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The American State Bank at Cherryvale, organized in 1919 by M. S. Coolbaugh, who, late last year, sold his interests to J. N. Reid, John Foster and others, failed to open its doors the other morning, and announced the bank was in the hands of the state banking department.
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The American State Bank at Cherryvale, organized in 1919 by M. S. Coolbaugh, who, late last year, sold his interests to J. N. Reid, John Foster and others, failed to open its doors the other morning, and announced the bank was in the hands of the state banking department.
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CHRISTMAS DIVIDENDS. Depositors of Defunct Banks Will Receive Part of Deposits. Topeka, Kans., Dec. 24.—Depositors whose funds were tied up in half a dozen of the 58 banks now being liquidated by the state banking department, are being enabled to make their Christmas a merry one by the receipt of checks representing at least a part of their deposits. The largest of these payments—in fact, the largest in the history of the department—was the 81 per cent, or approximately $400,000, to more than 1,100 depositors of the Kansas State Bank of Salina which failed nearly five years ago. Other defunct banks paying dividends are: American State Bank, Cherryvale, 30 per cent, on December 20. State Bank of Arrington, 10 per cent, December 15. This was additional to a dividend of 30 per cent paid last April. Citizens State Bank, Manhattan, 10 per cent, January 1, 1924. This probably will be a final dividend from the assets of the bank from which three dividends of 40, 20 and 10 per cent respectively already have been paid. The balance will come from the state guaranty fund. Osawatomie State Bank, 20 per cent, December 20. This guaranty bank already has paid depositors 45 per cent since it failed, April 19. Farmers State Bank, Wamego, 88 per cent, December 15. This is the aggregate depositors will receive as the bank was not protected by membership in the guaranty fund. "In addition to their original investments, depositors in the guaranty banks receive interest on their deposits from the day the bank failed," State Bank Commissioner C. J. Peterson said. "The depositors of the Salina bank thus are receiving in the 81 per cent dividend approximately the entire amount of the deposits from the guaranty fund, plus the 19 per cent they already had received direct from the assets of the bank. That is, the interest that has accrued in the four and a half years since the bank failed added about 20 per cent to their original deposits." Commissioner Peterson said no special assessment against the 900 banks belonging to the guaranty fund membership will be required because of the record disbursement from the fund to meet the obligation at the Salina bank. The annual guaranty fund assessment falls due next month. It is one-twentieth of one per cent of the
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CHRISTMAS PRESENTS TO DEPOSITORS OF DEFUNCT BANKS Depositors whose funds were tied up in half a dozen of the fifty-eight banks now being liquidated by the state banking department are being enabled to make their Christmas a merry one by the receipt of checks representing at least a part of their deposits. The largest of these payments—in fact the largest in the history of the department—was the 81 per cent, or approximately $400,000 to more than 1,100 depositors of the Kansas State bank of Salina which failed nearly five years ago. Other defunct banks paying dividends are: American State bank, Cherryvale, 30 per cent on December 20. State Bank of Arrington, 10 per cent, December 15. This was additional to a dividend of 30 per cent paid last April. Citizens State bank, Manhattan, 10 per cent, January 1, 1924. This probably will be a final dividend from the assets of the bank from which three dividends of 40 20 and 10 per cent respectively already have been paid. The balance will come from the state guaranty fund. Osawatomie State Bank, 20 per cent, December 20. This guaranty bank already has paid depositors 45 per cent since it failed, April 19. Farmers State Bank, Wamego, 88 per cent, December 15. This is the aggregate depositors will receive as the bank was not protected by membership in the guaranty fund. "In addition to their original investments, depositors in the guaranty banks receive interest on their deposits from the day the bank failed." State Bank Commissioner C. J. Peterson said, "The depositors of the Salina bank thus are receiving in the 81 per cent dividend approximately the entire amount of the deposits from the guaranty fund, plus the 19 per cent they already had received direct from the assets of the bank. That is, the interest that has accrued in the four and a half years since the bank failed added about 20 per cent to their original deposits." Commissioner Peterson said no special assessment against the 900 banks belonging to the guaranty fund membership will be required because of the record disbursement from the fund to meet the obligation at the Salina bank. The annual guaranty fund assessment falls due next month. It is one-twentieth of 1 per cent of the total deposits in each bank. This will add approximately $300,000 to the guaranty fund which was reduced to approximately $500,000 by the Salina payment according to Commissioner Peterson. "The guaranty fund has proven to be a wonderful asset to banking and business interests generally during the last year," said Mr. Peterson. "In addition to securing depositors against loss it serves as a security for the state at large, for all business—in this state especially agriculture—is closely related to the banking business. There is no occasion for such a thing as a run on a bank nor a financial depression in a community, or in the state, as long as the guaranty fund operates."—Topeka State Journal.