20196. Bank of Spartanburg (Spartanburg, SC)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
October 9, 1920
Location
Spartanburg, South Carolina (34.950, -81.932)

Metadata

Model
gpt-5-mini
Short Digest
92dd1c02

Response Measures

Public signal of financial health, Books examined

Description

A depositor run began Oct 9, 1920 but was halted after the state bank examiner declared the institution solvent and a committee of local banks examined affairs. The bank continued business as usual; there was no suspension or closure reported.

Events (1)
1. October 9, 1920 Run
Cause
Bank Specific Adverse Info
Cause Details
Concern following actions involving a director/vice-president (resignation requested for John B. Cannon) prompted withdrawals; examiner's statement of solvency calmed depositors.
Measures
State bank examiner publicly declared the bank solvent; examiner requested resignation of vice-president; committee of local banks examined affairs and reassured depositors.
Newspaper Excerpt
Following a statement by the State bank examiner that the bank is absolutely solvent, a run which started on the Bank of Spartanburg yesterday was halted this morning and business is going on as usual today.
Source
newspapers

Newspaper Articles (2)
1. October 10, 1920 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, October 10, 1920

Click image to open full size in new tab

Article Text

BANK RUN AVERTED Old Spartanburg Bank Has Narrow Escape From Closing By Associated Press Spartanburg, S. C., October 9.-Follow ing a statement by the state bank ex aminer that the bank was absolutely solvent, a run which started on the Bank of Spartanburg yesterday, was halted today and the bank did business as usual. The bank examiner's statement said he had requested the resignation of John RT Cannon as vice president and member of the board of directors. and that the resig= nation has been accepted by the other di-" rectors. A committe representing all the other banks of the city declared that, after full examination of the bank's affairs, there was no danger to deposit for further cred-i itors. The bank is one of the otces: the city and has total revenues of more. than $3,000,000.

2. October 10, 1920 Richmond Times-Dispatch Richmond, VA
Article from Richmond Times-Dispatch, October 10, 1920

Click image to open full size in new tab

Article Text

RUN ON SPARTANBURG BANK IS STOPPED BY EXAMINER Statement That Institution In Solvent Restores Confidence of Depositors. SPARTANBURG, S. C., Oct. 9.Following a statement by the State bank examiner that the bank is absolutely solvent, a run which started on the Bank of Spartanburg yesterday was halted this morning and business is going on as usual today. The bank examiner's statement said that he had requested the rèsignation of John B. Cannon, vice-president and member of the board of directors, and that the resignation had been accepted by the other directors A committee. representing all the other banks of the city declared that, after full examination of the banks' affairs, there was no danger to depositors or other creditors. The Bank of Spartanburg is one of the oldest In the city, has a capital of $300,000, and total resources of $3,000,000.