First National Bank - Manning, SC

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 11155
Charter Number: 11155
Start Date: February 1, 1928*
Location: Manning, South Carolina (33.695, -80.211)

Metadata

Model: gpt-5-mini
Short Digest: 844cdcdb

Response Measures

None

Receivership Details

Depositor recovery rate: 22.1%
Date receivership started: 1927-12-14
Date receivership terminated: 1933-01-03
OCC cause of failure: Economic conditions
Share of assets assessed as good: 35.1%
Share of assets assessed as doubtful: 36.6%
Share of assets assessed as worthless: 28.4%

Description

Article (Mar 2, 1928) states the First National Bank of Manning was closed few weeks ago and references Receiver J. C. Ridgeway, indicating a closure with a receiver. No run or depositors' panic is mentioned. Closure appears to be by receiver/government action; date of closing not given precisely, estimated to be February 1928 ('few weeks' before Mar 2).

Events (3)

1. March 8, 1918 Chartered

Source: historical_nic

2. December 14, 1927 Receivership

Source: historical_nic

3. February 1, 1928* Suspension

Cause: Government Action
Cause Details: Bank was closed and a receiver (J. C. Ridgeway) was appointed; receiver assisted by A. M. Broughton of the Federal Reserve Bank of Richmond.
Newspaper Excerpt: assisting Receiver J. C. Ridgeway of the First National Bank of Manning, which was closed few weeks ago.
Source: newspapers

Newspaper Articles (1)

1. March 2, 1928 The Item Sumter, SC

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Article Text

LOCAL NEWS Adjournment of the Legislature is not in sight, as no agreement on a revenue measure that will produco sufficient income to match the eleven million dollar appropriation act has been reached. The weather permitting. the cot ton crop will be planted early thi year, as a majority of farmers have finished preparing the land and are waiting only until it is safe to put the seed in the ground. Mr. A. M. Broughton, formerly cashier of the Peoples Bank and receiver of that institution after It was closed in February 1927. has accepted position with the Federal Reserve Bank of Richmond to travel in this state and part of North Carolina. He is spending this week in Manning assisting Receiver J. C. Ridgeway of the First National Bank of Manning, which was closed few weeks ago. Two grass fires, one last night and the other this morning, were quickly extinguished by the fire department with no damage to property. The one last night was at the old baseball park, shortly before 7:30 o'clock. The other alarm was sent in from Blanding street at 10:30 o'clock this mo All Atlantic Coast Line trains passing through Sumter have their engines draped in mourning as a sorrowful tribute to President John R. Kenly, who died yesterday. He was one of the big railroad men of the country. He had the respect and confidence of all of the thousands of employes of the great railroad system that he helped to create.