Article Text
CHAS. GEBHARD IS DISMISSED AS BANK RECEIVER
Philadelphia, Today—(AP)—Secretary Luther A. Harr announced today the release of Charles E. Gebhard, of Lebanon, as deputy receiver of six closed banks in Lancaster, Lebanon and York counties.
The six banks will be placed in charge of Leo A. Werner, of Harrisburg, now liquidating three banks in the latter city.
"This action is taken in the interests of economy," said Dr. Harr. "Liquidation of the six banks under Mr. Gebhard's charge has reached such a point that it seems no longer necessary to retain his services.
"Depositors in the nine banks will benefit through savings in salary and other overhead through these changes."
Gebhard, who has been receiving $5500 per annum, has been in charge of these banks:
Lancaster County—Agricultural Savings and Trust Company and the Lancaster Trust Company (Trust Department only) both of Lancaster.
Lebanon County—People's Trust Company, of Annville.
York County—Farmers and Merchants Bank, of Dillsburg; Farmers State Bank of Hellam; Shrewsbury Savings Institution.
Werner, whose salary is $4500, has been liquidating the Commercial Trust Company, the Mechanics Trust Company, and the Security Trust Company, all of Harrisburg. His salary and other overhead will now be prorated among the nine banks in his charge.
Dr. Harr's action is effective as of today and Werner will take charge as soon as audit has been made of the assets of the six banks which will be handed over to him.