Salt Lake Telegram | 1934-07-27 | Page 8 | Loan Approval Decree Sought

LOAN APPROVAL DECREE SOUGHT Court Authority to Obtain Funds for Closed Bank Is Sought PROVO PROVO Petition Petition seeking court authority au au- hority to obtain a loan of from rom the Reconstruction Finance corporation cor cor- to aid In liquidation of ot the cl dosed sed Provo Commercial and Sayings Say Save ings bank was filed In the district court ourt Thursday by J J. J A. A Malts Malla state bank sank commissioner Ioner Approval of the loan h has alread already been xen made by the board of directors of f the Reconstruction Finance cor cor- but property properly of or the closed bank ank cannot be used wed rity with with- out ut court authority the thc petition states tates Should negotiations for the loan be completed depositors are expected to o get a substantial dividend on their deposits it is announced An offer oHer to buy a portion of the closed banks bank's assets by the Farmers and Merchants bank of Provo Prove is still till pending approval by the federal reserve bank it is reported Resources of and total liabilities lia ha o of including deposits deposits de de- de- de posits cashiers cashier's checks certified cheeks checks savings account and pro pre erred claims are revealed by an inventory inventory in in- made by the state banking department