20100. Farmers & Merchants Bank (Great Falls, SC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
June 12, 1926
Location
Great Falls, South Carolina (34.575, -80.902)

Metadata

Model
gpt-5-mini
Short Digest
6ce10cde

Response Measures

None

Description

Bank closed June 12, 1926 pending state bank examiner after 'rumors' (no explicit withdrawals/run described). By early July 1926 stockholders decided to liquidate and place bank in hands of the state examiner/receiver. Classified as suspension leading to closure (suspension_closure).

Events (3)
1. June 12, 1926 Suspension
Cause
Rumor Or Misinformation
Cause Details
Officials say 'rumors and not conditions' prompted closure and notice to await state bank examiner.
Newspaper Excerpt
Closed, waiting for the arrival of the state bank examiner to straighten out some matters beyond our control, was the notice on the door this morning of the Farmers and Merchants Bank ... Cashier J. R. Goudelock ... stated that rumors and not conditions had brought about this situation.
Source
newspapers
2. July 6, 1926 Other
Newspaper Excerpt
Stockholders Decide to Turn the Bank Over to Bradley; To Pay Depositors. ... it was decided to close the institution and liquidate its affairs ... receiver had not been appointed, but would be appointed shortly. ... place the bank in the hands of State Bank Examiner W. W. Bradley for period of 30 days and at the end of that time to determine whether to reopen or liquidate. ... decided to close the institution and liquidate its affairs, ... the depositors would be paid in full.
Source
newspapers
3. July 6, 1926 Receivership
Newspaper Excerpt
He stated that receiver had not been appointed, but would be appointed shortly. ... it was decided to place the bank in the hands of State Bank Examiner W. W. Bradley for period of 30 days ... and that the depositors would be paid in full.
Source
newspapers

Newspaper Articles (3)
1. June 13, 1926 The Greenville News Greenville, SC
Article from The Greenville News, June 13, 1926

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Article Text

NOTICE ON DOOR OF CHESTER BANK Great Falls Bank Awaits Examiner To Straighten Out Affairs. June for the arrival the bank out some notice yond the door the Farmers Merchants bank the West End vicinity of Great Cashier R reachby long rumors not conditions had brought about this He depositors not lose The state bank visit the bank which details will be out. while the cashier said that he thought everything adjusted satisfactorily, no ment reopening would made until the examiner's visit. According its last statement of April the bank paid capital deposits and total resources HEAVY PRECIPITATION June inch and half of here minutes during severe electrical Lightning burned out transformers and partial burned another the North Virginia Power company

2. June 13, 1926 The Index-Journal Greenwood, SC
Article from The Index-Journal, June 13, 1926

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Article Text

Great Falls Bank Closes Its Doors After "Rumors" Chester, 8. S., June 12. (AP) "Closed. waiting for the arrival of the state bank examiner to straight. en out some matters beyond our con. trol," was the notice on the door this morning of the Farmers and Merchants Bank in the West End vicinity of Great Falls. Cashier J. R. Goudelock, reached by long distance telephone this evening. stated that rumors and not conditions had brought about this situation. He said that depositors would not Jose cent. The State bank examiner will visit the bank Monday until which time no details will be given out. While the cashier said that he thought ev. erything would be adjusted satisfactorily, no announcement of a reopening date would be made until th examiners visit. According to its last statement of April 12. the bank had a paid in cap. ital of $15 deposits of $48,997.23 and total resources of $77,077.36.

3. July 6, 1926 The Gaffney Ledger Gaffney, SC
Article from The Gaffney Ledger, July 6, 1926

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Article Text

GREAT FALLS BANK WILL CLOSED Stockholders Decide to Turn the Bank Over to Bradley; To Pay Depositors. Chester, July meeting of the stockholders, directors and officers of the Farmers and Merchants Bank of the West End section of Great Falls, Chester county, it was decided to close the institution and liquidate its affairs, according to long distance telephone from there today with Cashier Goudelock. He stated that receiver had not been appointed, but would be appointed shortly. He thought that the affairs of the bank would be probably entirely settled by January 1st, next, and that the depositors would be paid in full. On June 12th, last, the officials of the bank closed its doors and posted the following notice on the portals: "Closed waiting for the arrival the state bank examiner to straighten out some matters beyond our conAfter conference with sistant State Bank Examiner Leslie M. Milling it was decided to place the bank in the hands of State Bank Examiner W. W. Bradley for period of 30 days and at the end of that time to determine whether to reopen or liquidate. Cashier Goudelock today reiterathis former statement that rumors and not conditions caused the bank to close. The last statement published by the bank was on April 12th, last, and showed total resources $77,deposits, $48,997.23; undivided profits, $1,655.13, and paid in capital of $15,425. This bank was organized in January, 1924. The officers are N. Keistler, president; Cousar, vice president, and Goudelock, cashier.