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TO DEPOSITORS IN THE OLD NATIONAL BANK OF FIRST ARDMRE. THINK WILL PAY OUT H. McCollom is preparing to and will send out this week, dividend to the depositors of fourth the old First National Bank OF ArdHe that it now looks as more: says if he would ultimately realize enough out of the assets turned over to him as Liquidating Agent, to pay off the depositors of the old bank in full. To comers, and new customers National, it might be of the First worth while to recall the fact, that the First Bank OF Ardmore the first one ever organized in this city; but in November 1923 forced to close, and went liquidation. its alsets being taken by Mr. Leon Voorhees (then of Iowa) and his associates, and bank formed. which took the cor of the First National porate name Bank IN Ardmore, and that is the The one Mr. bank now McCollom winding up is the First National, that closed in 1923 When the old bank closed, the Voorhees interests took over its out of which depositors were paid at that time 80 percent of the balances each had to his credit; and the assets not taken over by the organization (which is the present First National Bank IN Ardmore) placed in the hands of H McCollom who was appointed by the U. Treasury department as quidating Agent". From the collections made from these assets he has already received sufficient funds to pay, and, and has dividends dur1925 amounting to 20 percent of the balances the depositors did not receive when the old bank was taken over; then on January 15, 1926 he paid another 10 per cent dividend making third paid on this balance. Then comes the dividend of 10 per cent that he is now preparing checks for. That will bring the total amount that he has paid on the 20 per cent of balance owing to depositors of the old bank when the new one took it over, up to 40 per cent; that is 40 per cent of the old 20 per cent balances, waived. So that the depositors in the old bank will have received. 80 per cent at the time of the Voorhees interests taking over, and in dividends 40 per cent of the remaining 20 per cent, which is equal to per cent of the whole original balance. Hence with these checks now being sent out by McCollom, the original depositors will have been paid 88 per cent of the balances they had to their credit at First National time the original the Bank OF Ardmore closed its doors. of the beginning stated at As strong entertains McCollom Mr. story, realize will be able to that he hope he has of the assets enough out the collection, to pay hand for full to all amount in maining bank. The the old of positors Mr. Mcoffices for bank furnishes that the so Collom, telephone, the old bank's of winding up expense reduced to minimum, affairs Mr McCollom, the salary of only and other his stationary, postage, incurred in necessarily penses process of making collections The original 20 per cent of the balances of depositors not paid by and which Mr. the new organization, of the assets is to out McCollom pay turned over was, Of this amount he has collected and credit to the depositors as paid balleaving thereon, of to the depositors ance coming Mr. McThis amount Collom feels reasonably sure he will be realize out of the assets of the old bank still in his hands.
