20038. Peoples State Bank (Columbia, SC)

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: January 1, 1932*
Location: Columbia, South Carolina (34.001, -81.035)

Metadata

Model: gpt-5-mini
Short Digest: 23fdd188

Response Measures

None

Description

Articles report the Peoples State Bank (44-branch state bank headquartered in Charleston with branches in Columbia) closed in January 1932, taken into the custody of the state bank examiner and then federal receivers were appointed. There is no clear description of a depositor run prior to suspension; the sequence is closure/suspension and appointment of receivers and subsequent legal actions to collect stockholders' liability and dispose of assets, consistent with a suspension leading to permanent closure/receivership.

Events (5)

1. January 1, 1932* Suspension

Cause: Government Action
Cause Details: Bank was closed and placed in hands of the state bank examiner; court actions followed to restrain interference with branch funds and federal receivers later appointed.
Newspaper Excerpt: The Peoples State bank ... January placed the hands the bank examiner ... the closed Peoples State Bank South Carolina
Source: newspapers

2. January 23, 1932 Other

Newspaper Excerpt: $10,000,000 Suit Against Closed Bank Dropped ... The $10,000,000 suit brought by depositors the closed Peoples State Bank South Carolina, the Chemical Bank & Trust Company of New York and Jerre Dowling, will be dropped ... The Chemical Bank & Trust Company, correspondent bank for the Peoples Bank ... holds large of the Charleston institution's collateral.
Source: newspapers

3. February 1, 1932 Receivership

Newspaper Excerpt: William Elliott ... qualified as a receiver for the closed Peoples State Bank last week following his appointment Wednesday by Federal Judge J. Lyles Glenn. Prospects that the appointment of the receivers will be contested by Albert S. Fant, state bank examiner ... remained strong last night.
Source: newspapers

4. August 27, 1932 Other

Newspaper Excerpt: Federal Receivers For Peoples State Cannot Collect From Stockholders ... supreme court today reaffirmed its ruling that the federal receivers of the Peoples State bank cannot under state stockholders liability ...
Source: newspapers

5. October 30, 1933 Other

Newspaper Excerpt: NOTICE OF SALE ... pursuant terms of an order of J. Lyles Glenn, District Hon. Judge, October 30, 1933 ... property ... will be sold ... WILLIAM ELLIOTT, ROBERT GAGE, As Receivers of Peoples State Bank South Carolina.
Source: newspapers

Newspaper Articles (11)

1. January 12, 1932 The Greenville News Greenville, SC

Article from The Greenville News, January 12, 1932

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SUPREME COURT HEARS PLEA OF RECTOR AND MOORE UPON AFTER-DISCOVERED EVIDENCE Sease Orders People State To Leave Money In Columbia Branches DEPOSITORS GET ORDER COLUMBIA, Jan. Judge Thomas Sease, of circuit today signed temporary enjoining officials restraining order the closed Peoples State Bank South Carolina and Albert Fant. state bank examiner, from terfering the funds of the two Columbia the bank. BANKS LATELY CLOSED The Peoples State bank, with headquarters Charleston with 44 in towns cities the January placed the hands the bank examiner for period Judge Sease's order was issued on petition Columbia, other the two local branches the bank. petition alleged the said Columbia banks sets have and are being gutted, ransacked. and sent Charleston, the said the Peoples State temporary order Judge Sease moned the defendants appear fore Columbia January show "why the prayer the complaint and petition should be granted HALT MOVEMENT He ordered that the meantime the defendants "are hereby strained and enjoined from taking away, concealing, secreting any other way terferring the assets Setting forth belief that the two Columbia branches the bank solvent, McMillan his petition that said banks plaintiff to this court requiring banks to reopen their doors meet their just, due and ligations The Peoples State oldest banking was capitalized Its statement, September listed posits branches at mately Jerre Dowling former New York banker, Peoples State chain. Charleston, president of board of directors. Court Takes Under Advisement Affidavits And Evidence Offered BULLETS ARE EXHIBITED COLUMBIA, Jan. supreme court todav was asked to Carlos Rector, former give Greenville county sheriff, and his deputy, Harmon Moore, permission to reopen their case in circuit Attorneys for the two men sought show was such that their clients should allowed to present it to jury BULLETS IN COURT Four shells bullets brought the court room, there many offered on behalf Moore and Rector and offered their Rector and Moore are under tenyear sentences each after conviction manslaughter the death Sam D. Willis in June, 1927. Blair Rooks negro, confessed shot and killed the sheriff at the behest of Rector and Moore. The testimony both sides seemed consider most important was form of an affidavit by Rogers, private detective Columbia, formerly state constable. Rogers said he discovered one of the the ground under the body sheriff, its direction being such that was practically certain been fired somestanding directly him. Rook testified circuit court he shot from some distance. Rogers he told Mendel Smith, attorney, Camden, member staff when and deputy sheriff. Henry Townsend, were murder, about charged bullet. He charges the evidence never used. ROGERS UNDER CHARGES and Wyche, opposing reopening case, presented he denied Rogers told him bullet. After Rogers made affidavit was arrested warcharging with to perjury. argued the Rector and Moore, said the would Rooks' story killing untrue. expected soon.

2. January 23, 1932 Brooklyn Eagle Brooklyn, NY

Article from Brooklyn Eagle, January 23, 1932

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$10,000,000 Suit Against Closed Bank Dropped Columbia, S. C., Jan. 23 (AP)-The $10,000,000 suit brought by depositors the closed Peoples State Bank South Carolina, the Chemical Bank & Trust Company of New York and Jerre Dowling, will be dropped, was announced here today. Statements announcing the move issued by Thomas, Lumpkin Cain, Columbia attorneys, and N. Baxter of the Chemical Bank, after lengthy conferences. The suit was filed last week the name of W. Parham, the Bluebird Taxi Corporation and "other depositors, stockholders and creditors." alleged Dowling. president of the Peoples prior to its ing Jan. and the Chemical Bank, of which he was formerly vice president, had drained the rethe bank. The statement of the Columbia law which represented the plaintiffs, "the Chemical Bank Trust through its officers and attorneys, in presence of of Columbia depositors the Peoples State Bank would co-operate in every way possible with the Peoples Bank with its receiver if pointed. Parham, principal plaintiff feeling assured the purposes of filing the suit in the interest of thousands of depositors have been obtained, has authorized his attorneys to and dismiss the action. The to say that the had the advantage of allowing R. Goodwyn Rhett of Charleston proceed with his plans for reorganization of the bank with the help of the newly authorized Federal Reconstruction After the conferences ended this morning Mr Jackson said he had been "quite that the suit arose through misunderstanding of the attitude of the Chemical Bank & Trust and that full of our position would result in the withdrawal of the suit." The Chemical Bank & Trust Company, correspondent bank for the Peoples Bank, which had 44 branches the State and more than $24,000,000 deposit, holds large of the Charleston institution's collateral.

3. February 1, 1932 The Herald Rock Hill, SC

Article from The Herald, February 1, 1932

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Examiner Expected To Contest Naming Of Bank Receivers (By Herald Correspondent) Columbia, Feb. 1.-William Elljott, prominent Columbia attorney, qualified as a receiver for the closed Peoples State Bank last week following his appointment Wednesday by Federal Judge J. Lyles Glenn. Prospects that the appointment of the receivers will be contested by Albert S. Fant, state bank examiner, who took jurisdiction over the bank. remained strong last night. R. E. Whiting, of Cohumbia, attorney for the bank examiner. said he expects to announce plans for the appeal in two or three days The two other receivers named at the same time have also qualified to take over the affairs of the bank with Mr. Elliott, it was learned. They are Robert M. Gage and N. M. McDill, both of Chester. All three complied with the terms of Judge Glenn's order appointing them by filing $25,000 bond each with federal court officials. Mr. Elliott said last night that the three receivers will meet early in the week to work out plans for the receivership of the bank. A preliminary investigation was agreed upon here last Thursday, he said.

4. February 7, 1932 The Sunday Record Columbia, SC

Article from The Sunday Record, February 7, 1932

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COLUMBIA LAW FIRM ACTS FOR BANK RECEIVERS The Columbia law firm of Benet, Shand and McGowan has been appointed represent the three receivers Peoples State Bank, William Elliott of Columbia, one of the receivers, announced last night. The was confirmed yesterday Federal Judge Lyles approved selection attorneys. Mr. Elliott and Robert M. Gage and N. D. McDill of Chester, oth. receivers, plan to advance their work this week. Appointment of the attorneys was necessary to handle any possible move the part Albert Fant, state bank aminer. Mr. Fant declared that appeal from the cision of Judge which moved affairs of the bank from his hands by the ceivers. He had no to make appeal before leaving Columbia this weekend.

5. April 1, 1932 Florence Morning News Florence, SC

Article from Florence Morning News, April 1, 1932

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Peoples State Is Unreadv to Appeal for Aid COLUMBIA. S. March mill appeal to the reconstruction finance corporation for for the Peoples State Bank will be made until more data prepared on the in the affairs of the closed bank. receivers said here today upon their return from The three receivers of the bank Wednesday held Washington with Gen. Charles Dawes. president of the reconstruction corporation and "went the bank's situation with thoroughThe three receivere, William liott, Robert and N. McDill, were accompanied Washington by Christie Benet. counsel for the receivers, and Watkins, agent of the receivers. "At the end of the long conference (in Washington) the receivers felt that it not expedient formal decision until to request further data was prepared. Elliott said in formal statem his return. "This will upon require further conferer Washington. The sufficient figures from

6. May 15, 1932 The Sunday Record Columbia, SC

Article from The Sunday Record, May 15, 1932

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Odd Fellows this statute end the case under Mr. Benet answered for right fairs Peoples State Bank and by the final ar appeal from their appointment April in the circuit court of plaintiffs suing as depositright to sustain their he continued, vested solely in the receivers the the Gage, the and the Peoples State declared. they appoint will Whiting of Columbia plied the has arisen that the action although without prece. statute of 1929 did change the rights Mr contended, but receivers substantive said receivers The Biltrite himself Acting Justice decision advisement

7. August 13, 1932 The Herald Rock Hill, SC

Article from The Herald, August 13, 1932

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FILE PETITION BANK Receivers Ask SuCourt To Repreme consider Its Action (By Herald Correspondent) Columbia, Aug. for the three federal receivers of the Peoples State Bank today filed petition with the South Carolina supreme court. asking to consider the decision by which recently enjoined the receivers from enforcing stockholdliability under the state law. The lawyers asked that the court rehear arguments to the right William Elliott. Columbia, and M. McDill and Robert Gage, Chester, receivers appointed by Federal Judge Lyles Glenn, to collect stockholders' liability provided in state act. Justices Stabler, Bonham, Cothran interpreted "any receiver" in the act to mean any state while Justices Carand Featherstone dissent ed. holding it meant state or eral receivers.

8. August 27, 1932 The Greenville News Greenville, SC

Article from The Greenville News, August 27, 1932

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Garner Says Civic Troubles Due To Government Mistakes DENY REHEARING Federal Receivers For Peoples State Cannot Collect From Stockholders SUPREME COURT ACTS COLUMBIA, Aug. supreme court today reaffirmed its ruling that the federal ceivers of the Peoples State bank cannot under state stockholders liability and Joseph Nettles. named by state courts this step, announced he would proceed. Nettles. Columbia attorney said would the 44-branch bank they could pay they are made and avoid the cost of suits to recovthe respective amounts. The bank. which closed its doors January was capitalized at 000,000, and the statute stockholders liable dollar for dollar of stock. A consolidated re-

9. August 27, 1932 The Herald Rock Hill, SC

Article from The Herald, August 27, 1932

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BANK RECEIVER STATES PLANS Will Seek To Collect State Bank Liability (By Herald Correspondent) Columbia, Aug. 27.-With the state supreme court case concerning the Peoples State Bank, closed by the court's refusal to rehear the federal receivers' request to collect stockholeers' liability, Joseph L. Nettles, Columbia attorney, today proceeded with plans to collect the liability under a state receivership. A three-to-one denial of a rehearing left the three federal receivers unauthorized to enforce the liability under the state law, and cleared the way for Mr. Nettles to notify stockholders to pay their liabilities. The Columbia lawyer was appointed receiver for the collection of stockholders' liabilities last spring in two orders signed by Judge M. M. Mann, St. Matthews, and Judge W. H. Townsend, Columbia. The National Safety Council has found that one out of every 25 drivers under 20 years of age was involved in an automobile accident last year. Only one in every 55 drivers over 50 was involved in an accident. The United States and Canada have a capacity to produce 8,000,000 motor vehicles annually, it is said. mander of the bonus army, sat in the galleries as a spectator.

10. October 31, 1932 The Herald Rock Hill, SC

Article from The Herald, October 31, 1932

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PAYMENT LIABILITY State Chain Bank Receiver Takes Further Steps (By Herald Correspondent) Columbia, Oct. Nettles, receiver for stockholders' of the Peoples State liability Bank, today prepared to investifinancial status of the gate the stockholders and ascertain whethof them have conveyed er any property or holdings since the bank closed last January to avoid payment. Mr. Nettles received authorization for this program from Judge W. H. Townsend, who also proved an order fixing November 10 the date for suits to be as filed for of liabilnon-payment ity and for interest on $1,980,000 unpaid liability to begin at per cent. year. The circuit judge sanctioned vestigations by the receiver to cide which of stockholders asking an extension of time to make payment are worthy. Many, the receiver had reported, are willing to pay by installments but cannot pay the entire amount at once. The financial standing of tardy stockholders would be probed the receiver with the judge's mission. He is also allowed to investigate conveyances of property at the same time.

11. November 4, 1933 The State Columbia, SC

Article from The State, November 4, 1933

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NOTICE OF SALE Pursuant terms of an order of J. Lyles Glenn, District Hon. Judge, October 30, 1933, the undersigned will sell public outcry Banking Room of the in the the No. 1530 Main office Street, Columbia, S. C., on Monday, November 1933, 12:00 o'clock Noon, the following described property of to Certificate No. for 269 shares; Certificate No. 35 for shares; Certificate No. 36 for 1-2 shares; The Winnsboro Granite Corporation of the value of $100.00 per share. All of such shares will be sold in Terms of Sale $5,000.00 cash; and balance installments of $5,000.00 every six months thereafter, with interest from sale on the balremaining unpaid at the rate 1-2% per annum, payable semiannually: with privilege purchaser of anticipating said indebtedness any time in whole or in part. Said indebtedness secured by pledge of the stock sold. WILLIAM ELLIOTT. ROBERT GAGE, As Receivers of Peoples State Bank South Carolina. October 1933.