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Ask Bank Receiver. spent South Bend, Feb. for her receivership petition state bank at Lakethe Lakeville filed today in the Ind., was circuit court by Luther St. Joseph Symons, state banking commisThe was set for sioner. hearing Leo next Wednesday. of the bank was result Closing mutual arrangement by the state graph officials the bank and the banking department.
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LAKEVILLE BANK RECEIVER ASKED Pattee to Hold Hearing on State's Petition Next Wednesday Hearing on the appointment of a receiver for the Lakeville State bank, which was closed Monday on orders of the state banking commissioner, will be held before Judge Cyrus E. Pattee in circuit court next Wednesday morning at 9:30 o'clock. Petition for the appointment of a receiver was fileti with Judge Pattee to-day by Luther F. Symons, state banking commissioner, and the date for the hearing agreed upon. According to the the bank is insolvent and a receiver is needed to protect the interests of depositors and creditors After the closing of the bank it was announced by J. state examiner, that the closing was the result of cooperation between officials of the institution and the state banking artment The bank Mr Sanders said, notified his department of the existence of low cash reserve situation and after a consultation it was agreed that it would be expedient conduct an audit of the books. to Pending the result of the audit the bank would remain closed, he said. To-day's petition for a receiver revealed, however, that the audit had shown that the bank has an unsound financial structure.
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FARMERS TO GET ELEV to Turn Over Assets Owners Agree To Creditors. In an effort to save their creditors from as much loss as possible from the failure of the Wolff & in this grain elevator, county, Lee Wolff and Clem Schafer, the partners, were scheduled to tender their holdings and other assets to their creditors at a meeting this afternoon in the elevator, John G. Yeagley, of South Bend, attorney for Mr. Wolff, stated. The meeting. expected to be attended by about 75 farmers who have sustained losses through the failure of the business, was to be for the purof the creditors the depose giving tails of the failure, and tendering them the assets, including the elevator, that they may collectively salvage as much as possible from the collapse of the business. It was indicated that out of the meeting, new stock company made up of the creditors as stockholders might evolve. Mr. Wolff, when the failure was first made known week ago, asserted his belief that the assets of the partnership would probably be sufficient to cancel the losses to creditors. He revealed, in addition, that not only was the insolvent, but that grain stored in the elevator for future sale by farmers, had been sold. Mr. Wolff. until a week ago last Saturday, was cashier of the Lakeville State bank, which was. closed this week by state examiners, and a for which was asked in suit filed this morning in circuit court. Mr. Wolff explained that while he was cashier of the bank, the elevator business was operated by his partner, Mr. Schafer. COMING The greatest story of the year. Watch for details in The Tribune
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THREE COUNTRY BANKS IN ST. JOSEPH COUNTY CLOSED South Bend, Ind., Feb. 28.--Three banks in the farming communities of St. Joseph county have closed their doors within the last fortyeight hours and H receivership for another has been asked by the state banking commission. Since Jan. six banks of the county have been closed after n run. The state bank at Tyner closed its doors Wednesday In an effort to protect its depositors after a small run had been started. News of the Tyner closing spread quickly and within an hour after the Farmers State bank of Walkerton had opened for business a run on deposits forced Its closing. The bank will not reopen until compleof an audit. The latest closing occurred late Thursday afternoon when directors of the Farmers State bank at Lapaz called In Thomas Barr, state inspector. Uneasiness among depositors and generally unsound business conditions were given as the reasons for the closing. The closIng was described as a "precautionary measure." The state bank commission Thursday fileda petion In the St. Joseph Circuit court asking a receivership for the Lakeville State arranged: bank, which closed its doors carlier Music. in the week because of frozen assets. On Jan. 17 the North Liberty State bank was closed because of shrinkage in deposits. The day Music. before the closing of the North Liberty bank the Argos State bank of Argos suspended business. Music.
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TWO BANKS IN STATE CLOSED South Bend. Ind., Feb. 28. The number of banks which have suspended operations in this vicinity since Jan. was boosted to six. when the Farmers' State Bank, of Walkerton. and the Farmers State Bank. of Lapaz, closed their doors yesterday. The State Bank. of Tyner, suspended business Wednesday after noon after a small run had started. The State Banking Commission yes terday filed a petition in the St. Joseph county court asking receivership for the Lakeville State Bank, which was closed earlier in the week because of frozen assets The North Liberty State Bank was forced to close Jan. 17, because of a shrinkage of deposits. The Argos State Bank, of Argos, suspended operation Jan. 16.
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Swindling Alleged By Times Special SOUTH BEND, Ind., March 3.Lee Eolff and Clem Schaefer face charges here of swindling in connection with operation of a grain elevator at Lakeville. Seventy-five farmers of St. Joseph county are said to have lost several thousand dollars. Wolff until two weeks ago was cashier of Lakeville State bank, for which a receiver has been asked.
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DELAYS NAMING BANK RECEIVER Appointment of a receiver for the Lakeville State bank, which was clos ed 10 days ago on orders of the state banking department, was postponed by Judge Cyrus E. Pattee in circuit court to-day. The postponement was made nec. essary, the court explained, because examiners of the state department have not completed their audit of the institution's books and are not ready to appear in court. Judge Pattee did not set a new date for the Petition for the receivership was filed by Luther F. Symons; state bank. ing who claimed that the bank is insolvent and that a receiver is needed to protect the interests of depositoss and creditors.
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LAKEVILLE BANK RECEIVER NAMED Citizens Trust & Savings Appointed; Others Likely to Right Selves. The Citizens Trust & Savings bank of South Bend to-day named for the Lakeville State bank by Judge Cyrus E. Pattee in circuit court. appointment made after hearing which Thomas Barr, bank declared that the closed its doors two weeks ago, is insolvent and that receiver is needed to protect the interests depositors and Officials of the Citizens' Trust & Savings take defunct bank's affairs under the order signed by Judge Pattee indicated to-day that three other banks in St. Joseph Marclosed during the week of deposits thrown by the banking following that they are preparto make of The bank of Lapaz State bank at which have. total of about $300,000 have received permission from the state authorities to make after an that sufficient assets to meet the claims of It also indicated to-day that the Farmers' State bank of Walkercounty, be placed has been circulated by special reported, and majority of have the be allowed to the claims Traders' bank at in White county, which closed doors ago, opened depositors agreed to sign certificates the payment of their time certificates will run for 60 and 90 days and one said to-day that the FarmState at Otterbein, in county, may be opened within days under the as Monon.
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LAKEVILLE BANK SUITS Receiver Sues Nine More Persons On Notes. The Citizens Trust & Savings bank receiver for the Lakeville State bank. which was placed in receivership eral months ago. to-day filed nine more suits in circuit court asking total of from persons whose notes were held by the bank at the time of closing week ago the bank brought suits against 31 persons asking total of on notes is expected that between 75 and 80 suits will be filed in all To-day's suits were filed against the following Warren Miller Ervin Stuntz $245 McEndarfer $360 Edward $110 Welcome Hyde $90 Delbert Neddo $175 Charles Bailey $250; William Roth. $190 James Long $275. Of the 805 total of the nine suits filed to-day $590 sought for the payment of attorney fees
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BANK RECEIVER SUED. The Citizens' Trust & Savings bank of South Bend to-day brought suit in circuit court asking $2,100 from John G. Schurs, receiver for the North Liberty State bank. The South Bend bank is receiver for the Lakeville State bank, which, according to the complaint, holds note from the North Liberty institution dated in July. 1927