First National Bank (Florence, SC)

View Charter #12799 on SPMC View balance sheet

Episode Information

Episode UID
1279901524
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
127990 national
Charter Number
12799
Start Date
December 16, 1926
Location
Florence, South Carolina (34.195, -79.763)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
45d76691a78e867d

Response Measures

None

Receivership Details

Depositor recovery rate
77.0%
Date receivership started
1932-01-11
Date receivership terminated
1938-03-19
Share of assets assessed as good
31.7%
Share of assets assessed as doubtful
67.1%
Share of assets assessed as worthless
1.2%

Description

Receiver E. Ellerbe is repeatedly referenced and the bank is in liquidation; exact suspension date not explicit in these articles.

Events (5)
1. July 21, 1925 Chartered
Source
historical_nic
2. December 16, 1926 Receivership
Newspaper Excerpt
case of E. Ellerbe Receiver of the First National Bank Florence ... order bearing date December 16, 1926, sell public auction ... Jan. 1928 (Sales Day).
Source
newspapers
3. December 16, 1926 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank was placed in receivership and assets ordered sold under court order (receiver cited); implies insolvency and failure to continue operations.
Newspaper Excerpt
order bearing date December 16, 1926, sell public auction ... case of E. Ellerbe Receiver of the First National Bank Florence
Source
newspapers
4. July 11, 1928 Other
Newspaper Excerpt
FIRST NATIONAL DEPOSITORS WILL GET OF TWENTY PER CENT ... Total Of $82,000 Now Ready For Distribution By Bank Receiver
Source
newspapers
5. January 11, 1932 Receivership
Source
historical_nic

Newspaper Articles (4)
1. August 4, 1925 Florence Morning News Florence, SC
Article from Florence Morning News, August 4, 1925

Click image to open full size in new tab

Article Text

PLEASING Gilbert's Makes First Deposit; Over 100 Accounts Opened Yesterday was an occasion for rejoicing Florence, marking as did the opening of the national bank which organized take over the affairs of the old bank and liquidate them in derly, therefore manner, to concerned. Many the merchants and business houses brought their flugs and the celebration was genuine one. From of business the first day of the existence of the First National Bank in was great success. Over hundred accounts were ened, the deposits running well the thousands. Mrs. Herbert Gilbert, wife the Florence, the first depositor. She was the first enter the bank when the doors were opened yesterday morning. Soon business begain CashH. Husbands received telegram from Lawton, president of the Pioneer Life surance company of authorizing him make draft for substantial to be used deposit of the company in national The employees were kept busy all day opening the new accounts and attending to the usual run of bank business. Yesterday afternoon there was meeting of the directors and statement made following the meeting was to the effect that the board was very much pleased with the first day's business and the outlook for the future.

2. October 2, 1927 Florence Morning News Florence, SC
Article from Florence Morning News, October 2, 1927

Click image to open full size in new tab

Article Text

Receiver Ellerbe for the old tional bank here reports that he ready pay out percent the cent still for This means that checks now the First Na. tional bank in for care and call for them This the only one that fell the crash following that has paid its 75 follow Take your certificate with

3. February 4, 1928 Florence Morning News Florence, SC
Article from Florence Morning News, February 4, 1928

Click image to open full size in new tab

Article Text

MASTER'S SALE Pursuant an order of the Court Common Pleas for ence County, South Carolina, the case of E. Ellerbe Receiver of the First National Bank Florence, against Mrs. May Howothers, said order bearing date December 16, 1926, sell public auction, the highest bidder, front house, Florence, during usual hours of Monday, February 1928. (Sales Day), the premises debelow: All that certain lot situate in the City Florence, County of Florence, State South Carolina, the side of Coit street, beginning stake hundred feet from the corner Evans Coit Streets and running West about hundred twenty feet, thence about South feet the colored Methodist church lot; thence about East one hundred twenty feet, more or less, to the West side Coit street; thence about North seventyfive feet the beginning corner. Said lot is bounded East by Coit Street; North property formerly of Mrs. Williamson and Mrs. Sue Fowlkes; owned by Sandlin; West by erty of Brown; South property Colored Methodist Church. Terms of sale cash; purchaser to for Master. Jan. 21-28-Feb. SHERIFF'S SALE State of South Carolina, County of Florence. South Carolina Tax Commission Palmetto Drug Co. Under and virtue of cer. tain tax execution issued the by the South Carolina Tax Commission for violation of the stamp tax law, will sell satisfy the said execution and costs, front the Paimetto Drug Co., Johnsonville, the 15th day February 1928, at twelve o'clock, the following described property to-wit: Four (4) show cases. One (1) pair of Stimpson Computing One chine. One (1) Adding machine. Dated this 31st day of January, 1928. Barnes, Sheriff of Florence county. 1-4.

4. July 11, 1928 Florence Morning News Florence, SC
Article from Florence Morning News, July 11, 1928

Click image to open full size in new tab

Article Text

FIRST NATIONAL DEPOSITORS WILL GET OF TWENTY PER CENT Total Of $82,000 Now Ready For Distribution By Bank Receiver CERTIFICATES NEEDED Major Portion Of Payment To Go Into Pockets Of Florence People The sum of is ready for among the old First National Bank result of which declared the the Currency receiver's According the official notice published Early receiver of the First National Bank Florence the are now for delivery upon the presentation certificates at his 709 Skyscraper Building between the delivered. is pointed uncreditors present certificates The dividend which is now paid out second 20 per cent dividend on 40 percent deposiwhich the defunct bank had paid the 60 per cent deposits and brings the of payments to depositors up cent There other assets on hand vet be liquidated which bring the higher Concerning this however Early as receiver. make statement in the $82 dividend ready distribution was pointes out last night that the could not have come of the Most pour into the Florence