Institution Had Been Operating on Moratorium For Past Year
Pending action to be taken by the receiver, L. H. Miller, Winneconne, and the return of G. C. Ritchie, Manawa, conservator, and A. C. Lindsay, president, from Washington, D. C., the First National bank of Manawa has suspended all business and closed its doors.
The bank has been operating under a moratorium plan for the last year. About $300,000 is tied up in deposits, it is said.
Pending action to be taken by the receiver, L. H. Miller, Winneconne, and the return of G. C. Ritchie, Manawa, conservator, and A. C. Lindsay, president, from Washington, D. C., the First National bank of Manawa has suspended all business and closed its doors.
The bank has been operating under a moratorium plan for the last year. About $300,000 is tied up in deposits, it is said.
The bank president and conservator went to Washington, D. C., Monday to inquire what could be done to put the bank on a sound basis again. Before they arrived in Washington the order placing the bank in the hands of the receiver was received from the comptroller of currency. It is not known what the two officers learned on their arrival at Washington.
Receiver for Manawa Institution to Distribute $69,000
Manawa—The second payment to depositors of the closed First National bank of Manawa is scheduled to be mailed out Wednesday morning according to E. J. Van Vonderen, receiver. This payment will total 25 per cent of the deposits that were in the bank when it closed March 14, 1934, a sum of $69,487.69. On Nov. 30, 1934, the bank sent out its first payment of 40 per cent or $111,180.30. Thus, after this payment, the bank will have paid 65 per cent to depositors. The work of liquidation is to continue and there probably will be other payments in the future. There was approximately $300,000 on deposit in the bank when it closed.