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RECEIVER IS CHOSEN FOR MARCELLUS BANK CASSOPOLIS, Mich., March 19.Jesse M. Bilderback, Dowagiac, was appointed receiver for the First State Savings bank. Marcellus. by Judge L. Burget Des Voignes. Bilderback will furnish $50,000 security bond next week. L. J. O'Brien, state banking commissioner, will be in interim charge. When you say cigars- say Dutch Masters. 45tf
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# SAYS BANK CREDITORS # WILL BE PAID IN FULL DOWAGIAC. Mich., April 20.- Receiver Jesse N. Bilderback, for the First State Savings bank, Marcellus, closed by Michigan bank examiners, said creditors would receive 100 cents on the dollar and the bank probably will be reopened. Bilderback has brough suit against F. E Sperry to force collection of $1,500 he said the latter obtained from the bank on an unsecured note. The receiver said other suits would follow in which debtors obtained money with no other indorsements except their own. The Jones Cooperative society. and three other creditors of the defunct Farmers & Merchants bank, who have sued the Marcellus bank for $15,000, alleging it controlled the other bank, have been notified they must file their claims to share in the assets of one bank or the other. Should the creditors file claims against the Marcellus bank, and that institution prove it had no connection with the Jones bank, Receiver Bilderback said the creditors would be precluded from sharing in the assets of the Jones bank. The latter institution will realize from 40 to 50 per cent on savings since Ernest G. Stanard and Walter C. Jones, partners in the banking venture, have swelled assets nearly $15,000 by assigning their real estate holdings.
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BEGIN HEARING OF SUIT AGAINST DEFUNCT BANK CASSOPOLIS, May 16. - Hearing of the suit of Calvin Jones, Jones, Mich., farmer against the First State Savings bank of Marcellus, now in the hands of a receiver, for $15,000, started here Monday before Circuit Judge L. B. Des Voignes and jury. Jones went into court as trustee and assignee for the Jones Cooperative Society, George W. Rumsey, William Irvin and Frank Everhard, all creditors of the Farmers and Merchants bank of Jones that failed a year ago. The creditors allege that the Jones bank was a branch of the Marcellus bank. Attorneys for the bank objected to more than one suit against it tried at the same time and the court ordered a severance of the plaintiffs. the Calvin Jones claim beBy bringing suit the creditors foring heard alone. feited their right to share in the assets of the Jones bank,
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JURY DISAGREES IN $15,000 BANK SUIT CASSOPOLIS, May 20-The jury hearing Calvin Jones' claim for $15,000 from the First State Savings bank, Marcellus, now in the hands of the receiver, reported a disagreement after closeted six hours. Jones with other creditors of the Farmers & Merchants bank. Jones, Mich., that failed, contended the Marcellus bank was the parent institution. Depositors of the Marcellus bank withdrew their money when the $15,000 suit was filed causing It to close down Pres't Sol Stern said, Receiver J. N. Bilderback believes the bank soon will be out of insolvency and a pesition by directors to resume business may be made.
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MARCELLUS BANK WILL PAY DEPOSITORS TODAY Marcellus, Mich., Feb. 1.—Eight hundred depositors of the First State Savings bank here, Thursday, will share $860,900, on the basis of 25 per cent of their deposits. The bank was ordered closed by the state, March 13 last. J. N. Bilderback, receiver, who announced the dividend, stated he had made collections amounting to $75,000 in the last ten months. He predicted that with assets of $456,000, and debts of $401,000, Marcellus residents and neighboring farmers, who were depositors, would not lose anything. The state closed the bank during a run on it, following a suit for $30,000, filed by depositors of the defunct Jones, Mich., bank, who alleged the Marcellus bank was the parent institution. A Cass jury found for the bank, and the case is now in the supreme court. The bank, Receiver Bilderback says, may be reopened by a new group of Marcellus merchants.
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BANK RECEIVERS TO PAY $60,000 TO DEPOSITORS Patrons of Marcellus Bank Not to Lose Cent—Bank Was Closed Last March. (By the Associated Press) Marcellus, Feb. 2.—J. N. Bilderback, named receiver for the First State Savings bank of Marcellus when the state banking commission closed its doors last March 13, announced yesterday that $60,000 will be paid at once to 800 depositors of the bank. This will represent 25 cents on the dollar and other payments will follow from time to time, so that none of the depositors will lose a cent. The assets of the bank are $456,000 and the liabilities $401,000.
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BANK RECEIVER HAS COURT CASE TODAY A hearing of the case of Justice Jesse Bilderback acting as receiver of the Marcellus First State Savings Bank, against Clarence Wilcox is being had before Justice D. W. Van Antwerp today. It is charged that Mr. Wilcox sold farm implements and harness that was under chattel mortgage to the amount of $381.15 which was security for two notes given by the bank. Prosecutor Asa K. Hayden is in charge of the prosecution and the defense is being handled by Attorneys Huff and Burnham of Marcellus and Paw Paw respectively.
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RECEIVER'S SALE I will sell on October 24th, 1924 at 2 o'clock p. m. at the First State Savings Bank at Marcellus, to the highest bidder, the following notes, unless paid prior to that date: Clinton Billingham note dated Sept. 20, 1921, Principal $76.34. Int. $16.33. Charles Bowersox note dated Nov. 22, 1921, Principal $106.85, Int. $22.68 Charles Buckhold note dated Feb. 22, 1922, Principal $190.00, Int. 36.83. J. N. Cannady note dated Sept. 8, 1921, Principal $436.44, Int. $94.71 S. G. Cannady note dated Sept. 8, 1921, Principal $158.09, Int. $33.89 Ralph Christner note dated December 21, 1921, Principal $25.00, Int. $5.04. Ira Copley note dated December 28, 1921, Principal $14.00, Int. $2.78. Floyd Curtis note dated March 7, 1922, Principal $50.00, Int. $9.13. W. H. Eggleston, Judgment, Principal $29.00, Int. $5.89. F. I. Hummel note dated October 18, 1921, Principal $175.14, Int. $27.47. Herbert Playford note dated November 10, 1921, Principal $46.50, Int. $9.34. Ellis Ridgeley note, endorsed by R. R. Schell, Principal $297.00, Int. $62.37. Ralph Rudd note dated March 9, 1922, Principal $21.40, Int. $3.81. Leon Stage note dated November 1, 1921, Principal $80.00, Int. $16.56. R. E. Welburn note dated December 31, 1921, Principal $50.00, Int. $10.07. J. N. BILDERBACK Receiver for First State Savings Bank, Marcellus, Michigan.
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has been granted in circuit court to Bilderback, for the First State Savings bank of Marcellus, to turn collection agency over $10,000 of unsettled accounts still due the bank. The receiver claims the fees will be no greater agency than the cost of collecting these accounts in the usual method.
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LIBERTIES NEW YORK, March bonds first second fourth Treasury 107.27. BANK RECEIVER SUES Jesse Bilderback, receiver of the First State Savings bank of Marcellus, today filed suit in the circuit court against Harry L. Crandall, to collect $3,500 note. The suit was filed through Attorney Asa K. Hayden of Cassopolis.