Salt Lake Herald-Republican | 1918-07-22 | Page 12 | Settlement of Merchants Bank Deposits Due

SETTLEMENT OF MERCHANTS BANK DEPOSITS DUE If Receiver Soule to Ii Fix ic Contracts Contracts Contracts Con- Con tracts for New Bank in inDay inDay Day or Two r r Depositors In the thc Merchants Merchant hank bank will tomorrow H Hor or Wednesday receive from 0 O. O P P. Soule reel receiver of oC the bank banI anti and a contract between the depositor r which when signed authorizes tl the e receiver r to make settlement of oC the deposit tt l with the new ne' bank which Is Isto Isto t to s succeed the old of or the contract the the terms Under L 11 n. n new ne bank will pa pay me lne nc HUI MOl i IL cent of ot his account b by placing lacIng It to 3 his bs credit In tn tim the nc new ne bank the da day It opens Its Irs doors door antE and give SI him a check book bool The ne' ne new bank banI on the same sare dav day will deliver dell to the depositor through l the receiver 45 5 p per r cent of or the tho depositors depositor's deposit In time tInn certificates In lit the new bank payable In three equal payments IH and due In six twelve and eighteen months th the certificates bearing I 8 per percent percent percent cent Interest Th The remaining 30 ZO per ier percent cent of or the time deposits will wilt b be paid imald out of or the slow assets of oC the tho Merchants Merchant hank bank left leCt In lit the time hands hand o of 01 the receiver recel I after the liquid a assets sets have ht been transferred transferred trans trans- to th the nev neu bank bani Tho The new now bank hank takes e th liquid and I OO- OO convertible con assets approximately banks bank's assets for tor th the and the new 1 25 5 per cent cash and 45 per cent time lime I certificates As soon oon as the contracts are arc signed I ned and returned to the time receiver the latter will petition the court to grant nt him authority to convey e to the now bank banI banki i the time in assets to the time new bank i Meanwhile the segregation of tho the two classes of oC assets for tor submission of ot that portion that goes to the new bank for the approval of ot the Federal Reserve i bank will proceed As soon as the contracts and author author- l I. Ity ity- are given b by the court to convey the assets tho the charter of oC the new now bank willbe will willbe willbe f be filed with the full tull up paid cash capItal capItal capital cap cap- ital of or but the now new bank banle will not open until It has been admitted In Into Into Into In- In to the Federal Reserve s system stem and this will not bo be delayed The date for th the opening opening- of the new bank It will be seen Been therefore de depends de- de upon the depositors and the tho quick quickness In which they will respond In the signing of or tho the contracts contract Speaking of or the time manner In which the affairs of oC the old bank had so soon come to settlement Receiver expressed expressed ex ex- pressed his thanks to the press for tor the time aid rendered the reorganization committee com corn as ns also himself Without this I aid said Mr II Soule Sonic we would not I have been able to accomplish what whal we have I