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Here's Bank Statement for June 30
The last report of the condition of the Citizens National Bank, the doors of which were closed. for a time at least, this morning, by resolution of the directors, was made at the close of business on June 30th, as follows: fore the institution evidently wondering what it was all about. A little later interested persons gathered in knots about the Public Square to discuss the situation, but there was no undue excitement, and the other banks experienced no runs, business proceeding in the usual way. Can't Find Casey
An Inquirer representative telephoned the residence of J. E Casey, until a few days ago, presi dent of the Citizens National bank. and was informed that Mr. Casey had just left in his automobile and efforts to get in touch with him later proved unavailing. George B. Gaskell, Federal bank examiner, took charge of the bank affairs early this morning, and began the checkup of assets and lia. bilities. Assisting him were C. C. Flemming. East Cleveland, and F. G. Abbey. Columbus, government inspector, together with members of the clerical force of the bank. Refuses To Talk All attempts to secure informa tion from Examiner Gaskell failed, Mr. Gaskell stating that he could give out no information at this time. and referring the reporter to Frank Faber recently elected president of the bank It was gathered from other sources, however, that Inspectors Flemming and Abbey have been in the city for more than two weeks and have been checking the accounts, deposits and resources of the bank, which they believed to be tottering According to indirect information the directors held a meeting with Messrs. Flemming and Abbey last Friday night, and at that meeting reported conditions as they found them, with the result that Mr. Casey resigned as president, and was succeeded by Mr. Faber. Mr. Casey continued at his desk most of the time, however until yesterday af. ternoon, according to information. Avoided Run Last night the directors again met, 80 it is stated, and decided after conferring with the federal agents on the ground to order the bank closed, particularly in order to avoid a run on the bank. While no information as to the present financial status is avail. able, it is openly stated that there unfortunate investments. It is generally stated, also, and this state. ment comes very near actual veri. fication, that the depositors are secured by the double liability of the stockholders and the deposits
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RESOURCES Loans and discounts $615 37 Overdrafts 2,623.60 United States Government securities owned Other bonds, stocks, and securities owned 377,787.29 Banking house, $74,000.00: Furniture and fixtures 47 Real estate owned other than banking house 8,972.50 Reserve with Federal Reserve bank 47,321.69 Cash and due from banks Outgide checks and other cash Items 2,937.41 Redemption fund with S. Treasurer and due from Treasurer 3,000.00 Other assets 6,406.51 TOTAL $1,290,230.94 LIABILITIES Capital stock paid in $100,000.00 Surplus 75,000.00 Undivided 12,858.98 Circulating notes 60,000.00 Due to banks, including certified and cashiers' checks 21,239.49 Demand deposits Time depogits 418,320.82 Bills payable and rediscounts TOTAL $1,290,230.94
