60-1657Appointed receiver for the Dime Bank Title and Trust Company November of last year, Reinhard, former Cassett National City Bank in New for has named cial deputy charge the Plains State Bank which was closed recently. appointment has been announced by Gordon, State secretary of banking. duties with the Dime Bank those Plains bank holding down liquidation
Dime Bank Affairs Run at Liberty's Quarters Today
Business of the closed Dime Bank Title & Trust Co., WilkesBarre will be sylvania Liberty Trust Co. 16-18 North Main street, beginning today, Walter Oliver, deputy in charge of banks and vicinity, announced last night. All the business of the three closed banks in this city, The Dime, Liberty and Heights Deposit, is being run from the Liberty bank quarters as is the business of People's Savings & Trust Co. of Duryea and Plains State Bank of Plains, except that the buildings of those two banks are being kept open, for the present, for the collection of notes. Mr. Oliver said the consolidation of the activities of the five banks will facilltate liquidation and lessen the cost.
S. McLean has handed down an order in the suit of the Metropolitan Casualty Insurance Co., of New York vs. Joseph Reinhard, special deputy as agent for W. D. Gordon, Secretary of Banking in possession and business of the Plains State Bank, of Plains, Pa., in which the court dismisses the exceptions to the first and partial account of the receiver, and the claims are allowed in status of general depositors in the amounts paid to the commonwealth by the respective claimants, being the amount of the commonwealth's deposits with interest to the time of the closing of the bank.
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.