Williamsburg County, South Carolina - Chapter 37: Banking in Williamsburg, 1923

The people of Williamsburg continued to do their bank¬ ing business in the city of Charleston until the first year of this century. But little money had been required to satisfy their demands. Until 1900, planters shipped their cotton to Charleston and drew drafts on their factors for all the required money. There had been a small de* mand for money in the County all during the years and this demand was supplied by individuals. After the War be¬ tween the Sections, for a long time L. W. Nesmith kept some currency on hand and supplied this need in the County. After him came R. H. Kellahan, who had grown wealthy in the turpentine business. In 1900, when the establishment of a bank at Kingstree was seriously agi¬ tated, Mr. Kellahan stated that not more than $30,000.00 would be necessary to supply the demand in the entire County and thought that a bank in Kingstree would be useless.

The Bank of Kingstree opened for business on Septem¬ ber 11, 1901, with a paid up capital stock of $15,000.00. It was the first banking institution established in Wil¬ liamsburg County. The original board of directors were R. D. Rollins, H. P. Williams, John A. Kelly, and Dr. D. C. Scott. The first officers: Dr. D. C. Scott, presi¬ dent; John A. Kelly, vice-president; and E. C. Epps, cash¬ ier. The first banking house of this institution was a little room in the rear of Dr. Scott's old Drug Store on Academy Street. The furniture and fixtures consisted of one home made pine table, one broken legged chair, and one shot bag for currency. When Cashier Epps had more currency on hand at the close of business on a day than he was willing to trust in one of the iron safes then in use by the merchants in town, he took this shot bag of currency with him to his room and placed it under his pillow during the night. At the close of business on Jan¬ uary 1, 1902, the deposits in this, the only bank in the County, were $11,043.99; loans and discounts, $3,567.00; profits, $542.59. In 1904 Director Rollins died and R. H. Kellahan was elected a member of the board of directors to fill the vacancy. In September, 1904, Nabor D. Lesesne was elected assistant cashier. In 1905, the capital stock was increased from $15,000.00 to $30,000.00. At that same time, H. P. Williams resigned as director and J. F. Cooper succeeded him. E. C. Epps resigned as cashier and Fred Lesesne succeeded him. Mr. Lesesne soon resigned when L. H. Fairey filled the vacancy made.

On January 1, 1906, the deposits in this Bank were $246,728.26; loans and discounts, $121,731.53; profits, $12,370.15. As soon as possible after the beginning of business by this Bank, it erected a building on Main Street, wherein it installed modern furnishings and equip¬ ment. It occupied this building until 1921, when it leased the ground floor of the Nexsen building, corner of Main and Academy streets, and there equipped very handsome banking quarters. During this time, J. F. Cooper and R. H. Kellahan had died and the number of the board of directors had been increased from four to six. Hugh Cooper, A. C. Hinds, F. W. Fairey, and W. E. Nesmith filled these vacancies. In 1920, J. A. Kelly, Esq., re¬ signed as vice-president and Hugh Cooper succeeded him.

At the close of business April 3, 1923, the Bank of Kingstree had assets to the value of $654,656.95. Its capital stock was then $60,000.00, with a surplus fund of $15,000.00. The officers and directors were Dr. D. C. Scott, president ; Hugh Cooper, vice-president ; F. W. Fairey, cashier ; R. D. Mills and B. V. Singleton, assistant cashiers; and Mrs. Charlton Kelly, stenographer; direc¬ tors: Dr. D. C. Scott, Hugh Cooper, John A. Kelly, W. E. Nesmith, A. C. Hinds, and F. W. Fairey. Dr. Scott

The Bank of Greelyville was organized in 1904 with a capital stock of $10,000.00. Its first board of directors were: T. A. Blakely, J. P. Gamble, T. W. Boyle, W. M. O'Bryan, S. J. Taylor, E. D. Rhodus, and J. F. Register. Its first officers : T. W. Boyle, president ; W. M. O'Bryan, vice-president ; J. F. Register, cashier. In 1907 the capital stock was increased to $15,000.00. C. E. Register served as cashier from 1909 until 1920 and as active vice-presi¬ dent from 1920 to 1923, when forced to resign on account of his health. In 1920 the capital stock was increased to $50,000.00.

The board of directors in 1923 was as follows : T. W. Boyle, W. M. O'Bryan, P. G. Gourdin, J. R. Haynesworth, and H. D. Ferrell. Its officers were : T. W. Boyle, presi¬ dent; W. M. O'Bryan, vice-president; and G. W. Greene, cashier. Mr. Greene became cashier of this Bank in 1920. During the eighteen years in which this Bank has been doing business, the original stock holders have received a total of 112 per cent, in cash dividends and stock dividends of 100 per cent. At the close of business on April 3, 1923, this Bank showed resources to the amount of $147,843.72.

The Bank of Williamsburg began business on January 8, 1906, with a paid up capital stock of $40,000.00. The following were officers : C. W. Stoll, president ; F. Rhem, vice-president; and E. C. Epps, cashier. Board of di¬ rectors, Charles W. Stoll, W. T. Wilkins, P. G. Gourdin, W. I. Nexsen, J. F. McFadden, F. Rhem, T. A. Blakely, and J. O. Graham. In 1913, capital stock was raised to $100,000.00 and a stock dividend of 50% declared. At the close of business on April 3, 1923, the Bank of Williams¬ burg showed as resources $665,517.96. At this time the directors were: C. W. Stoll, W. I. Nexsen, J. F. McFad-

I, 1910, with paid up capital of $13,800.00 and deposits of $1337.31. The following were first officers : Hugh McCutchen, president; W. Y. Strong, vice-president, and E. L. Montgomery, cashier. Directors, H. McCutchen, W. Y. Strong, H. E. Montgomery, W. B. Cooper, W. R. Scott, T. K. Smith, and J. K. Smith. E. L. Montgomery resigned as cashier on May 1, 1911, and was succeeded by L. C. Dove, who served in such capacity until January 1, 1919, when he resigned and was succeeded by W. W. Hol¬ liday. In 1920 President Hugh McCutchen died and W. Y. Strong succeeded him. Mr. Strong began to exercise his office just about the time that "Deflation" set in and for three months he labored continuously for the Bank in that trying financial period. At the meeting of the board of directors at the end of that year, Mr. Strong resigned, telling the directors that he would not serve again as president of that or any other bank for any monetary consideration, that he had more respect for his body and his soul than to crucifv them with the troubles of a bank president. Mr. Strong decided at that time that hence¬ forth he would live a farmer's life in the country.

The stockholders of the Bank of Lane met in the office of J. A. McCullough at Lane June 3, 1919. It was an¬ nounced that all of the $25,000 proposed capital stock had been taken, whereupon the stockholders present elected the following directors: S. W. McClary, J. A. McCullough, H. P. Brown, R. L. Pass, J. C. Graham. J. B. Clarkson, and A. C. Hinds. The following were chosen officers: J. C. Graham, president; J. A. McCullough, vice-president; E. D. McCullough, cashier.

The above named officers and directors of the Bank of Lane were in charge on April 3, 1923, when the statement of the condition of the bank showed its capital stock $25,000.00 and its resources $67,625.25.

The Bank of Hemingway was organized in 1912 by Dr. W. C. Hemingway, H. L. Baker, H. E. Eaddy, and N. M. Yenters. It began business with a capital stock of $15,000.00 and with the following as officers, Dr. W. C. Hemingway, president; F. E. Huggins, vice-president; and annually to stockholders until 1920, when the capital stock was increased from $15, 000.00 to $50,000.00 and the old stockholders received that year 50% stock dividend and a cash dividend of 26%. The present officers of the Bank are: F. E. Huggins, president; George S. Heming¬ way, vice-president; and D. G. Huggins, cashier. Direc¬ tors: F. E. Huggins, George S. Hemingway, W. D. Har¬ mon, E. T. Gaskins, W. A. Lawrimore, A. E. Flowers, H. L. Baker, J. R. Newman, and D. G. Huggins.

The Farmers Bank of Greelyville was organized in 1919 with the following as officers and directors: Dr. J. F. Haselden, president; H. P. Brown, vice-president; and C. H. Rehberg, cashier; directors: H. D. Ferrell, I. C. Player, G. M. Beasley, W. N. Clarkson, J. R. Haynesworth, A. B. Spivey, C. A. Heins, J. W. Harrington, and H. P. Brown.

The resources of this Bank at the close of business on April 3, 1923, were $64,739.50. Its capital stock was then $21,450.00. The following were officers and direc¬ tors: J. P. Gamble, president; H. P. Brown, vice-presi¬ dent; C. H. Rehberg, cashier; directors: E. B. Rhodus,

There were ten banks doing business in Williamsburg County on April 3, 1923. Their combined capital was $465,660.00 and their total resources $2,264,711.89. At this time there were still a large number of substantial men in the County who continued to do a considerable part of their banking business in the city of Charleston and also a large number in the northern part of the County who were interested in the Lake City and Florence banks. When it is remembered that in 1900 there was not a bank¬ ing institution in the County, the foregoing statements show a remarkable financial growth within a score of years. There was a fearful financial period that followed in the wake of the World War, called Deflation, and the banks in Williamsburg in common with all of the banks in rural sections suffered severely, but the innate honesty and the emergency energy of these "indwellers in Wil¬ liamsburg^ slowly but certainly worked out the salvation of all their banks and all of them now are going strong for a friendly future.