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Boyer Named Receiver Old Bank
Frank Boyer, of Pillow, has been named receiver for the old Tower City National Bank, and will have charge its liquidation. His appointment was made April and Mr. Boyer mediately took charge. also the receiver charge liquidation of First National Bank Lykens. The appointment made Comptroller O'Connor, Washington, and Mr. selection based entirely upon his experience and for the He formerly the Valley Bank Pillow, and employed assistant national bank examiner with the Deposit Insurance which he was when the First Bank Lykens The Mr. Boyer will liquidate those remaining bank closed March 4th. President Roosevelt declared moratorium on all banks. With the reorganization new bank meet of the federal bank the new deposit insurance there paid the depositors per cent of their deposits, the other thirty per cent maining the institution. Towards eventual payment this thirty per there remain the old bank 'frozen' assets consisting mostly estate mortgages properties this valley, and judgment loans. Most these considered good, but cannot be realized upon pay deposits. to the depositors or all of their maining soon he possibly There much preliminary the interests with bank One of the benefit depositor, to far possible the of the the present headquarters of the bank building and done there. should be however, that the receiver nothing whatever the Tower National recently chartered. Mr. cashier, who acted servator since the closing the bank, this with the appointment Boyer, and has official connection with the old and devote entire time to duties cashier the bank. cooperate with, assist Boyer every possible to expedite the liquidation.