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EXCHANGE BANK
(Continued from page the credit the receiver purpose of per cent of each depositor's claims fast adjust his accounts and prove the claims, said D. W Twohy. chairman of the board of the Old National
Assets Outlined.
In the contract for the sale, filed in rederal court, is outlined that the known net liabilities the pended bank are $6,507,000 and the known assets date of suspension were Bills of net par house, furniture and fixtures and adjoining property of an aggregate value of $488,385.75 and, after allowing for adjustments, the "quick assets" were approximately $743,To clarify this for the public, man familiar the details of the transaction, explained that the "quick assets" of $743,000 was all that would have been immediately available to the public. This only little more than per cent of the total depositor liability of more than $7,000,000. Through the purchase, 50 cent will be available to the Further, liquidated the usual way by the receiver, claims could not be filed until 90 days after the bank suspended business. By rea. son of yesterday's transaction, claims can be filed and proven and certificates of claim issued by the receiver as soon as the accounts are adjusted.
Webster Issues Order.
The Old National Bank and Union Trust company purchased bills receivable of face value of $3,160,945.98 and "quick assets" of a face value of 02, and in return guarantees depositors 60 per cent of their claims and in addition will pay all secured and preferred creditors in full Secured and preferred are public funds secured by bond deposits of securities. The total preferred said to be between $120,000 Federal Judge Stanley Webster issued an order approving the purchase. Assisting Mr. Pole in the negotiations Mr. Baldridge, R. D. Garrett of Washington, D. chief of the insolvency division of the comptroller's and George Barse of Washington, D. C., counsel for the insolvency division the bureau. Mr. Twohy and Witherspoon of Wakefield & Witherspoon, bank counsel, represented the Old National-Union Trust
No Profit for Old National.
"The assets purchased by the Old National Bank and Union Trust company were sold on dollar basis, said Mr. Pole. "Creditors, result, will be paid 60 per cent dividend. These creditors are primarily the depositors, are unsecured creditors. The Old National-Union Trust makes profit as pays face value for these assets the addition of adjusted Mr Pole also made plain that the Old National was firstclass assets and in no way was endangering its depositors its own assets in offering to do this "great public The legality of such a purchase was set up by the decision of the Ninth court appeals in November, the case of ing out of the insolvency of the First National bank Fergus county at Lewistown, Mont. This case and forecast of yesterday's deal was published in Saturday's editions of the
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