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Honorable Neil E. Reid, circuit judge, announced today that he had authorized B. A. Kalahar, receiver of the Citizens Savings Bank of Mount Clemens and his attorney, .B. V. Nunneley, to make application to the Reconstruction Finance Corporation for a new loan to provide funds for an additional payment to depositors at the earliest possible date.
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STATE OF MICHIGAN IN THE CIRCUIT COURT FOR THE COUNTY OF MACOMB IN CHANCERY Rudolph E. Reeichert, State Banking Commissioner, Plaintiff, vs Citizens Savings Bank, a Michigan banking corporation, of Mount Clemens, Michigan, Defendant. No. 8640 At a session of said court held in the Macomb County Building in the City of Mount Clemens on the 24th day of April, 1941. Present: The Honorable Neil E. Reid, Circuit Judge. On reading and filing the petition, duly verified, of B. A.Kalahar, Receiver of the Citizens Savings Bank, defendant in the above entitled cause, praying: (a) That he may be by an order of this court authorized and directed to borrow from the Reconstruction Finance Corporation not exceeding the sum of two hundred sixty-seven thousand five hundred dollars ($267,500), and to pledge as security for said loan all or such part of the assets of said Citizens Savings Bank as may be required or by him deemed necessary, and all of the assets of the
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Distribution of $255,303.52 to depositors of the defunct Citizens Savings bank will be effected on Thursday, Friday and Saturday at the Macomb County Trust company office in the Price Building, Bernard A. Kalahar, receiver, announced today. The 10 per cent payoff brings to $1,183,813.22 the cash total paid patrons of the bank during the receivership. A total of 35 per cent-$928,509.70-has been disbursed prior to the present payoff. COURT APPROVES Circuit Judge Neil E. Reid today signed an order authorizing the payment of the dividend. The order gave Kalahar permission to hire whatever help is needed to effect the disbursement. Kalahar said depositors need only to present their certificates to receive the payoff. He urged those who have lost certificates to wait until Monday of next
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Acreage Sold to Jack Green Jack A. Green and wife, Anna E., today purchased 59.5 acres of land at the corner of Joy boulevard and Sugar Bush road. Mr. and Mrs. Green paid $5,800 in cash for the property. The land was ordered sold by Circuit Judge Neil E. Reid through B. A. Kalahar, receiver for the Citizens Savings Bank.
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FOR SALE-4 shares Mt. Clemens Savings Bank stock, one Trust-fund Certificiate, $1133.40, Mt. Clemens Savings Bank. One receiver's certificate, Citizens Savings Bank, $249.73. Hugo Blank, RFD No. 1, Mt. Clemens. Phone Mt. Clemens 2485-W4.