First National Bank (Fremont, OH)

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MOTSCH NAMED BANK RECEIVER

Assumes New Duties at First National Bank in Fremont This Week

Joseph Motsch. this city, has been appointed receiver for the First National Bank at Fremont which duties he assumed this week.

Mr. Motsch has been receiver for banks New London and Lodi, which position he will retain until further are made. Prior to these positions he served as assistant to Evenson, receiver of the Citizen's National Bank of this city, and also did special work in the office of the Comptroller of the Currency at Washington.

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SANDUSKY-CO COURT NOTES

FEMONT, Oct. Wednesday authorFulton, state ent of banks, through Miller, deputy borrow $15,000 the Commercial National Bank, Titfin facilitate the liquidation of the closed Gibsonburg Banking Co. Bank assets will be pledged eral for the application said. Report Is Confirmed Judge Overmyer Wednesday confirmed the report roal estate involved foreclosure the Home Building Clyde against Mrs. Scott others and Kraurs received Attorneys Young Bracy also $25 the of fund of $441.50 Krauss listed receipts of $975.50 and expenditures of $534. Judgment Is Taken Clyde Savings Co., Wednescourt against Walde, C'yde and Mary Fremont on a cognovit of $1,000.

Farm Is Appraised acre farm in involved in foreclosure sult of the Connecticut Mutual Life against Harvey E. Flory others appraised at $5,000 report Lannert, Wyant, filed in comcourt farm appraised parcels, one the other of 791/2 acres for $4,600. Has Not Despite report, Miss Marie Klopdeputy the offices of Fccorder Zahn had neither quit resigned, Tuesday, according to official. Zahn said that Miss Klopfer, with the deputy, Miss Reineck, been workonly in alternate recentshe felt was needed at home to take care of mother.

Authorize Payment Joseph Motsch, of the closed First National Bank thorized by Probate Judge Gabel, equally to Otis Smith, administrator Karbler, guardian of Margaret Whitemore Polter the claim the late Ezra Smith against the bank. receiver structed pay equally to Minifo Filson and man Filson similar assets the estate of the late Thomas Black."

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APPLICATION MADE

Application for order approving the acceptance of Federal Farm Mortgage Corporation bonds for farm mortgage and to subsequently sell the bonds was filed in common pleas court Wednesday by Joseph V. Motsch, receiver of the First National bank. The receiver reported he has accepted $1,700 worth of bonds and cash of $231.91 in exchange for a $1,800 note dated July 31, 1931, given by Frank W. Zartman and secured by mortgage on 39 acres of land in Ballville township. He also reported accepting $2,600 worth of bonds in exchange for two notes given by Lucy J. Sherman, one for $551.74 and one for $3,400 which has been reduced to $1,827.

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LOAN IS REPAID TO RFC BY OLD NATIONAL BANK

Receiver Wipes Out Debt Incurred to Make First Dividend

Second Loan to be Sought to Permit Another Payment Soon

Cash borrowed by the former conservator of the old First National Bank from the Reconstruction Finance Corporation, amounting to $263,411.73, and which made possible the payment of a dividend of 25 per cent to creditors of the bank in February, 1934, has now been repaid. This announcement was made Friday morning by Receiver Joseph V. Motsch.

The amount paid to creditors at that time totaled $445,648.51. Before this payment could be made it was necessary to pay in full the secured claims representing public money, deposits of the City of Fremont and Sandusky county. Those claims amounted to $195,662.37, making a total "pay out" of $641,310.82.

Cash Accumulated

Prior to negotiating the RFC loan, assets of the old bank, consisting of notes for the face value and accrued interest, bonds at the market price on the date of sale and other assets at face value, had been sold to the new National Bank of Fremont. Proceeds from this sale amounted to $377,899.15.

After the sale of assets, it was found that $263,411.73 additional was needed to make both the 25 percent payment to general creditors and 100 percent on public funds. This determined the amount of the RFC loan. Proceeds of sale and loan amounted to $641,310.88.

Debt Erased

The debt to the Reconstruction Finance Corporation has now been erased. Receiver Motsch says that since the first payment he has succeeded in collecting approximately $365,000 from which the RFC debt was repaid. He has a balance on hand. He now is compiling data to again submit to the Reconstruction Finance Corporation for a new loan to augment the balance on hand and make it possible for an additional dividend to be paid to

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TO DISTRIBUTE BIG SUM HERE TO CREDITORS

Checks Arrive From Washington and Payment Date Set

Receiver Motsch Gives Instructions of Much Importance

Checks totaling $444,233.70, which represent the second 25 percent dividend from the old First National Bank, now in liquidation, will be distributed next Wednesday, April 24, starting at 9 a. m., Joseph V. Motsch, receiver, announced Monday.

The checks will be distributed from the lobby of the new National Bank of Fremont. This will expedite and make more convenient the distribution of the second dividend.

The offices of the receiver are located on the second floor of the bank building and are not so arranged to be convenient to the large number of creditors who will receive checks. Officers of the new National Bank of Fremont offered the use of their lobby for distribution purposes.

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FINES FOUR ON LIQUOR CHARGES

One Man Is Discharged And Another Case Pends.

The cases of five men charged with liquor law violations and arrested during the recent raids in the county were heard in municipal court yesterday. Four were fined and sentenced to jail, one was set free and the case of another continued.

Edward Ferguson, charged with possessing a still, was fined $100 and costs and sentenced to 60 days in jail. He pleaded guilty.

Granville Powell, charged with selling without a permit, was fined $100 and costs and sentenced to 30 days in jail. He was released on $300 bond to raise the money for the fine and granted permission to start serving the days Dec. 1 this year. He told Judge Ray Spears he has five children to support and is also involved in a divorce suit. He pleaded guilty.

Fines of $100 and sentences of 30 days in jail each were given Frank Amato and Al Kriss.

The court continued the case of William Rollins, colored, to May 3.

Evidence showing agents failed to make a buy from Roy Davis caused dismissal of the case.

Dividend Wednesday

FREMONT, April 22—(Special) — More than 5,400 general creditors of the closed First National bank here will receive the second 25 per-cent dividend checks for $444,233.70 Wednesday. Joseph V. Motsch, bank receiver, stated Monday. This will increase to $1,079,012.72 the bank's dividend payments of 55 percent since it closed in 1933, he said.