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PLAN TO REOPEN FAILED BANK Hutchinson Depositors Are Asked to Take Out Stock HUTCHINSON, Feb. 26. — The chances for reopening the Citizens bank, which suspended business here January 25, appeared much brighter following a meeting of depositors at which time they voted to use 25 per cent of their deposits in the closed bank in the purchase of stock in the reorganized institution. The meeting was attended by approximately 1,000 depositors. Those in charge of the reorganization work indicated the reaction of the depositors was very favorable and they appeared quite optimistic about the chance of the bank being opened within the near future. Although no figures were given as to the amount of stock subscribed by the depositors it was said that if the work goes ahead successfully, the bank should be open for business within ten days. Howard J. Carey, head of the Carey Salt company, here, was in charge of the meeting and he was formally elected chairman upon the nomination of Frank Y. Lewis. It was explained to the gathered depositors that they had two alternatives with the regard to the bank. The first was to appoint a receiver and liquidate the assets of the bank which would take from two to five years, it was said, with no assurance that the depositors would get dollar for dollar from their deposits. The other was to go ahead with the plan of reorganization. It provides that the officials of the Hutchinson State bank move into the Citizens bank headquarters and take charge of the reorganized institution, thus consolidating the two banks. Mr. Carey and J. L. Perkins, representative of the state banking department, explained that in order to go ahead with the consolidation the depositors of the Citizens bank were being asked to buy stock with 25 per cent of the amount of their deposits.