Cherokee Savings Bank

Bank Information

Episode Type: Suspension → Reopening
Bank Type: savings bank
Start Date: April 13, 1925
Location: Gaffney, South Carolina (35.072, -81.650)

Metadata

Model: gpt-5-mini
Short Digest: cf613fe7

Response Measures

None

Description

Directors decided to close the institution 'temporarily' and the state bank examiner was asked to take charge; no mention of a depositor run or permanent receivership in the article. Date inferred from publication (Monday prior to Apr 16, 1925 = 1925-04-13). If later records show permanent failure, episode_type would change to suspension_closure.

Events (1)

1. April 13, 1925 Suspension

Cause: Government Action
Cause Details: Directors closed the bank temporarily and notified the state bank examiner, who was asked to take charge of the institution.
Newspaper Excerpt: The Cherokee Savings Bank directors met 8:30 Monday morning decided to close the institution temporarily. Notice sent the state bank examiner, who asked to take charge.
Source: newspapers

Newspaper Articles (1)

1. April 16, 1925 The Gaffney Ledger Gaffney, SC

Article from The Gaffney Ledger, April 16, 1925

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Article Text

STOCKHOLDERS TO MEET TUESDAY ACTION IN LOCAL BANK CLOSING. Assistant Bank Examiner Watkins Engaged in Examining Cherokee Savings Bank Affairs Stockholders of the Cherokee Savings Bank, which failed to Monopen day morning, have been called meet in the bank building Tuesday afternoon at o'clock, at which time statement concerning the condition of the institution be expected to presented by representatives of the state bank examiner. W. R. Watkins, assistant state bank examiner, who Tuesday began investigation of the affairs of the bank, said will probably require several days before an accurate idea of the situation can be obtained. not thought likely that any statement will be available for the public until after the of the meeting stockholders. The call for the meeting, issued name of Bradley, state bank examiner, is hereby given you that meeting the the Cherokee Savings Bank will be held the office the bank Tuesday, 1925, at This meeting called in accordance with in Section 3891, Civil Code of South Carolina, 1922. If can not be present, please return attached proxy properly signed The Cherokee Savings Bank directors met 8:30 Monday morning decided to close the stitution temporarily. Notice sent the state bank examiner, who asked to take charge.