Farmers & Merchants Bank (Marion, SC)

Episode Information

Episode UID
67013771583
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
6701377 routing
Routing Number
67-0137
Start Date
November 24, 1931
Location
Marion, South Carolina (34.178, -79.401)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
2f018b3054fc148b

Response Measures

None

Description

The bank closed on November 24, 1931, and a new bank was organized in 1932 to act as its receiver.

Events (2)
1. November 24, 1931 Suspension
Cause Details
The bank closed and was placed in the hands of the state banking department; specific trigger not mentioned.
Newspaper Excerpt
Farmers and Merchants bank which closed its Marion headquarters and Latta and Centenary branches last November 24
Source
newspapers
2. March 21, 1932 Receivership
Newspaper Excerpt
The new Marion bank will be appointed receiver of the Farmers and Merchants bank
Source
newspapers

Newspaper Articles (2)
1. March 17, 1932 The Index-Journal Greenwood, SC

Article Text

SEVENTH BANK IS RE-ESTABLISHED Five Have Been Re-opened And Two New Ones Organized In State Marking the seventh re-establishment of banking facilities in South Carolina within a few weeks' time, a new bank will be opened at Marion Monday with a capital stock of $50,000, it was announced yesterday by Albert S. Fant, state bank examiner, according to the Columbia State. The new Marion bank will be appointed receiver of the Farmers and Merchants bank which closed its Marion headquarters and Latta and Centenary branches last November 24, Mr. Fant explained. Another new bank, the Bank of Barnwell, capitalized at $25,000 and headed by C. G. Fuller and Edgar A. Brown, received $30,000 in deposits within two hours after it opened Monday, Mr. Fant added. Besides the two new banks five other banks have reopened recently. They are the Planters Saving bank of Greer, Bank of Mullins, Bank of Nichols, Bank of Williston and the Farmers Bank of Loris. "The Farmers and Merchants bank of Marion and its Latta and Centenary branches have been in the hands of the state banking department since November 24," Mr. Fant said. "Depositors adopted a resolution at a meeting last December 17 to defer the election of a receiver pending the organization of a new bank and at that meeting the depositors and unsecured creditors unanimously agreed that the new bank act as receiver. "Officials of the new bank plan to apply for its charter not later than Friday of this week," Mr. Fant added, "and when the charter has been issued it will immediately qualify as receiver and take charge of the affairs of the Farmers and Merchants bank with my approval." Fifty thousand dollars for capital stock has already been subscribed and collected, Mr. Fant said. Stockholders of the bank will elect a board of directors and bank officials at a meeting today. They will also select a name for the institution.

2. December 2, 1933 The State Columbia, SC

Article Text

STATE WINS OUT IN COURT CASE Gets Favorable Action in Tobacco Company. ON PENALTY ISSUE High Court Holds Domestication Act in Part Constitutional-$7,000 for State. An opinion regarded by state officials of considerable importance as handed down yesterday morning was in the state supreme court when that body ruled that parts of certain do with domestication act, having to of foreign was constitutional, and that therefore the company directly involved was liable to over two years' period, penalty, of $10 per day. In this one the opinion means $7,300 to and in other cases pendthe state nature, considerable of like larger ing, sum is probably involved case was that the state appellant, against the Liggett and Myers and Tobacco Anderson the opinwas from W Cothran, acting ion being by The action was beassociate justice. 1931 to from the togun in which bacco company be due state under claimed to the 1922 statute, it bethat the company with that law. The failed to comply held the act untobacco company the that it on took from the defendant its also without due contended that the elaim of the state and that the two was for of limitations against year statute claim. The act in question such provided how foreign companies and promight become vided penalty of $10 day for failing Greene Makes Ruling first heard by Judge The case Greene trial being waived. The circuit judge declared and dismissed the act of the state, which the complaint appealed to the supreme court. Justice Cothran in his opinion holds that two sections of the act are unconstitutional. that the other sections are valid. The two sections have to do with the collection of certain fees by the state The sections have to do with the taking out of pathe penalty for failing to pers The high court holds that do so the two-year statute limitations applies to the demand for the penalty the about $7,300 instead of $34,200 for which the originally brought The primary purpose of the the reads. "was to the state some authority over foreign corporations doing business preparing do business in the state, without The circuit is reversed and the plaintiff is to have judgment against the tobacco under the terms of the From Marion County An opinion, affirming the action of the court. was also filed in the case the South State on behalf Rogers respondent, against Citizens bank as receiver the Farmers and Merchants' bank of Marion. This was an appeal from an order of Judge Dennis the claim filed by the State bank on behalf Rogto be paid preferred The was about $1,279 The opinion was by Jesse Carter, associate justice. dissenting opinion M. L. Bonham, associate justice.