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Of Gordon To Return Bank To Its Depositors And Discontinue Business The Bank of Gordon was closed not account of New today, Year's other banks. but sign on the door announced to the 200 depositors that their $25,000 the bank on deposit would be turned to them through the First National bank at Ashford. president of the Marsh, bank. who was in Dothan, today said the directors held meeting last night and decided not to open the bank for the new year the the bank had not been business during the last two years profitable and necessary expenses during 1932 would cut further into the profits have resulted and might perhaps losses the depositors. By closing at the end of 1931, penses of taxes, new charter and were saved. Mr. other obligations Marsh. who has been president bank for 16 years, explained. the The charter of the bank. which was 20 ago, would have organized years expired this year and securing the charter would have considerable Mr. tailed expense, Marsh said. NO RUN ON BANK There was semblance of run the bank. although withdrawals been steady during the past have the president of the fintwo years, Institution said. "In all experience with the bank. only had one depositor who expressed any concern over the financial condition of the bank." declared Mr. who has been connected with the bank since Its organization. told that depositor he felt that take his way out of the bank. but Inmoney stead of doing that he increased his deposits." Mr. Marsh continued never did want said that lost money bank positor any which official and that was the reason in favor closing of the Bank of Gordon now and not take any chances with the depositors' funds." Besides paying the depositors the bank full. Mr. Marsh said he confident the also would be paid. third the outstanding notes are collected. would be enough to pay the stockholders, he added. DEPOSITS ONCE The Bank of Gordon was capitalized $11,100 and 1925 had $80,000 deposits, The bank state Marsh. bank. Asked what he going now that he was out business after 20 Mr. Marsh. who is said he still had plenty other businesses to occuhis time, and having just covered from weeks' Illness from pneumonia needed rest. Besides large farm holdings. mercantile establishalso cotton gin and ment He moved to property. don from Crosby years ago he He succeeded president of the bank. The Bank Gordon being liquidated through the First tional Bank Ashford because will be more economical than the closed bank, according to Marsh. Closing the Bank of Gordon leaves that town without bank. Marsh said the persons Gordon probably would their banking Ashford. Besides who of the board directors of man the Bank of other direcHall. who the first president the bank: Bowden. Long and
