F. E. POWELL APPOINTED ETOWAH BANK RECEIVER
Frank E. Powell has been appointed by the United States treasury department as receiver for the First National bank, Etowah, which closed last week. Mr. Powell left for Etowah yesterday.
Mr. Powell was formerly in the service of the government in the attorney-general's department.
Powell Is Bank Receiver Special To The News-Sentinel
ETOWAH—Frank E. Powell became receiver of First National Bank Thursday. He was formerly in the U. S. attorney-general's department.
Powell Is Bank Receiver Special To The News-Sentinel
ETOWAH—Frank E. Powell became receiver of First National Bank Thursday. He was formerly in the U. S. attorney-general's department.
Mr. Frank E. Powell of Chattanooga has been appointed by the United States Treasury Department as receiver for the First National Bank, Etowah, Tenn., which closed last month. Mr. Powell, who has visited here on several occasions, was formerly in the service of the government in the attorney general's department. Mrs. Powell will be remembered here as Miss Lena Trimble.
Etowah Bank Has More Cash Than Deposit Liability
Cantrell Banking company State bank here, probably the most liquid bank in the United States, according to issued Wednesday by following of State Banking Superintendent Robertson to Gov. McAlister's six-day bank hollday. The statement showed that the actual amount of cash its vault at the close Tuesday's was per cent greater than its total deposit liability This bank was organized by the W. Cantrell estate relieve the financial stress brought on by the closing of the First National last June. Its entire board directors is confined to members of that family.
Suit against the First Presbyterian Church of Etowah and its trustees was filed in United States District Court at Chattanooga Saturday for collection of a note due the First National Bank of Etowah at the time the bank closed on June 18, 1932.
The suit was brought by Francis M. Powell as receiver for the bank, and is directed against the First Presbyterian Church, T. F. Peck, E. K. Grissom and Joseph Powell, trustees.
It is charged in the petition that in April, 1932, the church, through its officers, executed a note for $3,-
100 to the First National Bank of Etowah and that the note became due after the bank closed and has not since been paid.
The Federal Court is asked to award the bank receiver a judgment for the full amount of the note, together with interest.
Defunct Etowah Institution Seeks Note Collection.
Defendant Resists, Claiming He Had Money to Cover It on Deposit at Closing.
Another one of these knotty questions concerning bank transactions was pleaded in federal court yesterday, the question involving a transaction where a depositor in the defunct First National bank at Etowah is attempting to use the funds he has on deposit to offset his note given the bank by another as collateral.
Judge George C. Taylor took the case under advisement. The facts presented to the court in the case were:
Richard Gary borrowed $500 from the Etowah bank and to secure the loan he pledged a note for $500 which John Gentry had executed to him. Gary didn't pay his note and when the bank went into the receiver's hand, action was brought upon the collateral note (Gentry's). The suit was instituted by Receiver Francis C. Powell through Attorney Tom Taylor, of Athens. In negotiations prior to the filing of the suit Gentry claimed he was responsible for his note, but he had more than $500 on deposit in the institution when it was closed and he wanted to offset the note with money on deposit.