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BANKING NEWS COLUMBUS BANK WILL REORGANIZE The Farmers State Bank, Columbus, suspended December 27 to reorganize. William Bucher is president and F. J. Boehm is cashier. The capital stock is $50,000 and surplus $25,000. State examiner L. L. Hallstead is in charge.
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Whether Farmers' State Will Be Reopened or Liquidated Put up to Depositors preliminary toward termining State bank of Columbus, which suspended business Dec. shall reorganized and business under plan submitted for their the state banking department, whether receiver shall be pointed to liquidate depositors attending in the district court room evening were askthe depositors' and of the department for expression of their the matter. At conclusion of the meeting, during which the tentative plan had been discussed in detail, vote taken by ballot, each depositor signing ballot so that they could be checked this morning with the list of deposits to determine what proportion of the deposits represented by those voting way on the question. Of the 95 depositors who cast their ballots, 70 voted favor of reorganization and 25 against After checking up the ballots with the deposits this forenoon, Haase, agent in charge of the bankannounced that the votes represented $73,841 of while the votes of deposits. deposits of those voting he said. averaged approximately $1,055 person, and the deposits of voting "no" average about had been explained that under the state law and the regulations of the department, reorganization not effected in such instances unless waiver agreements signby depositors representing per cent, more, the total posits, and unless among those signing are all depositors who have deposits exceeding $500 each. The vote last night was, in fect, only an indication of the timent then prevailing among the depositors who voted, and should not be interpreted as being conclusive either way. Some of the depositors present did not vote, evidently desiring to think the matter in the time that would be afforded them interval before formal waivers should be submitted for their signatures. The bank has approximately 800 depositors. Attendance meeting last night numbered about 200, but not known just how many of these depositors and how many were either there as representatives of depositors, or were only spectators. When bank suspended busithe deposits totaled approximately $582,000, but Mr. Haase plained last night that the county been This subject of balanced deposits. waivprocured depositors percentThe sentiment expressed in last night's vote will be transmitted to will then decide what waiver Mr. Walter the depositors to pay stockgradual liquidation old business and from any of land which he placed reorganization and reopening the bank is put into effect, then Mr. Bucher will deed the land outright become part of the assets of the bank, entirely separate from any stock liability. The present day equity in the land, above the mortgages, Mr. Walter said, estimated at from $30,000 to $50,000. If reopened under the proposed plan, Mr. Walter said, the bank would again going, solvent institution, privileged to general banking business, but under strict the banking departand handled in the usual banking ner. Mr. Bucher, speaking very briefurged favorable consideration of plan the depositors. declaring belief that would make possible to realize much more the present assets than could be realized if the bank were to be liquidated under present conditions. After the plan had been outlined Mr. Walter, he and Mr. Haase John Curry, chairman of the depositors' committee, conducted an open forum, answering questions asked by of the depositors the plan and the status of the bank's affairs. Curry that not their intention to influence the depositors in their ultimate decision, but rather to the situation to them and that they should decide what their wishin the matter.