First National Bank - Spartanburg, SC

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 1848
Charter Number: 1848
Start Date: June 25, 1932
Location: Spartanburg, South Carolina (34.950, -81.932)

Metadata

Model: gpt-5-mini
Short Digest: 200d0a74

Response Measures

None

Receivership Details

Depositor recovery rate: 67.0%
Date receivership started: 1932-06-30
Share of assets assessed as good: 39.1%
Share of assets assessed as doubtful: 46.7%
Share of assets assessed as worthless: 14.2%

Description

The bank 'closed its doors June 25' (1932) and a receiver (Albert Lohm) was appointed; later actions by the receiver (lawsuit, dividend distributions in Dec 1933) indicate the bank remained closed and in receivership rather than having resumed operations. Articles do not describe a depositor run; instead they show bank-specific problems (receiver suit alleging fraudulent stock ownership/avoidance of assessments) and receivership actions.

Events (5)

1. July 15, 1871 Chartered

Source: historical_nic

2. June 25, 1932 Receivership

Newspaper Excerpt: Albert Lohm receiver of the First National Bank of Spartanburg, which closed its doors June 25. ... Sue Clevelands For $15,000 In Bank Case — suit ... by Albert Lohm receiver of the First National Bank of Spartanburg, which closed its doors June 25.
Source: newspapers

3. June 25, 1932 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank closed and receiver appointed; later receiver sued a shareholder alleging organization of a company to hide ownership of 300 shares and avoid assessments, indicating bank-specific misconduct/insolvency.
Newspaper Excerpt: First National Bank of Spartanburg, which closed its doors June 25.
Source: newspapers

4. June 30, 1932 Receivership

Source: historical_nic

5. December 20, 1933 Other

Newspaper Excerpt: $400,000 Dividend To Be Paid Out By Receiver Of First National Bank ... Albert Lohm, receiver of the First National bank Tuesday began the distribution 20 per cent dividend checks to 4,500 depositors of closed bank
Source: newspapers

Newspaper Articles (3)

1. October 6, 1932 The Greenville News Greenville, SC

Article from The Greenville News, October 6, 1932

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Article Text

Sue Clevelands For $15,000 In Bank Case SPARTANBURG Oct. Suit against Jesse Cleveland. Mary Patterson Cleveland and Keyland company for $15.000 has been instituted in the United States District Court for the western district of South Carolina by Albert Lohm receiver of the First National Bank of Spartanburg, which closed its doors June 25. The complaint. filed by Nicholls Wyche & Russell alleges that Mr Cleveland caused the Keyland company to be "organized for a fictitious and illegal purpose in fraud of the rights of the plaintiff and as mere of form behind which the defendant Jesse Cleveland. could transact his business" and asks the court "that the defendant. Jesse Cleveland should be adjudged the owner of 300 shares of stock in the First National Bank of Spartanburg. South Carolina and thereupon this plaintiff do have judgment against the defendant. Jesse Cleveland for the sum of $15.000 together with interest thereon from the 12th day of September 1932. at the rate of seven per cent per annum. and for the costs of this action. In his complaint. the bank's receiver alleges that Mr. Cleveland sought to his ownership of 300 shares of First National Bank stock in order "to avoid his responsibility for the stockholders' assessment thereon."

2. March 4, 1933 The Item Sumter, SC

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Article Text

Loans In South Carolina March loan the receiver the First National Bank Spartanburg topped all others for south authorized in January by the Reconstruction Corporation. Others The Home Building and Loan 000: Bank of Camden, $2,500; National Exchange Bank, Chester, National Loan Exchange Bank, Columbia, and First National Bank, $6,000.

3. December 20, 1933 The Greenville News Greenville, SC

Article from The Greenville News, December 20, 1933

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Article Text

IN CASH SPARTAN PEOPLE $400,000 Dividend To Be Paid Out By Receiver Of First National Bank TEACHERS GET SALARIES Dec Christmas brighter here Tuesday for 9,200 as of the distribution of $690,000 were made the First National county agent and county superintendent Albert Lohm, receiver of the First National bank Tuesday began the distribution 20 per cent dividend checks to 4.500 depositors of closed bank The $400,000 for dividend was made possible largely through the efforts United States Senator James Byrnes who engineered $325,000 loan from the eral government on the bank's assets. Ernest Carnes. county agent announced Tuesday beginning Thursday cotton options on 12,000 bales of would be to 4.000 farmers. The farmers, he said have an equity of around $240.000 in the options James Brooks. county superintendent of education. morning began paying 700 Spartanburg teachers their third salary checks The fund made by $34. direct aid to the state which was supplemented with school tax collections in this county