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Idaville State Bank Closed Last Friday Sworn Published Statement Shows Resourses Ample To Protect Depositors The State Bank of Idaville at Ida ville close its doors shortly before noon last Friday, giving as a reason for the action the slowing down of deposits, A sign was posted on the door after the dinner hour signed by the board of directors stating that the bank was closed for liquidation. While there was no run on the bank there had been a steady falling off in business for several months. Wilbur Timmons, trustee of Jackson township, was president of the of the bank succeeding Milton Timmons who retired from that position over a year ago on account of failing health following an attack of the flu. He spent last winter at Phoenix, Arizona, and was benefitted by his stav in that mild climate. He returned there last fall. Preston Carson was cashier and Miss Louella Wright assistant. The State Bank of Idaville was or. ganized in 1898 and for years has been the only bank in the town. At one time there were two banks there. According to the last bank state. ment published in answer to the call of the state banking officials as to the condition of the banks of the state on December 31, the bank had $109.169 30 deposits, with outstand. ing loans of $122,503 71, U. S. Government securities amounting to $700 00 and $12 522.65 cash on hand with real estate valued at $11,124.00 The bank was capitalized at $25,000. The closing of the bank is a severe blow to the business of the town and to the community surrounded it J.W. Parrett, a representative of the state banking department, assisted by F E Weigle, both of Indianapolis are making an audit of the books of the bank. They expect to finish their work todav. Mr. Barr, deputy examiner, was in Idaville Monday in conference with the officers of the bank and the audi tors.
