Salt Lake Telegram | 1932-07-14 | Page 8 | Bank Reopening Being Arranged

BANK REOPENING BEING ARRANGED PROVO July 14 A 14 A definite date for Cor th the opening Ef f the Farmers Farmers' and Merchants Merchants' bank of this city under a n anew anew new organization is expected within a few days according to members of the committee which has been at work to raise sufficient funds to refinance the bank since it became insolvent The date which is Js expected to be beabout beabout beabout about August 1 I will be set as soon as the mass of details involved in the reopening plans plans' can be checked by byJ J A Malia charge in in charge and his staff Results obtained by the reopening committee headed by Alex Hedquist were placed before Mr Malia Malfa at a I meeting held Wednesday It was agreed that not nat more than two weeks should be necessary in which to dis dis- dis pose of the remaining work to be done Mr Malia Malla who was in communication tion lion with Waller H. H Hadlock state bank commissioner at the close of the meeting meeting issued the following ying statement From figures submitted by the tho committee It appears that the goal as to new capital required by bythe bythe bythe the department has been reached However the examiner Is desirous of ot a R little further time before def def- definite finite plans are made for the actual opening of the bank Some Items of credit must be I fur further ther strengthened and good pr progress gress gressis Is being made in Then too the whole setup must be approved by the federal reserve bank as it is the intention of the new organization tion tin to be affiliated with the federal reserve system Much will be accomplished accomplished ac ac- ac in the next two weeks and it is hoped that definite an an announcement announcement will wm be made soon