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ATTORNEYS MEAGHER, SEARE & SEARE the parties interest in the various The directors committee consisted the gentlemen: John
The depositors' committee the H. Hamer, Hemgan. The C. John Bethea agent that effect December 1928. office constant the proposed and conurge consolidation. chargeable the men the banks failed complete consolidation and silent run began the officers charge decided that justice the ordinary the institution should be closed liquidated. We only concurred the the hands mittee. Palmetto Bank and Trust Co., Flor-
Ashton H. Williams was appointed the and Savbank of City upon the the The affairs the bank were deplorable shape, most assets having that there paying positors substantial dividend. worked Mr. and per paid the record. informed that the total expense not exthat the circuit judge who had jurisdition the matter, the statement that the liquidation Williams had been speedy and successful that additional would but funds had disbursed the additioncompensation could be provided this Upon made this case board the that At the Mr charge the hands tee and formation that expected worked liquidation whereby deposit the depositors per mitted thought Mr. Williams was the Trust Florence report the Palmetto Trust showed plan had the Bank Bank Trust the little Upon the felt urging the of Mr. affairs the Palmetto Bank cashier Carolina Florence the March that when the deposit by ting plan liquidation effect which in the Bank of all had received diviassets cent. The had divicent. estimated per the auditors there more $40,000 the and that the positors who did not take receive making total of 70 per per cent., this connection desire to call attention the that building of the Palmetto Bank Trust company was carried on opinion that my form liquidation, under $60,000 could have not secured property. Under the form liquidation Mr. received the An for purpose of putting this plan liquidation into effect. have been informed of those appraisers that the been the best interest of cerned. This office has never had any complaint depositor the Palmetto Bank Trust reference the Mr. Williams Dr. H. made this Barringer point Ashton Williams. first the old the bank receiving the closed. Mr. Williams opinion would of these ployes would great payment their salary would justified. Mr. Webopinion should and that ary should reduced. Bardecided Williams. whether the should be liquidated Mr. Webster not inclined plan; Williams was Barringer called and decided informed that these points major receivers In putting this of liquidation had filed claims notified writing that application would made the court for put plan plained detail and the receivers urged that any depositor any objection they should present objection writing. objection anyone. The Florence and referand who had an the sent their No objecPlanters' Bank, Lamar has follow in the the Merand Lamar, the two depositors, the stockholders Of gentleany matters by furBank of There appears criticism Foster's relative the Bank was, that officers attesting banking reduce Mr. FosMr had been Fant especially pointed the fact drafts and the officers bank in of the legal Again the states, thought was but his the early part the again August signifithe of his this president, "When Bank officers bank money any the brought my pressure part affairs the the Young, pointed the The endeavored be out that this office bringing the bank reduce liabilities may have above the co-operated the pointment Mr. presiand through Mr. ertions the without Citizens Taylors. In the HamCitizens' Bank Taylors, tention $22. 000 the state banking afterwards found to shortage. The Woodside interests being the largest stockholders in this bank, paid this ference with evident the alleged and promptly had it covered, stated, though the incident afterward brought the grand jury, bill found no prosecuthe the affairs avoid additional guaranbank Woodagreed up alleged was mill, then good stock the Woodsides paid guarantee one leaving only balance $11,500 unpaid. That the stocks since depreciated been foreseen at the arrangement, office be this and the the closing this of the quently this had particular ultimate balance guaranteed. That the bank closed before final collection the balance due the Woodsides regrettable though they payments and had saved depositors in the final liquidation That the transfer the the State which affiliatregrettable was entirely power province this office doing He was officer court and not the bank examiner's Testimony to the First National Bank of Batesburg covered evidence the State Bank of Citizens' Bank, not Mr. the Citizens bank the about During the administration of Mr. James Craig the department shortage excess 000 this the find the guilty party Craig sent special an officer the funds began the bank shortly Mr. by Mr. Bradley, Mr. Bradley the ings and the bank pay deposits full. This guarantee completed before the bank was remain closed; upon which the were all in full. There question who was responsible large shortage the the dicted. The was twice before the grand county evidence for an indictAbout called office there Mr. M. Huggins and Mr. requested that renew this clined then, vestigated the case. The investigation bringing out above stated facts, could for renewthe and hence dropped matter Touching so much of Mr. DuBose's has the Bank this state that the fully and allow of the amounts due them property any other the appointment receiver. matters for which he the matters entirely outside of Mr. W. Bailey. Mr. Bailey' banks, the State will have varied under the Winnsboro Bank, The criticisms adduced testimony covered discussing Winnsboro the under consideration further justification of the acts added that the Winnsboro depreciation its stocks and bonds. fluctuate times matter fact, there horizontal stocks and bonds New York market the mere mention foreign discuss, the president the Bailey's the and did not close the bank that appreciation the should viously stated, this old that the fullest confidence the and was fully cognizant what its closing would people Fairfield practice holding the banking fraternity the United States. Since the bank has closed receiver has obtained an order to further stocks bonds and frank think this right; was motive and me had the moral and legal right to act premises. Merchants Farmers' Bank, Spartanburg. Mr. Bailey's reference the Merchants Farmers' Spartanburg, from and correctly states amounts the however, to call the tention the that years this was one the strong banks South Carolina, that began weaken only when weakened throughout examination the which aminer states the did the valuafixed, that the had 000. In the of 17, this impairwas shown approximately will neither instance, was the capital exhausted, according the made. until April the last examination made before the closing examination apparent department that there hope, survive. the last up with dent the the effort securities and the for the was this office never had one on the ruling question constitutes solvency bank that ruling attorney the effect solvent its capital period the this was the deposits additional being Southern Bank & Trust, Orangeburg This bank referred to less ago banks keeping bankers, during use that would idle. safe but fected The Southern Trust company vested rather extensively curities the of suffered severe As has the fall stocks and bonds The hope has been this securities which first would soon brought back should that this bank had except its stocks and bonds. the facts was constant touch with the cashier and president the March September 1931. of the closing the the ultimate the might be effected Mr. Bailey the Broad Street Bank South the affairs the State Bank of South Bank Cheraw Chesterfield County In the testimony of Mr. Hanna touching the affairs of this bank, the statement that the bank aminer the writing $14,400 order He intimates, Mr. Clarkson's that this was perhaps done the the state bank examThe only answer this allegation that is definitely positively Reference the fact that certain the minutes the bank unsigned and that the salaries officers constantly out the minutes. Whatever may be the minutes, certain the invariably called such that the paid. While the seem the will realize the duty the bank fix salaries, the bank Reference made to the charge $2,000 for typing entire system Bank Cheraw and county. This audit, may be remembered, was very thorough and voluminous. As evidence that the fee charged excessive, the Mr. Clarkson. the for they paid about the the audit this great bank failand there no funds taking closing audits. An appeal was made to the budget the for extra amount of with which begin this audit, on condithat refunded from arising later the money begin the repaid stated Such Mr. Hanna omissions of duty charged officers and rectors the bank he admits, criticized by the this may by the assurthat irregularities had the criticism office otherwise, Hanna's critthe conduct which as previously entirely powers office. Bank Dillon. the Bank Dillon and its merger with the First National Dillon and Peoples Bank Dillon, Mr. Murchison -page the committee's reportconsiderable testimony the merger. As the Dillon and the bank, answer, repeat Wallace to an by the receiver allow the purchase real estate the bank the deposit states that he took over some property under this Whether arrangement satisfactory not rests with the receivers and the havcourt ing charge. Mr. Farley testifies the same time and about and states deposit $15,000 for which exchange of his deposits agreed While claims get the set on the land by the that he accepted good
Bank Manning and Home Bank.
As the named banks, there There the conduct ing administration, there shortage existing before the which the department suspected but had not locate, was plained, that the party afterward charged would lift out the leaves savings ledger, common practice where desired cover and one almost Another the deposit, Mr. Lesesne that for Bank Manning: that Mr. and Boswell the highest and despite this the examiner recommended Mr. Boswell and Dinkins this did not should be selected and left discretionary examiner to men in his opinion render efficient Mr. was the and associated purpose that one his stead. the receiver appointed the and Trust Sprott was nominated, virtually unanimous and was promptly by Southern Bank and Trust Company,
Recurring additional testimony the closing the Southern and have the testimony Dr. which mainly with the which receiver was selected He charges that the practically nothing receiver: virtually the directors the approval The approved but concurred depositors' making the the held opera house Orangeburg, and choice Whether this the the directors, not prepared
With the reference to the gratuitous Dr. Salley Salley the usefulness of the bank examiner the banking department, course, reply. but sure bad conditions could would been this state for the this and rect infractions of the banking laws.
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