Article Text
Clio Bank Closes Business. Harlan S. Shield, of Allerton, has been appointed receiver of the Bank of Clio by Judge H. K. Evans, on application of James Alexander, of Clay township, one of the stockholders of that institution. Mr. Shields has already taken possession of the effects of the bank, having filed a bond in the sum of $50,000 for the faithful performance of his duties. The Bank of Clio, which has been organized for about seventeen years, had deposits of about $27,000. It is claimed that the application for a receiver was made for the purpose of winding up the business of the bank, as it has not been a paying proposition for several years. The bank for the past year has been in charge of the president, G. A. Wright, and has made no special effort to do other business than to collect its paper. The institution is a partnership concern, and it is claimed there is no chance for any loss to the depositors, although they