20108. City Bank (Greenwood, SC)

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: May 20, 1903
Location: Greenwood, South Carolina (34.194, -82.154)

Metadata

Model: gpt-5-mini
Short Digest: e05269e5

Response Measures

None

Description

Multiple contemporaneous dispatches report the City Bank of Greenwood suspended payment on May 20, 1903, citing losses and heavy demands. Newspapers say depositors will be paid in full. Subsequent article (June 25, 1903) records a receiver being sought in related litigation, indicating winding up of affairs and consistent with permanent closure rather than mere temporary suspension or a depositor run. No article describes a depositor run or a discrete rumor-driven event.

Events (3)

1. May 20, 1903 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank sustained losses over a period of time and president unwilling to obligate bank further; heavy demands precipitated suspension.
Newspaper Excerpt: Combination of circumstances, coupled with unusually heavy demands on us, absolutely forces the City Bank to suspend; creditors and depositors will be paid in full.
Source: newspapers

2. June 20, 1903 Receivership

Newspaper Excerpt: RECEIVER ASKED FOR. ... The application was made in behalf of the City bank of Greenwood, which had been carrying the firm's paper, and the application for a receivership is a step towards winding up the bank's affairs. (reported June 25, referencing a hearing the prior Saturday).
Source: newspapers

3. June 25, 1903 Other

Newspaper Excerpt: Application was made ... for a receiver for the firm ... The application was made in behalf of the City bank of Greenwood ... a step towards winding up the bank's affairs. (article dated 1903-06-25).
Source: newspapers

Newspaper Articles (11)

1. May 22, 1903 The Savannah Morning News Savannah, GA

Article from The Savannah Morning News, May 22, 1903

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Article Text

GREENWOOD BANK FAILS. First Bank Failure in South Carolina in Five Years. Columbia, S. C,, May 21.-The City Bank of Greenwood, with a capital stock of $50,000, suspended payment yesterday. The news was as astounding as it was unexpected. Not even the directors were aware of the pending embarrassment. The first intimation of the bank's failure was the posting of the following notice on the front door: "Combination of circumstances, coupled with unusually heavy demands on us, absolutely forces the City Bank to suspend; creditors and depositors will be paid in full, but it will take time. (Signed) J. F. Davis, president." The reason given for the suspension is that the bank had sustained losses recently, and the president Was unwilling to obligate the bank further. This is the first bank failure in South Carolina since that of the Bank of Hampton about five years ago. Thompson Killed Sullivan. At Greenville last evening, Isadore Thompson shot and instantly killed Arch Sullivan in the store of Goldsmith Bros. Both parties are negroes and the trouble between them arose from the seduction of Thompson's daughter, claiming that Sullivan was the cause of her ruin. Thompson surrendered himself to the sheriff. Hé stood well in the community and his family was among the better class of negroes. Took His Mule's Place. L. G. Green and his wife were on trial in a magistrate's court in Chesterfield yesterday, charged with the mistreatment of their child. After hearing the testimony of several witnesses the defendants were dismissed for lack of evidence. Green was arrested several days ago on the charge of murder, the officers thinking he was Allan Richardson, one of the Morgan gang. When released from prison he left town pulling a buggy with his wife seated in it. He had sold his mule during his confinement in jail. Will Open Summer School. State Superintendent of Education Martin will tô-morrow issue a pamphlet giving the list of the faculty of the State Summer School for teachers which will be held at Rock Hill, June 23 to July 21, inclusive. Mr. Martin is himself the president of the summer school, and associated with him is President D. B. Johnson of Winthrop College. The faculty is made up of some of the most representative teachers in the state and there will be specialists of reputation who will give instruction in the departments with which they are familiar and in which they are working in great universities.

2. May 23, 1903 The Lancaster Ledger Lancaster, SC

Article from The Lancaster Ledger, May 23, 1903

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Article Text

THE CITY BANK OF GREENWOOD HAS CLOSED ITS DOORS. Greenwood, May 20.-The City bank of this place suspended today. The news was as astounding as it was unexpected. The only reason given for the suspension is that the bank had sustained losses recently and the president was not willing to obligate the bank further. The directors held a meeting at 2 o'clock this afternoon and called a meeting of the stoekholders to be held Monday morning at 10 o'clock, They also stated that the depositors and creditors would be paid in full.

3. May 24, 1903 Americus Times-Recorder Americus, GA

Article from Americus Times-Recorder, May 24, 1903

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Article Text

Greenwood Bank Suspends. Columbus, S. C., May 23.-The City Bank of Greenwood, with a capital stock of $50,000, suspended payment Wednesday. The news was as as tounding as it was unexpected. Not even the directors were aware of the pending embarrassment.

4. May 25, 1903 The Atlanta Constitution Atlanta, GA

Article from The Atlanta Constitution, May 25, 1903

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Article Text

Greenwood Bank Suspends. Columbia, S. C., May 22.-(Special.)The City Bank of Greenwood, with a capital stock of $50.000, suspended payment Wednesday. The news was as astounding as it was unexpected. Not even the directors were aware of the pending embarrassment.

5. May 26, 1903 The Newberry Herald and News Newberry, SC

Article from The Newberry Herald and News, May 26, 1903

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Article Text

BANK FAILURE IN GREENWOOD. --The City Bank Suspends Payment, to the Great Surprise of the Directors and the Public. Greenwood, May 20. - The City Bank, of this place, suspended to-day. The news was as astounding as it was unexpected The first intima tion of the suspension was the posting of the following notice on the front door: "Combination of circumstances, coupled with unusually heavy demands on 118, absolutely forces the City Bank to suspend Creditors and depositors will be paid in full, but it will take time. (Signed:) "J. F. Davis, President." The directors held a meeting at 2 o'clock this afternoon and called a meeting of the stockholders, to be held on Monday morning at 10 o'clock They also stated that the depositors and creditors would he paid in full. The following directors issued the call: W. H. Bailey, J. S. Klugh, of Coronaca; E. S Tinsley, Hodges; J. S. Marse and J. F. Davis, The bank's attorney, F. Baron Grier, also stated that creditors and depositors would positively be paid in full. The City Bank W88 the second bank in age in the county. Its first president was the late D. A. P. Jordan. The incumbent president, J. F. Davis, was cashier at its organiza tion. The other officers are: Thomas H. Watson, cashier; Allie Williams, bookkeeper, and Alphens Watson, assistant bookkeeper. The only reason given for the sus. pension is that the bank had sus. tained losses recently and the presi dont was not willing to obligate the bank further. The suspension was 8 surprise to the directors as well as to the general public.

6. May 27, 1903 The Manning Times Manning, SC

Article from The Manning Times, May 27, 1903

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Article Text

A Bank Suspends. A dispatch from Greenwood, to The State says the City bank of that place suspended Wednesday. The news was as astounding as it was unexpected. The first intimation of the suspension was the posting of the following notice on the front door: Combinations of circumstances, coupled with unusually heavy demands on us, absolutely forces the City bank to suspend: creditors and depositors will be paid in full, but it will take time.

7. May 27, 1903 The Laurens Advertiser Laurens, SC

Article from The Laurens Advertiser, May 27, 1903

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Article Text

BANK FAILS IN GREENWOOD. Depositors of City Bank Will be Paid in Full, However. The City Bank of Greenwood, of which J. F. Davis is president, suspended last week. It is said that depositors will be paid in full. Two or three unfortunate loans caused the troublesome of the loans having been made some time ago. Several propositions have been made to the stock-holders, looking to straightening out of its affairs. One of these, so the correspondent of The State says, was made by the Messrs. Simmons of Greenwood and Mr. O. B. Simmons' named is mentioned in connection with it. The correspondent say that their proposition will probably be accepted and that if the arrangement goes through, they will conduct a bank at the same place.

8. May 27, 1903 The Watchman and Southron Sumter, SC

Article from The Watchman and Southron, May 27, 1903

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Article Text

Bank Failure in Greenwood. Greenwood, May 20.-The City Bank of this place, suspended today. The news was as astounding as it was unexpected. The first intimation of the suspension was the posting of the following notice on the front door: "Combination of circumstances, coupled with unusually heavy demands on us, absolutely forces the City Bank to suspend. Creditors and depositors will be paid in full, but it will take time. (Signed:) "J.F. Davis, President." The directors held a meeting at 2 o'clock this afternoon and called a meeting of the stockholders, to be held on Monday morning at 10 o'clock. They also stated that the depositors and creditors would be paid in full. The only reason given for the suspension is that the bank had sustained losses recently and the president was not willing to obliagte the bank further. The suspension was a surprise to the directors as well as to the general public.

9. May 28, 1903 The Bamberg Herald Bamberg, SC

Article from The Bamberg Herald, May 28, 1903

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Article Text

Bank at Greenwood Closed. The sensation it, Greenwood the past week was the wholly unexpected suspension of the City Bank. The following notice was posted on its doors: "A combination of circumstances, coupled with heavy demands against us, absolutely forces the City Bank to suspend. Depositors and creditors will be paid in full, but it requires time. J. F. Davis, president." At a subsequent meeting of the directors the information was given out that the stockholders alone are losers. A meeting of them was called to consider a proposition for reorganization and resumption of business, which, it is believed, will be perfected with only a few days' delay and inconvenience to depositors. No dishonesty is even suspicioned. The officials are among the most trusted oitizens and are above reproach. A series of heavy losses, covering a period of several years, is said to be the cause. The Citizens Bank began business about fifteen years ago, on a cap. ital of $60,000, with the late D. A. P. Jordan as president and J. F. Davis, cashier.

10. May 29, 1903 The Marlboro Democrat Bennettsville, SC

Article from The Marlboro Democrat, May 29, 1903

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Article Text

A Bank Suspends. A dispatch from Greenwood, to The State says the City bank of that place suspended Wednesday. The news was as astounding as it was unexpected. The first intimation of the suspension was the posting of the following notice on the front door: "Combinations of circumstances, coupled with unusually heavy demands on us, absolutely forces the City bank to suspend; creditors and depositors will be paid in full, but it will take time.

11. June 25, 1903 The Pickens Sentinel-Journal Pickens, SC

Article from The Pickens Sentinel-Journal, June 25, 1903

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Article Text

RECEIVER ASKED FOR. Business Firm Affected by Failure of City Bank of Greenwood. Application was made before Judge Klugh at Abbeville -Saturday for a receiver for the firm of Davis & Daniel, who are running a shoe store at Anderson and one at Greenwood. The application was made in be. half of the City bank of Greenwood, which had been carrying the firm's paper, and the application for a receivership is a step towards winding up the bank's affairs. Arrangements are pending looking toward a settlement and it is hoped to have the two stores running again as usual in a short while.