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AUBURN STATE BANK IS GIVEN APPOINTMENT Purpose is to Wind Up the Business Exchange Corunna tioned Luther Symons banking for of Indiana in the DeKalb circuit court late Tuesday afternoon. Judge Endicott granted petition and appointed the Auburn State bank the latter filed an acceptance The petition recites that the Thomas Exchange bank private bank organized and doing business bank discount and deposit and for many years has been doing general banking business Mr. Symons in his petition stated that Milo Thomas sole and exclusive of the Thomas Exchange bank for many years and that on the 16th day 1927 Mr. Thomas died testate. and that by the terms his will Mrs. Vesta Thomas, his widow became the owner of all property, real and personal which Mr. Thomas died the owner. including stock the bank. Mr Symons further that the death Mr. Thomas the bank closed and has since remained closed: that there large num ber depositors have money deposited in the bank and such creditors of said bank Mr. Symons further says that there now person authorized take charge of bank to erate and that the property and funds the bank in danger of being lost. removed and injured unless receiver be appointed take charge In asking court the petition asks that the receiver wind up the business and affairs of the bank and for other proper The firm of Atkinson Husselman of Auburn the attorneys the banking commissioner Liquidation Under Way. of affairs Thomas Exchange bank of Corunna under tition Tuesday by State Bank Commissioner Luther in the DeKalb circuit court and the appointment by Judge Endicott of the Auburn State bank receiver. Lombard. cashier the Auburn institution removed all of the cash and securities from the Corunna bank to the Auburn State bank The bank Corunna which has not been operating since the death of Milo Thomas. the owner. Oct 16th, will remain closed All business pertaining the Thomas Exchange bank will be done at State bank in Auburn. the object affairs the bank in liquid shape that a dividend may depositors soon Mr. Lombard the opinion pay out The made by Mr Thomas showed the capital stock to be $25. 000 with surplus of $5,000 and undivided profits $2,500 The deposits and the Mr. Thom estate valued Should there be shrinkage in the loans the estate will be called upon the deficiency Provid ing all the notes due the bank are good the process of liquidation will be comparatively easy. Naturally it will take some time collect some of the notes. Mr. Lom bard has not thoroughly gone into passing upon the worth of the notes and he could vencasual opinion Wednesday as whether not all of them The Thomas Exchange bank was organized in 1897 by Milo Thomas with capital stock of $5,000 which was later increased to and surplus of in October. 1913. The bank was private institution, Mr. Thomas being the sole owner.