Salt Lake Telegram | 1935-09-30 | Page 13 | Closed Banks Set Dividends

CLOSED BANKS SET DIVIDENDS DiVIDENDS- Due t to Receive Receive Receive Re Re- Over I Dividends exceeding h half 1 a milion mU- mU lion ion dollars were were- promised more than ban depositors deposit rs of f closed banks in Utah in the next few weeks by John A. A Malia Malta sta state e com bank bank commissioner com com- missioner Monday Mond y Dividends amounting to will vill bo be paid this w w ek to depositors of ot the Ogden r State to bank ank which closed August 31 1931 Mr Malia Malta was officials in washington D D. Ci that t approval val had been given for or an FC of ot and that tho money would be available at- at af atthe the fed federal ral reserve b bank in Salt Sail Lake City Monday afternoon to that loan will willbo bo- bo added be-added DO added funds obtained from liquidation dation lation of ot assets As a result of the loan Mr Malia MaUa prepared to obtain permission from r m the he district ct co court rt to to declare a 14 H per c cent nt dividend If If the permIssion lion ion Is granted be dis- dis among ng depositors Including the 14 Ii per Vet cent divi the payments made to date will vill total 60 c cent nt cent cent- centor or of ot tho the money non y on hand when the b bank bank- closed The TheR R F C loan must mut be repaid before additional additional 1 loans will be avail available vall- vall able for future dividends Mr MalIa was was informed When the Ogden bank closed it had lad in deposit ties ies plus liabilities In in the trust dep department de- de p tot totaling ling All ho tho liabilities in the trust department department department depart depart- ment have been liquidated Depositors of ot the bank live in Salt Lake ake D Davis Davis Box Elder Weber and Cache counties Pledged against the lo loin loan n arc are the In the bank which the federal federal- government will hold and liquidate over over- overa a period of time time Mr Malta MaUa explained The d depositors and bank k off officials appreciate the assistance given b by Utah's delegation es especially especially es- es Representative vp Abe Aba Murdock Mur Mur- dock in obtaining this b loan n Mr Malia Malia said Mr Mafia Malia after aUer being notified that hat approval approval- val had been given an R FC PC loan loan of of for the State Bank of at Beaver announced the bank will pay a dividend of 18 percent per percent percent cent October 14 H. i Including this payment laymont the bank will have paid a total otal of 50 per cent in dividends since Inco it closed The Tho Beaver bank closed December Decem December December Decem Decem- ber 2 2 1931 with deposit liabilities of t In addition to having al already eady paid dividends the bank has liquidated bills and claims totaling to to- to I Ift fi ft