Bank of Woodruff (Woodruff, SC)

Episode Information

Episode UID
67017371574
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
6701737 routing
Routing Number
67-0173
Start Date
February 19, 1931
Location
Woodruff, South Carolina (34.740, -82.037)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
c110e1743756adfa

Response Measures

None

Description

Bank was closed by directors and placed in receivership; no run reported.

Events (3)
1. February 19, 1931 Suspension
Cause
Voluntary Liquidation
Cause Details
Closed by resolutions of its directors during the economic depression following 1929–1930
Newspaper Excerpt
The Bank of Woodruff was closed by resolutions of its directors February 19, 1931
Source
newspapers
2. March 7, 1931 Receivership
Newspaper Excerpt
After heated arguments ... Brockman and C. M. Drummond were elected ... of the recently closed Bank of Woodruff at the meeting of depositors and unsecured creditors. ... The bank was closed ... and the affairs ... have been in the hands of the bank since that time.
Source
newspapers
3. July 18, 1931 Other
Newspaper Excerpt
Approximately $19,500 will be paid out to depositors by the receivers of the Bank of Woodruff E. Brockman and C. M. Drummond this week representing a 10 per cent dividend on all claims and deposits ... The Bank of Woodruff was closed by resolutions of its directors February 19, 1931 and on March E. Brockman and C. M. Drummond were appointed receivers.
Source
newspapers

Newspaper Articles (4)
1. March 8, 1931 The State Columbia, SC

Article Text

WOODRUFF ELECTS BANK RECEIVERS Brockman and Drummond Are Named at Meeting of Depositors and Unsecured Creditors. Special to The State. Mar. 7-After heated arguments between leaders both Brockman and C. M. Drummond were elected of the recently closed Bank of Woodruff at the meeting the and uncreditors held at the schoolthis Eight hundred persons were present, showing the interest in the apC. M. Fuller of Spartanburg, assiststate bank examiner, presided the meeting and was assisted by Walker bank B. S. Beason made motion to postpone the meeting for ten days to give the people more time to think about the matter but it was voted down. The bank was closed the direcby February for liquidation and the affairs the bank have been in the hands of the bank since that time. The bank had capital stock of to the latest financial statement. Officers were: D. Irby: vice president, Kilgore; cashier, Brockman, and assistant cashier, Miss Lucy Parsons. The bank closed as the providential of 1929 and economic 1930, to notices posted on the door of the institution.

2. July 19, 1931 The Greenville News Greenville, SC

Article Text

WOODRUFF BANK PAYS DIVIDEND Receivers For R n Closed Institution Disbursing Nearly $20,000 WOODRUFF July 18.-Approximately $19,500 will be paid out to depsoitors by the receivers of the Bank of Woodruff E. Brockman and C. M. Drummond this week representing a 10 per cent dividend on all claims and deposits amounting to more than $10 which was authorized by the court The receivers state that the dividend checks have been written and are ready for distribution at the window of the Bank of Woodruff will be necessary for the holders certificates of deposits to present these in person in order that the dividend credit may be entered thereon The Bank of Woodruff was closed by resolutions of its directors February 19, 1931 and on March E. Brockman and C. M. Drummond were appointed receivers. Since that time they have been engaged in liquidating affairs of the bank. The receivers state collections have been slow but in face of the depressed they feel that large number of those who owe the bank have endeavored to cooperate by paying what they could at this time and in great many cases in giving additional security. They are the opinion that although the dividend being paid is its payment this particular time will be of considerable help to many It will likely be in the fall before another dividend will be paid.

3. August 5, 1933 The Gaffney Ledger Gaffney, SC

Article Text

FARM GOVERNOR TO SPEAK AT CAPITAL Henry Morganthau, Jr., to Address Bank Meeting Monday. Spartanburg, Aug. 3.-Henry Morgenthau, governor of the farm credit will speak at Columbia Monday meeting of officials of both liquidation farm credits benefit both farmers and bank depositors. This learned here Thursday from official connected closed bank this counNotices of the meeting have mailed out by Miller, state bank examiner. meeting of the preliminary in Columbia on July 18 when liquidafarm paper held by closed banks primary subject discussed. The farm paper held by closed banks will benefit the farmer by giving longer time lower terest retire his debt and will also benefit the depositor the closed bank by making ready cash for dividends. Only Spartanburg, Darlington Florence County bank officials participated in the first conference. result, praisers have been work county for the two weeks making inspections paratory per, was learned GenHarris, connected the credit The meeting, which Mr. Morgenthau will attend, will held the Jefferson Hotel at o'clock, according the notices. Officials representing banks and other financial requested to bring their farm credits to the conference. not known how many Spartanburg men will attend the meeting. large group attended initial conference on July Among them Albert Lohm, for the First tional Bank; Campbell, olina National Bank, Boyd the Southern Trust Company; Cannon, SparBank, conservator; Horace Bomar H. B. Chap man of the Central National Mr. Harris, Farm Credit here; R. Westmoreland, Employes Savings Bank, Pacolet; Gray, Woodruff First NationBank; Wolfe, Inman Bank receiver; Hatchett, of Chesnee, farm credit field resentative; John Landrum, Bank of Landrum; Drummond and Brockman, Bank of Woodruff receivers; and O. Hines, Bank of Chesnee receiver.

4. September 1, 1933 The Greenville News Greenville, SC

Article Text

County Real Estate Is Sold For $4,506 A valuation of $4,506 was placed on the Greenville county real estate transferred yesterday Included in the four realty transactions recorded by Ira A. Gresham, register of mesne conveyance. were the following E. Inman master to J. E. Brock and C. M. Drummond, as receivers for the Bank of Woodruff. for $500, property in the Chick Springs township. W. P Nesbitt to E. A. Coker. for $1, property in the Fairview townMary O. Drummond to Drummond, for $5, property in the Fairview township.