47343324None
Click image to open full size in new tab
Bank Building Sold. The creditors of the First National Bank are indebted to Receiver W. H. Dent for the splendid sale of the bank building, which he made last Wednesday. The building was bargained for by Messrs. Thompson and Hjerlied, of Crescowhorepresenta Cresco syndicate The rumor is current that a new National Bank will be started, with a capital of $50,000. The sale was a good one, and creditors will realize all the property is worth from this transaction.
Click image to open full size in new tab
THE FIRST NATIONAL BANK Receiver Dent Sells the Building for $14,000. Receiver Dent did a splendid day's work yesterday for the creditors of the First National Bank, by the sale of the building for the sum of $14,000. The buyers are Messrs. Thompson and Hjerleid, who, besides having capital of their own to invest, represent syndicate of Cresco capitalists. The price was a good one, much better than it was expected could be secured through a forced sale. But it was cheap enough, as part of the plans of these gentlemen, which are rumored to be the starting of a new National Bank with capital of $50,000. The sale is subject to the approval of Comptroller Eckles, but there can be no doubt on that score,-Decorah Republican. On calling upon Mr. Hjerlied we learn that the above is true that himself and E. R. Thompson are the persons mentioned in the above article. We also learn that much of the stock for re-organization of the bank has been subscribed in Cresco, but at present they do not wish to give names. This we can say without qualification, that the two names given, in fitness and integrity have no superiors anywhere.
Click image to open full size in new tab
TWO BANKS IN RECEIVERSHIP Assets at Dunkerton, Cresco Are Taken Over. Two Iowa national banks which had been operating under conservators were thrown into receivership Wednesday. Julius Boeckh of Lansing, Ia., arrived at Cresco Wednesday to take charge as receiver of the First National bank there. The receivership action was described as a surprise by Cresco bank officials, who recently submitted reorganization plan to the federal reserve bank in Chicago. They thought the plan was meeting with approval, they said. In Chicago, officers of the federal reserve bank said the comptroller had named a receiver for the Cresco bank because the reorganization plans were not satisfactory. They declared, however, that the bank may be reorganized later if the comptroller gives his approval. A. M. Place of Waterloo took charge of the First National bank at Dunkerton as receiver Wednesday. He was notified of his appointment by Comptroller J. F. T. O'Connor.
Click image to open full size in new tab
200 PROTEST BANK RECEIVER 200 Sign Statement to Comptroller Offering 45 Per Cent Waiver. CRESCO, Nov. 8.-More than 200 persons signed a statement at a mass meeting Tuesday night protesting the appointment of a recelver for the First National bank. The meeting or depositors was not attended by officers, directors, stockholders or employes of the bank. D. M. Evans called the session to order. H. G. Addie was chosen chairman and Eugene Irving, secretary. The chairman read EL statement setting out the disadvantages of receivership and the steps that had been taken by the directors of the bank to put the bank on R sound basis and their plan for reorganization and reopening of the bank. Dr. George Kessel was called upon by the chairman, who after FL few remarks advising the depositors that they should speak for themselves and look after their own interests, read & report of the findings of R. committee of five depositors who had examined the proposed plan for reorganization. Elma Man Heard. Following reading of this report. D. M. Evans was called on by the chairman to tell of the experience of depositors, towns and communities where banks had gone through receivership. William Jinderlee of Elma told of the depressing effect of the bank receivership there on the business interests of the town as well as on the depositors. J. D. Robbins told of the altuation at Waukon, following bank closings and receivership management in the sales of assets. W. H. Eischeid and Fred Wodrich related their experience with banks under receivership as did V. W. Scarcy. It was suggested that a committee of three be appointed to act for the depositors and in their behalf in future activities that may be taken to accomplish the rescinding of the order placing a recelver in charge of the First National bank and to aid the directors in getting their plan for the reopening This carried by unanimous vote. H. G. Addie, D. M. Evans and Dr. George Kessel were chosen on this committee. At the close of the meeting, the following statement was presented to the depositors present and it was signed by upwards of 200 for themselves or representing deposit nccounts: "To the comptroller of the currency, Washingto The undersigned depositors in the First National bank of Cresco, respectfully and most urgently request that the order placing said bank in receivership be rescinded, the receiver withdrawn and the bank restored to the management of the conservator pending the taking of steps to effect IL reorganization of the bank. Would Impose Penalty. "To liquidate this bank under a receiver with the well known loss which Inevitably follows such liquidations will impose a wholly unwarranted penalty on the depositors, disastrous effects on the bank debtors, and a serious blow to the confidence and well being of the community at large, which community the bank has served the past 40 years. "Each one of the signers of this request states that he or she is ready and willing to sign 2L walver of 45 per cent of his or her respective deposits and have such waived deposits placed in a trust in order that orderly steps may be taken to effect a reopening of the bank on the plan submitted to the chief examiners office In Chicago on Oct. 26, 1933. We voice our unqualified confidence In the integrity and ability of the directors of our bank." This was signed by H. G. Addle, chairman, and Eugene Irving, secretary.
Click image to open full size in new tab
200 PROTEST BANK RECEIVER 200 Sign Statement to Comptroller Offering 45 Per Cent Waiver. CRESCO, Nov. 8.-More than 200 persons signed a statement at a mass meeting Tuesday night protesting the appointment of a recelver for the First National bank. The meeting or depositors was not attended by officers, directors, stockholders or employes of the bank. D. M. Evans called the session to order. H. G. Addie was chosen chairman and Eugene Irving, secretary. The chairman read EL statement setting out the disadvantages of receivership and the steps that had been taken by the directors of the bank to put the bank on R sound basis and their plan for reorganization and reopening of the bank. Dr. George Kessel was called upon by the chairman, who after FL few remarks advising the depositors that they should speak for themselves and look after their own interests, read & report of the findings of R. committee of five depositors who had examined the proposed plan for reorganization. Elma Man Heard. Following reading of this report. D. M. Evans was called on by the chairman to tell of the experience of depositors, towns and communities where banks had gone through receivership. William Jinderlee of Elma told of the depressing effect of the bank receivership there on the business interests of the town as well as on the depositors. J. D. Robbins told of the altuation at Waukon, following bank closings and receivership management in the sales of assets. W. H. Eischeid and Fred Wodrich related their experience with banks under receivership as did V. W. Scarcy. It was suggested that a committee of three be appointed to act for the depositors and in their behalf in future activities that may be taken to accomplish the rescinding of the order placing a recelver in charge of the First National bank and to aid the directors in getting their plan for the reopening This carried by unanimous vote. H. G. Addle, D. M. Evans and Dr. George Kessel were chosen on this committee. At the close of the meeting, the following statement was presented to the depositors present and it was signed by upwards of 200 for themselves or representing deposit nccounts: "To the comptroller of the currency, Washingtor The undersigned depositors in the First National bank of Cresco, respectfully and most urgently request that the order placing said bank in receivership be rescinded, the receiver withdrawn and the bank restored to the management of the conservator pending the taking of steps to effect IL reorganization of the bank. Would Impose Penalty. "To liquidate this bank under a receiver with the well known loss which Inevitably follows such liquidations will impose a wholly unwarranted penalty on the deposttors, disastrous effects on the bank debtors, and a serious blow to the confidence and well being of the community at large, which community the bank has served the past years. "Each one of the signers of this request states that he or she is ready and willing to sign 2L walver of 45 per cent of his or her respective deposits and have such waived deposits placed in a trust in order that orderly steps may be taken to effect a reopening of the bank on the plan submitted to the chief examiners office In Chicago on Oct. 26, 1933. We voice our unqualified confidence In the integrity and ability of the directors of our bank." This was signed by H. G. Addle, chairman, and Eugene Irving, secretary.
Click image to open full size in new tab
200 PROTEST BANK RECEIVER 200 Sign Statement to Comptroller Offering 45 Per Cent Waiver. CRESCO, Nov. 8.-More than 200 persons signed & statement at a mass meeting Tuesday night protesting the appointment of a receiver for the First National bank. The meeting of depositors was not attended by officers, directors, stockholders or employes of the bank. D. M. Evans called the session to order. H. G. Addie was chosen chairman and Eugene Irving, secretary. The chairman read a statement setting out the disadvantages of receivership and the steps that had been taken by the directors of the bank to put the bank on a sound basis and their plan for reorganization and reopening of the bank. Dr. George Kessel was called upon by the chairman, who after a few remarks advising the depositors that they should speak for themselves and look after their own interests, read a report of the findings of a committee of five depositors who had examined the proposed plan for reorganization. Elma Man Heard. Following reading of this report, D. M. Evans was called on by the chairman to tell of the experience of depositors, towns and communities where banks had gone through receivership William Jinderlee of Elma told of the depressing effect of the bank receivership there on the business interests of the town as well as on the depositors. J. D. Robbins told of the situation at Waukon, following bank closings and receivership management in the sales of assets. W. H. Eischeid and Fred Wodrich related their experience with banks under receivership as did V. W. Searcy. It was suggested that a committee of three be appointed to act for the depositors and in their behalf in future activities that may be taken to accomplish the rescinding of the order placing a receiver in charge of the First National bank and to aid the directors in getting their plan for the reopening. This carried by unanimous vote, H. G. Addie, D. M. Evans and 40 Dr. George Kessel were chosen on this committee. At the close of the meeting, the following statement was presented to the depositors present and It was signed by upwards of 200 for themselves or representing deposit accounts: "To the comptroller of the currency, Washingt The undersigned depositors in the First National bank of Cresco, respectfully and most urgently request that the order placing said bank in receivership be rescinded, the receiver withdrawn and the bank restored to the management of the conservator pending the taking of steps to effect a reorganization of the bank. Would Impose Penalty. "To liquidate this bank under a receiver with the well known loss which inevitably follows such liquidations will impose a wholly unwarranted penalty on the depositors, disastrous effects on the bank debtors, and a serious blow to the confidence and well being of the community at large, which community the bank has served the past years. "Each one of the signers of this request states that he or she is ready and willing to sign a waiver of 45 per cent of his or her respective deposits and have such waived deposits placed in a trust in order that orderly steps may be taken to effect a reopening of the bank on the plan submitted to the chief examiners office in Chicago on Oct. 26, 1933. We voice our unqualified confidence in the integrity and ability of the directors of our bank." This was signed by H. G. Addie, chairman, and Eugene Irving, secretary.