| Show DIRECTORS NAMED TO MANAGE REOPENED 0 BANK OF SOUTHERN UTAH committees report that money Is raised and other requirements of frankino g department repart ment practically all met trust fund committee named I 1 OPENING EXPECTED WITHIN TWO WEEKS efforts to reopen the batik bank of 0 southern utah which have continued incessantly incessant ly since it closed on the of december more thia thai three months ago are about to be crowned with success there is hardly a doubt now about its opening and indications are that as soon as a cashier can be secured who will be acceptable accept ible to the state banking department and can become familiar with conditions the dank bank will open probably pio bably babIy within two weeks committees Commit ees reported to a stockholders meeting last night at which chic 11 seventy five per cent ot of the stock was represented represent fd that the required amount of money has been raised and that the only other detail to be com completed plated now is the securing of a few more depositors agreements to the terms erms of the reopening complying further with the batik bank commissioners requirements the tha meeting elected a board of directors the lot lof which will be sul sub bitted bitted tor for his approval they are meeting at ten this morning to organize and indications last night were that lehl lehi W jones will bo be made president though dr al J macfarlane la is prominently mentioned also to head the institution other board members elected besides we two mentioned are oscar larson Lar soi charles B petty george A beriy beny john so S christensen and elias M 1 I corry the meeting was a very harmonious one the predicted dissension aben it came to selecting the boffl sera cers failing to materialize nominations tor directors were made from the body ot of the house and a Il motion lotio n carried that the seven receiving the highest number of votes be declined ired the choice for directors subject to the approval ot of the banking department other names which were voted on but which failed of election were reed 11 II gardner G it parry john S woodbury james hand rob nob fit eit A thorley the names of albert lundell indell Li and 11 II II 11 lunt were also presented but withdrawn because they serve it elected mr air lundell because he resides outside out sils the state and give proper attention to the banks affairs and mr lunt because there would be a conflict with his other oilier business as postmaster many stockholders ey expressed the wish wish to have this end of 0 the county represented on the board and the name ot of james C robinson was presented mt iut it developed that he has disposed ot of his stock the bank commissioners suggestion is that the cashier tor for the tha new bank be an outside man who will rot not be handicapped by friends or relatives la one who knows banking and In Ili estock particularly sheep who ran can say no and still have the borrower teel feel good about it all athla sue bug will be consi considered derea by the new board in their selection ot of a cashier As already mentioned the only requirement qui rement of the banking deportment department which had not been fully met when the committees reported last night was that ot of signing up depositors the requirement Is that at least eighty per der cent ot of all deposits in the bank when it closed be signed up to be not more than twenty per cent a year total deposits were approximately and agreements have been signed up covering so that agreements tor for an additional five or six thousand dollars are all that is required the original requirement ot of the commissioner that br be raised by th the e stockholders was modified to provided the trust fund which will be set up by taking in notes from the itoe p pouch uch and given lo 10 those who have laisco the money be incorporated in such a manner that can call be borrowed on oil that fund to make up the original requirement of 0 following the election of directors a committee of five was canted to administer the trust fund the personnel of this committee ii wm win K R palmer reed 11 II gardner john G pace 11 11 lunt hint and al D illg bee their first work after organizing will be to select from ii i i notes which UK the banking department will designate tor for the trust fund the other of these notes as we understand it ni 1 l be charged off the books of the institution as bad paper |
