Article Text
KINDRED BANK FUNDS SIGNED Obtain $200,000 Deposits For Approving Of Liquidation Plan Special to The Fargo Forum Kindred. N. D., Oct. 2-Depositors holding $200,000 of funds in the tempararily closed Farmers and Mer. chants State bank here have signed the agreement placing disposition of the bank's affairs in the hands of liquidating committee is an nounced by Illiam Lemke, attorney for the depositors. The $200,000 represents approxi mately 50 per cent the deposits in bank at the time of its closing, the aftermath of Adolph Dokken, the cashier. taking his own life To proceed with the liquidation plans, 80 per cent of the deposits, less public moneys and accounts of less than $25, must be obtained, Mr. LemIf the required 80 per cent is obtained. the depositors committee will forward six names to the district court for approval as liquidating committee. The court will name three of men, and then guida tion of the bank's assets will PO forward. The Farmers and Merchants bank was ordered temporarily closed July 13 by the directors after steady run had reduced the bank's reserves. Dokken's suicide and subsequent revelations he had embezzled at least $36,000 of the bank's funds, caused the withdrawals Work on an audit of the bank's at fairs is continuing in Bismarck under direction of the state bank examiner's office.
