20101. Bank of Commerce (Greenville, SC)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: state
Start Date: December 3, 1926
Location: Greenville, South Carolina (34.853, -82.394)

Metadata

Model: gpt-5-mini
Short Digest: 50da398e

Response Measures

Full suspension, Books examined

Other: Placed in hands of State Bank Examiner under section 3981 for 30 days; liquidation/liquidation report discussed in later article.

Description

Articles (Dec 3, 1926) report heavy/continued withdrawals (a run) and that the bank failed to open and its affairs were placed in the hands of the State Bank Examiner for 30 days. Directors ratified closing; later (Dec 18) reports discuss liquidation and that depositors likely will be paid, indicating permanent closure rather than reopening.

Events (3)

1. December 3, 1926 Run

Cause: Rumor Or Misinformation
Cause Details: Newspaper accounts mention stories going and reports of a run downtown that caused deposits to be withdrawn and steadied only briefly; withdrawals escalated into a run over the preceding days.
Measures: Directors decided not to open and placed affairs in the hands of the State Bank Examiner; bank closed and placed under 30-day examination.
Newspaper Excerpt: Continued withdrawals were responsible for the decision to close the Bank of Commerce.
Source: newspapers

2. December 3, 1926 Suspension

Cause: Government Action
Cause Details: Directors placed the bank's affairs in the hands of the State Bank Examiner (30-day closure) following continued withdrawals; action taken under state banking law.
Newspaper Excerpt: The Bank of Commerce ... failed to open for business this morning, its affairs having been placed in the hands of the state bank examiner for a period of 30 days in accordance with section 3981 of the state banking laws.
Source: newspapers

3. December 18, 1926 Other

Newspaper Excerpt: Stockholders ratified the action of the board of directors in closing the bank on December 3. Probability that depositors ... will be paid in full was expressed by officials ... following a report of an associate bank examiner at a meeting of stockholders yesterday. ... liquidation ... difference between assets and liabilities likely not be over 25 percent and this would be covered by liability of stockholders.
Source: newspapers

Newspaper Articles (5)

1. December 3, 1926 The Item Sumter, SC

Article from The Item, December 3, 1926

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Article Text

BANK CLOSED THURSDAY Commerce Placed in Hands of State Bank Examiner Greenville, Dec. Bank of Commerce of Greenville will not open for business today, decided o'clock morning by the board of directors, following prolonged session with State Bank Examiner Albert Fant Persistent which have caused heavy withdrawals from the bank during the past few given the action, the directors deeming best bank means of protecting depositors. The Bank Commerce, member banking system, president and Roy Bozeman, cashier.

2. December 3, 1926 The Item Sumter, SC

Article from The Item, December 3, 1926

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Article Text

Greenville Bank In Hands Of Examiner Greenville, Dec. Bank Commerce, capitalized failed to open for busithis its affairs having been placed the hands of bank examiner for riod thirty days. Albert Fant, state bank examiner today that he did believe the closing bank would have harmful effect business No on other any bank is expected result this bank's closing, Mr. Fant Continued withdrawals sponsible for the decision to close Bank' of Commerce, said.

3. December 3, 1926 The Herald Rock Hill, SC

Article from The Herald, December 3, 1926

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Article Text

Greenville Bank Forced to Close By the Associated Press. Greenville. S. C., Dec. 3.-The Bank of Commerce, capitalized at $150,000 failed to open for business this morning, its affairs having been placed in the hands of the state bank examiner for a period of 30 days in accordance with section 3981 of the state banking laws. Albert S. Fant, state bank examiner said today that he did not believe the closing of this bank would have any harmful effects on business here. No "runs" on any other bank are expected as a result of this bank's closing, Mr. Fant said Continued withdrawals were responsible for the decision to close the Bank of Commerce it was stated. No information relative to the amount withdrawn during the nast few days was given out but it is understood to have been a large amount.

4. December 3, 1926 The Free Lance-Star Fredericksburg, VA

Article from The Free Lance-Star, December 3, 1926

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Article Text

BANK FAILS TO OPEN DOORS Bank Of Commerce Places Affairs In State Bank Examiner's Hands. Continued Withdrawals Responsible. GREENVILLE, C., Dec. The Bank capitalized failed to open for busithis its affairs having been placed in the hands of State Bank for period of 30 days Section 3981 of the State Bank Albert Sant, State Bank Examiner, today that he did bethe closing of this bank would have harmful effects on here. No on other bank any result of this bank Mr. Sant said. were for the decision to close Bank of stated. information relative to the amount withdrawn during the past few days out but have been large amount.

5. December 18, 1926 The Greenville News Greenville, SC

Article from The Greenville News, December 18, 1926

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Article Text

AIR MAIL ROUTE THROUGH GREENVILLE APPEARS VORED BANK OF COMMERCE TO LIKELY PAY 100 PER CENT THIS OPINION GIVEN OUT BY OFFICIALS ON REPORT BY ASSISTANT EXAMINER Difference Between Assets And Liabilities In Liquida tion Likely Not Be Over 25 Per Cent And This Would Be Covered By Liability Of Stockholders Probability that depositors in the Bank of Commerce, of Greenville, will be paid in full was expressed by officials of the institution in close touch with the case, following a report of an associate bank examiner at a meeting of stockholders yesterday. Stockholders ratified the action of the board of directors in closing the bank on December 3. In the report that nt assets of of may at the by been ed appointed loan tions The is closed for holders none Mr. Morgan tion of the bank and meeting events ding to the closing of MORGAN Mr. Morgan said that the was going along up until this before that the of and to place the in the of the a came of the and asked with the bank. He stated that down town that the of Another came and reported run on the such stories going Mr. could then what been the matter the Deposits had steadied deposits. (Continued Page Col. 2)