Article Text
WHITE HAVEN BANK SUSPENDS State Commissioner Closes Doors Of Institution In Wicomico County. Unable to meet its obligations and with its reserve below the legal requirement, the Bank of White Haven, in Wicomico County, closed its doors Wednesday by order of State Bank Commissioner George W. Page. Mr. Page left for White Haven Wednesday to take charge of its affairs as receiver under the State Banking act. State banking officials said the reserve was below the requirement of $3,000 and the bank had been unable to pay checks, but was impossible to tell whether there would be a loss to stockholders or depositors. An examination of the institution's books already has been begun by John J. Ghingher, Deputy Bank Commissioner. The bank was organized two years ago with a capitalization of $10,000. W. H. Dolby is president and Mark S. Dolby is cashier. The bank has $20,000 demand deposits, State banking officials said, and $9,000 in savings deposits. Its surplus is $1,900. W. H. Dolby said Wednesday night that the bank had never paid dividends. He expressed confidence that neither stockholders nor depositors would lose anything. The state of the bank's affairs will not be known, it is understood, until a thorough examination has been made. The institution is the second State bank to close its doors in the last few weeks. The Lafayette Bank, of Baltid more, recently suspended operations and is now in the hands of Commissioner Page. o
