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Kentucky Bank Closes Doors. Madisonville, Ky., Dec. 4.-The Madisonville Savings bank was placed in charge of the state banking department yesterday. The deposits total about $850,000 and the bank is capitalized at $33,000. Officers of the institution stated that the suspension resulted from failure to make prompt collections and that it was believed depositors would be paid in full.
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Kentucky Bank Closes Doors. Madisonville, Ky., Dec. 4.-The Madisonville Savings bank was placed in charge of the state banking department yesterday. The deposits total about $350,000 and the bank is capitalized at $33,000. Officers of the institution stated that the suspension resulted from failure to make prompt collections and that it was believed depositors would be paid in full.
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TO PAY THE DEPOSITORS State Bank Commissioner Chenault Now Here and Will Wind up the Affairs of Institution The announcement posted at the door of the Madisonville Savings Bank Wednesday morning about the time for opening the bank for the day's business that the institution would not open for business. but was in the hands of the state banking department, was the sensation of the day here and throughout this section. The notice was signed by the board of directors. The usual withdrawals of large depositors during the past week, while not in a nature of a run, caused the bank's legal reserve to suffer. On Tuesday, it is understood, several holders of time certificates of the bank presented them for payment, reducing the cash reserve to something like $6,300. Inability to secure temporary relief by the pledge of the paper held by the bank, from the other banks in Madisonville, caused the directors, at a meeting early Wednesday morning, to close the institution for the time being and place it's estate in the hands of the state banking department. It is understood that the paper of the bank is in generally good shape, having been passed or several times by the bank examiner, and it is thought that the depositors will receive full payment and that the a ockholders may not lose heavily.
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BIG KENTUCKY BANK CLOSES Sentinel Special Service. Madisonville, Ky., Dec. 5.-The Madisonville Savings bank was placed in charge of the state banking department today. The deposits total about $350,000 and the bank is capitalized at $35,000. Officers of the institution said the suspension resulted from failure to make prompt collections.