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Charge Pending Reorganization Plan; Statement Made by President Withdrawals and Heavy Threatened Force Bank to Shut Down Heavy withdrawals over period of several days and rumors floatwide territory and ing over spread largely by irresponsible parties finally culminated Saturday afternoon in threatened run on the Citizens National Bank of and about three o'clock Odessa, the bank was closed. Monday morning, the bank examiner having arrived on the scene, the bank opened and plans were started to reorganize the institution. Showing their absolute confidence in the personnel of the institution, and exhibiting that Westof standing hitched and ern spirit backing their institutions to limit, Odessans flocked into the bank in steady stream Monday with deposits ranging from very few dollars up into thousands. However, that uneasy feeling among certain element still per-' sisted, and early Tuesday morning the board of directors passed resolution closing the bank placing hands of Comptroller's department pending the completion of reorganization plans. Following is an exact copy of the notice as it appears on door of the bank at this time: "This bank under the direction of the Comptroller of the Currenin charge Hawkins, National Bank Examiner. Closed by resolution of the tors. "April 14, W. Hawkins, National Bank Examiner. The following statement issued by Henry Pegues, president of the institution, Thursday morning for publication: Because of unforeseen conditions, over which had control. heavy withdrawals within the past thirty days have made it advisable to rethis institution so organize that it may continue to serve the community with safety. In order that this reorganization may be perfected within reasonable length of and to interests of all concerned, the board directors, in meeting Tuesday, passed National Bank Examiner, during this period of reorganPlans for this reorganization are progressing and it our opinion that details will be worked out within reasonable length of time so that our depositors will be fully protected so that the bank will and re-open tinue its service throughout the coming years. occasion thank our host of loyal trons and friends for their expressions of confidence have shown in morning rumor had stated the bank had failed. is our understanding that these deposits of Monday will be returned under regulations from Department at Washington. HENRY PEGUES. 16, 1931. The Citizens National Bank was organized in 1906 and has that time served wide territory in this great section and has played most in the of the cattle, oil and development other industries of the entire section. Last year it absorbed by purchase the Odessa National Bank, and the last published statement, March 31, gave the following condition: Capital $50,000, surplus undivided profits 90, Government bonds, $35,000, other bonds $28,938.58, deposits rediscounts Loans This statement compares favorably with that of bank in this any section, comparison will show. The bank it seems to the writer sound, and no reason for to be disturbed except for people the inconvenience that temporary the present situation causes. MOVES BACK TO ODESSA AFTER ABSENCE 37 YEARS Otterman, who left OdesA. man 1894, moved sa, young back to the this week and put city in business the south side of on town. Many old-timers will remember the Otterman family, one of the first in this section. Mr. Otterman came here in 1887, with his father, John W. Otterman, and family. They settled on the place now occupied by Chas. Judkins, just north of Odessa, and lived there until 1892, when father left. As Mr. Otterman has been kind to us some informaenough give tion Odessa as he knew concerning it then, and remeniscepces of early here, we will carry happenings feature article on this line in our next issue.
