Bank of Yemassee - Yemassee, SC

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: July 12, 1926
Location: Yemassee, South Carolina (32.690, -80.851)

Metadata

Model: gpt-5-mini
Short Digest: 7170af22

Response Measures

None

Description

Article (Evening Star, 1926-07-12) reports the Bank of Yemassee (a branch of Beaufort Bank) and Beaufort Bank failed to open following officials' decision to suspend business. Cause given as calls of loans by New York capitalists (credit/ correspondent pressure). The article does not state a run, reopening, or receivership; I classify as suspension leading to closure because the wording indicates failure to open and suspension due to loan calls, and no reopening is reported. This is somewhat uncertain because no explicit receivership or permanent liquidation is mentioned.

Events (1)

1. July 12, 1926 Suspension

Cause: Correspondent
Cause Details: Officials suspended after loans were called by New York capitalists, forcing the banks to suspend payments/opening.
Newspaper Excerpt: The Beaufort Bank and the Bank of Yemassee, the latter a branch of the former, failed to open their doors this morning, following a decision of officials last night to suspend business.
Source: newspapers

Newspaper Articles (1)

1. July 12, 1926 Evening Star Washington, DC

Article from Evening Star, July 12, 1926

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Article Text

TWO BANKS CLOSE. Beaufort, S. C., Institutions Forced to Suspend by Loan Calls. BEAUFORT, S. C., July 12 (A).The Beaufort Bank and the Bank of Yemassee, the latter a branch of the former, failed to open their doors this morning. following a decision of officials last night to suspend business. The cause of the institution's failure is said to have been the calling. of loans by New York capitalists. The banking concern was capitalized at $200,000 and its last statement showed assets at over $2,000,000.