Bank of Woodruff - Woodruff, SC

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: February 19, 1931
Location: Woodruff, South Carolina (34.740, -82.037)

Metadata

Model: gpt-5-mini
Short Digest: 31a69b27

Response Measures

None

Description

Articles state the bank was closed by resolutions of its directors on February 19, 1931 and receivers (E. Brockman and C. M. Drummond) were appointed in March 1931. No run or depositor panic is described. Closure appears voluntary by directors followed by liquidation/receivership.

Events (3)

1. February 19, 1931 Suspension

Cause: Voluntary Liquidation
Cause Details: Closed by resolutions of its directors; directors voted to close the bank and place affairs in receivership/liquidation process.
Newspaper Excerpt: The Bank of Woodruff was closed by resolutions of its directors February 19, 1931
Source: newspapers

2. March 7, 1931 Receivership

Newspaper Excerpt: After heated arguments ... were elected of the recently closed Bank of Woodruff ... The bank was closed ... The bank had capital stock ... The bank closed ... Eight hundred persons were present ... Brockman and Drummond Are Named at Meeting of Depositors and Unsecured Creditors. Special to The State. Mar. 7-After heated arguments between leaders both Brockman and C. M. Drummond were elected ... the meeting of depositors and unsecured creditors held at the schoolhouse. ... The bank was closed the directors by February for liquidation and the affairs the bank have been in the hands of the bank since that time. ... E. Brockman and C. M. Drummond were appointed receivers (Greenville News July 18).
Source: newspapers

3. July 18, 1931 Other

Newspaper Excerpt: Approximately $19,500 will be paid out to depositors by the receivers of the Bank of Woodruff ... representing a 10 per cent dividend ... The receivers state that the dividend checks have been written and are ready for distribution ... Since that time they have been engaged in liquidating affairs of the bank.
Source: newspapers

Newspaper Articles (2)

1. March 8, 1931 The State Columbia, SC

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Article Text

WOODRUFF ELECTS BANK RECEIVERS Brockman and Drummond Are Named at Meeting of Depositors and Unsecured Creditors. Special to The State. Mar. 7-After heated arguments between leaders both Brockman and C. M. Drummond were elected of the recently closed Bank of Woodruff at the meeting the and uncreditors held at the schoolthis Eight hundred persons were present, showing the interest in the apC. M. Fuller of Spartanburg, assiststate bank examiner, presided the meeting and was assisted by Walker bank B. S. Beason made motion to postpone the meeting for ten days to give the people more time to think about the matter but it was voted down. The bank was closed the direcby February for liquidation and the affairs the bank have been in the hands of the bank since that time. The bank had capital stock of to the latest financial statement. Officers were: D. Irby: vice president, Kilgore; cashier, Brockman, and assistant cashier, Miss Lucy Parsons. The bank closed as the providential of 1929 and economic 1930, to notices posted on the door of the institution.

2. July 19, 1931 The Greenville News Greenville, SC

Article from The Greenville News, July 19, 1931

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Article Text

WOODRUFF BANK PAYS DIVIDEND Receivers For R n Closed Institution Disbursing Nearly $20,000 WOODRUFF July 18.-Approximately $19,500 will be paid out to depsoitors by the receivers of the Bank of Woodruff E. Brockman and C. M. Drummond this week representing a 10 per cent dividend on all claims and deposits amounting to more than $10 which was authorized by the court The receivers state that the dividend checks have been written and are ready for distribution at the window of the Bank of Woodruff will be necessary for the holders certificates of deposits to present these in person in order that the dividend credit may be entered thereon The Bank of Woodruff was closed by resolutions of its directors February 19, 1931 and on March E. Brockman and C. M. Drummond were appointed receivers. Since that time they have been engaged in liquidating affairs of the bank. The receivers state collections have been slow but in face of the depressed they feel that large number of those who owe the bank have endeavored to cooperate by paying what they could at this time and in great many cases in giving additional security. They are the opinion that although the dividend being paid is its payment this particular time will be of considerable help to many It will likely be in the fall before another dividend will be paid.