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BANK DIVIDEND CHECKS READY
Payments Are To Start Here Monday Morning.
Checks totaling $231,878.95 and representing the second 10 per cent dividend to 3,288 creditors of the Commercial Banking and Trust Co. will be distributed Monday.
R. W. Emerson, liquidator, announced late yesterday that the checks are ready. Distribution will begin at 8:30 a. m. Monday. They will be given out in the office of the liquidating department on the second floor of the bank building.
Depositors must present claim certificates in order to receive their dividends, Emerson said. In cases where certificates have been lost depositors must secure a sworn affidavit stating their claim executed by a notary and present an indemnity bond.
Part of the dividend is in the form of a $50,000 loan from an Akron bank to bear 3 1/2 per cent interest with a year for repayment. The payment and loan have been authorized by Common Pleas Judge E. H. Savord. The liquidating department as security for the loan has put up municipal bonds the bank holds.
The bank now has $34,941.67 on hand for operating and emergencies before it accumulates more money.
Emerson has explained in common pleas court that he has been informed by Sam H. Squire, state bank superintendent that it is legal to use stock liability payments for dividends.