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Depositors M. & F. Bank Inaugurate Re-Opening Plans One of the largest crowds of representative business men and women from all parts of Holmes county ever seen in Lexington gathered at the court house at 3 o'clock in response to a call meeting of depositors of the Merchants and Farmers Bank and Trust Co., that suspended business February 21 Hon. A. M. Pepper was elected chairman and L. E. Barr, secretary. A statement was made the depositors by H. H. Johnson, vice-president of the bank outlining plan approved by the state banking department that re-opening of the institution could be made under "frozen deposit" agreement payable 20 per cent January 1, 1932; 25 per cent January 1933; 25 per cent January, 1934; 30 per cent January, 1935, with interest at 2 per cent per annum. J. W. Gaulding, special agent of the state banking department, stated that a thorough inspection of the bank's assets had been made, it was solvent and should be re-opened; that the bank had arranged for funds the coming year to care for business and that liquidation should not be permitted under the circumstances. He also stated that the bank's capital of $100,000 and similar amount as surplus was unimpaired. Chairman Pepper next introduced Mr. Dulwebber. vice-president of the Greenwood Bank and Trust Co., who stressed the importance of a depositor's full cooperation towards re-opening the bank under the plan outlined. He stated that the bank Greenwood had adopted similar plan and also had over onehalf million dollars in new deposits. He paid high compliment to the people of Holmes county and the manner in which they overcame obstacles. Henry Hart, president of the Bank of Winona that recently re-opened under similar program, addressed the depositors at length. His statements were attentively heeded by the immense throng, and the earnestness of his advice combined with his high standing as business man and banker of Montgomery county for 50 years, is also aided in the experience of his seventy years as a man whose counsel and guidance is to be taken by the good people of any community. His illustrations were apt and to the point and his tribute to the farmer was worthy of the attention of every man, woman and child of Mississippi. Mr. Hart has been banker for 23 years and his advice should be of inestimable benefit and his service to his fellowman living example of confidence inspired by a loyal consciousness of duty. Statements were also made by B. S. Beall, G. W. Stigler and S. D. Bailey, highly respected and honored citizens of the community. They urged the reopening of the bank and requested full cooperation of the depositors. A statement was made in behalf of
