Citizens Bank (Blacksburg, SC)

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ANOTHER ONE FAILS

Citizens Bank of Blacksburg Decides to Close.

The urged different times," Special to Chero- Mr. O'Connor after the meeting, "but kee its Citizens and was prospect that these can burg, that close, reasons enough action There its affairs in satisfactory Herndon the first dence that property character was bank, was will increase president the with capital $20,000. sure as Herndon resigned the the board Frustrate Coup D'Etat. rectors and Cline was elected Sapoch has been the Colombia, April president. looked after the Associated coup d'etat and An unverified frustrated when group the the that the army posbank had the the Blacksburg arrested and thrown into ink's closing. prison.

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BLACKSBURG CLOSES AND TURNED EXAMINER

Citizens Bank at Blacksburg Tuesday morning, the day the failure of the Cherokee Savings Bank to open here. The Citizens Bank was closed by order of the board of directors, and the state bank was asked take charge, accordinb to Sapoch, the cashier, The Citizens Bank was organized 1920 with capital of $20,000. Mr. Sapoch Tuesday said the sources were the neighborhood $170,000, while liabilities cluding deposits aggregating around Cline, general manager the Broad River Mills at Blacksburg the president, but the business has been under the active management of Mr. Sapoch, stated. The closing two Cherokee counbanks this week does not appear have effected other lecal financial institutions, according officials. Depositors in the closed banks are being and there naturally some feel- of uneasiness on the part concerned until definite information regarding the final outcome available. This pected several days yet. county has never had bank failure the past, the CaroBank and Trust Company, which operated in Gaffney time few years ago, having been taken over by the American State Bank with comparatively small loss for the stockholders and none for the depositors. Various opinions have been pressed the for the closing of two banks in this county this week but far official no information has become available. One man yesterday asserted that the craze automobiles was the principal factor in the situation, judgment. He declared the ple are living beyond their and that this prevented many from meeting that might have prevented the situation that influenced the directors closing the banks.

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Bond Of Absconding Pastor And Bank Receiver Sought

Suit For $5,000 Begun In Blacksburg Bank CaseMinister Was Agent

GAFFNEY, Nov. 29.-An echo of the time when a Baptist pastor turned financier has developed here with the filing of a suit to recover $5,000 from the National Surety company, of New York, bondsmen for the Rev. W. L. Spinks. formerly of Blacksburg but now of 'parts unknown" to county officials. The suit. filed by A. S. Fant, state bank examiner. and R. S. Lipscomb, receiver for the defunct Citizens bank of Blacksburg, charges Mr. Spinks misappropriated and converted to his own use certain money and property belonging to the Citizens bank. while the minister. who was then pastor of the Blacksburg Baptist church, was serving as liquidating agent. The total of the alleged isappropriation is placed at The complaint sets forth that after the bank closed in April. 1925. Mr. Spinks applied for appointment as liquidating agent and agreed to serve at flat salary of $150 per month, which was to cover all expenses connected with the process Despite this agreement. it is charged that Mr. Spinks paid himself at varying times over a few months total of $4,067.03 in alleged commissions, took $950. 31 for "expenses. paid J. F Moore $320 for some alleged services for the bank and manipulated $3.000 note and mortgage on a Blacksburg drug store such manner that he profIted by the security which the bank lost.

The suit asks that the National Surety company be required to pay the amount of the bond An indictment charging Mr Spinks with embezzlement was returned in criminal court here more than a year ago. At that time he was located in Mississippi. where he successfully resisted extradition

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DOBSON IS NAMED BANK RECEIVER

R. S. Lipscombe, Former Receiver For Blacksburg Bank, Declared Incapacitated

GAFFNEY Oct. order appointing W. Dobson ceiver of the Citizens Bank of Blacksburg. replacing R. S. Lips comb, declared in the order "to be under the law to continue in this capacity has been filed in the clerk of court's office The order. signed by Judge S. W. Shipp. directs the new receiver to pay at once such a dividend as the amount of money now on hand warrant, make due efforts to collect as much as possible from the remaining assets within time, pay final and apply for his discharge The Citizens Bank closed in April seven years ago.

Mr. Lipscomb made an unsuccessful to commit suicide September 23 by shooting himself. He was later declared mentally irrreand sent to private hospital at Morganton. N. An auditor's reports showed building and loan association of which he is secretary and treasurer has definiency of approximately $67,000. of which amount the report asserted about $36,000 had been misapplied.