20031. Liberty National Bank (Columbia, SC)

View Charter #9687 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
9687
Charter Number
9687
Start Date
January 1, 1925*
Location
Columbia, South Carolina (34.001, -81.035)

Metadata

Model
gpt-5-mini
Short Digest
aee993d0

Response Measures

None

Receivership Details

Depositor recovery rate
87.1%
Date receivership started
1926-03-04
OCC cause of failure
Losses
Share of assets assessed as good
13.0%
Share of assets assessed as doubtful
5.7%
Share of assets assessed as worthless
81.3%

Description

The articles consistently report that the Liberty National Bank of Columbia closed its doors in 1925 and entered liquidation; a receiver (Malcolm S. McConihe) handled the estate and assessments were levied against stockholders. There is no mention of a depositor run — this is a suspension/closure with receivership and ongoing liquidation/legal actions (1926 filings). OCR errors in articles corrected (e.g., McConihe/McConihe variants).

Events (6)
1. March 4, 1910 Chartered
Source
historical_nic
2. December 10, 1923 Voluntary Liquidation
Source
historical_nic
3. January 1, 1925* Suspension
Cause
Voluntary Liquidation
Cause Details
Bank closed its doors in 1925 and went into voluntary liquidation; National Loan Exchange acted as liquidating agent and assessments were later levied against stockholders.
Newspaper Excerpt
The Liberty National bank closed its doors 1925 and the National Loan Exchange became liquidating agent.
Source
newspapers
4. March 4, 1926 Receivership
Source
historical_nic
5. July 17, 1926 Receivership
Newspaper Excerpt
Malcolm Connihie, receiver of the late Liberty National bank of Columbia ... in June the assessment ... ordered by the comptroller against the stockholders, payable today, July ... stockholders initiated action in federal courts alleging ... the receiver should be set aside ... the Liberty National bank closed its doors 1925 ... the National Loan Exchange liquidating agent. Mr Connihie this year took charge ... assessed 50 cent. calculated ... was ordered by the comptroller against the stockholders, payable today, July ... plaintiffs ... asked that the appointment the receiver be set aside ... the assessment should be voided. (paraphrased OCR text).
Source
newspapers
6. July 28, 1926 Other
Newspaper Excerpt
Petition by Liberty National Bank stockholders asking injunction restraining comptroller and receiver from collecting assessment was dismissed by Judge Ernest Cochran; case taken under advisement earlier then denied.
Source
newspapers

Newspaper Articles (8)
1. July 17, 1926 The Item Sumter, SC
Article from The Item, July 17, 1926

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Article Text

MOTOR BUS OPERATORS RESIST State Highway Commission Stockholders of Defunct to Fed- Served With Injunction to lumbia Bank Appeal eral Court For Relief Prevent Collecting Motor From Bus License Fees Assessment Columbia, McIntosh, comptroller of the of the late Liberty National bank of Columbia, directed by order of UnitStates Judge Cochran show cause why they should be restrained and enjoined during of action institutpendency in behalf stockholers of bank from collecting tempting collect stock levied the comptroller shareholders of the The issued yesterday morning returnJudge Cochran July order issued filing by McGowan petition the Liberty National bank. the liquidating committee the Liberty National Jones, ley Schirmer. Jones and Timberlake McCormick Columbia, Eastover, Rowland Sumter Woodward of Bishopville, asking that the pointment the in the aside and the ment voided. Liberty National its doors 1923 the tional Loan Exchange became liquidating agent. Mr. Connihie this took charge receiver and in June the assessment of 50 cent., calculated raise was dered by the comptroller against payable today, resist this assessment the stockholders initiated action federal courts, alleging: That Loan Exchange bank undertook the liquidation of the Liberty National under the Liberty National bank went voluntary liquidation under the contract the national not the the receiver and the attempted the assessment been done under mistake of law fact and should be aside; that the the bank should be the that the should count the Loan Exchange for by him that the assessment should be voided. Attorneys the plaintiffs Benet. Shand McGowan Columbia, Robinson Columand George Bell Timmerman Lexington.

2. July 21, 1926 The Watchman and Southron Sumter, SC
Article from The Watchman and Southron, July 21, 1926

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Article Text

ENJOINED Stockholders of Defunct Columbia Bank Appeal to Federal Court For Relief From Assessment Columbia, Intosh, comptroller of the currency for States and Malcolm Connihie, receiver of late Liberty National bank Columdirected by of United Judge Cochran cause why they should not be restrained during the pendency action Institutbehalf of the stockholers bank from collecting the stock against the of the bank. The order issued yesterday returnable Judge July 27 at 10 The order following filing by McGowan petition the Liberty National liquidating Liberty National Sloan, Walter Love, Schirmer, Jones and W Cormick Columbia, Hamer Eastover, Rowland Sumter Woodward Bishopville asking that the pointment the receiver the case set aside and the assessment The Liberty National bank closed its doors 1925 and the tional Loan Exchange liquidating agent. Mr Connihie this year took charge and in June the assessment cent., culated was dered by the comptroller against the stockholders, payable today, July resist this the initiated the action the federal alleging: That Loan Exchange bank undertook the liquidation Liberty bank under con tract the Liberty National bank went voluntary under the national do not ply; that the the levy the has been under fact and should be aside; that bank be returned the Loan Exchange bank and that the receiver should count to Loan bank for moneys by him and that the assessment should be voided. Attorneys for the plaintiffs are: Benet, Shand MeGowan lumbia, Robinson ColumGeorge Bell of Lexington

3. July 28, 1926 The Item Sumter, SC
Article from The Item, July 28, 1926

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Article Text

Bank Petition Dismissed By Judge July petition Liberty National Bank Columbia several of that institution askinjunction to restrain the United States Comptroller Currency, McIntosh, and bank receiver, Malcolm McConihe, from collecting attempting collect the against stockholders of the bank, missed Judge Ernest Cochran. the United States eastern district court. Judge Cochran following hearTng Tuesday an order Wednesday refusing to grant the juction.

4. July 28, 1926 Florence Morning News Florence, SC
Article from Florence Morning News, July 28, 1926

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Article Text

BANK CASE TAKEN UNDER ADVISEMENT CHARLESTON, July hearing petition by the Liberty National Bank, Columbia, several stockholders of that institution and stockholders United States Judge Ernest Cochrane this afternoon took the case under advisement. The petition asked the court restrain the comptroller the currency and the bank's receiver from collecting or attempting collect against the stockholders, holding that these assessments were made under mistake of fact and law. Judge Cochrane overruled the time being motion by the defense the case for lack In addition to asking an injunction against assessment. the petitioners that the appointment of the ceiver be set aside being violation of the law of the Unit ed States regulating banks which liquidating voluntarily.

5. July 29, 1926 The Greenville News Greenville, SC
Article from The Greenville News, July 29, 1926

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Article Text

Bank Stockholders Are Denied Petition petition of the Liberty National bank, of Columbia, and several stockholders of that Institution asking for an injunction to restrain the United States Comptroller of Currency, J. W. McIntosh, and the Bank Receiver Malcolm 8. McConihe from collecting or attempting to collect the assessment against shareholders of the bank was dismissed the by Judge of Ernest United States eastern district court. Judge Cochran, following hearing held Tuesday, issued an order Wedneeday refusing to grant the Injune-

6. July 29, 1926 The State Columbia, SC
Article from The State, July 29, 1926

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Article Text

COCHRAN REFUSES TO GIVE INJUNCTION Dismisses Petition of Liberty National Bank of Columbia. July (By Liberty National bank of Columbia and stock holders of that institution. nsking United currency, and the receiver, from or the assessment against of the bank, was by Judge Ernest Cochran the United States Eastern district Judge following ing Tuesday, Wednesday refusing to grant the injunction. "Pa" Blames Klan. Austin, Texas, July James E. charged that the Ku Klux Klan the "silent behind the defeat his Miriam Ferguson, in last Saturday's primary.

7. 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.

8. April 19, 1928 Florence Morning News Florence, SC
Article from Florence Morning News, April 19, 1928

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Article Text

BANK RECEIVER STARTS ACTION TO COLLECT CASH April Suit collect stockholders stock in the Liberty National Bank of Columbia has bee instituted against ten by R E. receiver for the bank with the filing here in federal court of ten summons and from 8100 to Stockholders and amounts follow Mrs Livingston North Garrett $100 these Colum-