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National Bank Reopens. PINE BLUFF, Ark., September 3 (AP). -The First National Bank at Lake Village, closed last October, has been reorganized and will reopen Monday to pay depositors 100 cents on the dollar, Jay M. Riley, Federal receiver, announced today. The new bank has a capital of $50,000.
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EAST TENNESSEE BANK RECEIVER STARTS WORK Riley Will Not Say If Depositors Will Get Dividend From Institution. (STARTS ON PAGE ONE) Riley asks that those who can get along now without getting into boxes do their He added that under no cir. cumstance will person be permitted to open his box who owes the bank anything directly or indirectly or is a stockholder, without first paying his indebtedness. In the case of a stockholder, this indebtedness will amount to 100 per cent assessment on the stock, the the call has not yet been made. The receiver's task is to set up an organization. He will give employment to about 50 of the former employes of the bank How long this work will last is indefinite. Brings in Two He is bringing in from the outside two experienced helpers. his chief clerk from Pine Bluff. Ark. and a young lady from Chicago. They are expected here by Mon- day The new organization will at once begin verifying the books and accounts. and make a definite list of the assets and liabilities. This will take from four to six weeks. Mr. Riley said people who owe the bank cannot offset their loans with deposits unless the collateral they put up for their loans has not been pledged to the R. F. C. or the Federal Reserve. He added that inasmuch as most of the collateral had been so pledged, there would not be much off-setting. Native of Nebraska Mr. Riley is native of Lincoln, Neb. Now 55 years old. he has been in banking business continuously for 33 years, 20 years in private banking and the last 13 for As the private government. banker. he said he was "everything from porter to managing editor In 1920 he was made a bank examiner and continued at that until 1925 when he was transferred to the insolvency division of the U. S. Comptroller's office. Since then he has been receiver for closed banks in Colorado, North Dakota, Nebraska and ArHe was transferred from closed bank in Nebraska to Pine Bluff. Ark., in August of 1930 to become receiver for the National Bank of Arkansas. Three months later his wife died. Reorganized Banks In addition to acting as receiver in Pine Bluff he had charge the First National Bank at Holly Grove, Ark. and the First National at Lake Village, Ark. He reorganized both of th m, reopened them. and they are both now running. He also in charge of the Interstate National Bank at Helena, Ark. Of his five children three are boys and two are girls, ranging