Article Text
CITIZENS SAVINGS BANK FAILED TO OPEN FRIDAY Run on Bank and Failure to Collect Loans Given Cause Closing. Clyde Duncan, bank examiner. on Friday formally took charge the Citizens Savings Bank, after of directors and local bankers the night before. when the directors voted to turn the institution over to the Department of State Finance. The of directors last Thursday night called by Jones. cashier, when withdrawals depositors threatened the legal Mr. Duncan began work Friday morning taking an inventory of the bank and this will probably not completed until the latter part this week, when he will be able issue statement regarding the condition of the bank. and make nouncement regarding the paying of depositors. In interview Jones, the cashier. the cause of the closing. he said that the necessity of great number of loans from last year and the fact that the bank unable to collect even terest of these partially responsible for the bank closing. In small started on the bank about the first of July when small depositors began. to withdraw their accounts. This word doubt spread to others and during the ten days weeks, preceding the closing of the bank. greater number of accounts withdrawn. probably many as according Mr. Jones. During the two days closing some larger accounts removed from the bank and then. that Mr Jnes realized that his legal reserve was being threatened. and became necessary for him call of the along with representatives from the other two banks in this Mr Jones said Monday, that the time of the closing of the bank, would estimate there was $215,000.00 in loans and county rants that was earrying. said that deposits the cash hand and in the hand other bankers subject call was neighborhood and that bills totaled Included the assets of the bank according to Mr. Jones, the bank building which car$55,000.00 but which cost There is also tract of land 96 of which cultion the hard road near Card. which carried $8,000.00. Mr. Jones his opinion that the assets of the bank would be sufficient not only pay the depositors cents the dollar but furtherwith the proper handling, the able to realize per cent the full value of their stock. Mr. Jones explains that all the figures given merely ap, proximate and given without The bank capitalieed for and the time its last statement, April 1926. had fund of The Citizens Bank first organized with the following officers directors: Finney, president; Kos Little, vice-president; Finney, Kos Little, Dr Chatham, Roberts. Wallace, McKay, and John H. Bradley. Its that time $30,000.00. Chatham resigned as cashier August, 1919, and his place cashfilled Basinger, who held position until June, 1921, when succeeded by Jones, been cashier of the institution since that time. with the exception of months in 1924, during which time Rice, as was in active charge of the bank. The stockholders and directors had been changing during this time also. The bank into new and modern building and and its formal opening November 16, 1924. Up til this time the bank had conducted business its place opening, the building now occupiel by Sid's Phar_ macy on the southwest corner of the square. This the bank in the state the second in this counto close this year.
