First National Bank (Mullins, SC)

View Charter #9876 on SPMC View balance sheet

Episode Information

Episode UID
987601584
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
98760 national
Charter Number
9876
Start Date
December 13, 1931
Location
Mullins, South Carolina (34.206, -79.254)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
b04a70ee9fe407a4

Response Measures

None

Receivership Details

Depositor recovery rate
70.3%
Date receivership started
1931-12-14
Date receivership terminated
1936-07-29
Share of assets assessed as good
23.5%
Share of assets assessed as doubtful
63.3%
Share of assets assessed as worthless
13.2%

Description

State examiner placed affairs in charge; receivership date 1931-12-14 (known).

Events (4)
1. October 21, 1910 Chartered
Source
historical_nic
2. December 13, 1931 Suspension
Cause
Government Action
Cause Details
Directors closed bank and state examiner placed affairs in charge; closed for thirty days as protective measure.
Newspaper Excerpt
the First National bank of Mullins doors today notice on the door stated the bank had been closed by order of directors to protect its depositors and stockholders and that affairs had been placed in the hands ... This notice was signed by Folger, examiner in charge.
Source
newspapers
3. December 14, 1931 Receivership
Source
historical_nic
4. December 14, 1931 Receivership
Newspaper Excerpt
State bank examiners ... making an investigation affairs both of these (papers dated Dec. 14 reporting the banks closed and examiners investigating).
Source
newspapers

Newspaper Articles (3)
1. December 13, 1931 The State Columbia, SC

Article Text

Second Institution in Town and Branch at Nichols Quit for Thirty Days for Safety. Special to The Mullins, Dec. First National bank of Mullins doors today notice on the door stated the bank had been closed by order of directors to protect its depositors and stockholders and that affairs had been placed in the hands the of the This notice was signed by Folger, examiner in charge. The directors of the bank of Mulupon learning of the action the First National closed its doors and posted notice to the effect that would remain closed for days protective measure. Officers of the Bank of Nichols Nichols, which branch of the Bank Mullins, to for 30 days to avoid any run the bank. closing of the First National bank marks the first bank closing in the town's history,

2. December 14, 1931 Florence Morning News Florence, SC

Article Text

FLORENCE BANK RELIEF Peoples State Bank FurTemporary Facilities At the request of a delegation of citizens of Mullins whose two banks closed The Peoples State Bank of provide banking for the business interests that town and was nounced night McLeod. chairman of the board. Dr. stated that representatives of the interests of Mullins were here Saturday night conference and that order assist in Peoples Bank arranged furnish temporary banking facilities. Frank Brand, district vice president the Peoples State Bank. and Darby Cusaak, cashwill early this remain in Mullins long necessary, it stated. The action follows the closing on Saturday First National Bank Mullins, which was followthe closing the Bank of Mullins to protect itself against run. State bank examiners, it said last night, making an investigation affairs both of these

3. May 8, 1932 The Charlotte News Charlotte, NC

Article Text

Mullins Business Man Kills Self Mullins S May S H Schoolfield. 56 business leader here for the past 30 years was found dead of bullet wound at his home here today He died short time later hospital Relatives said it was apparently suicide and that they believed ill health prompted the Mr Schoolfield native of Dan. ville president of the Mullins Lumber company and was president the First National bank of Mullins recently closed