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ATLANTA, Ind., April Atlanta State bank old institution with deposits of $164,000 closed doors today Heavy withdrawals were given reason the action the board directors. fature recently of the Central bank at Arcadia, only three of here, to have been responsible for the run the local bank. on Bank officials today were unable state whether depositors would suffer any losses.
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Third Financial Institution In County to Quit Within Few Weeks
WITHDRAWALS
One of the Oldest of the Smaller Banks In Hamilton County
The State Bank of Atlanta, the third small financial the county to close its doors the past three weeks, not open morning for the transaction of which business, surprise business circles and among depositors of the bank the county. The officers of the institution follows: Bishop. Scully. Walton. Assistant Plain. None them could located long distance telephone Wednesday morning far known none the officials have given out any statement but that the trouble with the bank largely the result of continued withdrawals and failure realize some of the assets which held. said the closing of the Central Bank Arcadia, ten days ago, creased the from the Atlanta institution without the posits showing any material crease. known that the bank has farm on which could not and this situation made matters rather for ready money. was Wednesday morning that the State Banking Department would check up on the institution and allow the directors to make effort reorganize they felt disposed so take any other step which might help the institution community. The last official statement to the condition of this bank was published March of the present year and showed loans and discounts to the amount with bonds and the amount of and on hands. The furniture and fixtures the bank were listed at $4,350 and the banking house $15,600. The entire given The capital stock demand deposits the savings deposits and demand with surplus of $6,000. The present organization has been existence about fifteen years, the reorganization taking place soon after the death Walton, who the bank number of years owned large part of stock. The iginal bank was started by Walton, father of Ed and Shirl Walton and one of the pioneer business men of the northern part of the county Within the past few weeks the Central Bank Arcadia has closed doors the Fishers Bank was taken over the Citizens State Bank, of this city. Otto Jensen, trustee of Jackson township, who the city, said the township funds were tied the Atlanta bank and also the Central Bank Arcadia. He said he thought would be able to pay the school bills for their past month, but he did not know exacthow things would out until he took an invoice cash.
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Paid $7,600, All of County Money on Deposit When Institution Closed
Claude Cochran, acting as liquidating agent for the Atlanta State Bank which closed its doors a few weeks ago, was in Noblesville Wednesday, and made final settlement with Hamilton county through county Treasurer Pettijohn and County Attorney Frank Campbell. At the time the bank suspended business the county had on deposit in the institution the sum of $7,600 As surety the bank had up a personal bond and also several government bonds, all of which were considered gilt edge. Every penny of this money was returned to the county by Mr. Cochran, Wednesday, and the bond released. Cochran further stated while in the city that within the next two or three days the bank would pay Jackson township every dollar of township money that the institution had on deposit when he closed its doors and also said the deposits of other corporations would also be settled just as promptly. The individual depositors, it is thought, will also be taken care of very soon and while Mr. Cochran said he was not in a position to say definitely just how well the bank might pay out it is understood from other sources that there are reasons for believing that it will settle with all, dollar for dollar.
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Liquidating Agent Says One Paid Within Thirty Days
BEEN
Work of Closing Up Business of Institution ressing Rapidly
Cochran, of Atlanta, liquidating agent the Atlanta State Bank which closed its doors few weeks ago, was at the courthouse Wednesday attending the hearing of the State's application for receiver for the Central Bank Areadia. He reported that making gress settling up the affairs of Atlanta He thought. said, would be able to pay dividend depositors nots later than June 30 but he would not venture any information as to the amount aside from the statement that would less than fifty cent. He said had settled of the which the bank the county, also Jackson ship and the town of Atlanta. In fact said all bills payable been settled the all concerned. With work out of way Mr. Cochran said was getting things shape the which he hoped to do in way within the month. board of directors of the bank said be well with the that making. All of these settlements made without any proceedings court. The first step selection Cochran liquidating by the of directors agent their action was approved vote stockholders. Most of the bank's securities are said be exceptionally good. Mr. Cochrans' long him in hand perience handling the affairs of bank. He has been engaged business practically life and the head three lumber yards cated in Tipton, Atlanta and cadia.
C. Cochran Brings Number of Suits in Which Foreclosure Is Asked.
FILED IN LOCAL COURT
Through his attorney. C. W. Mount. Claude C. Cochran, liquidating agent for the State Bank of Atlanta which closed its doors April 22. has filed four actions in the Tipton circuit court in which judgments are asked and foreclosure of mortgages on Tipion county real estate prayed for. actions are all based on promissory notes given the bank, which are alleged to be overdue and unpaid.
Only one note and mortgage sued on was given prior to the closing of the bank, this being one executed by George Gaiser and Zora Gaiser for $1,437.25. on February 19, 1930. The complaint states that the mortgage given to secure this note is junior to one given the Northwestern Insurance Company for $3,200, on the same 40 acres of land. Judgment for the amount with interest and attorneys' fees is asked. Another action is against Charles W. Galser and Alice Gaiser, and consists of arate paragraphs, each being based on separate note secured hy mortgage on real estate in this county, west of Atlanta. The total demand is for $3,858.72. with interest and attorneys' fees on each note and foreclosure of mortgage on the land of the defendants.
The third action is against Edward Gaiser, being based on two notes, one given February 19, 1930, before the closing of the bank and the other after it was (Continued on Page
C. C. Cochran Brings Number of Suits in Which Foreclosure Is Asked.
FILED IN LOCAL COURT
Through attorney, Mount. Claude C. Cochran, liquidagent for the State Bank of Atlanta which closed its doors April 22. has filed four tions in the Tipton circuit court which judgments are asked and foreclosure of mortgages on Tipcounty real estate prayed for. actions are all based on promissory notes given the bank, are alleged to be overdue unpaid. Only one note and mortgage sued on was given prior to the closing of the bank this being executed by George Gaiser Zora Gaiser for on February 19, 1930. The complaint states that the mortgage given to secure this note is junior to one given the Northwestern Insurance Company for $3,200. the same 40 of land. Judgment for the amount with interest and attorneys' fees is asked. Another action is against Charles W Gaiser and Alice Gaiser, and consists of five separate paragraphs. each being based on separate note secured by mortgage on real estate in this county, west of Atlanta. The todemand is for $3,858.72. with interest and attorneys' fees on note and foreclosure of mortgage on the land of the defend-
The third action is against Edward Gaiser, being based on two notes, one given February 19, 1930, before the closing of the bank and the other after it was (Continued on Page 2).
Judgment Asked Against Property In Vicinity of Atlanta
(Tipton Tribune) Through attorney, Mount, Claude Cochran, liquidating agent for the State Bank Atlanta, closed its dors April 1930, has filed four accounts in the Tipton circuit court in which judgments are asked and foreclosure of mortgages on Tipton county real estate prayed for. The actions are all based on promissory notes given the bank, which are alleged be and unpaid. Only one note and mortgage sued given prior to the closing the bank. this being one executed by George Gaiser and Gaiser for on February 1930 The complaint states that the mortgage given secure this note junior to one given the Northwestern Insurance Company for $3,200, on the same 40 acres land. Judg ment for the amount with interest and attorneys' fees is asked. Another action against Chas. Gaiser and Alice Gaiser, and consists five separate paragraphs, each being based separate note secured by mortgage on real estate in this county, west of Atlanta. The total demand for with interest and at. torneys' fees on each note and foreclosure of mortgage on the land of the The third action against ward Gaiser, being based on twc notes one given February 19, 1930, before the closing of the bank and the other after was closed. Both secured by mortgages on forty acres of land west of Atlanta. The total amount demanded is with interest and attorney fees. The court action is against Edward, George and Zora Gaiser and based on an unsecured note for $377.14 given the bank last November. Principal, interest and attorney fees are asked on this note.