Carolina National Bank - Spartanburg, SC

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 12146
Charter Number: 12146
Start Date: December 28, 1929
Location: Spartanburg, South Carolina (34.950, -81.932)

Metadata

Model: gpt-5-mini
Short Digest: c8c49fb2

Response Measures

None

Receivership Details

Depositor recovery rate: 55.0%
Date receivership started: 1929-12-30
Date receivership terminated: 1938-02-28
OCC cause of failure: Governance
Share of assets assessed as good: 31.6%
Share of assets assessed as doubtful: 38.9%
Share of assets assessed as worthless: 29.5%

Description

The articles report the Carolina National Bank of Spartanburg was closed on December 28, 1929 and placed in receivership; later reporting (1931) describes the receiver suing former directors for negligent loans. No contemporaneous run is described. OCR errors in the source text were corrected (e.g., dates and phrasing).

Events (4)

1. March 25, 1922 Chartered

Source: historical_nic

2. December 28, 1929 Receivership

Newspaper Excerpt: Receiver of Spartanburg Bank ... Receiver ... the defunct Carolina National bank filed suit ... the Carolina National bank was closed on December 28, 1929. ... receiver in winding the affairs of the Carolina National bank. Campbell ... receiver of the Carolina National Bank Spartanburg and number other closed ... took over from Mr. Dixon also. (articles 1-4 indicate receivership following closure). . , , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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Source: newspapers

3. December 28, 1929 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank closed after allegedly large, careless and negligent loans to insiders, employees and local organizations leaving it insolvent; receiver later sues directors for recovery of loans.
Newspaper Excerpt: The Carolina National bank was closed on December 28, 1929
Source: newspapers

4. December 30, 1929 Receivership

Source: historical_nic

Newspaper Articles (4)

1. June 28, 1931 The Charlotte Observer Charlotte, NC

Article from The Charlotte Observer, June 28, 1931

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Article Text

SUES DIRECTORS OF CLOSED BANK Receiver of Spartanburg Bank Seeks Recovery of $183,538 From Defendants. Charlotte Observer Campbell. for the defunct Carolina National bank filed sult in the United States district court of the western district of South Carolina against 15 former directors the institution and the executors of the estates of two deceased members the board for accounting and the recovery of $183,538.33 alleged the ceiver been "negligently and carelessly loaned." The complaint alleges loans were carelessly and negligently made members of the family of Willcashier of the defunct institution, in the amount of to certain employes the bank amounting $35,431 and to the Spartanburg baseball club $24,880 "without adequate security." All of the loan: according to the complaint of the receiver are tal the bank. The Carolina National bank was closed on December 28, 1929 Simultaneously the Dollar Savings bank, state operated in the closed by the or. der of the board of directors

2. November 30, 1931 The Greenville News Greenville, SC

Article from The Greenville News, November 30, 1931

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Article Text

Strange Malady Kills Spartan Bank Receiver Nov. Carlisle died local hospital Saturday encephalitis disease which closesleeping Harter had for several months engaged with the receiver in winding the affairs of the Carolina National bank. He been about week. SCHOOLS TO REOPEN UNION Nov. schools Monday follow ing the holidays. been the custom for number years school Wednesthe The out of teachers spent holidays relatives or friends.

3. January 21, 1932 The Gaffney Ledger Gaffney, SC

Article from The Gaffney Ledger, January 21, 1932

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Article Text

RECEIVER LEAVES FIRST NATIONAL. Expected that Receiver of Carolina National of Spartanburg Will Take Charge. H. Dixon, receiver of the First National Bank Gaffney National Bank of Fort Mill, has been transferred Durham, N. be receiver of the recently closed First National that seven and million dollar bank. Mr. Dixon received the appointment Monday afternoon by telegraph Walt. acting comptroller the currency Washington. He left Gaffney Durham Tuesday morning. His family will remain here until after the close the present school session. While not definitely was thought here that the fairs National and Fort Mill National will turned Campbell receiver of the Carolina National Spartanburg. Mr. Dixon came to Gaffnev week after the First National failed open the morning February 1930. Under his ceivership depositors credihave been paid dividends talling 70 cent, or close per $800,000. Mr. Dixon, who native Florence, entered the government banking service 1923. He has handled the receiverships of number banks very factory manner. He made many friends here by his but kind and considerate, methods.

4. February 2, 1932 The Gaffney Ledger Gaffney, SC

Article from The Gaffney Ledger, February 2, 1932

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Article Text

TAKES LOCAL FIRST NATIONAL Man Checks In Receiver, Succeeding Dixon. Campbell was checked Saturday receiver of the National here, Dixon, who transferred receivership First National Bank at Mr. Dixon here for the transfer. returned to Duryesterday afternoon. Campbell receiver of the Carolina National Bank Spartanburg and number other closed in the including National Fort which took over from Mr. Dixon also. Faces Trial. Philadelphia, Jan. debutante's bidden affair and brothslaying the suitor finds Eddie Allen prepared trial tomorrow indictment charging him with murder of Francis Donaldson,