Allentown Trust Company (Allentown, PA)

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SIX CLOSED BANKS TO PAY DIVIDENDS

Philadelphia. Oct. -Dividend payments totaling $496,099.97 will be made to 33,053 depositors in six defunct Pennsylvania banks within the next two weeks. according to an announcement made here today by Dr William D. Gordon, state secretary of banking The Allentown Trust company of Allentown will disburse a 13 1-2 per cent dividend. amounting to $141.792.20 to its 11,555 depositors on October 14. The Miners and Mechanics Saving bank. Carbondale, Lackawanna county, will distribute a 5 per. cent dividend. amounting to $134,214.22 On October 11. the Archbald bank. of Archbald. Lackawanna county, will make a 5 per cent payment of $41.A twelve per cent dividend amounting to $129,497.50 will be paid to the 7,543 depositors of the Darby Bank and Trust company. of Darby on October 10 A nine per cent dividend. amounting to $21,258.74. will be distributed to the 971 depositors of the Citizens Bank of Barnesboro, Cahbria county, on October 8.

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L. Roy Campbell Is Supplanted As Bank Receiver

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relieved of his assignment in a letter received from E. B. Toppin, acting head of the division of closed banks in the state department of banking, having jurisdiction over about 140 banks throughout the state.

The letter assigns no reason for the change, but states that Dr. Harr "expressed his appreciation for the work which you have done in the past."

At the same time it was announced that Leon L. Darling, formerly president of a closed Philadelphia Trust company and for the past three years associated with the division of closed banks, will take Mr. Campbell's place here. The substitute appointment will take effect at once.

Mr. Campbell has been in charge of the Jordan State bank since October 7, 1931; the Pen Argyl Trust Co. since May 10, 1932; the Allentown Trust Co. since June 22, 1932; the Ridge Ave. Deposit Bank since August 4, 1932, and the Bangor Trust Co. since October 19, 1932.

Since the closing of these institutions the depositors of the Pen Argyl Trust Co. have received 98 per cent. of their deposits; the depositors of the Jordan State Bank have received 60 per cent.; the depositors of the Allentown Trust Co. have received 36 per cent.; the depositors of the Bangor Trust Co. have received 36 per cent., and the depositors of the Ridge Avenue Deposit bank have received 35 per cent.

The examiners of the Department of Banking are now examining the assets of the closed institutions so that Mr. Campbell will be fully and completely released upon delivery of these assets to the new deputy receiver.

Mr. Campbell, who is a member of the firm of Campbell and Carr, C. P. A., will now give his entire time to the work of that accounting firm.