| Show TE PIUTE FAILS T OPEN ITS DOORS only a slight possibility ot of reopening in si siv months A A groch deputy state bank commissioner publishes in the pro progress g our marysvale Marys vale contemporary tile thy following report on the status of the defunct state bank of plute the directors of 0 the state bank of pluto had until nov loth in which to reopen the said bank under certain conditions as recommended by the state bank commissioner these conditions wore were not fulfilled by the directors hence tile the reason tor for the bank not resuming business the bank is entirely in the hands of the state banking department of utah as pro provided aided for in the laws of the state T the lie banking depart department departie me nt has charge for the sole purpose of protecting the depositors and the assets of the lank bank and to liquid liquidate ate its holdings in order to pay off all deposits when the depositors hane hae all been paid the stockholders will be called to a meeting by the bank commissioner to ascertain or not the department shall continue liquidation or whether Nili ether they desire to appoint a ie eiver celver the department does not relinquish control of the bank until all moneys due depositors have been paid however the assessment on the shares of 0 stock hrs his been called oft off on account of the bank not reopening op erlina for busi business nesa there is a possibility that the bank way may reopen for business within five or six months providing sufficient money on loans are repaid within that time on loans are being pushed to the limit and the department is working hard to gather in enough money to reopen on nov the bank had in assets to pay off depositors and loans as preferred creditors to date no losses have been written off all stockholders tock holders who have accounts will not receive their full amount until their liability is determined ter mined as they are subject to a double liability in each share of stock they hold to make up any deficit to the depositors according to the laws of tile the state |
