Article Text
ORANGEVILLE BANK CLOSED Steady withdrawal of deposits and a depression of bond values was given as the cause of the failure of the State Bank of Orangeville to open its doors Saturday morning. Business at the Orangeville bank was suspended following an order issued by the board of directors who have requested that an examination and adjustment of the affairs of the institution be made by the state auditor. The following notice was posted on the door of the bank: "This bank is closed for examination and adjustment by order of the board of directors of the State Bank of Orangeville. E. M. Reeser, cash- Depression of bond values due to the business slump and the steady withdrawal of deposits during the past six months compelled the bank to take this action, according to a statement issued this morning by one of the officials. The bank was capitalized for $35,000, the last financial report indicating that there was surplus and profits amounting to $22,000. According to the last report the deposits amounted to $295,782. The State Bank of Orangeville is a merger of the People's State bank and the Orangeville State bank, the two having consolidated on July 1, 1925, under the present name. This is the only bank in Orangeville.
