State Bank (Klingerstown, PA)

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TITLE & TRUST CHECKS TO BE MAILED NOT LATER THAN TUESDAY, JAN. 15

Slight Delay Said to Be Due to Great Volume of Other Work Imposed on Staff.

TOTAL WILL BE $318,855.67

Dividend checks of the defunct Title & Trust Company of Western Pennsylvania, first of the local financial institutions to go into receivership, will be mailed out not later than Tuesday, January 15, it was learned today by The Courier.

The checks, aggregating $318,855.67, representing a dividend payment of 13 per cent, will be sent out to 9,416 depositors. They have been prepared and are now in Philadelphia in the hands of the State Secretary of Banking, Dr. William D. Gordon, for signature before being returned here for distribution.

While Dr. Gordon had specified Saturday, January 12, as the day for the mailing out of the checks, it was learned the Uniontown headquarters' staff is busy at work preparing dividend payments for two other banks—Citizens Title & Trust Company of Uniontown and Peoples Bank of Greensboro—and this would necessarily create a little delay. It was learned, however, that every detail would be attended to and that the checks would be in the mails not later than Tuesday.

It was estimated that of the $318,855.67 dividend, approximately $235,000 represented the net amount of a loan obtained from the Reconstruction Finance Corporation through the Federal Deposit Liquidation Board, the bank receiver having posted unliquidated assets with an appraised value of $1,163,218.46 as collateral. Deductions of approximately $45,000 represented, it was said, deductions for taxes and other charges. To this loan was applied most of the cash balance on hand.

The announcement of Dr. Gordon stated that the remaining deposit liability of the Title & Trust Company after payment of the 13 per cent—the second dividend, a previous one of seven per cent having been made—is $1,981,093.71 and that "there are on hand assets with a book value of $131,631.68, appraised at $90,482.51 for further liquidation" after payment of the second dividend.

Depositors of the Citizens Title & Trust Company of Uniontown are to be paid six and a half per cent, the dividend to the 13,380 creditors aggregating $222,458.39. Heretofore 40 per cent has already been paid so that with the payment just announced, a total of 46½ will have been made available to the depositors. The remaining deposit liability of this institution is $1,829,377.17 and there are on hand assets with a book value of $823,271.70, appraised at $411,302.52 for further liquidation.

Thirteen per cent will be paid to 816 depositors of the Peoples Bank of Greensboro, totaling $21,490.51. Heretofore 50 per cent has already been paid so that with the payment to be made a total of 63 per cent will have been made available. The remaining deposit liability of this institution is $51,130.86 and there are on hand assets with a book value of $98,743.34, appraised at $49,039.34, for further liquidation.

In all, nine banks are to pay dividends to 64,156 depositors before January 15, aggregating $1,081,634.67. The banks include:

State Bank, Klingerstown, six per cent, $13,007.14.

Valley View Bank, Valley View, seven and half per cent, $95,469.24.

Plains State Bank, Plains, 10 per cent, $33,951.47.

Dime Bank Title & Trust Company, Wilkes-Barre, five per cent, $87,201.70.

Washington Trust Company, Washington, five per cent, $218,999.36.

Heights Deposit Bank, Wilkes-Barre, five per cent, $65,201.19.

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Valley View And Klingerstown Banks Makes Payments

William D. Gordon, Secretary of Banking, Monday announced the payment of nine dividends to 64,156 depositors totaling $1,081,634.67. These payments will be completed before January 15.

Six per cent to the 743 depositors of the State Bank of Klingerstown, Klingerstown, paid Saturday, totaled $18,007.14. Heretofore, fifteen per cent had been paid.

Seven and a half per cent. to 1433 depositors of the Valley View Bank, Valley View, paid Monday, totaled $95,469.24. Heretofore, twenty-seven and a half per cent. had been paid. The remaining deposit liability is $827,405.51 and there are assets with a book value of $1,390,988.12 appraised at $695,155.73.

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Pottsville Man Is Named Bank Receiver

Harrisburg, Pa., May 9 (U.P.)—Charles Haussmann, Pottsville banker and theatrical man, was appointed today by Dr. Luther A. Harr, State Secretary of Banking, as deputy receiver for five closed banks in Schuylkill county.

He succeeds Samuel Rockafellow, Doylestown, who resigned to take a position with the Easton Trust Company, Easton, Pa. While Rockafellow received a salary of $5,000 a year Haussmann will receive but $4,000.

Haussmann will have charge of liquidating the Victory Banking Trust Company, Girardville; the Bank of Auburn; the Miners Bank of McAdoo; the Peoples' Trust Company, Frackville; and the State Bank of Klingerstown. He will maintain headquarters at the Victory Banking Trust Company, Girardville.

Haussman is a director of the Union Bank and Trust Company, of Pottsville.

Henry Fox, well known townsman, left today for Mount Clemens where he will spend several days.