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BANK PROPOSALS BE RECEIVED
OFFERS GROUPS THAT INVOICED NEBRASKA STATE
HOPE FOR EARLY ACTION of Reorganization Includes Payment of $85,000 by Stockholders and Write-off of 20 Percent to Help Cover Doubtful Assets
Propositions for the reorganiza tion and capitalization of the No braska State bank be received the depositors' committee o'clock Thursday afternoon. Just how long an interval after the the proposals will be quired before definite announcement to the action of the committee can made, imposs ible members of the committee. was indicated that the committee would move as rapidly possible, but pointed out that of necessity days would be required for the steps leading to the reorgan Ization and reopening of the bank, favorable proposal Several financial groups have terested the bank and examining and in voicing preparatory making their propositions THursday after noon
At Work Since Suspension The Nebraska State bank suspended July 22 and since that time banking department representatives committee representing the depositors have been about reopening of the bank on sound financial basis. At the time the bank suspended condition Bills Receivable 783,000 Tax Sale Certificates 252,000 Liberty Bonds 220,000 Cash and Due from Banks 103,000 Capital and Surplus 130,000 Earnings, less than expenses 3,500 Indiv. Deposits subject to check Savings Deposits 212,000 D's and Cashier's Checks 609,000 Total Deposits 1,495,000 Of these deposits are secured deposits. The following statement shows the condition of the bank Sept. 22: Bills Receivable 660,000 Tax Sale Certificates 242,000 Liberty Bonds 220,000 Cash and Due from Banks 262,000 Capital Surplus 130,000 Earnings, More than 2.500 expenses Indiv. Deposits subject to check 667,000 Savings Deposits 212,000 D's and Cashler's Checks 595,000 Collections Total $133,000 It will be seen by these figures that bills receivable have been duced That tax sale certificates have been reduced $10,000, making total collections of $133,000; That the item cash and due from banks has been increased from to That net profits the bank have been changed from deficit $3,500 to profit of $2,500, an crease of $6,000. or day net profit from July 22 Sept. 22. indicating that the bank when reopened should be very profitable institution. The foregoing facts and figures have been supplied by Hart well, charge of the bank for the state banking department, and can from the books at the be verified bank. The day after the suspension of the bank, Bank Commissioner George Woods came to Norfolk and called together few of the heavy depositors and the directors of the bank, and an organization committee selected consisting of John Isaacson, Otto Beckenhauand Gene Huse Agree Payments. While Woods was here Ransom, president of the bank: Fleming. president: Rees, director and Hibben, director, signed agreements pay 100 percent assessment their stock and amounts of divi dends received the total amounts to be paid under the signed agree ments being as follows: Ransom, $4,620; Fleming, 960: Rees, $5,280: these be ing signed by Mr. Woods as wit ness. After Mr. Woods left Nor bank. It was also provided folk Mr. and Mrs. M. Havens that such deposits signed an agreement to pay $32,- assumed should not be withdrawn 660, this agreement being signed at greater rate than 10. percent by W. Hartwell witness. month, except as the board of Depositors' Committee Named rectors of the new bank may here At meeting of about after provide as to withdrawals. depositors held on the evening of committee of seven persons: July 27 in the pheasant room of John Isaacson, Hotel Norfolk, secretary: Ralph committee presented its first plan Finley, Flint, Otto Becken reorganization. hauer, Frank Spangenberg and On July 28 at meeting of about Huse, selected by sixty depositors. the plan of depositors depositors' comorganization was again presented mittee act for them throughout and adopted and depositors' com the mittee was selected. Waivers Are Secured This committee consisted of John Following the action of the Isaacson, chairman; Hutchin positors 180 men from the Chamsecretary; Ralph Finley, ber of Commerce, organized Flint, Frank Spangenberg, Otto teams, canvassed all of the deBeckenhaner and Gene Huse. positors to get waivers of per Additional Amounts Subscribed cent their deposits. the amount At another held by necessary to be written off after special committee the deposit the should be paid in by the and the board of in and Signa the Pheasant room of Hotel tures about percent folk, on July 29. the president the deposits were the bank, Ransom, and The percentage the writeFleming. vice president. agreed down arrived by commit put in each in consisting John Isaacson, their signed If the bank re-opened. Peterson spent several At later D. Rees agreed examining and appraising give $4,720 and Hibben of the bank $6,040 in addition to their signed The report of the committee rec ommended the elimination listed The total amount subscribed by assets amounting to about the directors was follows itemized follows Assessment and returned divi- Doubtful and Worthless Notes Ransom 4,620 Doubtful Loans, Other Fleming 3,960 banks 58,000 D. Rees 5,280 Bond and Warrants 14,000 Hibben 3,960 Other Real Estate M. Havens 32,660 Judgments 24,000 Additional Guaranty Fund 31,000 Ransom 10,000 To offset this amount the plan Fleming 10,000 of reorganization listed the Hibben 6,040 from the directors and stockhold Rees 4,720 $100,000 capital and $30,000 surplus, these items Total $81,240 amounting leaving Mr Hartwell and the committee to be by the then assured by other stock percent writ-off of deposits holders that upon the payment this they would Club Meets enough to make total of Tuesday Evening After all this work had been done: general meeting of Several important items of bustpositors was called by written tice and assembled the high ness taken care the school auditorium Aug. regular meeting of the Norfolk Hiclub Tuesday evening, chief of Reorganization Plan Adopted. which the decision to sponsor To this meeting plan of reor father and son banquet on Nov. ganization was submitted, together of the amount The club also decided to entersubscribed by the directors The tain their mothers the regular plan was then unanimously adopt meeting Oct 28, and to Invite ed, upon the Wolt to give talk at this the amount by the rectors. decided to attend the old The plan adopted provided that conference. which will be write-off 20 percent of the un held Lincoln late in November, secured deposits be accepted and percent.' Charles Nicola was that the depositor should have deelected chairman of the devotions posits in the new bank equal to committee the club and was also percent of their deposits and that named to speak the the new bank should have secured tive the club the Friday mornto assets from the old bank ing convocation the Norfolk equal in value to all the liabilities high school. the old bank assumed by the announced that at the bank. also contemplated Oct. Billy Wetzel that the assets of the old bank not would speak and show his motion taken by the new bank should pictures taken while in Europe dur held trust, first, to secure the ing the past summer member new bank from loss the assets of the annual tour. taken and from liabilities not assumed which may have to pay, Mail Boxes and then all the balance of such Large enough hold your mall trust assets to be trust fund for Arkfeld Mfg. payment to unsecured creditors on the amount of Rummage and Sat their claims not assumed by the urday. 109 No.
