Farmers & Merchants Bank - Georgetown, SC

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: August 18, 1922
Location: Georgetown, South Carolina (33.372, -79.281)

Metadata

Model: gpt-5-mini
Short Digest: 0b6b4b9d

Response Measures

None

Description

Article (Aug 18, 1922) reports the bank failed to open and directors placed it in the hands of the state bank examiner after an examination. Immediate reason given is inability to realize on outstanding loans (bank-specific adverse condition). Although the directors handed the institution to the state examiner, the underlying trigger is loan losses; classified as suspension_closure since the bank was suspended and placed with the examiner (no reopening mentioned).

Events (1)

1. August 18, 1922 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Inability to realize on outstanding loans led to the bank's suspension.
Newspaper Excerpt: The doors of the Farmers & Merchants' bank failed to open for business this morning and a notice posted on the front announced that after an examination of its affairs the directors had decided to place the bank in the hands of the state bank examiner.
Source: newspapers

Newspaper Articles (1)

1. August 23, 1922 The Watchman and Southron Sumter, SC

Article from The Watchman and Southron, August 23, 1922

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Article Text

Bank Closes Doors Georgetown Institution in the Hands of State Examiner Georgetown. Aug. 18.-The doors of the Farmers & Merchants' bank failed to open for business this morning and a notice posted on the front announced that after an examination of its affairs the directors had decided to place the bank in the hands of the state bank examiner. Full confidence is felt in the officers and directors of the bank and while the closing is a shock to many financially interested and otherwise it is hoped that a basis of readjustment will be effected so that the bank will resume business within a short time. Inability to realize on outstanding loans is declared to be the cause of the bank's suspension.