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ALTUS BANK CLOSES ALTUS. Okla. Sept. First National Bank of Altus failed to open its doors today The bank was capitalized for $60,000 and had deposits of as of June 30, the last national bank call. W. M. Ingram. acting vice president. said the board of directors decided not to open the bank.
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Receiver Appointed For Oklahoma Bank AI TUS, O'la. Sant m -1101 W. Sage, Osborne, Kans. has been appointed receiver for the First National bank of Altria d Monday, E. J. Becker, Jr., Clinton, national examiner announced today. Sage will take charge of the bank early next week. The appointment of a receiver will not affect possible efforts to reorganize the banw, officers said.
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NAMED BANK RECEIVER Brings Total to 1,639 Becker Remain to Here For This Season For Few Days Six hundred cotton were ginned in Altus last check of the local This 198 bales more than 444 ginned last week and the 721 handled the corresweek last year. total of 1,633 bales have been ginned in Altus this which 443 short of the for corresponding period last year Expect Good Run Cotton selling and selling for most the gins. Cotton still graded middling and strict middling but short staple. Only small percent of the ton ginned in Altus being put the association this If fair weather continues ginners expecting good run next week. are Sage of Osborne. been appointed receiver for the closed First National Bank of Altus and will arrive here early this week. according announcement Saturday by national bank examiner. Backer has been in charge of the bank since was closed Monday morning by the local board of directors. Sage former banker and receivership of banks. Collection notes for the bank possible by Sage after he in Altus order that regular ridution proceedings may ried Woodward Also Here Appointment of receiver does not effect possible reorganization of the bank which being considered by bank directors. No finite action towards reorganization could be announced yet, plans toward this end being made, according to an Saturday. Becker. who will remain in Altus until the arrival of Sage, unable determine anything about what percent of dividends may be paid and may be several weeks before such announcement can be he Saturday special agent for the federal reserve bank in Kansas who arrived Altus the latCity, part the week, will remain here several weeks He with the bank the interest of collecting for the federal reserve bank.
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KANSAS MAN IS NAMED ALTUS BANK RECEIVER Sage, Osborne, Kan., has been appointed receiver for the First National bank of Altus, which closed Monday, E. J. Becker, Jr., Clinton, national examiner, has announced. Sage will take charge of the bank early next week. The appointment of a receiver will not affect possible efforts to reorganize the bank, officers said.
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RECEIVER Books Cleared Being At Closed Bank Sage for the closed First National bank Altus. took charge of the today and began clearbooks several and Sage the former receiver for closed bank Osborne where has been for the 30 months. past At bank he paid the depostpercent dividends and left sufficient funds for additional percent He has been the banking since 1918 and receiver for failed banks since Bookkeepers Working Due balancing books which require considerable will impossible prepare filing claims depositors for several days. When sufficient gress liquidation been made for the claims filed nouncement will be made through The Altus said today. Until much work been will impossible determine anything concerning the percent dividends which will probably be available for depositors. also impossible present number depositors had money the time closed order the directors September Sage will joined later in Altus his wife and children.
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DIVIDENDS PAID SOON BY BANK HERE Collected By Closed Bank Receiver From sum of cash now hands closed First tional bank, dividends expected be paid within the next according announceSaturday Sage, ceiver for the closed institution. Percentage dividends to be paid could not estimated by announced. Collections to the extent of $132,have been made since bank doors failed to open on 1930. the approximately paid dividends, depositors the federal reserve bank will creditors, Sage Stock Liability Needed Dividends not paid until stockholders pay the remainder double liability assessments. liabilities the extent $26,533.65 have paid while the paid records the closed bank reveal. discussing possible dividends within next months, Sage urged that claims filed immediately with bank order that all customers may included the payment. The claims were filed December and since that time large have signed for them. but there still remaining neglected file the claims. Due Bank There the Federal Reserve bank City, secured by notes patrons the First National There has been paid the Federal Reserve the of $58,there still due this institution Liabilities of the closed First National bank amounted which sum was pledged deposits held by of board of education, City state treasurer and the Jackson county treasurer.
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COLLECTION Petitions Are Filed By Bank Receiver Sage, receiver for the First National bank of Altus filed three suits collection of notes in the district court Tuesday. Suit filed against Wooldridge for $97.87 with interest 10 percent from September 20. until paid, and 10 percent amount due attorney's fees and costs herein expended. Funds Sought Elvie Thomas and Thomas being sued for $75 with interest 10 per annum from March 26, until paid, $10 and 10 per cent of amount due torney's fees and for costs herein expended, and further sum of $149.53 with interest, attorney's fees and suit was filed against Gosselin and Cleo Gosselin, his wife, $3,275.27, with interest percent annum from September 20, 1930, until paid, and attorney's fees and costs of suit.
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BANK RECEIVER MAKES REPORT Collections Total Is $83,226.24 A total of $83,226.24 has been collected from assets of the First National bank, according to the report of J. A. Murphy, receiver, made public Tuesday. At the same time, the report reveals that total of $552,057.77 in assets and stock assessments remain to be collected. Assets at the date of suspension of the bank are listed at $580,940.89. Assets acquired subsequent ly total $11,154.60. Stock assessment is total $50,000, making total to be accounted for of $642,095.49. Liabilities of the institution total $524,345.08. In addition to the collection of assets, interest, premium and rents add $2,270.54 to the collections, making total of Disbursements, totalling this amount been made. They are: Secured and preferred liabilities paid, including dividends, 13; collateral account, collections held by secured creditors and not yet applied, $12,373.55; advance in protection of assets, taxes, insurance, and so forth, $1,673.38; expenses of receivership, $9.95835; cash in hands of receiver and comptoller, $13,083.37.
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At Failed Bank Collections In 27 Months With liquidation operation failed First National Bank of been underway for 27 tus having months collections from assets and stock assessment having reach$448,808.09 operating expenses have been only slightly more than the interest collected on the money during this period of time, according the statement issued on December 1932, to comptroller currency. This expense of liquidation cludes all federal reserve and safary and expenses of the fedmen who handled the reserve bank lowing its suspension on 20, 1930, according to W. Interest. premium and rents lected during period of of liquidation of this bank months have reached total sum expenses opera tion during the period have reached total only $296.24 more than the premium and rents collected by the receiver The statement the condition the failed bank prepared by Sage, December 1932. showed that total sum of been collected from assets: $2,668.18 cash collected from additional assets and cash collected from stock assessments. This report shows that there mains uncollected assets uncollected and $5,772.01 uncollected assets stock total sum remaining uncollected assets. the time the Total bank suspended operation on Sep1930 amounted to 8591.tember including secured, unsecured and additional The further shows that report preferred liabilities secured the extent of $344,456.33 have been liabilities offset reached $43,143.38; unsecured liabilities for ficates have been reached unpaid secured liabilit$203,603.15 unsecured bilities not paid proved The Reconstruction Finance Corporation loan $10,200 which received several months ago been repaid and total collections made the receiver the debt of to this bank the Federal Reserve system has been paid as has expenses the Federal Reserve who was Altus for time following the sus. pension of the condition of the In discussing officials explained that institution of dividends total percent have been paid to depositors of the failed bank and small dend will probably be paid sometime this spring
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RE-APPOINT CASE BANK RECEIVER R. L. Case, who recently resigned as receiver of the failed First Na. tional bank here, has been re-appointed to that office by Awalt. comptroller of the currency It was learned here Saturday Case also has been appointed receiver of bank at Clinton