[1] The first commercial bank in the south of Russia was founded as a result of the commercialisation of the Rostov office of the USSR Zhilsocbank.

[2][3] In the 1990s, it used to be a major bank in the Rostov region with several branches in Rostov-on-Don and other cities such as Taganrog, Shakhty, Gukovo, and Donetsk.

[11] The salvation of the assets of Gukovo branch clients of "Geolbank" was carried out without the financial assistance of the Bank of Russia.

At the same time, the Department of the Bank of Russia in the Rostov region provided organisational service in opening the Rostovsocbank branch in Gukovo.

[12][15] In mining areas of the Rostov region, where the level of financial accessibility was low, the Gukovo branch of Rostovsocbank began purchasing promissory notes of Gukovugol.

Conversely, with the assistance of Gukovo city council and joint-stock company "Gukovugol'" Shafirov and Klochko invited 27000 depositors and clients to immediately withdraw savings and funds kept in the branch as well as called on borrowers to pay off the loans as soon as possible.

Part of the liabilities to the legal entities was written off because these clients of Rostovsocbank submitted to the bank the payments orders to the budget.

The Constitutional court of the Russian Federation later confirmed the possibility of considering unpaid clients' orders to the budget as paid.

In the framework of such a mindset, the transfer of funds to another bank without the creditors' consent was perceived as a blessing — because the money was saved!

I.e. the team of Rostovsocbank used a similar scheme, although then it was not within the current legislation: in 1994 and 1998, they did it in an attempt to save the money of the clients of the bank's bankrupt branches.

Full refund to all depositors of the bank branch on the brink of bankruptcy is a sign of the employees' interest in the well-being of "their" clients.

Moreover, these events happened when neither DIA nor ARCO (Agency for Restructuring of Credit Organisations), its predecessor, existed yet.

[21] Donskoy Narodny Bank, which had the head office and the registered address in Gukovo, within a short time, attracted significant depositors' funds.