First National Bank - Mullins, SC

Bank Information

Episode Type: Suspension → Reopening
Bank Type: national
Bank ID: 9876
Charter Number: 9876
Start Date: December 1, 1931*
Location: Mullins, South Carolina (34.206, -79.254)

Metadata

Model: gpt-5-mini
Short Digest: 67882543

Response Measures

None

Receivership Details

Depositor recovery rate: 70.3%
Date receivership started: 1931-12-14
Date receivership terminated: 1936-07-29
Share of assets assessed as good: 23.5%
Share of assets assessed as doubtful: 63.3%
Share of assets assessed as worthless: 13.2%

Description

Newspaper articles (Dec 1931) report the First National Bank of Mullins closed by order of directors and with an examiner's notice, stating it would remain closed for 30 days as a protective measure after the local Bank of Mullins also closed. There is no explicit report of depositor runs on the First National (article says closures were to avoid any run). No receivership or permanent takeover is mentioned. I classify this as a suspension (temporary protective closing) with expected reopening.

Events (3)

1. October 21, 1910 Chartered

Source: historical_nic

2. December 1, 1931* Suspension

Cause: Government Action
Cause Details: Closed by order of directors with notice signed by Folger, examiner in charge; posted to remain closed for 30 days as a protective measure.
Newspaper Excerpt: notice on the door stated the bank had been closed by order of directors to protect its depositors and stockholders ... This notice was signed by Folger, examiner in charge ... would remain closed for days protective measure.
Source: newspapers

3. December 14, 1931 Receivership

Source: historical_nic

Newspaper Articles (3)

1. December 13, 1931 The State Columbia, SC

Article from The State, December 13, 1931

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Article Text

Second Institution in Town and Branch at Nichols Quit for Thirty Days for Safety. Special to The Mullins, Dec. First National bank of Mullins doors today notice on the door stated the bank had been closed by order of directors to protect its depositors and stockholders and that affairs had been placed in the hands the of the This notice was signed by Folger, examiner in charge. The directors of the bank of Mulupon learning of the action the First National closed its doors and posted notice to the effect that would remain closed for days protective measure. Officers of the Bank of Nichols Nichols, which branch of the Bank Mullins, to for 30 days to avoid any run the bank. closing of the First National bank marks the first bank closing in the town's history,

2. December 14, 1931 Florence Morning News Florence, SC

Article from Florence Morning News, December 14, 1931

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Article Text

FLORENCE BANK RELIEF Peoples State Bank FurTemporary Facilities At the request of a delegation of citizens of Mullins whose two banks closed The Peoples State Bank of provide banking for the business interests that town and was nounced night McLeod. chairman of the board. Dr. stated that representatives of the interests of Mullins were here Saturday night conference and that order assist in Peoples Bank arranged furnish temporary banking facilities. Frank Brand, district vice president the Peoples State Bank. and Darby Cusaak, cashwill early this remain in Mullins long necessary, it stated. The action follows the closing on Saturday First National Bank Mullins, which was followthe closing the Bank of Mullins to protect itself against run. State bank examiners, it said last night, making an investigation affairs both of these

3. May 8, 1932 The Charlotte News Charlotte, NC

Article from The Charlotte News, May 8, 1932

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Article Text

Mullins Business Man Kills Self Mullins S May S H Schoolfield. 56 business leader here for the past 30 years was found dead of bullet wound at his home here today He died short time later hospital Relatives said it was apparently suicide and that they believed ill health prompted the Mr Schoolfield native of Dan. ville president of the Mullins Lumber company and was president the First National bank of Mullins recently closed