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MILLER NAMED BANK RECEIVER LEWISTOWN, Dec. 3.-(P)-J. R. Miller, receiver for several closed national banks in this part of the state, has been notified by J. M. Pole, comptroller of the treasury, of his appointment as receiver for the First National bank of Stanford. The First National was closed recently by decision of the directors to voluntarily liquidate the institution. Miller took charge of its affairs this morning.
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HOW CIRCUMSTANCES CHANGE A rather remarkable case of the voluntary closing of a bank comes from Stanford in Judith Basin county. Early the past November The First National Bank of that place failed to open its doors but at the same time the officerr announced that the depositors will be paid in full. The matter is of local interest becalse S. R. Roll, formerly of Fairfield, was for a time connected with this bank after leaving Fairfield and he is now assisting in small way as a depositor, in liquidating the affairs of the bank. In statement by the president he related that in 1927 the deposits of the bank amounted to $215,000.00 whereas this past fall they declined to $57,000.00 and it was believed that they would continue to decline for at least another year. It was found, therefore, that the income of the bank would not cover the overhead and so it was decided to suspend. A public meeting of the stockholders has since been held and named a committeee of which Mr. Roll is member, to assist the receiver in liquidating the affairs of the bank. A receiver has not yet been appointed. Stanford still has one bank, a state bank.
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New Bank Receiver Appointed for First National of Stanford announced last week that Dr. Sullivan of Sweet Grass will ceed R. Miller as receiver of the First National bank of Stanford. Dr. Sullivan was also appointed by the comptroller of the currency as receiver of the closed national banks at Roy. Grass Range, Hobson and Lewistown, succeeding Mr. Miller in all these places. He will have beadquarters Lewistown. Dr. Sullivan is stranger in this section. but understood an expert accountant and an ex-banker.