BANK STATEMENTS READY, RECEIVER SAYS
CORINTH, Feb. 23. — Checking account statements and cancelled checks are ready for distribution among patrons of the closed Corinth National Bank, announced Receiver Frank M. Maryott of Binghamton, today, and Corinth residents are requested to call for them. Those depositors residing outside the village may either call for their cancelled checks and statements or await them by mail within the next few days, it was announced.
Second Dividend to Be Paid Depositors of Closed Corinth National Bank, Receiver Reports
ACTIONS ARE STARTED AGAINST OFFICIALS TO GAIN MONEY PLEDGED
Receiver to Seek Funds Slated to Bolster Financial Standing; Second Payment Makes Seventy-three and One-third of Deposits
STATEMENT IS ISSUED BY RECEIVER
With permission from the office of the Comptroller of Currency, Federal Receiver Frank M. Maryott, in charge of business at the closed Corinth National Bank, yesterday announced a second dividend of thirty-three and one-third percent to be paid depositors of the institution in the very near future. possibly before Christmas.
With this second payment, Corinth bank depositors will have received seventy-three and one-third per cent, a sum very favorable when compared to many banks in the south and other parts of the country where depositors may not receive any of their life savings This second dividend, in the form of checks, will represent more than $500,000. When the bank was closed one year ago yesterday following the death of F. Eldred Pruyn, vice president and cashier of the institution, there was more than $1,500.000 owed depositors. In addition to the dividend to be paid very shortly, it is known that Receiver Maryott has brought action in federal court against four former bank officials and the estates of two others to recover approximately $63,000 which the receiver claims was pledged about a year ago to bolster up the financial standing of the institution. Attorney James McPhillips of Glens Falls, will represent Isaac Densmore, Dennis O'Brien, Wilson J. Hall and Oscar S. Putnam in the court action, while the firm of Rommel and Hickey of Corinth, will represent the estate of the late J. Judd Dayton, and Attorney Henry Williams of Glens Falls will represent the estate of the late F. E. Pruyn. The statement coming from the bank yesterday follows"F. M. Maryott, receiver of the Corinth National bank, announces second dividend of 33 1-3 per cent has been declared and will be paid to depositors of the bank at an early date. The dividend checks are now in the course of preparation at the receiver's office in Corinth and upon completion will be forwarded to Washington for signature. When the checks have been returned from Washington, the receiver will inform the depositors of the fact through the newspapers. "This second dividend will be paid from funds collected by the receiver supplemented by loan from the Reconstruction Finance Corporation which is secured by a pledge of the remaining uncollected assets. No future additional dividend can be paid until the loan from the Reconstruction Finance Corporation has been fully repaid and any future dividend can be paid only from collections from such assets as may remain after the repayment of the loan. The second payment to depositors will exceed $500,000."
Frank M. Maryott, receiver of the First National Bank of South Glens Falls and the Corinth National Bank, stated last night that he expected to pay a ten percent dividend to depositors of the South Glens Falls bank within a few days. He is now waiting a check for the dividend which will bring the total dividends of that closed bank to seventy-five percent of deposits. Eighty percent of deposits have been paid to depositors of the Corinth National bank.
Two new places were created on the board of directors of the Glens Falls National Bank and Trust company at the annual meeting of stockholders yesterday and Harold F. Bullard and Karl R. McBride were elected to fill them. Mr. Bullard is assistant to the president of Finch, Pruyn and Company and Mr. McBride is president of the Imperial Paper and Color corporation.
Stockholders of the Sandy Hill National bank at Hudson Falls elected four new directors. They are: Will Carleton, Wilbur F. Pender, William J. Reid and E. E. Sabourin. Attorney James Gibson, jr., of that village, was elected a director and trust officer of the People's National Bank to succeed the late Attorney Willoughby L. Sawyer.
Elections Are Listed
Directors were elected by banks in the Glens Falls vicinity as follows:
Glens Falls National Bank and Trust Company—Directors: Daniel H. Cowles, Louis P. Brown, William T. Cowles, J. Edward Singleton, James Knight, Robert H. Rheinlander, George I. Davis, Harold F. Bullard, Karl R. McBride. Organization will be made at the regular meeting next Monday.
First National Bank, Glens Falls—Directors: B. B. Fowler, Hubert C. Brown, Maurice Hoopes, J. R. McMullen, J. Irving Fowler, George F. Bayle, jr., D. B. Moynehan, Alfred S. Clark, Byron J. Lapham, Gray E. Safford, T. Coolidge Sherman and W. M. Bowden. Officers will be elected by the directors at the weekly meeting Monday.
Sandy Hill National Bank, Hudson Falls—Directors: H. L. Broughton, Will Carleton, C. W. Higley, jr., T. J. Horrigan, Wilbur F. Pender, William J. Reid, P. J. Riley, Erskine C. Rogers, E. E. Sabourin, John E. Sawyer, W. D. Walling. The organization meeting will be conducted at a later date.
People's National Bank, Hudson Falls—Directors: D. S. Griffin, P. B. Daly, C. W. Kellogg, E. C. Paris, Charles A. Kellogg, James Gibson, jr. Officers: President, C. W. Kellogg; vice president, D. S. Griffin; cashier, William H. Neilson; assistant cashier, J. Clark Wright; trust officer, James Gibson, jr.; assistant trust officer, E. C. Paris; teller, Ambrose Corcoran.
Fort Edward National Bank—Directors: Judge Wyman S. Bascom, John R. MacMurray, Almon P. Hill, Everett C. Bristol, George E. Smith, C. E. Wood and Jay S. Vaughn. The directors organized by electing the following officers: President, Almon P. Hill; vice president, John R. MacMurray; cashier, C. E. Wood.
First National Bank, Lake George—Directors: Miss Hilda Smith, Mrs. Frank W. Smith, Clayton Lanfair, Charles H. Lanfair, Wyman D. Pasco, Charles Forselle and H. C. Noyes. The directors organized by electing the following officers: President H. C. Noyes; vice-president, Miss Hilda Smith; cashier, Carl T Crandale; assistant cashier, R. Cutler Bradley.
Emerson National Bank, Warrensburg—Directors: Louis E. Reoux, Albert L. Emerson, Lee F. Stockton, Harry A. Reoux, Grace C. Somerville. The directors organized by electing the following officers: President, Louis E. Reoux; vice president and cashier, Albert L. Emerson; assistant cashiers
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A. L. SITTERLY IS NAMED RECEIVER FOR TWO BANKS
Glens Falls Man Appointed for South Glens Falls and Corinth Institutions
A change in the receiverships of the Corinth National Bank, which closed Dec. 15, 1931, and the South Glens Falls National Bank which closed several months later, was announced yesterday by Frank M. Maryott, receiver of the two institutions.
Mr. Maryott, according to his announcement, will sever his connection with the banks' affairs on March 15 and will be succeeded by A. L. Sitterly, Glens Falls, now receiver of closed banks in Whitehall and Poultney, Vt.