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# FULL PAYMENT FOR SAVINGS ACCOUNTS Plan Worked Out to Pay All Depositors in Full Plans have been worked out whereby the depositors who had savings accounts with the Jefferson county bank when it failed several years ago will get what is due them in full and the stockholders will get the title to the building. This plan will be submitted to the stockholders at a meeting to be held at 3 o'clock in the afternoon on December 18, according to a call issued yesterday by Chairman J. L. Yancey. Savings deposits held by the Jefferson County bank at the time of the failure amounted to about $600,000. These are said to be the only outstanding liabilities against the bank, except a mortgage which is being carried. All deposits in the bank except those in the savings department have been paid, it is said. The stockholders, according to the plan submitted to State Bank Commissioner D. F. Green and approved by him a few days ago, will raise $600,000 to pay off the savings depositors, and then take possession of the 26-story building at Second avenue and Twenty-first street. For several years the building was operated without profit, but since the war ended and the business revival set in, every room has been occupied, most of them under leases running for terms of years, at rentals that will make a very substantial return on the investment. The state bank commissioner a year or more ago asked for bids for the property, but none were satisfactory and as a result it has not been sold. With the largely increased revenues, it is estimated that the interest on the mortgage debt can be taken care of, the principal paid off in a few years and still leave a reasonable dividend for the stockholders. After studying the proposition of the stockholders submitted to him while in Birmingham a day or two ago, State Bank Commissioner Green approved their plan and agreed to withdraw the property from the market pending the meeting of the stockholders to be held next month. The best offer for the Jefferson County Bank building, which is the tallest building outside of New York, with one exception, it is understood, was aprpoximately $1,000,000. The present rentals are said to be earning a substantial dividend on a much larger valuation.
