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CENTRAL BANK, MEDINA, TAKEN OVER BY STATE
Examiners report other financial institutions of village in good shape
Special to Courier-Expre Medina, Nov. interest was manifest here today in the election as Medina coming were excited over the closing of the Cenperintendent Tral Bank of by the state suof banks. The bank ceased business this morning at the request of the board of directors This action was taken in the interest of depositors, as the shrinkage of securiMes, bonds owned by the bank, was so great that such steps were After a meeting last night of directors and other citizens, which until early this morning, the state of banks asked to take over the bank and the institution is now in the hands of that officer. The state banking department issued this statement: tendent of Banks Joseph that has today taken over the Cen MeBank of the the of of the of the and in of its assets unsafe and to permit this to
Liability of $1,500,000 The deposit liability, as shown by the books as of the close of business October 31, 1931, is about $1 000. Because of the depreciation in bonds, it is difficult to estimate the bank's assets. is the reorgan ization within of the bank will take place a few days The officers of the Central Bank of Medina are: President F. secretary E. Roland Clark; cashier and assistant cashier, Raymond Fellers. The directors of the bank are the officers and William L. Bennett and Leroy Skinner. Mr Skinner is also the The oldest Union Bank of Medina, one of the banking institutions the country, was also examined by in the state inspectors and found to be in excellent condition. they report This same prevails in the Medina vings & Loan Association, a branch of the Union bank Because fear there might be run on the Union when the news spread about the financial condition of the Central bank an armored car with five arrived in Medina this noon and $1,000,000 was deposited in the Union bank. This was due to the foresight of the Union bank's officers. There were very few withdrawals from the Union bank. Provision has also been made to take care of any from the Medina Savings & Loan Association, officials report.
