Salt Lake Telegram | 1932-06-04 | Page 2 | Plan Advanced to Reopen Payson Bank

Plan Advanced to toI Reopen P Payson Bank I PAYSON June 4 At 4 At a meeting of ot 1 the depos depositors tors of the closed cosed State Bank of Payson a plan was presented for opening a new state bank in this city In an agreement submitted to the depositors P. P P. P Thomas Tomas and his bus business business busi busi- ness associates from Spanish Fork Fod would acquire the assets of the bank together with wih the stockholders stockholders' stockholder ha ha- la and in turn agree to open a anew anew anew new state bank in the thc near future The depositors waive 45 per cent of ot their deposits deposit and the remaining 55 per cent will wI be deposited in the savings sayings sav say ings department subject to interest at 4 per cent Such deposits are arc subject sub sub- sub jeet to withdrawal as follows 10 per percent percent percent cent on or before 30 days from the date bank is opened for business 10 per cent on or before December 31 1932 20 per cent each succeeding December De Dc- cember until 1936 In addition to the tho waiver by the depositors In new stock must be subscribed The Te Thomas interests require that 50 per cent or more of this must be raised locally The he representative depositors present pres pres- pres ent eat at the meeting voted unanimously in favor of the plan The Te meeting was called caled by the special depositors depositors' committee Geor George e W W. Le La L Baron was chairman They will begin work at once to secure the signatures of or the depositors to th the thc a agreement