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President of Institution Says That End to Arrangements Made. Are Being
SOUND CONCERN DECLARES
Resorted Closing Temporary Put New in Order to to Plan in Operation.
State Bank of That the Citizens which announced Saturday closing temporary from the on authority state forenoon, banking department, expects at an carly date, resume was the substance of InformaMonday tion and Dr. Cornell, they made at the Tribune office. that the President Shaner not forced. closing was of to for the purpose abling the bank submit authority to Its plan. under positorn and with the approval of the restrict state to banking protection of for the body of depositors, the whole to enable the Institution continue orderly and unservice in an hindered way. forward. Mr. Plans are going Shaner which will probably be called for of this day the latter part week. which the plan mentioned with either Luthwill be submitted state banking comor Thomas D. Barr, state banking present uty to explain why proved and how can best operated. confidence was exComplete Mr. Shaner that the pressed by whom be with would said he had that would accept the proposition submitted bank, which he. Insists really sound, would ready thoroughly resume business practically Immediately Shaner's Prepared Statement. possible misunderTo correct the facts and circumstanding of to the bank's stances leading up forth in an article closing. as set carried Saturday evening's TrlbShaner with une. Mr. publication, the followrequest for statement of the Ing propared bank's position: the Kokomo Tribune: In order to correct statements article carried the Kokomo Saturday, January 1932, the directors and officials the Citizens State Bank Galveston, which closed temthat wish to make porarily statement of facts. The bank suspended operations few days. until adjustfor only ment could be made to reopen restricted which bemost successfully carried out conservative and successful banks over the country. who believe in this The people method work under the assumption that these trying times, when collections slow and deposits are limited few creditors are not to the privilege of withdrawing all their deposits, thereforeing closing of institution the cost of the remaining positors perhaps leading to The people. state too, who have loans In the bank may not be unduly pressed these days low prices and small collections. under this new plan: The Citizens State Bank, Galveston. Indiana. is and has been conducted on strictly sound basis, with the welfare the depositors and stockholders always foremost, the directors of this institution are happy to announce that everyhas money deposited there will be paid in full, plus interest time deposits. As far we know there were no rumors current of difficulties in
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