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Will Purchase Assets of Exchange National New Bank Has $100,000 Capitalization; H. O. Conn Of St. Johns, Wash., To Be Mgr. The new First National Bank in Coeur d'Alene opened its doors for business at 10 o'clock this morning. The opening followed receipt of notice from the comptroller of the currency in Washington, D. C., that the national charter had been issued. The notification was received late yesterday evening and required that the bank open its doors immediately. The new organization which takes the place of the closed First Exchange National, now in the process of paying out to its depositors, is connected in the control of the stock with the Old National bank and the Union Securities Co. interests in Spokane. Included in the stockholders are many Coeur d'Alene business men. $100,000 Capitalization The First National starts off with a capitalization of $100,000 and a surplus of $20,000 paid in in cash. One of the first functions will be the purchase of a large block of assets of the First Exchange National, which purchases will allow J. L. Eckerson, receiver of the former bank to declare a 75 percent distribution to depositors. Orders issued by the receiver to depositors will be honored by the First National. These orders will be issued by Eckerson as soon as details of the transaction can be completed, probably within a week or ten days. Due notice will be given through the Press by Eckerson. A. W. Witherspoon, president of the First National, announced today that H. O. Conn, for 12 years cashier of the Farmers State bank at St. Johns, Washington, will be vice president and manager of the new institution. Other officers are C. H. Potts, vice president, Harry Wolf, vice president, and C. F. Hess, cashier. Directors are Witherspoon, Potts, D. J. Winton, George Natwick and O. W. Edmonds. Has Wide Experience Conn, the new manager, has had a wide experience in the small city banking game. Beside his 12 years at the St. Johns bank, which had resources totalling more than half a million dollars, he was connected with the Farmers National bank at Colfax for three years. After the new bank gets under way he plans to return to St. Johns for a short time to close up his business affairs there and will then move here with his family. "The First National welcomes the business of the people of Coeur d'Alene and Kootenai county," he said this morning. "We will give special attention to the accounts of former depositors of the First Exchange National. The First National expects to be of the utmost service to its customers and hopes it will earn the esteem and confidence of the entire community." With the opening of the new bank Receiver Eckerson has moved his offices to the directors room in the rear. Anyone wishing to file claims or take up business with the receiver can enter the main lobby of the bank and walk around to the directors room. A separate telephone line has been installed, the number being 48.
