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TRACY BANK CLOSES Regarded as one of the strongest financial institutions in this territory, the First National Bank at Tracy failed to open its doors for business last Monday. Reason for suspension was not given to the public. The institution has a capital of $60,000, and a surplus of $10,000 and deposits around $600,000.
ship September 9, 1933, the liabilities of the institution having theretofore been assumed by another bank. The receiver was appointed for the purpose of collecting an assessment against the stockholders to cover a deficiency in the assets sold. Disbursements during receivership, including offsets allowed, aggregated $102,682 which represented 97.54 per cent of total liabilities.
The First National Bank of Mineral Wells, Texas, in receivership October 27, 1933, the liabilities of the institution having theretofore been assumed by another bank. The receiver was appointed for the purpose of collecting an assessment against the stockholders to cover a deficiency in the assets sold. Disbursements during receivership, including offsets allowed, aggregated $12,352 which represented 18.55 per cent of total liabilities.
The First National Bank of Stronghurst, Illinois, in receivership July 17, 1931, the liabilities of the institution having theretofore been assumed by another bank. The receiver was appointed for the purpose of collecting an assessment against the stockholders to cover a deficiency in the assets sold. Disbursements during receivership, including offsets allowed, aggregated $30,297 which represented 33.44 per cent of total liabilities.
The First National Bank of Tracy, Minnesota, in receivership April 29, 1931; disbursements, including offsets allowed, to depositors and other creditors aggregated $408,377, which represented 71.01 per cent of total liabilities. Unsecured depositors received dividends amounting to 65.13 per cent of their claims.
The Peoples-First National Bank of White Hall, Illinois, in receivership March 20, 1930; disbursements, including offsets allowed, to depositors and other creditors aggregated $345,636, which represented 74.36 per cent of total liabilities. Unsecured depositors received dividends amounting to 69.77 per cent of their claims.
The Commercial National Bank of Wilmington, North Carolina, in receivership January 31, 1923; disbursements, including offsets allowed, to depositors and other creditors aggregated $1,474,760, which represented 55.05 per cent of total liabilities. Unsecured depositors received dividends amounting to 25.68 per cent of their claims.
QUIDATED AND FINALLY CLOSED DURING THE MONTH OF OCTOBER, 1935
Receivership: First National Bank, Thief River Falls, Minn. Date of Failure: 9-12-33. Total Disbursements Including Offsets Allowed: $ 845,805. Per Cent Total Returns to All Creditors: 101.24. Per Cent Dividends Paid Unsecured Depositors: 109.75 Citizens National Bank, Appleton, Wisconsin*: 6-23-33. $ 407,307. 99.64. 34.67 First National Bank, DeLand, Florida: 7-12-29. 939,072. 62.01. 33.85 Burnet National Bank, Burnet, Texas: 2-18-32. 60,684. 93.05. 93.04 First National Bank, Carey, Ohio: 10-12-31. 200,486. 97.03. 96.83 Citizens National Bank, Laurel, Montana: 1- 4-23. 146,762. 39.54. 6.07 First National Bank, Brushton, New York: 12-22-31. 608,665. 74.64. 71.96 First National Bank, Langdon, North Dakota: 6-14-29. 136,200. 55.43. 45.02 Citizens National Bank, Monessen, Penn.*: 4-17-31. 49,639. 48.09. 48.1 First National Bank, Mineral Wells, Texas*: 10-27-33. 12,352. 18.55. 18.56 Commercial National Bank, Wilmington, North Carolina: 1-31-23. 1,474,760. 55.05. 25.68 First National Bank, Tracy, Minnesota: 4-29-31. 408,377. 71.01. 65.13 First National Bank, Stronghurst, Ill.*: 7-17-31. 30,297. 33.44. 32.66 Peoples-First National Bank, White Hall, Illinois: 3-20-30. 345,636. 74.36. 69.77 Merchants National Bank, Clinton, Iowa*: 9- 9-33. 102,682. 97.54. 59.27 * Receiver appointed to levy and collect stock assessment.
Total disbursements to depositors and other creditors, O'Connor said, amounted to $39,489,342, average return of 71.79 per cent of total liabilities. Unsecured depositors received 58.63 per cent of claims.
The banks included:
First National, Thief River Falls, Minn.—$845,805 disbursed, 101.24 per cent return to all creditors, and 109.75 per cent dividend paid unsecured depositors.
First National, Tracy, Minn.—$408,377 disbursed, 71.01 per cent return to all creditors, and 65.13 per cent paid unsecured depositors.
Citizens National, Laurel, Mont.—$146,762 disbursed, 39.54 per cent return to all creditors, and 6.07 per cent dividend paid unsecured depositors.
First National, Langdon, N. D.—$136,200 disbursed, 55.43 per cent return to all creditors, and 45.02 per cent dividend paid unsecured depositors.
RECEIVERSHIPS TERMINATED FOR 15 U. S. BANKS
Liquidation of Institutions is Completed, Comptroller of Currency Reveals
The comptroller of the currency, J. F. T. O'Connor, yesterday announced completion of the liquidation of 15 receiverships during October, 1935, making a total of 159 receiverships finally closed or restored to solvency since his last annual report to congress dated Oct. 31, 1934. Total disbursements, including offsets allowed, to depositors and other creditors of these institutions exclusive of 11 receiverships restored to solvency, aggregated $39,489,342, or an average return of 71.79 per cent of total liabilities, while unsecured depositors received dividends amounting to an average of 58.63 per cent of their claims.
The First National bank of Thief River Falls, Minn., in receivership Sept. 12, 1933; depositors and other creditors were paid 100 per cent principal with interest in full amounting to an additional dividend of 9.75 per cent. Total payments to creditors, including offsets allowed, aggregated $845,805 and the stockholders received $11,297.
The Citizens National bank of Appleton, Wis., in receivership June 23, 1933, the liabilities of the institution having theretofore been assumed by another bank. The receiver was appointed for the purpose of collecting an assessment against the stockholders to cover a deficiency in the assets sold. The creditor bank, from dividends and other sources, received 100 per cent together with interest in full amounting to 4.66 per cent. Disbursements during receivership, including offsets allowed, aggregated $407,307 and the stockholders received $73,304 together with the assets remaining uncollected.
Texas Bank Pays 93.4 Pct.
The Burnet National bank, Burnet, Tex., in receivership Feb. 18, 1932; disbursements, including offsets allowed, to depositors and other creditors aggregated $60,684, which represented 93.05 per cent of total liabilities. Unsecured depositors received dividends amounting to 93.4 per cent of their claims.
The First National bank of DeLand, Fla., in receivership July 12, 1929; disbursements, including offsets allowed, to depositors and other creditors aggregated $939,072, which represented 62.01 per cent of total liabilities. Unsecured depositors received dividends amounting to 33.85 per cent of their claims.
The First National bank of Carey, O., in receivership Oct. 12, 1931; disbursements, including offsets allowed, to depositors and other creditors aggregated $200,486, which represented 97.03 per cent of total liabilities. Unsecured depositors received dividends amounting to 96.83 per cent of their claims.
Montana Bank Listed
The Citizens National bank of Laurel, Mont., in receivership Jan. 4, 1923; disbursements, including offsets allowed, to depositors and other creditors aggregated $146,762, which represented 39.54 per cent of total liabilities. Unsecured depositors received dividends amounting to 6.06 per cent of their claims.
The First National bank of Brushton, N. Y., in receivership Dec. 22, 1931; disbursements, including offsets allowed, to depositors and other creditors aggregated $608,665, which represented 74.64 per cent of total liabilities. Unsecured depositors received dividends amounting to 71.96 per cent of their claims.
The First National bank of Langdon, N. D., in receivership June 14, 1929; disbursements, including offsets allowed, to depositors and other creditors aggregated $136,200, which represented 55.43 per cent of total liabilities. Unsecured depositors received dividends amounting to 45.02 per cent of their claims.
Liabilities Assumed
The Citizens National bank of Monessen, Pa., in receivership April 17, 1931, the liabilities of the institution having theretofore been assumed by another bank. The receiver was appointed for the purpose of collecting an assessment against the stockholders to cover a deficiency in the assets sold. Disbursements during receivership, including offsets allowed, aggregated $49,639 which represented 48.1 per cent of total liabilities.
The Merchants National bank of Clinton, Ia., in receivership Sept. 9, 1933, the liabilities of the institution having theretofore been assumed by another bank. The receiver was appointed for the purpose of collecting an assessment against the stockholders to cover a deficiency in the assets sold. Disbursements during receivership, including offsets allowed, aggregated $102,682 which represented 97.54 per cent of total liabilities.
The First National bank of Mineral Wells, Tex., in receivership Oct. 27, 1933, the liabilities of the institution having theretofore been assumed by another bank. The receiver was appointed for the purpose of collecting an assessment against the stockholders to cover a deficiency in the assets sold. Disbursements during receivership, including offsets allowed, aggregated $12,352 which represented 18.55 per cent of total liabilities.
Other Banks Listed
The First National bank of Stronghurst, Ill., in receivership July 17, 1931, the liabilities of the institution having theretofore been assumed by another bank. The receiver was appointed for the purpose of collecting an assessment against the stockholders to cover a deficiency in the assets sold. Disbursements during receivership, including offsets allowed, aggregated $30,297 which represented 33.44 per cent of total liabilities.
The First National bank of Tracy, Minn., in receivership April 29, 1931; disbursements, including offsets allowed, to depositors and other creditors aggregated $408,377, which represented 71.01 per cent of total liabilities. Unsecured depositors received dividends amounting to 55.13 per cent of their claims.
The Peoples-First National bank of White Hall, Ill., in receivership March 20, 1930; disbursements, including offsets allowed, to depositors and other creditors aggregated $345,636, which represented 74.36 per cent of total liabilities. Unsecured depositors received