Bank Receiver Buys L. M. Irwin Property
Personal effects of L. M. Irwin, cashier of the Lincoln National Bank of Avella, which closed its doors more than year ago, were offered at sheriff's sale yesterday and purchased by Harry G. Wilson, receiver of the bank. who will hold public sale later. Livestock and farming machinery owned by Irwin and others as partners were included. Household goods at the former Irwin home were purchased by Mrs. Margaret Woods.
Harry Wilson, receiver of the Lincoln National bank, of Avella, has been granted permission by the Court to sell at either public or vate sale personal property chased by him at sheriff's sale April The property sold an execution issued suit the Lincoln National bank against Irwin, former cashier that bank: Hay Liggett. Quint Liggett and the Maple Cove Farm. The property consists of and other livestock and farming chinery.
Seeks $29,500 For Alleged Unauthorized Transactions By Former Cashier.
Washington, Pa., June Grave charges as to the manner in which the affairs of the Lincoln National Bank at Avella, which closed its doors in February. 1931. were handled are made in a suit filed against the Fidelity and Deposit Company of Maryland, which indemnified the bank against loss through fraud on the part of any of its employees. Receiver Harry G. Wilson seeks to recover on the bonds of Samuel S. Campbell, president: Raymond M. Allison. assistant cashier, and Frank R. Westlake, teller. M. Irwin. cashier of the bank for nearly quarter of century. convicted of embezzlement, is serving sentence of three years in Federal prison camp in Virginia. Receiver Wilson charges that through unauthorized acts that President Campbell permitted Irwin in 1927 to obtain on note of the Hopewell Oil and Gas Company. and that Campbell, April 7. 1928, obtained in person from the bank and that his note was made an accommodation to Irwin A loss of $15,000 for which Assistant Cashier Allison was held responsible was negotiated November 10. 1930, and increased the indebtedness of Irwin to know the condition of the bank and is charged with collusion in the transaction. On October 7. 1929. Irwin extended an unauthorized loan of to Frank R. Westlake, represented by note, superseding note for $4,500 executed by Westlake, thereby effecting an increase of $9,500. "which amount of money inured to the personal use and benefit of the said L. M. Irwin." It is charged that the loan was excessive and illegal.
Harry E. Wilson, receiver of the Lincoln National Bank of Avella, which closed its doors some time ago, today entered suit against the Fidelity Casualty Company of New York to recover the full amount of the bond which this company signed for W. Irwin, former cashier of the bank. While is not definitely known it is stated from reliable sources that Irwin's indebtedness the bank is approximately $150,000. The statement of claims alleges that while Irwin cashier he "did commit acts of fraud, dishonesty, forgery, theft, embezzlement, wrongful obstruction and wilful misapplication of the money and personal property of said bank by directly conniving with others.' It is also claimed that in several instances during 1929 and 1930 he made loans to himself and companies in which he was heavy stockholder. January 1931, his total indebtedness was $143,768.88. On February 10, 1931, the Avella Investment Company, in which he was interested owed the bank, $52,583 and on February 6, 1931, the Hopewell Oil and Gas Company was owing $61,268.87 Irwin also "deeply interested in this company.
CLOSED BANK TO PAY $68,872 DIVIDEND
503 Depositors of Burgettstown Institution to Benefit
Special to The Pittsburgh Press
WASHINGTON, Pa., Aug. 9—The Peoples National Bank of Burgettstown, closed for several months, will pay a 60 per cent dividend, returning $68,872.80 to 503 creditors, it was announced today.
The payment was made possible by funds obtained from the Reconstruction Finance Corporation, Harry G. Wilson, the bank's receiver said, and no further dividends will be distributed until the loan is repaid to the corporation.
The Lincoln National Bank at Avella also will pay a 5 per cent dividend, Wilson, who is receiver for it, too, said. The Avella bank previously had paid a 15 per cent return.
The payment was made possible by funds obtained from the Reconstruction Finance Corporation, Harry G. Wilson, the bank's receiver said, and no further dividends will be distributed until the loan is repaid to the corporation.
The Lincoln National Bank at Avella also will pay a 5 per cent dividend, Wilson, who is receiver for it, too, said. The Avella bank previously had paid a 15 per cent return.
ceiver of the National Bank of Avella. The property consists of three farms and one small tract land in Hopewell and Cross Creek townships. involved by the closing the bank. The court has set Saturday, December 24, as the time for the final hearing.
Receiver Don S. Lane announced last night the Lincoln National Bank of Avella, which closed during the panic several years ago, will pay another dividend Monday. Ten percent will be made available to depositors and other approved creditors of the bank.
Receiver Lane announced the dividend was made possible through a loan from the RFC on remaining assets of the institution.
The dividend will be the fourth to be paid by the bank and will
Lane announced last night the Lincoln National Bank of Avella, which closed during the panic several years ago, will pay another dividend Monday. Ten percent will be made available to depositors and other approved creditors of the bank.