Citizens Exchange Bank

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: state
Start Date: May 4, 1925
Location: Denmark, South Carolina (33.323, -81.142)

Metadata

Model: gpt-5-mini
Short Digest: 1b4da970

Response Measures

Capital injected, Full suspension, Books examined

Other: Reorganization application filed to form Carolina Bank & Trust Company of Denmark; stockholders meeting planned.

Description

Article (The State, May 8, 1925) reports rumors triggered a heavy run that caused the Bank of Denmark to close temporarily; an examiner investigated and vouched for solvency and a reorganization/opening under a new name (Carolina Bank & Trust Company of Denmark / Citizens' Exchange reorganization) was being arranged.

Events (3)

1. May 4, 1925 Run

Cause: Rumor Or Misinformation
Cause Details: Unfounded rumors that the bank was about to close began Sunday and produced heavy withdrawals on Monday.
Measures: Bank posted notice on door; awaited arrival of bank examiner; examiner investigated and vouched for solvency.
Newspaper Excerpt: rumors ... got started Sunday, with the result of heavy run the bank Monday
Source: newspapers

2. May 4, 1925 Suspension

Cause: Rumor Or Misinformation
Cause Details: The heavy run and drain of funds led to the bank closing its doors pending examination and reorganization arrangements.
Newspaper Excerpt: Following the closing of the Bank of Denmark ... the banking hours closed
Source: newspapers

3. May 7, 1925 Other

Newspaper Excerpt: An application for charter to reorganize the Citizens Exchange bank under the name of Carolina Bank & Trust company of Denmark has been applied for ... The Bank of Denmark being reorganized and will open in the future.
Source: newspapers

Newspaper Articles (1)

1. May 8, 1925 The State Columbia, SC

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Article Text

BANKS AT DENMARK BOTH REORGANIZING Examiner Vouches for Solvency of Citizens' Exchange-Run Causes Closing. Special to the State. Denmark, May 7.-An application for charter to reorganize the Citizens Exchange bank under the name of Carolina Bank & Trust company of Denmark has been applied for and meeting of the stockholders will take place the bank Saturday morhing, May Following the closing of the Bank of Denmark, quiet but steady made the change the banking hours closed was thought that the bank the drain. some way, however, rumors that the bank was about got started Sunday, with the result of heavy run the bank Monday As care see the funds into the hands only the bank's depositors, they pending arrival the bank examiner and placed notice the door that effect about o'clock Monday Tuesday Albert Fant, assistant state after investigating, de clared the bank Officers the Citizens' Exchange bank are James, president cashier Rice, vice Sigmund Walker, assistant cashier; The Bank of Denmark being reorganized and will open in the future. Hamlet's words, "There something rotten in the state of Den mark," do not apply this has been The There officers of both banks are men of integrity and are highly esteemed.