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and Trust Morning
Action Taken By Board of Directors On Account of Panicky Conditions Caused By Closing of Lothair and Blackey Banks.
BANK HAS DEPOSITS OF
Cents Dollar But Will Pay One Hundred on Will Take Considerable Time To LiquidIt ate Business Thru State Banking Dept.
The Perry Bank & Trust Comwas closed this morning by pany action of the Board of Directors, last night. This meeting action was taken on account of the panicky condition brought about by various causes and ditions and by the closing of the Lothair Bank and the Blackey State Bank within the last three The State Bankdays. ing Department closed the Lothair State Bank the first of the week. This was generally expected and brought about no particular citement. However, the closon ing the Blackey State Bank on Thursday morning, the spread rapidly and people became generally, and to prevent uneasy probable the Perry Bank run, Trust Company was closed. The bank has deposits of 200,000.00, and assets in the way of notes, stocks, bonds and real estate amounting to over About one-third of the notes due the bank is secured by real estate. The mortgages loans, however, were not liquid and were what generally termed that is, they are readfrozen; collectable account of busion ness The bank, stated by cerned and those position know, will pay out one hundred cents the dollar, but will take considerable length of time to liquidate the bank; that to collect the notes and apply paying off the deposits. This will be done by someone as liquidating agent, appointed by the State Banking Department. A good deal of speculation going on as to what effect the closing of these banks will have on the business of the community. If all of these notes which due the bank were attempted be collected at once, it would alize business, it is said, but it understood that this will not be done and that considerable time will be taken in winding up the affairs of the bank, that can be realized out of it and at the same time preserve business stability as much possible. This is.the view of Mr. Dicken, Deputy State Bank Commissioner, who has been in this section for the past week days. It is not to understood, however, that depositors will have to wait until the affairs of the bank are finally closed before getting any of their The depositors will deposits. paid from time to time as the money collected and the rapidity with which these dividends declared out to the depositors pends. upon how rapidly the notes are collected. There talk of reorganizthe bank and opening later. However, this has not been cided, understand.
