Article Text
10 Per Cent. Given On Brunswick Bank
Receivers Declare Added Depositors' Dividend.
Special to The News Leader. LAWRENCEVILLE, Va., Aug. 21.—H. S. Culbreth, receiver of Brunswick Bank and Trust Company, has announced that he will declare another 10 per cent. dividend to depositors on Aug. 23, and has requested all the depositors to call by his office in Lawrenceville to receive dividend checks or cash.
The dividend now being paid amounts to $15,609.99, and brings the total dividend payments up to 50 per cent. within a period of sixteen months, the bank having been placed in receivership on April 4, 1934.
After payment of all bills payable, trust accounts and secured deposits of the said bank, aggregating $63,784.02, and payment to the general depositors of dividends aggregating 50 per cent., or the approximate sum of $78,000, there will be a balance due the depositors of approximately $78,000. The receiver holds assets of the bank of the face value of $124,333.50, with which to pay the balance due depositors.
Since April 4, 1934, the receivership, after payment of salaries and all expenses incident to operation, has shown a net operating profit in excess of $4,200.
It is now believed that a continuance of the economical manner in which this receivership is being handled will result in full payment to the depositors.