, 1931

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Article Text

BANK AT CLINTON CLOSED TO BUSINESS Special to The State. Clinton, Jan. 22-The First National bank of Clinton, one of the oldest banking institutions of the county, closed its doors today shortly after opening due to an unexpected run on the bank. Following number of withdrawals, the directors placed sign on the door stating, "The bank is temporarily closed for the protection of its depositors.' The First National bank was organized 26 years ago. Its statement of December showed deposits $293,640.03 with total assets of $533.029.37 A bank once take over the affairs of the institution. Today was the first time that the town of Clinton has ever had bank within its limits to close. Panama has movement to boost the country as a winter resort.

3. July 22, 1931 The State Columbia, SC

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Article Text

CLINTON DEPOSITORS* GET LARGE DIVIDEND Special to The State. Clinton, July 21.-Harry Fagan, liquidating agent of the First National bank here, announced today that he would begin payment tomor. row of cent. cash dividend to all creditors of this institution. Checks for this amount will be placed in the hands of depositors and other creditors with proved claims as of June This 50 per cent. dividend, which an unusually one, comes