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Will Purchase Assets of Exchange National
New Bank Has $100,000 Capitalization; H. O. Conn Of St. Johns, Wash., To Be Mgr.
The new First National Bank In Coeur 'Alene opened its doors for business at 10 o'clock this morning. The opening followed receipt of notice from the comptroller of the currency in Washington, D. C., that the national charter had been issued. The notification was received late yesterday evening and required that the bank open its doors immediately. The new organization which takes the place of the closed First Exchange National, now in the process of paying out to its depasitors, is connected in the control of the stock with the Old National bank and the Union Securities Co. interests in Spokane. Included in' the stockholders are Many Coeur d'Alene business men.
$100,000 Capitization The First National starts off with capitalization of $100,000 and surplus of $20,000 paid in in cash One of the first functions will be the purchase of large block of assets of the First Exchange National. which purchases will allow L Eckerson receiver of the former bank to declare a 75 percent distribution to Orders issued by the receiver to depositors will be honored by the First NaThese orders will be tional soon as details of by Eckerson as the transaction can be completed. probably within week or ten days Due notice be given through the Press by Eckerson. A. W. Witherspoon, president of the First tothat Conn, for 12 years day Farmers State bank cashier the at St. Johns. Washington, will be vice president and manager of the new institution Other officers are H. Potts. vice Harry Wolf, vice president. and C. F. Hess, eashier Directors are Witherspoon. Petts, D. Winton George Nat wick and O. W. Edmonds.
Has Wide Experience
Conn. the new manager, has had wide in the small city banking game Beside his 12 years at the St. Johns bank. which had totalling more than half million dollars. was with the Farmers National bank at Colfax for three years. After the new bank gets under he to return to Johns way plans for short time to close up his business affairs there and will then move here with his family First National welcomes the busines of the people of Coeur Alene and Kootenal county, he said this morning "We will give special attention to the accounts of former depositors of the First Exchange National The First National expects to be of the utmost service to its customers and hopes it will the esteem and confidence of the entire With the opening of the new bank Receiver Eckerson has moved his offices to the directors room in the Anyone wishing file claims take up business with the receiver can enter the main lobby the bank and walk around to the directors seperate telephone line has been installed. the number being 48.
