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STATEMENT BY THE DIRECTORS OF FIRST NATIONAL BANK To the patrons and friends of The National Bank of Ainsworth: For over 42 years the National Bank of Ainsworth has stood shoulder to shoulder with the people of Ainsworth and Brown County, through prosperity and adversity alike. In its entire history it has never failed in a single obligation. There has never been a time that it had not the interests of the community at heart, nor has it ever lost sight of the absolute obligation that it owes to its depositors. In spite of its clean record for nearly half a century, there seems to have come a time when the confidenc of the public has been temporarily withheld. Every effort has been expended by the officers and stockholders to keep the bank in a sound financial condition, and their efforts have been so well rewarded that the past year has been the most prosperous one in the last decade. The misfortune that occurred last week in the closing of the Citizens Bank seems to have caused a feeling of unrest and lack of confidence in the minds of the people and resulted in very heavy withdrawals of de-s posits from the National Bank on Saturday of last week and Monday and Tuesday of this week. At no time was there anything resembling a "run" on the bank, but the withdrawals were steady and persistent. Yet the resources of the bank were not endangered. However, there was no indication that the demands of our depositors would cease before the danger point would be reached, and it was decided by our Directors that in justice to our depositors, the withdrawal should not be permitted to continue and that the bank should be closed while it was yet solvent and capable of liquidating all demands. Hence, the doors have been closed and the bank has been placed in the hands of the Comptroller of the Currency. While the officers regret that it seemed necessary to suspend operations, still they are convinced that such action was the proper course to pursue in order that our depositors might be fully potected. It might be well to state that prior to Tuesday of last week the bank owed nothing for borrowed money and had no re-discounted paper. However, owing to the closing of the Citizens Bank on Tuesday, it was considered advisable to obtain a loan to enable us to cope with any reasonable emergency and we therefore borrowed $29,500 on our bills payable. That loan has not been increased ,nor has any part of the borrowed money been expended. In other words, we still have the $29,500 in cash or its equivalent, and a considerable amount besides. The loan may therefore be fully discharged without exhausting our available cash, and thus when our bills payable are liquidated out of the funds which we now have on hand, we will be free from debt for borrowed money, and all of our assets will be available for the payment of our depositors. We consider that our notes and other assets are worth practically 100 cents on the dollar, and we believe that our depositors have no cause to worry. We know that we have been the victim of unfounded rumors, which have been circulated partly through ignorance and partly through unfriendly motives. Still, we are not placing the blame on anyone. We appreciate the great confidence that has at all times been placed in this bank, and feel sure that future developments will justify that confidence. Most respectfully, J. M. Hanna, Wm. M. Ely, L. F. Corbitt, Hans Rohwer, C. T. Bowen, Directors.
