Farmers National Bank (Sardinia, OH)

Article Text

TEST PROVES VALUE OF BANK DEPOSIT INSURANCE

Payments Are Made Promptly By Agents at Sardinia

SARDINIA, Nov. 7—The first Ohio test of federal insurance of bank deposits has shown that the system meets the claims made for it and the disturbing factors of a bank suspension of former years are absent, according to the records and experience in connection with the former Farmers National Bank of Sardinia which the Federal Deposit Insurance Corporation took over last July.

Twelve days later the deposit insurance agents started paying depositors and all who have asked for their funds have been paid promptly, a recent check-up shows.

There were 971 depositors with claims approximating $200,000 and almost 800 of these have been paid in full with a total to date of $180,000. The others either have not asked for their money or had

Article Text

DEPOSIT INSURANCE SHOWS ITS VALUE

SARDINIA, O., Nov. 11—The first Ohio test of Federal insurance of bank deposits has shown that the system meets the claims made for it and the disturbing factors of a bank suspension of former years are absent, according to the records and experience in connection with the former Farmers National Bank of Sardinia which the Federal Deposit Insurance Corporation took over last July.

Twelve days later the deposit in-

J. C. LOOP MAYOR OF NATIVE TOWN

WALBRIDGE, Nov. 11—Walbridge probably has one of the oldest mayors of any village or city in the United States. He has just been elected to his fourth term. Mayor J. C. Loop will be 81 years old on his next birthday. The mayor was born on April 28, 1855, in Walbridge and has spent his entire life in this village.

During his many years he has worked at many different occupations. He worked on steamboats on work. He also was a lumberman many years. Along with this the mayor also was a school teacher for many years having taught school in Walbridge, Lime City and other towns in this vicinity. He taught many well-known men and among them were the Tiedtke brothers of Toledo. He likes to relate the stories of the industry and ambition of those now famous boys.

He can tell many tales of his experiences when he went to new schools to teach. He says he usually had to "clean" a couple of the bigger boys to set an example for the others. The Mayor claims that present day students are better workers and conduct themselves better than they did when he taught.

Article Text

First Ohio Test Shows Bank Deposit Insurance Meets All Claims Made

The first Ohio test of Federal Insurance of bank deposits has shown that the system meets the claims made for it and the disturbing factors of bank suspension of former years are absent, according to the records and experience in connection with the former Farmers National Bank of Sardinia which the Federal Deposit Insurance Corporation took over last July.

Twelve days later the deposit insurance agents started paying depositors and all who have asked for their funds have been paid promptly, a recent check-up shows.

There were 971 depositors with claims approximating $200,000 and almost 800 of these have been paid in full with a total to date of $180,000. The others either have not asked for their money or had claims against their deposits which must be met or off-set in some manner.

Officials in charge state that at no time was any uneasiness shown by depositors and no disturbance was felt by other banks nearby. Practically all the money paid out was placed immediately in these other banks by the depositors.

Only a few tests of the Federal Deposit Insurance System have occurred in the nation and this is the only one in Ohio. Similar good experience is reported in each instance.

More than 97 percent of the depositors in Ohio banks are protected fully by the Federal Deposit Insurance Corporation, according to the records for the state on file in the Washington office of the corporation.

Article Text

TEST FOR FEDERAL BANK INSURANCE

The following letter has been sent to the press by the Ohio Bankers' association. It concerns the federal insurance for bank deposits, and it would seem that the law does exactly what its sponsors claimed for it:

The first Ohio test of federal insurance of bank deposits has shown that the system meets the claims made for it and the disturbing factors of a bank suspension of former years are absent, according to the records and experience in connection with the former Farmers National bank of Sardinia which the federal deposit insurance corporation took over last July. Twelve days later the deposit insurance agents started paying depositors and all who have asked for their funds have been paid promptly, a recent check-up shows. There were 971 depositors with claims approximating $200,000 and almost 800 of these have been paid in full with a total to date of $180,000. The others either have not asked for their money or had claims pending again their deposits which must be met or off-set in some manner. Officials in charge state that at no time was any uneasiness shown by depositors and no disturbance was felt by other banks nearby. Practically all the money paid out was placed immediately in these other banks by the depositors. Only a few tests of the federal deposit insurance system have occurred in the nation and this is the only one in Ohio. Similar good experience is reported in each instance. More than 97 percent of the depositors in Ohio banks are protected fully by the federal deposit insurance corporation, according to the records for the state on file in the Washington office of the corporation.

In this issue are published the statements of various national banks of Morgan county, and all of them have the federal insurance of bank deposits.