20166. Edisto National Bank (Orangeburg, SC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
10650
Charter Number
10650
Start Date
March 1, 1933*
Location
Orangeburg, South Carolina (33.492, -80.856)

Metadata

Model
gpt-5-mini
Short Digest
89f83f7e

Response Measures

None

Receivership Details

Depositor recovery rate
61.0%
Date receivership started
1934-01-23
Share of assets assessed as good
46.8%
Share of assets assessed as doubtful
48.1%
Share of assets assessed as worthless
5.1%

Description

The bank was closed during the national banking holiday (March 1933) and placed under a conservator (W. L. Glover). A receiver (Brig. Gen. E. Marchant) took charge (reported Aug 8, 1933) and later references note a receiver appointment in Jan 1934 and dividend payments in Dec 1934. No article describes a depositor run; this is a suspension followed by receivership/closure.

Events (6)

1. October 22, 1914 Chartered
Source
historical_nic
2. March 1, 1933* Suspension
Cause
Government Action
Cause Details
Closed during the national banking holiday (banking holiday declared in early 1933); placed under a conservator (W. L. Glover).
Newspaper Excerpt
The Edisto National bank was closed during the Banking Holiday and Glover was pointed conservator
Source
newspapers
3. August 8, 1933 Receivership
Newspaper Excerpt
Marchant Named Bank Receiver. ORANGEBURG. Aug. Brig. Gen. E. Marchant of Columbia has been named receiver for the Edisto National bank here. He took charge of the institution yesterday with his assistant, J. B. Baxter, of Columbia. The bank reopened following the banking holiday under W. L. Glover, former cashier and vice president, as conservator.
Source
newspapers
4. January 23, 1934 Receivership
Source
historical_nic
5. January 25, 1934 Receivership
Newspaper Excerpt
Columbian Appointed for Edisto National in Orangeburg. Orangeburg, Jan. ... appointed receiver the Edisto National according telegram today the comptroller ... Glover, conservator ... have been under the bank holiday.
Source
newspapers
6. December 8, 1934 Other
Newspaper Excerpt
EDISTO BANK RECEIVER WILL PAY 16 PER CENT ... The Edisto National bank was closed during the Banking Holiday and Glover was pointed conservator, in charge until the receiver January 1934. The dividend brings to ... per cent the amount paid the creditors of the bank.
Source
newspapers

Newspaper Articles (4)

Article from The Index-Journal, August 8, 1933

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Article Text

More Answers To NRA Problems Aug. does the NRA mean? The following questions were developed and answered Monday by officials of the national recovery administration: Are small businesses. employing only few persons, required to pay stated wage scales and observe the hours specified in the blanket code? They How are unchartered home Industries, such as home launderies, affected by the NRA? Where only one person is engaged in such industries he or she is not affected. Where more are at work, the business is expected to come in under the blanket code. What about firms having curb service and employing several small boys or young men to serve cars at the curb? The minimum wage for parttime worker in such businesses expected to be such that if the employe worked at that wage for full week of 40 hours he would receive the weekly wage prescribed for him by the president's employment agreement. Is an employer expected to discharge employes where he has been spreading work by means of the movement so to give regular work for less number. of workers? No. Compensation of employes above the minimum wage group. whether now fixed by the hour, day, week or otherwise, shall not be reduced, either to compensate the em- ployer for increases that he may be required to make in the minimum wage group in order to comply with the president's re-employment greement, or to turn this agreement into mere movement without resulting increase of total purchasing power. Is an employer who has signed the president's re-employment agreement abiding by its provisions if he turns off any of his employes? He is not complying with the spirit of the agreement. Marchant Named Bank Receiver. ORANGEBURG. Aug. Brig. Gen. E. Marchant of Columbia has been named receiver for the Edisto National bank here. He took charge of the institution yesterday with his assistant, J. B. Baxter. of Columbia. The bank reopened following the banking holiday under W. L. Glover, former cashier and vice president, as conservator.


Article from The State, August 8, 1933

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Article Text

MARCHANT NAMED BANK RECEIVER J. B. Baxter Assists Him at Edisto National in Orangeburg. Orangeburg, Aug. Clean Sweep Gen. Marchant of Brooms the Edisto bank here. He took charge the with his THE The bank reopened following the banking holiday under Glover. former cashier and vice conservator.


Article from The State, January 25, 1934

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Article Text

NAMED BANK RECEIVER Columbian Appointed for Edisto National in Orangeburg. Orangeburg, Jan. pointed receiver the Edisto National according telegram today the comptroller Glover, conThe the have been under the bank holiday. Glover and cashier the First National which business January has the other institution since that time. Jamaica is still feeling the agricultural due the storm havoc last year.


Article from The Columbia Record, December 8, 1934

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Article Text

EDISTO BANK RECEIVER WILL PAY 16 PER CENT (Special The Record) ORANGEBURG, Dec. Edisto National bank Orangeburg, nounced Friday that second dividend per cent the credity that been authorizby the comptroller the that checks would distribution on Monready for The Edisto National bank was closed during the Banking Holiday and Glover was pointed conservator, in charge until the receiver January 1934. The dividend brings to cent the amount paid the creditors of the bank, per cent dividend been paid during January. The announcement has met with general interest, time the year, will be most welcome.