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ASK DEPOSITORS TO GIVE O. K. TO REOPENING Reopening of the Old National Bank and Union Trust com pany will be submitted for approval of depositors Friday in letters outlining in detail the plans for reorganization approved by the comptroller of the United States treasury and directors of the Reconstruction Finance corporation. Copies will be mailed to each of the more than 18,000 depositors, A W. Witherspoon, conservator, announced today. The bank is expected to reopen with between $7,000,000 and $8,000,000 of deposits This will include 40 per cent of deposits at the time the bank suspended, plus public funds and special trust accounts now on deposit. Twelve affiliated Inland Empire country banks will reopen with the Old National The country banks, which will reopen on a 100 per cent basis, include: Open Country Banks. Creston State bank, Harrington State bank, First National bank of Medical Lake, First National bank of Moscow. Idaho, Security National bank of Palouse, Prosser State bank, First National bank of Reardan First National bank of Ritzville, State bank of Spangle. Bank of Spirit Lake, Idaho, First National bank in Sprague and First State bank of Washtucna Deposits to be released by the reopening of the country banks amount to about $3,000,000 Mr. Witherspoon and D. W. Twohy. chairman of the board of the Old National. returned just this week from Washington, D. C., where they spent three weeks working out details of the plan and securing approval of officials of the R. C. and the office of the comptroller of the treasury According to the plan. 40 per cent of deposits will be released immediately Certificates of participation in the reserved assets of the bank will be accepted by depositors for the remaining 60 per cent. These certificates will bear Interest at the rate of per and will be liquidated assets of the bank are realized upon after made by the R. C. have been repaid The certificates will be paid off in full. plus interest. before any dividends are paid to holders All of the corporation reserved plus the stock of the Old National and the ated country will be held guarantee of payment of the cer clared today he confident all was depositors eventually will receive 100 per cent of their accounts The will become fective upon of approval the writing by depositors per cent of the gross of provided
