Farmers & Merchants Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: October 1, 1928*
Location: Lake City, South Carolina (33.871, -79.755)

Metadata

Model: gpt-5-mini
Short Digest: 17a657ac

Response Measures

None

Description

Article (Charlotte Observer, 1928-11-10) reports Farmers & Merchants Bank, Lake City, S.C., suspended business October by resolution of the board and Thomas A. Early was appointed receiver. OCR errors in the text were corrected (e.g., sentence fragments). No run or depositor riot is described; suspension led to receivership/closure. Cause inferred as bank-specific adverse information/insolvency (receiver appointed and dispute over reserve balance with Federal Reserve).

Events (2)

1. October 1, 1928* Receivership

Newspaper Excerpt: Thomas A. Early receiver, appellee... Records show that at the time of suspension the bank had in reserve account with Federal Reserve bank the sum of $28,085.00. ...the subscriber for 78 shares stock the Federal Reserve to filed recover the of reserve deposits ... upon petition the Lumber company was hearing In the United States circuit court of ap. peals here. BANK CASE. The federal here today also heard the of the Federal Reserve bank versus Thomas A. Early receiver, appellee This case, court records show involves the Farmers and Merchants bank Lake City South Carolina, member of the Federal Reserve system, suspended business October by resolution of the board of directors on account of in Mr Early being appointed records show that at the time of suspension the bank had in reserve count with Federal Reserve bank the sum of $28 085 Records show also that the subscriber for 78 shares stock the Federal Reserve to filed recover the of reserve deposits the liquidation value of the serve bank (OCR-corrected excerpt).
Source: newspapers

2. October 1, 1928* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Board of directors suspended business in October; receiver later appointed, suggesting insolvency/financial distress.
Newspaper Excerpt: the Farmers and Merchants bank Lake City South Carolina, member of the Federal Reserve system, suspended business October by resolution of the board of directors
Source: newspapers

Newspaper Articles (1)

1. November 10, 1928 The Charlotte Observer Charlotte, NC

Article from The Charlotte Observer, November 10, 1928

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Article Text

N. PARK ACT IN LEGAL FIGHT Suncrest Lumber Co. Battles in Court for Title to 38,000 Acres of Timber. RICHMOND Nov. case Lumber comversus the North Carolina park was argued length before the United States circuit court of appeals in hmond today was appealed from the United States court Asheville and involves the to of timberland in Swain Haywood North is charged that the North Carolina park commission was planning to condemnation proceedings in the state court for the purpose to belong to the Suncrest Lumber company. The Suncrest Lumber company charged that the act of the General Assembly of North Carolina, under which It alleged that the park commission unconstitutional and in violation of the fourteenth amendment the constitution the United States. Court here reveal that conuted by the state North Caro. Ina In September 1928 and upon petition the Lumber company was hearing In the United States circuit court of ap. peals here. BANK CASE. The federal here today also heard the of the Federal Reserve bank versus Thomas A. Early receiver, appellee This case, court records show in volves the Farmers and Merchants bank Lake City South Carolina, member of the Federal Reserve system, suspended business October by resolution of the board of directors on account of in Mr Early being appointed records show that at the time of suspension the bank had in reserve count with Federal Reserve bank the sum of $28 085 Records show also that the subscriber for 78 shares stock the Federal Reserve to filed recover the of reserve deposits the liquidation value of the serve bank The Federal Reserve records had viously refused payment on the grounds that the reserve balance and the value of the subject to application ward the of checks on the Lake City contained in two cash letters alleged have been transmitted reserve bank to Lake City bank.