Peoples Bank (Greensboro, 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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New Bank Receiver Named After Death Of Frank W. Jackson

New plans for administering 15 closed banks in Western Pennsylvania were announced at Harrisburg by Luther A. Harr, Secretary of Banking, jurisdiction of which he transferred to deputies.

These banks were formerly under the direction of Frank W. Jackson, deputy receiver for the department who died of heart disease. His home was at Apollo. His position will not be filled.

The new assignments include Arthur McCune for these banks:

Title & Trust Company of Western Pennsylvania, Connellsville; Citizens Title & Trust Company, Uniontown; Brownsville Trust Company, Brownsville; Miners State Bank, New Salem; Peoples Bank of Greensboro; Joseph Vecchio (private bank) of Uniontown; Jubelirer Brothers (private bank) of Brownsville and Citizens State Bank of Salisbury.

"Assigning these closed banks to deputies already appointed will not mean any diminution of efficiency," Harr said. "This action is being taken because we believe these deputies can handle the work and to reduce the cost of liquidation to depositors."

Mr. Jackson, 57, special deputy State Secretary of Banking, who had represented the State in the liquidation of a Connellsville and other Fayette county banks during the last several years, died of a heart attack Tuesday in his room in William Penn Hotel in Pittsburg. He became ill in his room and his wife, Caroline, called a physician. Death occurred as the doctor entered the room.

Mr. Jackson had been connected with the State for about 25 years and had been receiver for about 15 banks in Western Pennsylvania. Besides his wife, he leaves two daughters and two sons.

The funeral service will be held Thursday afternoon at 3 o'clock at the Jackson home at Apollo.

CHRISTIAN CHURCH WILL HOLD ANNUAL MEETING TONIGHT

The annual meeting of the congregation of the Christian Church will be held tonight at 7:30 o'clock at the church.

Reports of the year's activities will be made. Officers will be elected.

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DEPUTY BANK RECEIVER FRANK JACKSON IS DEAD

15 Banks in Western Penna. District Assigned Now to Other Deputies to Supervise.

HARRISBURG, April 3.—UP—Because of the death of Frank W. Jackson, Apollo, who was deputy receiver for the Banking Department in charge of closed banks in Western Pennsylvania, Dr. Luther A. Harr, secretary of the department, has assigned 15 banks in that section to other deputies.

This action made unnecessary the appointment of a successor for Jackson, who died yesterday of heart disease.

Following are the deputies and the banks, formerly handled by Jackson, assigned to them:

Walter C. Brenneis—Pennsylvania Trust Company, Pittsburgh; Peoples State Bank, East Pittsburgh; Carnegie Trust Company, Pittsburgh; and Modern State Bank, Pittsburgh.

J. E. Hill—Colonial Trust Company, Farrell; Peoples Bank of Farrell; the Dollar Title and Trust Company, Sharon.

Arthur McCune—Title and Trust Company, Uniontown; Brownsville Trust Company, Brownsville; Miners State Bank, New Salem; Peoples Bank of Greensboro; Joseph Vecchio (private bank), Uniontown; Jubelierer Brothers (private bank), Brownsville; and the Citizens State Bank, Salisbury.

"Assigning these closed banks to deputies already appointed will not mean any diminution of efficiency," Dr. Harr said. "This action is being taken because we believe these deputies can handle the work and to reduce the costs of liquidations to depositors."