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Show llev Inslilulion To Take Over Evanjlon Bank All assets and business of the First National bank of Evanston, Wyo, will be taken over by a new institution to be known a the First National bank in Evanston, Walter E. Cosgriff. president of the Continental National Bank . and Trust Co.. announced Friday. The new bank has been lzed with new capital and surplus, sur-plus, Mr. Cosgriff said, emphasising emphasis-ing that "no depositor will lose a penny and there will be no Interruption Inter-ruption of buMneas." "Accounts In the present bank will automatically be transferred to the new bank requiring no action ac-tion on the part of the customer," he said. The new bank will take over quarters occupied by the old bank. The same personnel will be retained re-tained with the addition of one or two new men, Mr. Cosgriff said. Associate In the 'new Institution Institu-tion Include officers and directors of the First National bank of Evanston. Mr. Cosgriff will be president, with M. L McCualg, Evanston businessman, as vice president, and O. E. Bradbury, cashier of the former institution, as cashier of the new firm. Reorganisation of the bank was necessary because the First National Na-tional bank of Evanston suffered - shortages. "No living msn knows exactly what the shortage la," Mr. Cov grlff said, "but It was big enough that it crippled the bank." Announcement of the reorganisation reorgan-isation came six weeks after an official of the bank, Lawrence A. Reeves, assistant cashier, was found dead. James E. Cosgriff owned the controlling interest In the First National bank of Evanston until his father's death in 1938. In 1S39 Walter E. Cosgriff, as executor execu-tor of his father's estate, sold the controlling Interest la the bank to Evanston investors. Mr. Cosgriff and family own the controlling interest in 10 other banks in Utah, Idaho, Wyoming and Oregon. Establishment of tha First National Na-tional bank in Evanston was the result of cooperation between the old bank. Mr. Cosgriff, the Federal Fed-eral Deposit Insurance Corp., Washington, D. C, and the Comptroller Comp-troller of Currency, Washington, D. C. Negotiations are expected to be concluded by the middle of January. |
