Farmers & Merchants Bank (Ehrhardt, SC)

Episode Information

Episode UID
67028471454
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
6702847 routing
Routing Number
67-0284
Start Date
February 1, 1921*
Location
Ehrhardt, South Carolina (33.097, -81.014)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
59a4b4d34341305a

Response Measures

None

Description

Bank closed for several weeks before receivership; liquidation proceeded under court order.

Events (3)
1. February 1, 1921* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Many large loans insufficiently secured and inability to find ready cash to meet depositors' checks.
Newspaper Excerpt
the Farmers and Merchants Bank, of Ehrhardt... which has been closed for sevral weeks past.
Source
newspapers
2. February 25, 1921 Receivership
Newspaper Excerpt
Following a hearing before Judge Hayne F. Rice on February 25th, S. W. Copeland, J. M. Kirkland and E. E. Hughes have been appointed receivers for the Farmers and Merchants Bank, of Ehrhardt.
Source
newspapers
3. March 24, 1921 Other
Newspaper Excerpt
It would take some time for these receivers to wind up the affairs of the bank, but it is believed that in the end they will make the closest possible collections.
Source
newspapers

Newspaper Articles (4)
1. March 17, 1921 The Bamberg Herald Bamberg, SC
Article from The Bamberg Herald, March 17, 1921

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Article Text

RECEIVERS APPOINTED. Three Gentlemen Named to Settle Affairs of F. and M. Bank. Following a hearing before Judge Hayne F. Rice on February 25th, S. W. Copeland, J. M. Kirkland and E. E. Hughes have been appointed receivers for the Farmers and Merchants Bank, of Ehrhardt. The directors of the institution consented to the appointment of receivers to settle the affairs of the bank, which has been closed for sevral weeks past. The receivers are authorized by the order of Judge Rice to receive and disburse funds in the name of the bank, and compensation is allowed by the order as follows: For E. E. Hughes, $100 per month, and for Messrs. Copeland and Kirkland, $50 per month each, the amount not to exceed, however, the sum of 5 per cent. of the funds SO collected and disbursed. Expenses actually incured in the discharge of their duty are also allowed. The following gentlemen are the directors of the Farmers and Merchants Bank: S. W. Copeland, J. M. Kirkland, E. E. Hughes, H. Karesh, G. W: Folk, D. E. Copeland, J. O. Barnes, J. E. McMillan, G. B. Clayton.

2. March 24, 1921 The Bamberg Herald Bamberg, SC
Article from The Bamberg Herald, March 24, 1921

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Article Text

DEPOSITORS MAY BE PAID. State Bank Examiner Makes Statement Regarding F. & M. Bank. In view of the widespread interest on the part of the depositors and customers of the Farmers and Merchants Bank of Ehrhardt, which recently went into the hands of receivers, The Herald requested James H. Craig, state bank examiner. for a statement concerning the condition of the bank's assets and liabilities. The statement of Mr. Craig, in part. follows: "I would say at the outset that it would be very difficult at this stage of liquidation to state what kind of settlement the receivers will be able to make of its outstanding obligations. "There were a good many large loans insufficiently secured, and a great many small loans secured about as average loans are in banks, upon which collections could not be made at this time. The bank had paid its bills payable down to a very reasonable amount, but perhaps this fact hampered them to some extent in finding ready cash to meet the checks of their depositors. "The liquidation of the bank is in the hands of a committe under order of the court, who are entirely familiar with the entire clientage of the bank and with the collateral even in chattel mortgages. It would take some time for these receivers to wind up the affairs of the bank, but it is believed that in the end they will make the closest possible collections. In this event, the depositors should ultimately be paid off."

3. April 20, 1922 The Bamberg Herald Bamberg, SC
Article from The Bamberg Herald, April 20, 1922

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Article Text

# Bank Reference Friday. A reference will be held before a special referee at the court house Friday in the matter of Joe E. Bishop, et al., vs. the Farmers and Merchants Bank, et al. This is the first move in this suit, which involves the conduct of the affairs of the Farmers and Merchants Bank, of Ehrhardt, which for the past year or so has been closed and is now in the hands of receivers. Edward S. Croft, Esq., of the Aiken bar, has been appointed by the court special referee to take the testimony in this case, which will probably be of far reaching consequences, involving many delicate points of law and concerning a large portion of the population of Ehrhardt and community. A legal notice to depositors and others interested in this matter appears in another place of this paper.

4. September 14, 1922 The Bamberg Herald Bamberg, SC
Article from The Bamberg Herald, September 14, 1922

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Article Text

Death Claims E.E. Hughes of Ehrhardt E. E. Hughes, one of Bamberg county's prominent citizens, died at his home in Ehrhardt last Sunday morning at 4 o'clock. Mr. Hughes had been in ill health for some time, although the end came as a shock to his relatives and friends. Mr. Hughes had been actively engaged in business for some years as cotton buyer at Ehrhardt, and he became vice president of the Farmers and Merchants Bank a short time before it went into the hands of a receiver. When the doors of the bank were closed, Mr. Hughes was appointed as one of the receivers, and he continued in this position until his death. Mr. Hughes resided here many years ago, but for a time he lived in Alabama, returning here some 15 years ago. Since that time he has made his home at Ehrhardt, where he was held in high esteem by his many friends and acquaintances. He was 73 years of age. His widow survives him. He had no children. He was a brother of Haigler Hughes, of Ehrhardt. The remains were interred Monday afternoon in the presence of a large concourse of friends and relatives. The funeral services were held in the Lutheran church, of which he was a faithful member, on Monday afternoon. Rev. Groseclose and Rev. Ballentine officiated. Interment took place in the Ehrhardt cemetery.