Bank of Pageland - Pageland, SC

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: January 6, 1930
Location: Pageland, South Carolina (34.772, -80.389)

Metadata

Model: gpt-5-mini
Short Digest: 122ca267

Response Measures

None

Description

Article (The State, 1930-01-10) reports the Bank of Pageland was closed by order of the board (closed Monday by order of the board of directors) due to internal/local friction between factions; the state bank examiner met with stockholders and reopening was considered. No explicit run is described (although heavy withdrawals had reduced deposits), and the closure appears to be voluntary/board-ordered rather than a government receivership.

Events (1)

1. January 6, 1930 Suspension

Cause: Voluntary Liquidation
Cause Details: Closed by order of the board of directors amid local friction between factions of stockholders; not closed for insolvency per state examiner.
Newspaper Excerpt: The Bank of Pageland, which was closed Monday by order of the board of directors, has sufficient liquid assets to pay all depositors in full...
Source: newspapers

Newspaper Articles (1)

1. January 10, 1930 The State Columbia, SC

Article from The State, January 10, 1930

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Article Text

PAGELAND BANK FURTHER CHANGES ANNOUNCED ALL IN DIPLOMATIC SERVICE Sackett Confirmed as Ambassador to Germany. Stockton of Florida and Tarshesky of Massachusetts Nominated Ministers to Austria and Czecho-Slovakia. Washington, Jan. 9 (By A. Further changes in the American diplomatic corps in Europe were formally announced at the White House with the submission of three nominations to the senate Senator Frederic M. Sackett of Kentucky was named ambassador to Germany, succeeding Jacob Gould Schurmann, resigned. Gilchrist Baker Stockton of Florida was appointed minister % Austria; Abraham C. Tarshesky of Massachusetts was nominated as minister to Czech-Slovakia. Subsequently the state department announced the from the diplomatic corps of the present minister to Austria, Albert Henry Washburn of Massachusetts, and the present minister to Czecho- Slovakia, Lewis Einstein of New York. Prompt confirmation of the Sackett nomination was given by the senate, but the others were referred to the foreign relations committee in the usual course. After they have been confirmed, the ministers will confer with state department officials before leaving for their posts. Another change in the Latin-American service also was announced at the White House, Warren Delano Robbins being relieved of duty as minister to El Salvadore and assigned as director of at the White House. He takes over the work heretofore performed by James C. Dunn, chief of the protocol division of the state department. The White House announcement made no mention of successor to Robbins and merely said that Dunn would perform other important work in the state department. No cause for the change was assigned. Dunn generally was understood to have prepared the ruling made Frank B. Kellogg as secretary state that Mrs. Dolly Gann, sister Vice President Curtis did not-as official hostess for the vice presidentrank the wives of This ruling precipitated the now celebrated Gann controversy, which finally was settled by Mrs. Gann being accorded by the diplomatic corps and the White House the rank that would be enjoyed by the wife of the vice Both Stockton and Ratshesky, the latter Boston banker served under Herbert Hoover during war days, the former overseas and the latter as assistant state food administrator for Massachusetts. Stockton was member of the United States commission for relief in Belgium and chief of the United States relief administration to Austria. Stockton, real estate' dealer of Jacksonville, was Democrat who supported Mr. Hoover for the presidency, in all of the large Florida cities. He is graduate of Princeton university and served during the World war on the staff of Admiral Sims in London. Stockton has been here for two weeks conferring with the president and state department officials. am very pleased that the president is placing this confidence in me, he said after his nomination had been sent to the senate. He will return to his home in Jacksonville Saturday and return here later for further conference before going to Vienna. He probably will leave for his new post within a little more than month. Depositors to Lose Nothing in Institution. FANT AT MEETING State Bank Examiner Meets With Stockholders. May Reopen. The Bank of Pageland, which was closed Monday by order of the board of directors, has sufficient liquid assets to pay all depositors in full and stockholders an amount not to exceed 75 per cent., Albert S. Fant, state bank said yesterday Mr. Fant returned to Columbia after meeting with stockholders of the bank Wednesday. C. M. Calhoun and W R. Scarborough, associated with Mr. Fant, are in Pageland making classification of the banks assets. Their report will be made at meeting of the stockholders next Tuesday, at which time the future course of the bank will be decided. the examiner said Stockholders of the bank feel favor- ably disposed to reopen the institution Mr. Fant said, in explaining that its closing was brought about by local friction and not because it was solvent. It was claimed by one faction that the other desired to liquidate the bank without its consent or approval. Deposits totaling approximately $90,000, Mr. Fant said, had been reduced to little more than $20,000 the time the bank closed. Loans had been from $100,000 to $28,000. The bank had capital of $17,000 and a surplus of $3,000. There is sufficient cash on hand now, Mr. Fant added, for the bank to pay 60 per cent. to the depositors not paid prior to its closing, without realizing on its other assets.