Show depositors OF ank OF SEVIER M E E T elect committee and hear report on liquidation proceedings depositors of the closed state bank of sevier at a meeting irl in the court house here friday accepted the resignation of the committee elected by them last spring to eventually handle the accounts of the defunct bank judge N J T bates announced the resignation of or the he committee reporting their efforts to have agreements signed by the depositors and stating in effect that the committee had been unable to make arrangements satisfactory to lo the state banking department and depositors upon suggestion of E H street in charge of all defunct southern utah banks that a committee of three depositors might work advantageously with the banking department part ment the depositors elected a comm committee attee of 16 which in turn organized with an executive board of three the executive board consisting of george brugger J C whittaker and james P LP poulson will remain in close contact with C A gustaveson examiner in charge and E H street the committee of 16 includes arthur whittaker joseph H christensen wm gardner mrs T F young roy darlington jas jaa C whittaker jas P poulson A I 1 L manning mrs lula B carson theo christensen william abraham 1 I W N P peterson fred hansen william johnston and W L easton through the cooperation of this committee according to mr gustaveson gustav eson liquidation expense will be considerably decreased and depositors po will be informed as to the progress made mr street and mr gustaveson Gustave soa reported on the liquidation proceedings ce edings from january 18 1932 when the banking department took over the bank to february 3 they reported r all known preferred claims and borrowed money totaling approximately have been paid in f full during this period more than in loans have been liquidated for the twelve and one half months of liquidation the expense including the interest on borrowed money has been receipts from operation interest collections and recoveries made total thereby showing a net profit of proximately App cash is now on hand band of the stockholders liability has been paid and of the balance due stockholders have either furnished security or suits have been instituted for collection the banks assets estimated at in round figures when th the e bank closed are now estimated at according to mr street who has ten banks under his bis supervision the local bank shows a very favorable condition as coni compared pared with others with which he is familiar he further states it has been our policy to consider both the welfare of the community and the rights of the depositors when forcing liquidation it is our job to e expedite edite liquidation however we do not wish to force collection on good security to the possible detriment of either community or depositor the courtroom was crowded for the depositors meeting and a few of the depositors among them daniel peterson and william abraham brought up questions relative to certain liquidation transactions Ut ions attorneys fees and other expenses which were explained by the officers in charge |