First National Bank (Clinton, SC)

View Charter #8041 on SPMC View balance sheet

Episode Information

Episode UID
804101573
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
80410 national
Charter Number
8041
Start Date
January 22, 1931
Location
Clinton, South Carolina (34.473, -81.881)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
cc23880f56a2ce35

Response Measures

Full suspension, Books examined

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1931-01-27
Date receivership terminated
1937-08-24
Share of assets assessed as good
33.9%
Share of assets assessed as doubtful
52.5%
Share of assets assessed as worthless
13.6%

Description

Known receivership date (1931-01-27) aligns with liquidation described in July articles.

Events (5)
1. January 10, 1906 Chartered
Source
historical_nic
2. January 22, 1931 Run
Cause Details
Unexpected heavy withdrawals (an unexpected run) forced closure; no specific rumor or bank scandal cited.
Measures
Directors placed a sign on the door stating the bank was temporarily closed for the protection of depositors.
Newspaper Excerpt
closed its doors today shortly after opening hours due to an run the bank
Source
newspapers
3. January 22, 1931 Suspension
Cause Details
Directors suspended business (closed doors) in response to the run; bank inspector expected to take over affairs.
Newspaper Excerpt
The directors placed sign on the door stating, The bank is temporarily closed for the protection of its depositors.'
Source
newspapers
4. January 27, 1931 Receivership
Source
historical_nic
5. January 27, 1931 Receivership
Newspaper Excerpt
Harry Fagan, liquidating agent of the First National bank here, announced today that he would begin payment ... This 50 per cent dividend ... comes exactly six months from bank suspended business.
Source
newspapers

Newspaper Articles (4)
1. January 23, 1931 The Greenville News Greenville, SC

Article Text

CLINTON BANK CLOSES DOORS Action Taken To Protect DeDirectors Anpositors nounce In Suspending CLINTON Jan. 22-The First National bank of this city, one of the oldest and strongest banking institutions of the country, closed its doors today shortly after opening hours due to an "run" the bank Following number on the placed sign on the door stating "that the bank was closed for of its depositors. The First bank was ganized years ago. statement December 31, showed deposits with total assets of $533,029.37 bank inspector expected once take the affairs of the bank before any statement can issued Today was the first time that the town Clinton has ever experienced bank closing

2. January 23, 1931 The State Columbia, SC

Article Text

BANK AT CLINTON CLOSED TO BUSINESS Special to The State. Clinton, Jan. 22-The First National bank of Clinton, one of the oldest banking institutions of the county, closed its doors today shortly after opening due to an unexpected run on the bank. Following number of withdrawals, the directors placed sign on the door stating, "The bank is temporarily closed for the protection of its depositors.' The First National bank was organized 26 years ago. Its statement of December showed deposits $293,640.03 with total assets of $533.029.37 A bank once take over the affairs of the institution. Today was the first time that the town of Clinton has ever had bank within its limits to close. Panama has movement to boost the country as a winter resort.

3. July 22, 1931 The Greenville News Greenville, SC

Article Text

Clinton Bank To Pay 50 Per Cent CLINTON, July 21.-Harry Fagan, liquidating agent the National this city today that would begin payment tomorrow cent cash dividend all creditors this Checks for this amount will placed in the hands of other creditors with proved claims as of June This 50 per cent which an large one, comes exactly six months from bank suspended business.

4. July 22, 1931 The State Columbia, SC

Article Text

CLINTON DEPOSITORS* GET LARGE DIVIDEND Special to The State. Clinton, July 21.-Harry Fagan, liquidating agent of the First National bank here, announced today that he would begin payment tomor. row of cent. cash dividend to all creditors of this institution. Checks for this amount will be placed in the hands of depositors and other creditors with proved claims as of June This 50 per cent. dividend, which an unusually one, comes