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Kokomo Bank Closes KoKoMo, Ind., Oct. Trust and Savings company, $260,000 banking its today on by The on the bank followed the closing Na. tional bank Three banks are left in Kokomo. Frozen assets and the critical situation caused the for the local banks believed.
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Citizens National Corporation Files Suits Asking Sale of Properties. Judgments totalling $3,847 and the property involved are asked in three sults filed circuit Thursday by the Citizens court National corporation. In complaint, which John H. Duncan, Hazel Duncan, and Floyd Kelly are defendants. the plaintiff Duncan executed says mortgage on real estate In the the Kokomo Trust county which assigned It to the IndiTrust and which mortgage turn assigned the Citizens National bank and Frank Bryant. receiver, the plaintiff. Kelly made because judgment holds against the plaintiff says. Judgment the of with cent interest and attorney fees of $365 Whit Ethel the Union Bank and Trust company, and the Packing corporation are defendants another the actions. said to have executed mortgage this to the Kokomo Trust company. and the mortgage assigned the Citizens Receiver Bryant to the Citizens National corporation. The Union bank holds mortgage on the propcrty which junior that of the plaintiff, the complaint and the Standard corporation said hold against which, said. inferior to the plainlien. The suit judg. ment of $1,060 with interest and $135 in attorney per the third suit Louisa Gano and George Woods named defendants. Louisa Gano, the plaint executed the lot here in the Trust and the mortgage was the Citizens bank which in turn to the plaintiff. Woods suid to claim. interest In the and the seeks to have his clared to its dudgment $212 cent Interest and fees of $35 are asked the The firm of McClure and Elliott represents the plaintiff.
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in Behalf of Two Creditors, All, Bring Action to Col$25,000. DEMAND IN PARAGRAPHS Reveals Kokomo Complaint Trust Company Principal Owner of Stock. in two paraIn complaint one of which graphs, the defunct South Kokomo Bank are named defendants other of which the defunct Kokomo Trust Comthe similarly pany Miller David N. thew themselves as credrepresenting South Kokomo Bank of in behalf of the and as appearing of that institugeneral creditors Saturday, the Howard tion, court. asked for judgment the South Kokomo Bank against shareholders In the amount of the Kokomo Trust 500 and against Company shareholders the amount $22,500 or for $35,000 They also asked that receiver in each of two be appointed to collect the amounts proceedings claimed account for the same the creditors. First Paragraph The first paragraph the complaint represents that 10, 1928, Victor Valle, Harry Raymond Mehlig, Albert Davis, and Mark each Conradt five shares of the capital acquired stock the South that they held such shares and stock when the bank operations. contended that each of the It defendants liable the five plaintiffs and other creditors South Kokomo Bank in to the face value of stock. That to say that each the of $500. the liable sum was $100 face value the defendant held five each. and each The whole amount demandshares. in this branch of the action $2,500. Second Paragraph In the second paragraph of the averred that on the day the South Kokomo Bank was closed, 225 of stock by the Kokomo Trust Comheld pany. which fact, under the law. would make that institution liable to the of the South KokoBank in the amount of $32,500, mo shareholders' liability. further in the secIt paragraph that the some time prior to Trust Company, the South Kokomo the closing of transferred all its physical Bank, Citizens National assets Bank, consideration of that stitution's assuming certain liabilities of the trust company. It represented that the KokoTrust now no sets out which anything can be for the creditors realized Kokomo Bank, and the South the form of stockthat holders' liability. therefore those who sought against persons of the trust were pany's capital stock. each the amount of the face value of her shares. Trust Co. Defendants. Those named as defendbranch of the suit and ants in this the number of Kokome Trust Comshares they are alleged to pany follows: Ed 39 shares; W. shares, Rose M. shares; Mark Brown, shares; Paul Johnson, Albert Conradt, 89 shares: George W. Charles, (Continued on Page