Salt Lake Telegram | 1919-03-06 | Page 2 | Depositors Will Lose but Little

i I I DEPOSITORS WILL LOSE BUT LITTLE New Banks in Bingham District to Open Doors r Plans for tor the opening ot of the new Central ban bank of BIngham and the Copperfield State bank ot of Copperfield formerly the dEfunct Citizens Citizens' State bank of Bingham and nd the Copper State bank of oi Copperfield within the next I few days can call for tor the payment by the BIngham bank ban ot of 25 per cent down to I depositors upon the day that the bank ban I opens Its doors and the Issuance of 25 I per pel cent certificates of deposit bearing 4 per cent Interest payable In three six and nine months accordIng toan I by state I Ito The State bank Copperfield will pay I to depositors 50 pEr cent upon opening Its doors doors and will Issue a 60 50 per cent certificate ot of deposit payable In ninety days Officers or of the rehabilitated banks 1 Tare at work now preparing for tor the rEI resumption rE re- I of business by time the banks banIs I within the next two or three days Articles Ar- Ar ot of Incorporation for the new I banks were WEd tiled with Harden Bennion I secretary ot of state Time The Bingham bank will have a capital stock ot of and anda a surplus fund ot of while the I bank will have a capital capitalI I stock istock of and a surplus ot of I Depositors ot of the lower bank banI will be given 49 per cent ot of the capital stock I with the Utah State National r bank Interests interests In- In holding 61 51 per cent of the stock I The same will apply to the upper bank Before reorganization and rehabilitation I tion the BIngham bank was capitalized at with a surplus ot of I land and the Copperfield batik bank was capital capital- capitalized nt at with no surplus DeI De- De ot of the upper bank are guaranteed guaranteed guar guar- 80 per cent ot of their thell deposits and I that with the Issuance of stock will them to get at least 95 cents on i the dollar officIals believe The Bingham Bing- Bing ham bank will pay depositors at least I 75 cents on the dollar I I