| OCR Text |
Show Loan Association Repays Holders Funds amounting to $27,820 is being distributed to Cache Valley farmers and stockmen who owned capital stock in the former Cache National farm loan association, L. S. Christensen, secretary-treasurer .of the newly-organized national na-tional farm loan association, announced an-nounced today. "This is the aniount of money the stockholders in the old association asso-ciation would' have received when they paid their Federal Land Bank loans in full had the association not been weakened by losses which made it impossible to pay at that time," he explained. Through efforts of the Federal Land Bank and the cooperating National farm loan associations, a plan has been worked out where over $650,000 is being distributed to borrowers who paid their loans in full to associations with impaired impair-ed capital stock. By consolidations the bank and the associations have been reduced from 157 to 57 in number. This has effected a substantial saving in salaries, and office expence, which will reduce cost of making new loans and speeding up of service. ser-vice. The Federal land bank has set aside more than $4,500.00 from earnings as reserves against losses and our association is being al-loted al-loted funds to protect against possible pos-sible future losses, Mr. Christensen said. Mr. Christensen explained that in Cache Valley that the new Cache Valley farm loan association has been formed by the consolidation consolida-tion of all associations in the area. Directors of the new unit are Merle G. Hyer, Lewiston; D. M. Bickmore, Paradise; George S Daines, Hyde Park, Richard Ros-keliy, Ros-keliy, Smithfield, and E. E. Hendricks, Hen-dricks, Lewiston. |
