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New Bank May Be Founded At Fortville The organization bank with officers and directors which take over the good assets of the defunct Fortville State Bank apparunder way Fortville revealed at the hearing circuit Tuesday morning when Judge Arthur VanDuyn heard arguments the petition of Luther state banking the appointment receiver for the Fortville State Bank. Although the bank is in insolvent failing and Judge VanDuyn that he would appoint for the institution during three days pointed out that bank can ganized and that take the valuable assets of the Fortville State Bank receiver appointed for the Judge said, willing to work with the bank is organized and in that way can conserve much the assets for the depositors possible.' Organizing of bank in ville would hundreds of deposithe Fortville State Bank many dollars was pointed out the hearing morning The general opinion to the effect that high cent. of the the bank good but take some time dispose of these papers. The plan under way for the organizing of new bank which would buy the valuable assets of the old bank and which slow being would be held by bank and when would paid over to the depositors of the bank. This plan would mean that depositors would receive approximately 50% their money this time and later would collect certain centage the remaining assets was stated Tuesday. In the meantime receiver will be appointed by the court who will start salvaging much the assets possible for the depositors. Payments depositors will made whenever receiver collects 10%. There difference of opinto should appointed ceiver This matter rests entirely with the court but Judge asked for opinions. John Wiggins, attorney, presented the court petition signed by depositors that Huddleston. sistant the Fortville state bank, not be appointed receiver. On the other another group of positors handed Judge several days asking that appointed receiver defended the latter petition by stating that Huddleston and capable man for the position The daily bank statement made Luther Symons the day that the bank closed shows that the sources the institution totaled $267.The outstanding single the form amounted to The liability sheet that total deposits amounted the bank state banking by Luther Symons, banking Luther representative of the and First Deputy General Worner Nearly fifty stockholders and bank were the meeting Tuesday
