Bank of Beaufort (Beaufort, SC)

Episode Information

Episode UID
5550917591231
Episode Type
Suspension β†’ Closure
Bank Type
state
Bank ID
555091759 hash
Start Date
July 25, 1902
Location
Beaufort, South Carolina (32.432, -80.670)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
63da2b306ea4f077

Response Measures

None

Description

Suspension followed the proprietor's death and estate settlement; assets sold to satisfy depositors.

Events (3)

1. July 25, 1902 Suspension
Cause
Voluntary Liquidation
Cause Details
Suspended pending settlement of the estate of the late proprietor W. H. Lockwood.
Newspaper Excerpt
TEMPORARILY SUSPENDED. Bank of Beaufort Awaits Settlement of Lockwood Estate.
Source
newspapers
2. August 20, 1902 Other
Newspaper Excerpt
Col. Thomas Martin, Master of Beaufort County, acting under an order at chambers issued by Circuit Judge Townsend, is in temporary charge of the affairs of the bank.
Source
newspapers
3. February 4, 1903 Other
Newspaper Excerpt
Master of Equity Thomas Martin yesterday sold all the real estate and improvements belonging to the estate of the late W. H. Lockwood, to satisfy claims of depositors of the suspended Bank of Beaufort.
Source
newspapers

Newspaper Articles (3)

Article from The Savannah Morning News, July 26, 1902

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Article Text

TEMPORARILY SUSPENDED. Bank of Beaufort Awaits Settlement of Lockwood Estate. Beaufort, S. C., July 25.-The status of the Bank of Beaufort of which the late Maj. William H. Lockwood was founder and proprietor, has, since his death, been a subject of interest to depositors here. The institution has tem. porarily suspended payments, pending the action of the executor of its late owner's estate, who is expected here next week. The suspension of the bank Γ©ven for a brief period seriously handicaps some of its smaller depositors, whose working capital is tied up.


Article from The Savannah Morning News, August 21, 1902

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Article Text

LUCKY IF THEY GET HALF. Bank of Beaufort Depositors to Receive 40 or 50 Per Cent. Beaufort, S. C., Aug. 20.-The depositors of the Bank of Beaufort are busy filing their claims against the estate of William H. Lockwood, the late owner and proprietor of the institution, and Col. Thomas Martin, Master of Beaufort County, acting under an order at chambers issued by Circuit Judge Townsend, is in temporary charge of the affairs of the bank. It seems to be the consensus of opinion that the depositors will be paid on a basis of from 40 to 50 per cent. During the next twenty days Col. Martin will receive claims properly certified and at the expiration of that time he will report amount of claims and amount of available assets to Judge Townsend, who will order the money disbursed pro rata among the creditors. The liabilities of the bank as reported by a board of appraisers approximates $46,000; while the assets, including notes and real estate in the town of Beaufort, will not reach $30,000. The scarcity of money consequent upon the suspension of Lockwood's bank is causing a deal of apprehension here.


Article from The Savannah Morning News, February 5, 1903

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Article Text

Real Estate Sold. Beaufort, S. C., Feb. 4.-Master of Equity Thomas Martin yesterday sold all the real estate and improvements belonging to the estate of the late W. H. Lockwood, to satisfy claims of depositors of the suspended Bank of Beaufort. The total amount realized was $11,025. The house and lot on Bay street brought $4,250.