Article Text

URBANA BANK IS TO LIQUIDATE Wabash, Ind., May 16.β€”Petition for involuntary liquidation of the Bank of Urbana, north of Wabash, was granted in circuit court Thursday by Judge Frank O. Switzer, who appointed Forest G. Baer of Urbana, as trustee to take over assets and wind up affairs of the bank. The petition for involuntary liquidation of the bank is one of few ever filed in Indiana under an act of the general assembly of Indiana, 1907. In granting the petition Judge Switzer found that enough money had been laid aside by Oliver J. Cripe and Ellen N. Cripe, who held 80 per cent of the stock, to pay all liabilities, and ordered the bank to convey its real estate and building valued at $3,000 to the trustee. Patronage of the bank was limited to the community where there is another bank, the petitioners said.