Article Text
MARENGO AND GENOA BUSINESS MEN INTERESTED Applications Made To Nelson It was announced yesterday that applications have been made to State Auditor Oscar Nelson for charters for the Marengo State Bank and the Genao State bank, by directors and stockholders of similar institutions recently suspended. It is claimed a group of directors and stockholders of the Dairyman State bank at Marengo which suspended operations shortly before Christmas last year, is headed by W. C. Woodward. president of the defunct institution. The new bank, if a state charter is issued. will have a capitalization of $25,000 and a reserve fund of equal amount. At Genoa the business men of Genoa are back of a movement which combines the old Farmers State and Genoa State into one institution known as the Genoa State, with capitalization of $50,000. Earl W. Brown, who was cashier of the Exchange bank, which suspended on the same day as the Farmers State closed its doors, and who has been actively engaged in the reorganization. heads the group of those behind the reorganization. It is claimed that in both places men actively engaged in the institutions have been busy in an effort of reorganization. At Genoa, Mr. Brown says things look good for the proposed institution. The city has a population of 1,200 and is the center f a farm community. Without a bank the residents of Genoa have to depend upon Sycamore, the DeKalb county seat, eight miles to the south. There is another bank at Marengo, a city with a population of more than 2,000. The closing of the bank at Marengo during the holidays was a serious blow to the community. District Deputy State Bank Examiner J. J. Jaeger of Geneva, states applications for the new banks have been received. but assurances will have to be made to Mr. Nelson, that claims against the suspended banks must be settled before reorganizations are completed.
