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Mattoon Bank Closes Doors (Continued Page 1) tors J. R. T. Holmes F. Ritter, H. R. H. Roth, Dr. Gus E. T. Guthrie C. O. Makes Statement Mr. Guthrie felt it incumbent him Thursday evening concretely the of the officers and directors regard to the follows: depend the faith bank lack of faith by and causes there be real foundation for the run or such times banks either stay and take chances of stopping run. close their doors and per of safer more orderly way meeting the our case we considered it safer and fairer to our business thus permit an orderly settlement and board of then conthat to avoid to the any creditors of the to avoid to its the business would be much better for the bank to and to call Bankand that auditor was called he agreed to send a representative to take charge." It was said unofficially in Mattoon after the shutdown of the bank that the officers and directors are resigned to a liquidation of its affairs and, in fact, intend to negotiate for the liquidation. Efforts will be directed it stated, toward liquidating the institution through two other banks the city-the Illinois Trust and Savings bank and the First National Adjustment Shortly A Mattoon business man was quoted as saying that the First State bank has been losing for money months, and that it would take practically the full amount of the institution's capital stock, $25,000. to clear up indebtedness responsible for the One of the directors was said to have remarked that in his opinion none of the depositors will lose money, and that the whole affair concerning the closed bank will be adjusted shortly Mr. stated Thursday ing that examination of the bank's records will be concluded within two or three days at the utmost, and that a statement of condition will prob. ably be made next Monday morning Former Bank Closes The closing of the old State Trust & Savings bank from the residue of which the First State bank was or ganized, following report of the former institution's condition, the re port been made by F. T. Mothen Mr. Russell, in 1924 the state judged the port warranted an ending of the bank's business. Prominent citizens of Mattoon were unwilling to see a stringent state of affairs brought about by the clos ing of the State and brought about its reorganization under the name of the First State. Mr. Guth. rie prevailed upon to accept the presidency of the new institution. R Holmes, formerly of the State was retained of the First State was Mr. Hoots, former cashier of the State Trust. Other officers of the State Trust were dispensed with. In Mattoon Thursday there was disposition to question the integrity First State bank's officers and directors, nor was there any suspicion of misappropriations. Mattoon business leaders generally regard the condition as one caused by in ability to make money.
