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First National, Cloverland Banks Close This Morning State Decides To Liquidate; The Cloverland State bank did not open its doors for business this morning, its board of directors havdecided voluntarily to pay off depositors and discontinue busiThe announcement of this declsion made last evening Cundy, cashier and director the bank, who declared that though would require some time liquidate bank's assets, all depositors would be paid 100 cents the dollar and no depositor would lose cent. At the conclusion of the directors meeting which was decided bank, state banking department notified. Cloverland State bank solvent in good condition," said Cundy announcing the bank's decision to liquidate. assets considerably in excess liabilities. "Because the depression, may require considerable time liquidate assets the meantime, depositors will be obliged wait money realized the sale assets them, but eventually it will all be returned Just when the acting banking commissioner, Herried, representative of department arrive not known, but bank now the hands which expected start the process liquidation in accordance with usual practices. The Cloverland State bank organized years with Cundy as cashier. The bank owns own banking building Central and West Third avenue, two-story with street, offices on the second floor.