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DEPOSITORS Unwarranted Heavy drawals Blamed For ing Of Institution. STATE DEPARTMENT. Books In Hands Of Bank Examiners And Announcement Will Be Made Soon. The Bank of Acadia, which has served Crowley and Acadia parish for years, found close its doors for what believed here Wednesday morning temporary in effort protect its depositors and avoid the sacrifice of of its patrons, which stands as curity for the loans made them, after heavy and which developed almost into Tuesday afternoon. The bank perfectly solvent; holds plenty of unusual and good collateral; has been placed in the hands the state banking department; holds enough rice not considering any other collateral to meet its bills payable; will probably be firmly believe that every depositor will receive 100 percent the dollar." These were the statements of Jac Frankel, president the bank for the past 32 years, and Lawson, active vice president of the bank. Whispering Blamed The closing of the bank was charged directly to whispering campaign, which was responsible for the unwarranted and heavy withdrawals. The bank perfectly solvent, explained, and the officials confidence that it would pay off the depositors 100 cent on per every dollar. The action was taken protective mesaure to the deposiand try and safeguard the rice farmer. The bank holds plenty of good coland expected to be in good position to pay off. The preliminary plans for and details with definite date re-opening are expected announced in few days. This action, however, cannot be taken until Brock, state banking departmnet commissioner, finishes checking books. He has assured the bank officials here that the state department will lend every bit of sistance possible the bank. He Opelousas Wednesday assisting with the re-opening of the Opelousas bank and no definite nouncement regarding when he will complete his work in Crowley could be secured. Bank Solvent believed, however, that only short time will be required to complete the work and before definite the re-opening the bank can be President Frankel pointed out clearly that the closing of the bank not develop result from any poor business thods unethical practices. He declared the always been very in its business relations. He also explained that the bank was not insolvent and that the situation could have handled public could be and runs avoided. There has been plenty times in the past, was stated, when the bank much than it at the present time and when the collateral did not compare with the good collateral which bank holds at the present time. Through 32 years the bank has served this during these years has seen some hard times but never was money hard secure and this was another factor, was stated, which contributthe cause. An appreciation for the attitude of the public, the depositors and the friends of the bank was expressed by both Mr. Lawson and Mr. Frankel. They urged the friends of the institution to retain this faith and bear with them while they forth every effort to straighten out the matter and while they were using every safe. guard to protect the depositors and farmers. (Continued Page
