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Many Insolvent National Banks Being Liquidated
The Comptroller of the Currency, J. F. T. O'Connor, has announced that during the month of May 1935, 14 insolvent banks were liquidated, the receiverships thereof being finally closed, making a total of 65 receiverships finally closed or restored to solvency since his last Annual Report to Congress compiled as of October 31, 1934.
The First National Bank of Havensville, Kansas, was placed in receivership on October 11, 1933 and all depositors and other creditors were paid 100 per cent principal with interest in full at the legal rate amounting to an additional dividend of 6.1857 per cent. Total payments to creditors, including offsets allowed, aggregated $62,006 and the stockholders received $754 together with the assets still remaining uncollected.
The Montgomery County National Bank of Cherryvale, Kansas, was placed in receivership on May 7, 1931 and disbursements, including offsets allowed, to depositors and other creditors aggregated $153,358, which represented 67.2% of the total liabilities at date of failure. Unsecured depositors received dividends amounting to 14.63% of their claims.
The Commercial National Bank of Independence, Kansas, was placed in receivership on March 14, 1930 and disbursements, including offsets allowed, to depositors and other creditors aggregated $4,488,385, which represented 84.4% of the total liabilities at date of failure. Unsecured depositors received dividends amounting to 76.4115 per cent of their claims.
The Billings National Bank of Billings, Oklahoma, was placed in receivership on October 17, 1930 and disbursements, including offsets allowed, to depositors and other creditors aggregated $142,436, which represented 88.2% of the total liabilities at date of failure. Unsecured depositors in this case received dividends amounting to 85.62% of their claims.
The First National Bank of Tower City, N. Dakota, was placed in receivership on December 10, 1929 and disbursements, including offsets allowed, to depositors and other creditors aggregated $57,197, which represented 73.7% of the total liabilities at date of failure. Unsecured depositors received dividends amounting to 62.18 per cent of their claims.
The First National Bank of Huntsville, Tennessee, was placed in receivership on February 9, 1933 and disbursements, including offsets allowed, to depositors and other creditors aggregated $50,814, which represented 70.8% of the total liabilities at date of failure. Unsecured depositors in this case received dividends amounting to 58.7% of their claims.
The First National Bank of Milton, North Dakota, was placed in receivership on August 11, 1932 and disbursements, including offsets allowed, to depositors and other creditors aggregated $36,016, which represented 50.4% of the total liabilities at date of failure. Unsecured depositors received dividends amounting to 23 per cent of their claims.
The First National Bank of Florence, South Carolina was placed in receivership on May 22, 1925 and disbursements, including offsets allowed, to depositors and other creditors aggregated $1,282,155, which represented 85.8% of the total liabilities at date of failure. Unsecured depositors received dividends amounting to 49.77% of their claims.
The First National Bank of Montezuma, Iowa, was placed in receivership on September 16, 1929 and disbursements, including offsets allowed, to depositors and other creditors aggregated $302,319, which represented 60.9% of the total liabilities at date of failure. Unsecured depositors received dividends amounting to 57.84% of their claims.
The First National Bank of Ambrose, North Dakota, was placed in receivership on February 29, 1930 and disbursements, including offsets allowed, to depositors and other creditors aggregated $37,148, which represented 37.8 per cent of the total liabilities at date of failure. Unsecured depositors received dividends amounting to 20.96% of their claims.
The First National Bank of Arlington, Georgia, was placed in receivership on March 8, 1932, and disbursements, including offsets allowed, to depositors and other creditors aggregated $59,642, which represented 57 per cent of the total liabilities at date of failure. Unsecured depositors in this case received dividends amounting to 32.55% of their claims.
The First National Bank of Mound City, Illinois, was placed in receivership on December 19, 1931, and disbursements, including offsets allowed, to depositors and other creditors aggregated $119,767, which represented 84.7% of the total liabilities at date of failure. Unsecured depositors in this case received dividends amounting to 82.57 per cent of their claims.
The First National Bank of Pepin, Wisconsin, was placed in receivership on July 23, 1926 and disbursements, including offsets allowed to depositors and other creditors aggregated $152,245, which represented 60.5 per cent of the total liabilities at date of failure. Unsecured depositors received dividends amounting to 55.665 per cent of their claims.
The First National Bank of Laredo, Texas, was placed in receivership on November 30, 1931, the liabilities of the institution having heretofore been assumed by another bank. The Receiver was appointed for the purpose of collecting an assessment against the stockholders for the benefit of the purchasing bank which was the sole creditor of the receivership and which received dividends amounting to 84.35 per cent or the aggregate sum of $136,817.