Salt Lake Telegram | 1932-08-25 | Page 1 | Sue Ogden Bank for $2,500,000

Tsu SUE OGDEN BANK r FOR k Action A tion Brought Se Seeking J ing Recovery Recovery Recovery Re Re- covery of Losses in Closing sing to The OGDEN Aug 25 Commiss 25 Commissioner 25 I oner W. W H. H Hadlock Examiner R. R S. S Jones and T. T E. E Thomas representing a group of depositors today brought suit in the district court here against directors officers and heirs to de do- deceased deceased ceased directors of the defunct Ogden State bank seeking recovery of 2 2 The complaint charges these defendants de do- arc are liable for losses lasses suffered I Iby by the bank which was was closed August v 31 last year V With the legal loan lI limit at v the complaint sets forth o or loans in excess of at the legal lega limit were made resulting in lo loss s to the bank as follows allows Hotel Bigelow Hylton Flour mills Grouse Greek Land and Live Livestock tock company John K Spiers l r William Craig Canning company H. H W. W Marriott Marrio t. t i 55 OO Logan Knitting factory 37 80 Harold C C. C Da Day Chapin A. A ft Day Hillcrest Conning Canning com com- it pany McKay Brothers 80 The complaint sets forth that dividends dividends divi were paid illegally prior to the closing that false statements were made as to the banks bank's condition and that at the time of ot the closing the bank had deposits of but not more than of oC cash or Solvent credits on hand The Thc complaint says that through carelessness anti and negligence the bank has suffered loss to the mount amount sued for v W. W W. W A. A Davis In charge of tion work that is Js being carried on onby by by the in directors Issued a statement connection with the filing of the suit declaring that negotiations between t the e depositors' depositors committee and the directors directors di di- r rectors are proceeding without interI inter inter- I He said We Ve understand the banking department considers it itt necessary to file me these suits before t August 31 to prevent expiration of oC the I statute statute of limitations Imitations