Article Text
3 SHUT BANKS HERE MAY PAY DIVIDENDS
Depositors of three closed Philadelphia banks, the Aldine Trust Company, the Girard Avenue Title and Trust Company and the Estate of Michael Berardini, "may expect dividends in the near future," Luther A. Harr, State Secretary of Banking, announced yesterday.
The three Philadelphia institutions are among twelve throughout the State which have no loans from the Reconstruction Finance Corporation and are in a cash position which holds promise of a new payment.
In a report on the liquidation of the 148 banks under the supervision of the Division of Closed Banks of the Banking Department, Dr. Harr said depositors of 31 institutions have received payments totaling $2,917,611 since January 15, bringing the average received by closed bank depositors to date up to 41.7 per cent.
The division has paid this year to the Reconstruction Finance Corporation $5,634,346 on loans obtained to enable banks to make advance payments.
This figure represents payments made on account of loans to 89 banks, representing 27 per cent. of the amount of RFC loans outstanding when the Earle administration came into office. The loans totaled $22,718,442 and had been reduced to $21,140,861 by January 15, last. The balance has now been cut to $15,506,335.