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New Bank Pays State National Depositors $765,000 on Claims
The Republic Bank and Trust company of Austin, succeeding the State National bank, now in receivership, will open its doors here on May 16, and the depositors of the original bank will receive an immediate deposit credit of 86 per cent on their money, approximately $765,000. This tentative announcement was made by Eldred McKinnon. Austin banker, who named head of the Anti Saloon new institution. Walter Bremond is vice president and cashier of the Founders Will institution, and former Gov. W. Hold Reunion Hobby, of C. Clopton of Austin, and W. R. Christie of Houston members of the board WESTERVILLE, May of directors with Mr. McKinnon. the Charter Granted. who present meet. The new bank will open in the ing Oberlin college 1893 quarters of the State National bank resulted found ing the leagde which closed its doors some months ago, The latter bank was in opera. union at Oberlin, Ohio, May tion here private bank 24, the anniversary of the original meet. later as national bank for 80 years. charter for the Republic The reunion was called to. Bank and has been day by Dr. Howard Rus. granted the State Texas. associate general super. intendent the league. are Seven the who whereby depositors the 1893 are dead. former bank per The survivors will hold cent their deposits which their reunion the same in the failed bank, the form of room which original deposits the institution, meeting was held. mediately available when the public Trust company its This will have the unique being AUSTIN WILL bank, with the negotiations over assets the State National, Austin's oldest
Receiver Pleased. Mr. the vice president and the bank from the old Receiver McKinney expressed his satisfaction that negotiations being carried whereby the old depositors the percentage of former the credits be the bank opens, instead of being tended long periods have been the case the liquidation and closing out of Institunot by another There more $765,000 belonging citizens tied up the old bank, was president the new bank, has long identified with Austin' bank among the widely known bankers Business Leaders Come Here. The organization the will add to Austin's circlas Hobby, president the Houston patch the Enterand W. R. Christie executive head the Lumberman's Reciprocal and the Men's Clopton is manager of the Stephen Augtin hotel Edwin conducted the of the brother of Gov has been here for days. charter the new bank was Monday the state board Faith Austin and Austin's future business prospects was pressed both Gov. Hobby his brother.
