20206. Peoples Bank (Sumter, SC)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
February 15, 1927
Location
Sumter, South Carolina (33.920, -80.341)

Metadata

Model
gpt-5-mini
Short Digest
3da54f25

Response Measures

Full suspension, Books examined

Other: Receiver appointed; bank taken into custody by state bank examiner and receiver.

Description

Newspapers report heavy withdrawals closed banks in Sumter. Peoples Bank was closed by order of the state bank examiner on Feb 15, 1927 following heavy withdrawals; a receiver (A. H. Broughton) was appointed Feb 27, 1927. The run appears tied to local banking distress (Sumter Trust Company's failure) rather than a discrete false rumor.

Events (3)
1. February 15, 1927 Run
Cause
Local Banks
Cause Details
Heavy withdrawals over two days following failures/distress of other local Sumter bank(s) (Sumter Trust Company); local panic.
Measures
Directors turned affairs over to the state bank examiner; bank was closed by order of the state examiner.
Newspaper Excerpt
The Peoples Bank here, with capital of $100,000 and deposits of $320,000, was closed Tuesday.
Source
newspapers
2. February 15, 1927 Suspension
Cause
Local Banks
Cause Details
Closure ordered after unusual and heavy withdrawals and related local bank failures (Sumter Trust Company failed to open).
Newspaper Excerpt
The People\u2019s bank ... was closed Tuesday. ...turned over its affairs to the state bank examiner.
Source
newspapers
3. February 27, 1927 Receivership
Newspaper Excerpt
A. H. Broughton, cashier of the People's bank, which was closed by order the state bank examiner February 15, has been appointed receiver to take charge of the bank's affairs. ...Mr. Broughton's bond has been fixed $25,000, which he furnished. He has assumed charge of the bank's affairs.
Source
newspapers

Newspaper Articles (2)
1. February 18, 1927 The Tampa Tribune Tampa, FL
Article from The Tampa Tribune, February 18, 1927

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Article Text

HEAVY RUN CLOSES SUMTER, S. C. BANK SUMTER. S. C., Feb. 17.-(A )The Sumter Trust Company failed to open its doors this morning. A notice posted on the door stated that due to unusual and heavy withdraw from the during the last two days. institution would not be-able to withstand further withdrawals and the directors had turned over its affairs to the state bank examiner. The bank capitalized at $100, 000. On 31, had of nearly $600,000. The Peoples Bank here, with capital of $100,000 and deposits of $320,000, was closed Tuesday.

2. February 28, 1927 The State Columbia, SC
Article from The State, February 28, 1927

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Article Text

FUNERAL SERVICES HELD FOR LODIE S. MARTIN Special to The State. Laurens, Feb. 27.-Funeral services were held Saturday afternoon for Lodie E. Martin, 45, invalid son of the late Col. H. Martin of this city, Interment was at Laurens cemery. The death of Mr. Martin acFriday at the home of his mother, Mrs. Anna Sitgreaves Martin, West Main street. In addition to his he survived by one brother, Henry Martin of Broughton Bank Receiver, Special to The State. Sumter, Feb. 27.-A. H. Broughton, cashier of the People's bank, which was closed by order the state bank examiner February 15, has been pointed receiver take charge of the bank's affairs. This action was taken following meeting of the state bank examiner, Fant, the board of direetors and large number of the stock holders. Mr. Broughton's bond has been fixed $25,000, which he furnished. He has assumed charge of the bank's affairs.