National Exchange Bank (Chester, SC)

View Charter #8471 on SPMC View balance sheet

Episode Information

Episode UID
847101599
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
84710 national
Charter Number
8471
Start Date
March 4, 1933
Location
Chester, South Carolina (34.705, -81.214)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
6613baa5fba1181e

Response Measures

None

Receivership Details

Depositor recovery rate
63.1%
Date receivership started
1933-03-09
Date receivership terminated
1938-06-24
Share of assets assessed as good
32.7%
Share of assets assessed as doubtful
52.2%
Share of assets assessed as worthless
15.1%

Description

Bank closed March 4 and taken over by the Comptroller/receiver; later receiver reports confirm permanent receivership.

Events (4)
1. December 17, 1906 Chartered
Source
historical_nic
2. March 4, 1933 Suspension
Cause
Government Action
Cause Details
Bank closed and payments suspended pending orders from the Comptroller of the Currency after banking holiday conditions.
Newspaper Excerpt
Chester March National Exchange bank ... closed its doors today ... Closed until orders from comptroller of
Source
newspapers
3. March 9, 1933 Receivership
Source
historical_nic
4. March 9, 1933 Receivership
Newspaper Excerpt
taken over yesterday by the comptroller of the currency; M. L. Barnett, Jr., National Bank examiner, was placed in charge of the National Exchange.
Source
newspapers

Newspaper Articles (8)
1. March 4, 1933 The Item Sumter, SC

Article Text

Congress Adjourns March house 72nd adjourned sine die Speaker John Garner, mmediately left for the senate hamber take the oath of office The house and the memberselect to followed him side the capitol. clined to observe Gov. W. Murbanking holiday. Chester March National Exchange bank ter closed its doors today The following posted "Closed until orders from comptroller of The capitalized Jackson, Miss., March Blanket restriction cent deposits with exceptions was ordered today banks Love, state superintend-

2. March 10, 1933 The Item Sumter, SC

Article Text

Examiner Takes Charge Chester Bank March of the National Exchange bank of Chester were placed today in the hands the national bank examiner. door the bank capitalized Chester's oldest banking institution placed notice: bank under direction of the comptroller of currency. charge Barnett, national bank examiner Last Saturday the bank closed doors with the notice that would remain closed "until further orders from the comptroller of the currency Prior to arrival of Barnett, McKinnell. cashier, had been delegated by directors to act custodian An auditing concern been engaged several days audit there has been discussion of plans for but such plans have not reached definite and decision will be reached until after completion the audit, persons authority

3. March 10, 1933 The Macon News Macon, GA

Article Text

Charleston Bank Receiver Resigns CHARLESTON, S. C., March 10 resignation of N: M. McDill, of Chester, as receiver of the Peoples State Bank of South Carolina was accepted by Judge Lyles Glenn, also of Chester, in an order filed in federal court here Friday. McDill is president of the National Exchange Bank of Chester, which was closed last Saturday and taken over Thursday by the comptroller of the currency The other two receivers of the 44unit chain bank are William Elliott. of Columbia, and Rober Gage, of Chester. Although number of Chinese companies have tried to produce niotion pictures, the results have been rated neither "financially nor artia tically" successful by attaches.

4. March 10, 1933 The Columbus Ledger Columbus, GA

Article Text

Bank Receiver's Resignation Accepted The resignation of N. M. McDkl of Chester as receiver of the Peoples State Bank of South Carolina, was accepted by Judge Lyles Glenn, also of Chester in an order filled in federal court here today. McDil is president of the Nation Exchange Bank of Chester which was closed last Saturday and taken yesterday by the comptrolleld of the The other two receivers of the 44unit chain bank are William liott of Columbia, and Robert Cage

5. March 11, 1933 Florence Morning News Florence, SC

Article Text

McDill Resigns As Bank Receiver CHARLESTON, S. C., March 10—(AP)—Federal Judge J. Lyles Glenn today accepted the resignation of N. M. McDill of Chester as one of three receivers of the 44-unit Peoples State Bank of South Carolina. The acceptance was recorded in an order filed in federal court here, the order stating that in the "opinion of the court" no more than two receivers are necessary because of general economic conditions. McDill is president of the National Exchange Bank of Chester which was taken over yesterday by the comptroller of the currency after closing last Saturday. M. L. Barnett, Jr., National Bank examiner, was placed in charge of the National Exchange. The remaining receivers of the Peoples State Bank are Robert Gage of Chester and William Elliott of Columbia. The receivers were appointed January 27, 1931. Judge Glenn was in Rock Hill today and said there that McDill's resignation would not "in any way affect the receivership" of the institution the judge would not comment otherwise, merely saying he "signed a formal order accepting the resignation." The bank closed January 2, 1931, when it had approximately 5,000 depositors with more than $24,000,000 on deposit.

6. April 4, 1933 The Charlotte News Charlotte, NC

Article Text

TRUE BILLS IN BANK CASES Chester Men Face Indictment By Federal Jury THREE NAMED S. C., April James H. lenn, Raymond Speigner and Theodore N. Tinsley, all of Chester, were charged with embezzling and misappropriating funds from the refunct National Exchange Bank of Chester in two indictments returned by federal grand jury here today. Glenn director of the bank brother of Federal Judge Lyles Glenn, of Chester. Speigner was bookkeeper in the institution which closed doors March Tinsley Chester merchant. Glenn and Spiegner are named in involving approximately Speigner and Tinsley are named in second alleging misappropriation of Tolbert, district attorsaid audit of the bank's affairs indicated shortage of $68,000. He the three named today's indictments would called trial before Judge H. Watkins probably tomorrow None the defendants was court when the indictments were returned Prosecutor from Washington G. Gardiner Jr., Washfngton. was sent here by government officials to assist Tolbert in prosecution of the Thomas of York, headed group lawyers retained by the Chester When the National Exchange bank closed. banks all over the nation were closing under the holiday and was not until March that announcement was made that the institution had been taken over by the comptroller of the currency. Shortly thereafter N. M. president bank resigned one of three receivers for the 44-unit Peoples State bank of South Carolina

7. July 11, 1933 The Herald Rock Hill, SC

Article Text

DATA GIVEN ON CHESTER BANK Progress Made In Affairs of National Exchange (By Herald Correspondent) Chester, July 11.-The condition of the National Exchange Bank as of the quarter ended June 30, shows that satisfactory progress is being made in settling the affairs of this bank, which suspended business, March 4. according to a report by J. L. Campbell, receiver. The report follows Assets Assets at date of suspension (book value, ot actual), $740,127.69; additional assets acquired since suspension (book value, not actual), $19,835.44; stock assessment (100 per cent), $100,000; total assets to be accounted for $859,963.13; cash from assets, $203,785.10; cash from additional assets, $2,029.50; cash from stock assessment, $31,978.86; total from assessments and stock assessment, $237,793.46; offsets allowed on as sets, $5,346.79; losses charged off on assets, $2,745.41; remaining assets; uncollected assets, $528,265.31; uncollected additional assets, $17,791.02; uncollected stock assessment, $68,021 total remaining uncollected assets, $614,077.47; total assets accounted for, $859,963.13. Liabilities Secured liabilities at suspension date, $277,078.26; unsecured liabilities at suspension date, $381.651.48; additional liabilities established, $3,282.41 total liabilities this date, $662,012.15; secured and preferred liabilities paid in cash, $147,723.41; unsecured liabilities offset, $5,346.79; unpaid secured liabilities (both proved and unproved), $128,436.25; unsecured liabilities not paid or proved, $380,505.70; total liabilities accounted for $662,012.15. Cash from assets and stock assessment, $236,378.02; cash from interest, premium and rents, $1.415.44; cash collected by receiver and held as trustee for owners, $162.36: total collections to be accounted for, $237,955.82. Disbursements of every character: secured and preferred liabilities paid (including dividends), $147,723.41; col. lateral account (collections held by creditors and not yet applied). $28,184.73; advances in protection of assets (taxes, insurance, etc), $499.84: expenses of receivership, $4.212.27; cash in hands of receiver and comptroller, $57,335.57; total collections accounted for

8. July 13, 1933 The Greenville News Greenville, SC

Article Text

STATUS OF BANK CHESTER GIVEN Receiver For National Exchange Files Report As Of June 30 CHESTER, July 12-The condition of the National Exchange bank as of the quarter ended June 30, shows that satisfactory progress is being made in settling the affairs of this bank. which suspended business March 4, according to report by L. Campbell, receiver. The report follows: ASSETS Assets at date of suspension (book value, not actual), $740,127.69 additional assets acquired since suspension (book value, not actual), stock assessment (100 per cent), $100,000: total assets to be accounted for $859,963.13 cash collected from assets, $203,785. 10; cash collected from additional assets, $2,029.50: cash collected from stock assessment, $31,978.6; total collected from assessments and stock $31,978.86: offsets allowed on assets, $5,346.79; losses charged off. on assets, $2,745.41; on stock assessments, none: total losses charged off, remaining assets: assets, $528,265.31 additional assets $17.791.02; uncollected assessment. $68,021.14 remaining uncollected assets, $614.077 total assets for. $859,963.1 LIABILITIES Secured liabilities at date of susbilities at date of suspension, $381. 651.48 additional liabilities established $3,282.41 total liabilities this date. $662,012.15 secured and preferred liabilities paid in cash, $147.723.41 unsecured liabilities offset $5,346.79 unsecured liabilities for which receiver's certificates been issued. none unpaid secured liabilities (both proved and unproved) $128 436 unsecured liabilities not paid or proved. $380. 505.70 total liabilities accounted for, $662,012.15 COLLECTIONS AND DISBURSEMENTS Collections from all sources: Cash collected from assets and stock assessment, $236,378.02 cash collected from interest. premium and rents. $1,415.44: cash collected by receiver and held as trustee for owners. $162.36: Reconstruction F1. nance Corporation loan received. none total collections to be accounted for. $237,955.82. Disbursements of every character: Secured and preferred liabilities paid (including dividends $147,723.41 collateral account (collections held by secured creditors and not yet applied). $28.184 advances in protection of assets (taxes insurance. etc $499 expenses of receivership. $4,212.27* dividends pa id to unsecured creditors. none: cash in hands of receiver and comptroller. total collections accounted for. $237,955.82. Minier Padgette Parrish, Easley: Virginia Wood. Greenville: Elizabeth Sumter Oaklawn: Sara Austin, principal. and Nora O. Wyatt Sanoma Rama McCay. principal: Jessie Hunt and Marion Colyer.