Farmers & Merchants Bank - Cottageville, SC

Episode Information

Episode UID: 67042771449
Episode Type: Run → Suspension → Closure
Bank Type: state
Bank ID: 6704277 routing
Routing Number: 67-0427
Start Date: September 1, 1920*
Location: Cottageville, South Carolina (32.937, -80.481)

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: 07b1ffaca87045e3

Response Measures

None

Description

Article implies run in fall 1920 led to temporary closure and eventual placement with state bank examiner (22nd likely Jan 22, 1924).

Events (3)

1. September 1, 1920* Run

Cause Details: Unspecified run on deposits in the fall of 1920 that the bank could not withstand
Measures: Bank was temporarily closed and depositors' funds were tied up for about a year to attempt reorganization
Newspaper Excerpt: there was a run upon the deposits
Source: newspapers

2. January 22, 1924 Suspension

Cause: Government Action
Cause Details: Placed in the hands of the state bank examiner after unsuccessful attempt to work out affairs
Newspaper Excerpt: on the 22nd it was placed in the hands of the state bank examiner
Source: newspapers

3. January 31, 1924 Other

Newspaper Excerpt: BANK AT COTTAGEVILLE CLOSES UP ITS DOORS ... The Farmers and Merchants bank of Cottageville closed its doors a few days ago. ... There are about $47,000 in deposits and it is not known how much of this will be paid until a careful checking of the resources and realization upon them.
Source: newspapers

Newspaper Articles (1)

1. February 1, 1924 The State Columbia, SC

Article from The State, February 1, 1924

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Article Text

BANK AT COTTAGEVILLE CLOSES UP ITS DOORS Special to The State. Walterboro, Jan. 31.—The Farmers and Merchants bank of Cottageville closed its doors a few days ago. This bank was organized in 1913 with a capital stock of $25,000 and was succeeding nicely until the fall of 1920, at which time there was a run upon the deposits and it was found that it would not be possible to withstand this run and the bank was temporarily closed. It was later decided to secure the tie up of the depositors for a year or so to see if it were not possible to work out the final salvation of the interests represented. This was tried faithfully but did not succeed and on the 22nd it was placed in the hands of the state bank examiner. The officers of the bank are: T. A. Adams, president; W. E. Willis, vice president and cashier. B. H. Willis was the first president of the bank and he was succeeded by Dr. B. G. Willis, who later died; W. H. Ackerman succeeded him and he was in turn succeeded by T. A. Adams. There are about $47,000 in deposits and it is not known how much of this will be paid until a careful checking of the resources and realization upon them. It is not thought that a great deal will be salvaged.