Colleton Banking Company - Walterboro, SC

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: state
Start Date: November 29, 1930
Location: Walterboro, South Carolina (32.905, -80.667)

Metadata

Model: gpt-5-mini
Short Digest: 2651242d

Response Measures

Full suspension, Books examined

Other: Directors placed bank in hands of state examiner; receiver later elected by depositors.

Description

Multiple contemporaneous articles (early December 1930) report a several-day run culminating the last Saturday of November, directors closing the bank and placing it in the hands of the state bank examiner; depositors later elected Judge Jas. E. Peurifoy receiver (Dec 12 report). The press explicitly blames false and hurtful propaganda, so the run and subsequent suspension are attributed to rumor/misinformation. Dates derived from newspaper dates: bank failed to open Dec 1, 1930; run climaxed Saturday Nov 29, 1930; receiver elected Dec 12, 1930.

Events (3)

1. November 29, 1930 Run

Cause: Rumor Or Misinformation
Cause Details: Flood of false and hurtful propaganda circulated through town and county triggered heavy withdrawals over several days.
Measures: Directors closed the bank and notified the state bank examiner; bank did not open on Monday to protect depositors.
Newspaper Excerpt: Following heavy run of several days, which reached its climax Saturday, the Colleton Banking Company ...
Source: newspapers

2. December 1, 1930 Suspension

Cause: Rumor Or Misinformation
Cause Details: Directors closed the bank to protect depositors after the run driven by false propaganda; state examiner took charge.
Newspaper Excerpt: The Colleton Banking Company ... failed to open its doors for business Monday morning, December 1. A statement on the door announced that this action was taken by the directors to safeguard the interests of the depositors.
Source: newspapers

3. December 12, 1930 Receivership

Newspaper Excerpt: Judge James Peurifoy ... was elected receiver of the closed bank by vote of the depositors. State Bank Examiner Albert S. Fant reported that there had been no violations of any banking law by the officials.
Source: newspapers

Newspaper Articles (6)

1. December 2, 1930 The Greenville News Greenville, SC

Article from The Greenville News, December 2, 1930

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Article Text

COLLETON BANK CLOSES DOORS Oldest Institution In County In Examiner's Hands Following Run WALTERBORO Dec. Following heavy run of several days, which reached its climax Saturday. the Colleton Banking company of Walterboro was placed in the hands of the state examiner today by its directors. When the last bank call was made, September 24, the bank's statement showed it had on deposit $425,919.17. Total resources were given with capital stock of $100,000 and $20,000 The bank, oldest in the county was formed in 1891. James Peurifoy. former judge and one time president of the South Carolina Bankers' association is president. Other officers are: R. Fraser, vice-president and cashier, and C. H. Frasier. assistant cashier. Albert Fant. state bank examiner. who took charge of the institution today, said all official acts of the officials were "above reproach" and that its officers were men of integrity Large shipments of currency were received here this morning in anticipation of heavy runs on Walterboro's two other banks. the Bank of Walterboro, and the Farmers and Merchants bank, but they failed to materialize.

2. December 2, 1930 The State Columbia, SC

Article from The State, December 2, 1930

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COLLETON BANK CLOSES DOORS Special to The State. Dec. Colleton Banking company, 1891. failed open its doors for this morning. on the that the action was taken by the to safeguard the the on the bank last and somewhat alarming proState Bank Examiner Albert Fant notified came Walterboro this morning. taking charge of the affairs of the bank. He deeply deplored the closing of the bank and stated there nothing the banking situation Walterboro which create any feeling anxiety or so far the two are cerned. Farmers Merchants bank the Bank Walterboro. He stated that he had made detailed of both these banks and that there are ample sets in both including reserves, to protect depositors against Colleton Banking company the oldest bank in the county, for bank. The late Lucas was the was made Judge James Peuriwhen with First National bank of Walterboro, the name the older The capital stock was placed $100,000 and the time the closing there was surplus $20,000. The bank's last published statement showed deposit account loans and discounts, $484.Judge president the bank. Fraser, vice and general cashier and C. Fraser, assistant cashier.

3. December 2, 1930 Florence Morning News Florence, SC

Article from Florence Morning News, December 2, 1930

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Oldest Of Walterboro's Banks Closes Doors -Following heavy run of several days. which reached Its clime Saturday. the Colleten Banking Company of Walterboro was placed in the hands of the state bank examiners today by its directors. When the last bank call was September 24. the bank's statement showed it had on deposit $425,919.17. Total resources were giver 08 with capitst stock of $100,000 and $20,000 The bank, oldest in the county was formed in 1891. James E. former judge and one time president of the South Carolina

4. December 3, 1930 The Press and Standard Walterboro, SC

Article from The Press and Standard, December 3, 1930

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COLLETON BANKING COMPANY FAILED TO OPEN ON MONDAY RUN ON BANK CAUSED DIRECTORS TO TAKE STEPS FOR PROTECTION OF DEPOSITORS Stockholders to Meet With The Depositors Receiver Will Be Elected and Affairs of Bank Wound -Thought Depositors Will Lose Little The CoHeton Banking Company. 1891 failed its doors for business Monday morning. on the that this action taken be the di the the run the bank developed last and reached somewhat proportions Sat urday Bank Examiner Fant was and came to Monday taking of the affairs of the bank He deeply plored the closing the bank and stated that there nothing in the banking situation in Walterboro which should create any feeling anxiety uneasiness, insofar the two remaining banks concerned the Farmers and Merchants Bank and Bank Walterboro H stated that had recently made detailed both these banks that he assure the both institutions that there ample in both institutions. including reserves, to protect depositors against The Colleton Banking Company was the oldest bank in the county be established in 1891 For many was the county' solè bank confidence of the public The late John Lucas was the of this bank till was made to Judge Jas Peurifoy his stock and it then consolidated with First National Bank of Walterboro, retaining the the oldest rapital stock was placed at $100,000 and the time the there was surplus of $20,000 Judge Jas. Peurifoy was president of the bank: R. Fraser president and Murray, and H. Fraser, sistant The directors the bank are Paul Sanders, Jones, VonLehe, Anderson, Murray Witsell, Jas. E. Peurifoy. R. L. Fra- Reports from of the two maining banks in Walterboro at the close Tuesday most reassuring. and the of these banks stated that their were in excess their paid and many new had been opened during the False Propaganda Says Official When The Press and Standard, an official of the bank stated that run on the bank had developed and that the of ficers and directors thought it best close in order to protect the de positors and other He further stated. "while there has been considerable unrest due to the failure of banks elsewhere, the sear city of money and the business depression prevailing yet the chief cause was the flood false and hurtful propaganda which has been persistently circulated throughout the town and county for stated that is his He further there are assets opinion that in if propto pay erly handled made to the bank The epartment the last ing showed capital September 24. Loans Statement by Albert S. Fant Albert S. Fant examiner, was in the city Monday morning in with officers of the Colleton Banking Company Mr Fant deploring the Colleton Banking the closing of there noth and feels that Company in Wal the banking situation ing in any feelwhich should create He has ing of anxiety or deexaminations recently Walterboro and tail of the Bank Bank and and Merchants the Farmers made further Monday morning bank He of these checking the depositors wishes assure there ample that both including assets in both protect depositors cash against demands intimate Fant "from my Mr. the with the officers association extend Colleton Banking both of ing state bank assistant and of their of and from knowledge my with the af in connection ficial acts fairs of this official that their hesitatingly say and above reproach. they acts have are men been of unimpeachable integrity New Now BAMBERG OFFICER DENIES SHORTAGE W. D. Rowell. Auditor. Asks Public To Wait Until He Makes Showing Nov 27 W D auditor superintendent against the grand recently ferred charges requested the to him from office because an alleged hortage $5,224.57 revealed by special accountant employed by the grand jury has issued state ment "to the citizens Bamberg county denying that there been any irregularity his office. and asking the public withhold judguntil he has had an opportunity his Mr Rowell has been ordered to appear Governor John Richards on December 5th to show hould not sus office. In his made public yesterday Mr Rowell My father you faithfully and one work succeeded my father and have and super intendent 1917 have given best life standing auditor has approval all the the Lately criticism made people and grand but all good citizens tion until have time showing with the assurance that find that has been the benefit of Bamberg county. the matters complained of the department public schools clearly have cured much public school aid and yet my compensation for doing that cents per day Kindly you will rything straight in my Mr Rowell holds the combined auditor and superintend ent of He ary 8150 year for attending the duties ad as dition his salary auditor The two combined formation of Bamberg county

5. December 11, 1930 The Beaufort Gazette Beaufort, SC

Article from The Beaufort Gazette, December 11, 1930

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COLLETON BANKING COMPANY FAILED TO OPEN ITS DOORS The Colleton Banking Company, established 1891 failed to open its doors for business Monday morning, December 1. A statement on the door announced that this action was taken by the directors to safeguard the interests of the depositors. A run on the bank developed last week, and reached somewhat alarming proportions Saturday. State Bank Examiner Fant was notified and came to Walterboro Monday morning taking charge of the affairs of the bank. He deeply deplored the closing of the bank and stated that there is nothing in the banking situation in Walterboro which should create any feeling of anxiety or uneasiness, insofar as the two remaining banks are con- cerned, the Farmers and Merchants Bank and the Bank of Walterboro. He stated that he had recently made a detailed examination of both these banks and that he wishes to assure the depositors of both institutions that there are ample assets in both institutions, including reserves, to protect depositors against losses. The Colleton Banking Company was the oldest bankwin the county, having been established in 1891. For many years it was the county's sole bank and enjoyed the confidence of the public. The late John F. Lucas was at the head of this bank till a sale was made to Judge Jas. E. Peurifoy of his stock and it was then consolidated with the First National Bank of Walterboro, retaining the name of the oldest bank. The capital stock was placed at $100,000 and at the time of the closing there was a surplus of $20,000. Judge Jas. E. Peurifoy was president of the bank; R. L. Fraser, vice pre ident and general manager: T. P. Murray, eashier and C. H. Fraser, assistant cashier. The directors of the bank are Paul Sanders, E. E. Jones, E. F. VonLehe, A. J. Anderson, T. P. Murray, C. A. Witsell, Jas E. Peurifoy, R. L. Fraser. Reports from each of the two remaining banks in Walterboro at the close of business Tuesday were most reassuring, and the officials of these banks stated that their deposits were in excess of their checks paid and many new accounts had been opened during the two days. False Propaganda Says Official. When seen by a representative of The Press and Standard, an official of the bank stated that a run on the bank had developed and that the officers and directors thought it best to close in order to protect the depositors and other creditors. He further stated, "while there has been considerable unrest due to the failure of banks elsewhere, the scarcity of money and the business depression prevailing generally; yet the chief cause was the flood of false and hurtful propaganda which has been persistenly and continuously circulated throughout the town and county for many months." He further stated that it is his opinion that there are ample assets to pay the depositors in full, if properly handled. The statement made to the banking department at the last report, September 24, 1930, showed capital and surplus $120,000.00. Loans $484,655.01; deposits $433,848.63. Statement by Albert S. Fant. Albert S. Fant, state bank examiner, was in the city Monday morning in consultation with officers of the Colleton Banking Company. Mr. Fant expressed himself as deploring the closing of the Colleton Banking Company and feels that there is nothing in the banking situation in Walterboro which should create any feeling of anxiety or uneasiness. He has recently made examinations in detail of the Bank of Walterboro and the Farmers and Merchants Bank and Monday morning made a further checking of these two banks. He wishes to assure the depositors of both institutions that there are ample assets in both institutions, including cash reserves, to protect depositors Mr. Fant said, "from my intimate association with the officers of the Colleton Banking Company, extending over a périod of years, both as assistant and state bank/examiner, and from my knowledge of their official acts in connection with the affairs of this institution. I can unhesitatingly say that their official acts have been above reproach, and they are men of unimpeachable integrity.-Press and Standard.

6. December 13, 1930 The State Columbia, SC

Article from The State, December 13, 1930

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except that my secretary now me that it was response quiry by Mr. Kuester that my secretary in that telegram tempted to give the names of the ficial committee My secretary assures and sure you that if an error committed by him in that was purely There no reason in the why he should be interested in doing you an injustice. As to whether Mr Kuester asked for the of the committee for the correct names and addresses of the members cannot say because I have never seen his telegram. note wrote October you me on know what authority stated Senator Smith been appointed your stead to represent the senate on the and for other facts in my possession and Service which to the matter. This letter was replied to by my assistant secretary informyou of my absence and stating that my attention would be called to your letter upon my return to the office. in the rush the campaign my office force failed to call my attention to your letter and have never seen it. This was also purely an oversight on the part of Miss Rarey, and both she and very much regret it. You say you have not had the courtesy of any reply from me except the acknowl. edgment by my secretary. This state PRODUCE ment unfortunately places me in an improper light before the public since your statement appeared in the BANANAS Congressional Record. can assure you that neither by letter, nor act, have any whatsoever in the 25c and the error in regard to this unfortunate affair which is deeply regretted by me on your account. You may use this letter in any way that may to you right and proper APPLES in justice to all concerned. With kind personal regards and best wishes always, am, 30c Cordially yours, Chas. A. Jonas. NAME JUDGE PEURIFOY RECEIVER FOR BANK AUGUSTA Spe al to The State. Walterboro, Dec. 12-Judge James Peurifoy president of the Colleton SUNSHINE Banking company, which closed December today was elected receiver of the closed bank vote of the depositors State Bank Examiner Albert S. Fant reported 34c that there had been no violations any banking law by the officials. He paid high compliments to the integrity and honesty of the officers. Judge Peurifoy was called upon for statement. He said that he placed in the Colleton Banking company the savings of lifetime and DRINK that he would be one of the heaviest losers, holding more than of the stock He scored who were responsible for rumors which had caused the run, closing the bank. Judge Peuritoy stated that not (DEPOSIT ON BOTTLES) lar's worth his property was for sale, despite rumors to the contrary until every depositor was paid in The remarks were received with applause by the audience and they expressed confidence in the One of the Best Foods judge and his ability to act as ceiver by unanimously electing him receiver The bank was organized in 1891 and WESSON OIL was capitalized with plus of $20,000 Deposits of remained when the bank closed. Pints-27c generally believed that the bank will pay its depositors in full. YORK'S "RAT" CASE ENDS IN MISTRIAL The York York county's "rat" two days and was featured by the testimony of X-ray and diagnosticians, which Elmore was suing the Rock Hill Coca-Cola Bottling company for $10,000 damages because of the alleged drinking of bottle of containing dead rat, ended today with mistrial. The case went to the jury yesterday afternoon. and after deliberating until midnight the jurors went to bed and this morning reported their inability to reach an agreement.