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Court Approves Bid of Hastings State Bank for Assets of Commerce Deposits Transferred.
The State Bank of Hastings today in of the deposits the Bank Commerce and the merger of the two banks effect. Transfer the deposits was made this Consolidation of the two banks made possible by court or. der Judge L. Blackledge late Thursday, approving the recommendation Van Peterson, receiver, that the bid of the State Bank of Hastings for certain aswas best of two bids received. Bids were to be received all of the assets the Bank of Commerce but only part of the assets were covered by the bids. Held Public Sale. In pursuance to order of the court the assets the Bank were offered at yesterday and the court convened hear the receiver's recommendation and discussion of the bids George Buckner, assistant relary of the guarantee fund commission. Neil Dunn of the First National Bank and Van Peter son, receiver. called to the witness stand. After going into detail in regard the assets bid upon the receiver finally recommended that bid the State Bank Hastings which presented for, the court's approval on February be accepted and the order for the transfer the deposits of the Bank of Commerce be issued. Court Approves Bid. "In the handling of the assets there is no extensive difference the nominal result between the said. "The court must pay some attention to the advice the officers the state department. court will therefore recommend that the bid of the State Bank of Hastings be accepted and the contract for the settling up the Bank of Commerce is author About thirty five persons were in the court room when Judge Blackledge rendered his decision and their interest manifest close attention. The tension of the situation visibly expressed by many faces.
Receive Large Payment According to contract of the State Bank of Hastings with the guarantee fund commission the bank has taken over all the posits Bank Commerce and approximately $225,000 of good securities. The guarantee fund commission will pay cash the State Bank Hastings approxi mately $500,000. which represents the difference the amount of good securities and the total amount of An order for remodeling of the State Bank Hastings followed immediately upon the decision the court. Work will at once for the extension of the present quarters to take the room now occupied by Trimble and Hoylman, south of the bank. new vault will be purchased installed soon possible. Honor Checks Immediately "The State Bank Hastings will honor all checks and certifi of deposit drawn against the Bank of Commerce." H. Pratt. president of the State Bank Hastings, said today "The policy of bank be changed and business will be conducted along the same conservative line that has always been followed. There will no change of the officers directors."
