Farmers & Merchants Bank (Lake City, SC)

Episode Information

Episode UID
9793921991522
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
979392199 hash
Start Date
October 1, 1926*
Location
Lake City, South Carolina (33.871, -79.755)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
7c41222627a53e34

Response Measures

None

Description

OCR errors in articles; dates and some words corrected where obvious.

Events (2)
1. October 1, 1926* Receivership
Newspaper Excerpt
the Farmers and Merchants Bank of Lake City failed in October 1926 ... receiver contested this ruling
Source
newspapers
2. October 1, 1926* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank failed in October 1926 and suspended business; specific trigger not described in these articles.
Newspaper Excerpt
When the Farmers and Merchants Bank of Lake City failed in October 1926
Source
newspapers

Newspaper Articles (4)
1. November 10, 1928 The Charlotte Observer Charlotte, NC
Article from The Charlotte Observer, November 10, 1928

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Article Text

N. PARK ACT IN LEGAL FIGHT Suncrest Lumber Co. Battles in Court for Title to 38,000 Acres of Timber. RICHMOND Nov. case Lumber comversus the North Carolina park was argued length before the United States circuit court of appeals in hmond today was appealed from the United States court Asheville and involves the to of timberland in Swain Haywood North is charged that the North Carolina park commission was planning to condemnation proceedings in the state court for the purpose to belong to the Suncrest Lumber company. The Suncrest Lumber company charged that the act of the General Assembly of North Carolina, under which It alleged that the park commission unconstitutional and in violation of the fourteenth amendment the constitution the United States. Court here reveal that conuted by the state North Caro. Ina In September 1928 and upon petition the Lumber company was hearing In the United States circuit court of ap. peals here. BANK CASE. The federal here today also heard the of the Federal Reserve bank versus Thomas A. Early receiver, appellee This case, court records show in volves the Farmers and Merchants bank Lake City South Carolina, member of the Federal Reserve system, suspended business October by resolution of the board of directors on account of in Mr Early being appointed records show that at the time of suspension the bank had in reserve count with Federal Reserve bank the sum of $28 085 Records show also that the subscriber for 78 shares stock the Federal Reserve to filed recover the of reserve deposits the liquidation value of the serve bank The Federal Reserve records had viously refused payment on the grounds that the reserve balance and the value of the subject to application ward the of checks on the Lake City contained in two cash letters alleged have been transmitted reserve bank to Lake City bank.

2. March 13, 1930 Nashville Banner Nashville, TN
Article from Nashville Banner, March 13, 1930

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Article Text

RICHMOND RESERVE BANK SUSTAINED Supreme Court Upholds Payment Of Checks On Failed Institution. March Bank of by the Supreme Court in to the credit of the Farmers and of Lake S. to the of checks on latter for the South bank had failed. Bank of City failed in had whether the Bank deposit towards City Bank, of checks Lake banks, an set the must be District contract Bank the Federal right deposit payment against the contested not the the failed part of decision of result in the the reserve illegal of creditors the failed bank.

3. March 13, 1930 Richmond Times-Dispatch Richmond, VA
Article from Richmond Times-Dispatch, March 13, 1930

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Article Text

Reserve Bank Of Richmond Wins Decision WASHINGTON March 12-(P)-The Federal Reserve Bank of Richmond, Va., today was sustained by the Supreme Court in applying funds it had on deposit to the credit of the Farmers and National Bank of Lake City, S. C., to the payment of checks drawn on the latter bank recelved for collection after the South Carolina bank had failed. When the Farmers and Merchants Bank of Lake City failed in October 1926, had $22,088 on with the Federal Reserve Bank at RichThe on whether the Federal Reserve Bank could use this deposit balance towards the payment checks drawn on the Lake City Bank, which it had recelved for collection from customer banks, whether the deposit balance was an the failed bank which must be turned over to the The Federal District Court decided in but Circuit Court of Appeals held that under the contract with the Lake Cit: Bank the Federal Reserve Bank had the to use the deposit balance in payment checks it had received for collection drawn against the failed bank The receiver contested this ruling that the collection contract did not give the Federal Reserve Bank the apply the deposit balbut that returned must be the failed become part the decision of the Circuit Court of would result of the Reserve Bank being given at the expense of the creditors of the failed bank

4. January 30, 1931 The Clarks Enterprise Clarks, NE

Article Text

Reserve Bank Of Richmond Wins Decision WASHINGTON March 12-(P)-The Federal Reserve Bank of Richmond, Va., today was sustained by the Supreme Court in applying funds it had on deposit to the credit of the Farmers and National Bank of Lake City, S. C., to the payment of checks drawn on the latter bank recelved for collection after the South Carolina bank had failed. When the Farmers and Merchants Bank of Lake City failed in October 1926, had $22,088 on with the Federal Reserve Bank at RichThe on whether the Federal Reserve Bank could use this deposit balance towards the payment checks drawn on the Lake City Bank, which it had recelved for collection from customer banks, whether the deposit balance was an the failed bank which must be turned over to the The Federal District Court decided in but Circuit Court of Appeals held that under the contract with the Lake Cit: Bank the Federal Reserve Bank had the to use the deposit balance in payment checks it had received for collection drawn against the failed bank The receiver contested this ruling that the collection contract did not give the Federal Reserve Bank the apply the deposit balbut that returned must be the failed become part the decision of the Circuit Court of would result of the Reserve Bank being given at the expense of the creditors of the failed bank