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Show pink of American Fork u Suspends Operations til such .time as it is determined what the action will be at the institution This committee in turn met with the ; state banking department officials Wednesday evening and requested definite information as) soon as ; possible and suggested that expense at the bank be cut to the lowest possible point. (Negotiations will be carried forward for-ward on the merger idea and until such time as it is known what can be done from this angle the bank will be in the hands of the conservi-tor, conservi-tor, Mr. J. E. Lowry. n . L of Reopening ! per Merger planjiiven holders Meet 0And Name H Committee of American Fork su-f su-f Rations Friday evening -of it directors and the 'lUmg department sent a STor down to assume control n'tturtv day period in which U officials can arrange for EXg0n MJ' may bang notice was placed on Pi-late Friday after the board 1 Wtook action following a m bank officials that they f L unable to work out the jLwi secure additional cash to meet state requirements. Jbank has been successful in 171 better than $100,000 of their US L since opening July 28, , (j the institution has made I ft in profits the past year, ac- L to reports of bank officers. git of this condition however titution was unable to main- required reserves to meet I llpercent payment which would -brae due on July 28th with (reduced collateral, brought """tefly by the loss of sheep jiepreciating values the past x Jtors Meet 5 H 200 depositors of the bank jjfiday evening at the city hall ilfaussed the problems con- 5 k the bank with officers. The 1 m was presided over by Mayor P. Anderson and George F. acted as secretary. p Anderson briefly reviewed rpose of the meeting and then fudge George P. Parker to ex-lie ex-lie problem facing the de-i de-i e Parker told of the previous sour banks went thru in is i year ago and recited the s facing the bank and officii offic-ii iis time. He paid the Chip- tamily a high tribute for the o: i in which they worked out rc. trailing before and praised , tfflly efforts of pledging $300,- : r of their personal securities to the $150,000.00 school to : This was done when the law lift make it necessary, he stated. ;.TS. Chipman, cashier of the ind S. L. Chipman, president, kesent and the former ex- M the problems they face. Mr. - m explained that they had Es the school payments to date, ffi fei loan payments to the R. F. KJU their July interest to all de- who asked for it and were a- poring to meet the 20 per cent otto's payment on July 28th. olf the sheep losses and the a k down of their paper at the j m examination they were not f ty the state examiners. ;EP attempted to solve the situa-Pl situa-Pl securing new money and as Jrcsort attempted to merge the were unable to effect the lat at time. As yet there Is ;iiW of effecting a merger and . jle losses that will come if ;;P'ion is necessary, it was itft questions to Mr. Chip-, Chip-, :r Judge Parker the meeting it committee composed of ir-L. r. Anderson, George F. 4i, d Bradley- E- H. Boley Utam Baxter to look after the ,:erests in the bank un- |