Peoples Company Operative State Bank (Hammond, IN)

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PROMISE BANK REPORTS WHEN JUDGE ALLOWS

Depositors of the defunct Peoples Co-Operative State bank of Hammond informed of the nancial condition receivership just statement be prepared publication, Harry the joint anthis Mr. Folk declared he is preparing and to completed Authority from supervising court must be before be released for publication, he said. Similar statements of condition for the funct Northern Trust and Savings bank defunct Maywood Trust bank, both of now being considered David T. Emery, receiver for by institutions. this morning to with Judge Virgil Hammond perior concerning the advisability of releasing statement on both receiverfor publication. These moves being made by Folk Emery in answer valanche demands by depositors detailed statements of conlition. Receivers for the defunct First assumed control of liquidation last February.

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The $200,000,000 fund authorized for loaning purposes to closed banks as a part of the operation of the two-billion-dollar Reconstruction Finance corporation of the federal government, will do little to liquidate defunct banks, Harry E. Folk, receiver for the Peoples Co-Operative State bank, of Hammond, said this morning.

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Between now and March 15 they must notify 139 stockholders of the defunct People's Co-Operative State bank of Hammond to appear in court and make answer to a suit filed against the latter by the bank's receivers, Harry Folk and O. D. Carpenter.

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With the completion of the First Trust appraisal, the R. F. C. men now will turn their attention to assets of the defunct Peoples Co-Operative State bank of Hammond, of which Mr. Folk also is receiver. He is applying for a loan for that bank, too.

Two of the five appraisers will go

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With the completion of the First Trust appraisal, the R. F. C. men now will turn their attention to assets of the defunct Peoples Co-Operative State bank of Hammond, of which Mr. Folk also is receiver. He is applying for a loan for that bank, too.

Two of the five appraisers will go

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RECEIVER SUES BOND COMPANY

Columbia Casualty company and the Fidelity Deposit company of Maryland, are defendants in an action for $54,000 brought in Hammond Superior court by Harry Folk, receiver of the defunct People's Co-Operative State bank.

Receiver Folk seeks damages for alleged "unfaithful performance and wilful misconduct" of Joseph G. Ibach, president, and Alexander Marko, cashier, in their operation of the bank while bonded by the defendant companies.

Numerous uncollectible loans and negligent bond purchases are cited in the lengthy complaint filed by Attorney D. J. Moran.

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Mr. Folk, in addition to being receiver of the First Trust & Savings bank, is receiver of the Peoples Co-Operative State bank of Hammond, and the Farmers & Merchants Savings bank of Highland. To date, the People Co-Operative State bank has paid 29.5 per cent in dividends to depositors. This amounts to a total dividend payment of $338,222.93.

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Judge Harold L. Strickland, today, approved a petition of Harry E. Folk, requesting permission to pay to 9,000 depositors of the First Trust & Savings bank of Hammond an additional five per cent dividend.

This dividend will amount to a cash disbursement to depositors of $160,000 and is made available from cash acquired through the liquidation of various assets of the bank together with funds borrowed from the Reconstruction Finance corporation. This will make a total of 20 per cent in dividends paid to the depositors of the First Trust & Savings bank.

Of this amount, 15 per cent has been paid since Mr. Folk assumed charge of the affairs of the bank in March, 1933. The 20 per cent in dividends amounts to a total payment of cash of $675,824.95. Mr. Folk was ordered to begin payment of the dividend on Oct. 30.

COLLECT AT CALUMET BANK Notices will be mailed to depositors, and Mr. Folk requests that upon receipt of the notices, the depositors call for payment of their dividends at the Calumet State bank. The First Trust & Savings bank closed on Feb. 2, 1931.

Mr. Folk, in addition to being receiver of the First Trust & Savings bank, is receiver of the Peoples Co-Operative State bank of Hammond, and the Farmers & Merchants Savings bank of Highland. To date, the People Co-Operative State bank has paid 29.5 per cent in dividends to depositors. This amounts to a total dividend payment of $338,222.93.

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1ST TRUST MAILS OUT NOTICE OF DIVIDEND

Closed Bank Receiver Will Pay Out $150,000 in the Next Two Weeks

Approximately 9,000 depositors of the closed First Trust and Savings bank, of Hammond, will receive a 5 per cent dividend, amounting to $150,000, during the next two weeks, Receiver Harry E. Folk announced today.

At the conclusion of this payment, Folk will start distribution of another 5 per cent dividend, totaling $50,000, among depositors of the defunct Peoples Co-Operative State bank, of Hammond, of which he also is receiver.

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1ST TRUST MAILS OUT NOTICE OF DIVIDEND

Closed Bank Receiver Will Pay Out $150,000 in the Next Two Weeks

Approximately 9,000 depositors of the closed First Trust and Savings bank, of Hammond, will receive a 5 per cent dividend, amounting to $150,000, during the next two weeks, Receiver Harry E. Folk announced today.

At the conclusion of this payment, Folk will start distribution of another 5 per cent dividend, totaling $50,000, among depositors of the defunct Peoples Co-Operative State bank, of Hammond, of which he also is receiver.