The bank suspended due to internal losses; while the notice mentioned 'heavy demands', the context indicates these were likely maturing obligations or a loss of confidence rather than a discrete run prior to the suspension.
Events (3)
1.May 20, 1903Suspension
Cause
Bank Specific Adverse Info
Cause Details
Sustained heavy losses over several years and unfortunate loans.
Newspaper Excerpt
The City bank of this place suspended today. The news was as astounding as it was unexpected. The only reason given for the suspension is that the bank had sustained losses recently
Source
newspapers
+31 days
2.June 20, 1903Receivership
Newspaper Excerpt
Application was made before Judge Klugh at Abbeville -Saturday for a receiver for the firm of Davis & Daniel... in behalf of the City bank of Greenwood... a step towards winding up the bank's affairs.
Source
newspapers
+2.0 years
3.June 21, 1905Other
Newspaper Excerpt
Suits will be started, it is said against several of the directors of the defunct City Bank of Greenwood for amounts lost in the failure of the bank
Source
newspapers
Newspaper Articles (12)
1.May 23, 1903The Lancaster LedgerLancaster, SC
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Article Text
THE CITY BANK OF GREENWOOD HAS CLOSED ITS DOORS. Greenwood, May 20.-The City bank of this place suspended today. The news was as astounding as it was unexpected. The only reason given for the suspension is that the bank had sustained losses recently and the president was not willing to obligate the bank further. The directors held a meeting at 2 o'clock this afternoon and called a meeting of the stoekholders to be held Monday morning at 10 o'clock, They also stated that the depositors and creditors would be paid in full.
2.May 24, 1903Americus Times-RecorderAmericus, GA
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Article Text
Greenwood Bank Suspends. Columbus, S. C., May 23.-The City Bank of Greenwood, with a capital stock of $50,000, suspended payment Wednesday. The news was as as tounding as it was unexpected. Not even the directors were aware of the pending embarrassment.
3.May 25, 1903The Atlanta ConstitutionAtlanta, GA
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Article Text
Greenwood Bank Suspends. Columbia, S. C., May 22.-(Special.)The City Bank of Greenwood, with a capital stock of $50.000, suspended payment Wednesday. The news was as astounding as it was unexpected. Not even the directors were aware of the pending embarrassment.
4.May 26, 1903The Newberry Herald and NewsNewberry, SC
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Article Text
BANK FAILURE IN GREENWOOD. --The City Bank Suspends Payment, to the Great Surprise of the Directors and the Public. Greenwood, May 20. - The City Bank, of this place, suspended to-day. The news was as astounding as it was unexpected The first intima tion of the suspension was the posting of the following notice on the front door: "Combination of circumstances, coupled with unusually heavy demands on 118, absolutely forces the City Bank to suspend Creditors and depositors will be paid in full, but it will take time. (Signed:) "J. F. Davis, President." The directors held a meeting at 2 o'clock this afternoon and called a meeting of the stockholders, to be held on Monday morning at 10 o'clock They also stated that the depositors and creditors would he paid in full. The following directors issued the call: W. H. Bailey, J. S. Klugh, of Coronaca; E. S Tinsley, Hodges; J. S. Marse and J. F. Davis, The bank's attorney, F. Baron Grier, also stated that creditors and depositors would positively be paid in full. The City Bank W88 the second bank in age in the county. Its first president was the late D. A. P. Jordan. The incumbent president, J. F. Davis, was cashier at its organiza tion. The other officers are: Thomas H. Watson, cashier; Allie Williams, bookkeeper, and Alphens Watson, assistant bookkeeper. The only reason given for the sus. pension is that the bank had sus. tained losses recently and the presi dont was not willing to obligate the bank further. The suspension was 8 surprise to the directors as well as to the general public.
5.May 27, 1903The Manning TimesManning, SC
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Article Text
A Bank Suspends. A dispatch from Greenwood, to The State says the City bank of that place suspended Wednesday. The news was as astounding as it was unexpected. The first intimation of the suspension was the posting of the following notice on the front door: Combinations of circumstances, coupled with unusually heavy demands on us, absolutely forces the City bank to suspend: creditors and depositors will be paid in full, but it will take time.
6.May 27, 1903The Laurens AdvertiserLaurens, SC
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BANK FAILS IN GREENWOOD. Depositors of City Bank Will be Paid in Full, However. The City Bank of Greenwood, of which J. F. Davis is president, suspended last week. It is said that depositors will be paid in full. Two or three unfortunate loans caused the troublesome of the loans having been made some time ago. Several propositions have been made to the stock-holders, looking to straightening out of its affairs. One of these, so the correspondent of The State says, was made by the Messrs. Simmons of Greenwood and Mr. O. B. Simmons' named is mentioned in connection with it. The correspondent say that their proposition will probably be accepted and that if the arrangement goes through, they will conduct a bank at the same place.
7.May 27, 1903The Watchman and SouthronSumter, SC
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Article Text
Bank Failure in Greenwood. Greenwood, May 20.-The City Bank of this place, suspended today. The news was as astounding as it was unexpected. The first intimation of the suspension was the posting of the following notice on the front door: "Combination of circumstances, coupled with unusually heavy demands on us, absolutely forces the City Bank to suspend. Creditors and depositors will be paid in full, but it will take time. (Signed:) "J.F. Davis, President." The directors held a meeting at 2 o'clock this afternoon and called a meeting of the stockholders, to be held on Monday morning at 10 o'clock. They also stated that the depositors and creditors would be paid in full. The only reason given for the suspension is that the bank had sustained losses recently and the president was not willing to obliagte the bank further. The suspension was a surprise to the directors as well as to the general public.
8.May 28, 1903The Bamberg HeraldBamberg, SC
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Bank at Greenwood Closed. The sensation it, Greenwood the past week was the wholly unexpected suspension of the City Bank. The following notice was posted on its doors: "A combination of circumstances, coupled with heavy demands against us, absolutely forces the City Bank to suspend. Depositors and creditors will be paid in full, but it requires time. J. F. Davis, president." At a subsequent meeting of the directors the information was given out that the stockholders alone are losers. A meeting of them was called to consider a proposition for reorganization and resumption of business, which, it is believed, will be perfected with only a few days' delay and inconvenience to depositors. No dishonesty is even suspicioned. The officials are among the most trusted oitizens and are above reproach. A series of heavy losses, covering a period of several years, is said to be the cause. The Citizens Bank began business about fifteen years ago, on a cap. ital of $60,000, with the late D. A. P. Jordan as president and J. F. Davis, cashier.
A Bank Suspends. A dispatch from Greenwood, to The State says the City bank of that place suspended Wednesday. The news was as astounding as it was unexpected. The first intimation of the suspension was the posting of the following notice on the front door: "Combinations of circumstances, coupled with unusually heavy demands on us, absolutely forces the City bank to suspend; creditors and depositors will be paid in full, but it will take time.
Bank May Be Reorganized. Columbia, S. C., May 26.-The first meeting of the stockholders of the City Bank of Greenwood, which suspended payment a few days ago, was held yesterday. The committee of three appointed by the directors to look into the bank made its report. The report states that if the bank were to be liquidated at once the stockholders would get 55 per cent or upwards of their stock after depositors and creditors had been paid in full. Several propositions were made the stockholders by neighboring banks, but none of them was made public. It is believed the bank will be reorganized and continue business.
RECEIVER ASKED FOR. Business Firm Affected by Failure of City Bank of Greenwood. Application was made before Judge Klugh at Abbeville -Saturday for a receiver for the firm of Davis & Daniel, who are running a shoe store at Anderson and one at Greenwood. The application was made in be. half of the City bank of Greenwood, which had been carrying the firm's paper, and the application for a receivership is a step towards winding up the bank's affairs. Arrangements are pending looking toward a settlement and it is hoped to have the two stores running again as usual in a short while.
12.June 21, 1905The Abbeville Press and BannerAbbeville, SC
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South Carolina Notes. Servia has demanded an apology from Turkey for her violation of the Servian consulate at Monastir, Macedonia. In his message to congress President Castro, of Venezula, discusses the claims of the allies and the asphalt imbroglio. The British government sustained a crushing defeat in a Yorkshire byelection, where a liberal was elected in a conservative stronghold. Geo. Clevenger, white was shot and killed near Nacogdoches, Tex., by Bob Davis, a negro, as the result of la dispute over a five cents. The negro has been arrested and is in jail. Engineer J. F. Lumpkin of the Georgia, Southern and Florida Railroad, was shot while in his cab running his engine. He has been taken to his home in Macon. Suits will be started, it is said against several of the directors of the defunct City Bank of Greenwood for amounts lost in the failure of the bank by some of the stockholders. The action will allege negligence on the part of the directors. The South Carolina Press Association will meet in part with the North Carolina Association at Kenilworth Inn, Asheville, July 5, 6, 7, This will not interfere in any way with the South Carolina meeting at White Stone Springs the week following. It is reported that petitions will be circulated asking for the holding of an election on the question of voting the dispensary out of Charleston County, 1,300 signatures will be necessary. The dispensary profits in Charleston are $50,000.00 a year. A motion has been before Special Judge Cary for the appointment of a receiver for the alliance exchange which has about $18,000.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
