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STATE BANK VOLUNTARILY Board Turns Institution Over To State Bank Commission to Protect Depositors EXAMINER HERE Customers of the Institution Will Receive Dividends On Their Deposits The Drumright State bank, the city's only banking institution voluntarily failed to open its doors for business this morning. The bank now in charge of the state banking commission and an audit being conducted. Pennington, state bank examiner, in charge of the audit. liquidating agent has been appointed and will take charge just as soon the examination is completed," Pennington said this morncustomers will have access to the bank within the next week or 10 days to receive any information they desire." Okmulgee, who has been named assistant liquidating agent, arrived here this afternoon. He did not know when Mr. Soloman, of Ada, the liquidating agent, would arrive in Drumright. Officials of the bank said today that the examiner would find sufficient reserves on hand to pay dividends to customers having checking and savings The dividends will be issued within the next 30 to 60 days, as soon as claims can be filed and notes collected. Safety deposit boxes will remain intact and not be disturbed. Ben Russell, president of the bank, said that slow runs on the bank during the past three or four days were responsible for the bank closing its doors. Russell explained that depositors began drawing money out of the bank about the middle the week, but that the bank thought little of it until deposits failed to come in and the withdrawals continued through Friday. explained further that the eleventh of each month was pay day the oil fields and that it was not unusual for depositors to draw heavily on their accounts the last few days before receiving their checks. It was not until officials checked up on the day's business Friday afternoon at o'clock that they fully realized that slow run had been made the bank during the past three days. Russell immediately called meeting of the board of directors and resolution was passed by the board authorizing the bank president to turn the bank to the state bank commissioner. realized that if the slow runs (Please turn to page
