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LIBERTYVILLE BANK RECEIVER FILES BILL Carl Granzon, receiver the First Lake County National Bank today asked in filed the circuit that Circuit Ralph Dady allow sell stocks bonds held the These items, inventoried, amount approximately On orders from the comptroller of curview the market, Granzon explains the bill that such business for the general creditors the bank. The was filed the law firm of Edwards Block.
BANK DIVIDEND IN LIBERTYVILLE First Lake County National To Pay 16 Per Cent Dividend On Deposits; Totals $135,000. Depositors the First Lake County National Bank Libertyville, an ganization that closed for the bank and failed to re-open unthe institution reorganized, today were notified of dividend per cent which will throw about $135,000 into circulation in LibertyWith the latest disbursement, which expected week, the tal dividends depositors aggre87 and half The original bank closed for the moratorium. Then number months the bank was reorganand known the First Lake County National Bank at LibAfter the old bank closed there filed claims against the institution. The first dividend was paid out on March 1933 five cent. Then July 1933 the bank paid another big dividend. that one half per cent to throw thousands dollars into circulation ir. Libertyville. In paying out the tied the bank receiver petitioned and obtained $105,000 from the Reconstruction Finance CorporaAs assets the bank were liquidated found that approximately $85,000 would meet dividend payments that made This week the comptroller of the Washington plans with Carl Granzow, receiver for the out the dividend Checks will by tomorrow should be distributed early next week.
First National Pays Depositors Full Amount Depositors of the First National Bank of Libertyville will receive $105,347.32 on Friday, completing a 100 per cent payment on all deposits of the bank when it was closed, it was announced this week by Carl L. Granzow, receiver. The last dividend has been made possible by a $46,000 R. F. C. loan, part of which has already been paid back, and the further liquidation of assets of the old bank. The receiver reports that $1,800 in former dividend checks is uncalled for at the bank and that about 1000 claims totalling $5,000 have never been filed. With the refusal of federal authorities to issue a license to the First National Bank of Libertyville to reopen following the bank moratorium in the spring of 1933, a depositor's committee was formed for the purpose of opening a new bank. With the help of depositors and local business men, a new bank known as the First Lake County National Bank at Libertyville was opened on July 5, 1933. In December, 1933, the remaining assets of the old bank were placed in the hands of Carl L. Granzow as receiver. Out of further liquidation of assets and a loan from the R. F. C., since fully repaid, Mr. Granzow was able to pay an additional 16 per cent dividend to depositors in December, 1934, making a total paid to that date of 87½ per cent. The present dividend of 12½ per cent, amounting to approximately $105,000, announced this week by Mr. Granzow, will complete a full 100 per cent payment to depositors of the old bank. The First Lake County National Bank has prospered since the day of its opening. The present officers and directors are: G. G. Hoskins, president; F. J. Wright, vice president; Roy J. Titus, Richard Reimers and James Swan, directors. W. C. Hubbell is cashier and also acts as secretary of the board. Since the opening day of the new bank the deposits have grown from $667,000 to $1,080,000. The original capital, surplus and reserve accounts, totalling $65,000, have grown to $97,000. Due to the foresight and courage of the 500 old bank depositors who invested a portion of their dividends in the new bank, Libertyville is today a community with a bank and banking services and has been saved from the fate of many other communities which are without banking facilities since the moratorium.
DEPOSITORS TO RECEIVE $200,722.75 Waukegan National Bank Pays Out 8 Per Cent Dividend Today, Bringing Total Repayment to 53 Per Cent. Christmas cheer came to depositors and creditors of the Waukegan National bank today in the form of an 8 per cent dividend, bringing to Waukegan and vicinity $200,722.75 for immediate distribution. The offices of Receiver Melvin B. Ericson will be open today and tomorrow to make payments to the bank's creditors so that hundreds of families may be able to use their dividends for holiday shopping. At the First Lake County National bank of Libertyville Receiver Carl L. Granzow is today making a 12½ per cent dividend payment, or $105,347.32, completing the entire 100 per cent distribution of $1,009,379.48 claimed against the bank at the time it was placed in receivership on Dec. 5, 1933. Up to this dividend, the receiver had paid out 87½ per cent of liabilities of the bank at the time it was placed in receivership. Stores and merchants in Waukegan placed special notices in their places of business this noon, printed especially by The Waukegan News-Sun, informing former depositors of the bank that the dividend payments may be obtained at the bank. Checks Received Checks for the distribution of the dividend were received in Waukegan late yesterday from the United States comptroller of the currency. Receiver Ericson had been making efforts for some time to have a dividend payment for the creditors of the bank before Christmas. When he received word that the checks for the dividend had been approved by the comptroller of the currency, he made immediate arrangements to distribute the checks to hundreds of families in the community. Arrangements were made early this morning to keep the bank office open for distribution of the dividend checks after regular office hours today and tomorrow. More than two-thirds of the $200,722.75 to be distributed will go to several thousand depositors in the city. Total Now 53 Per Cent This dividend payment will be the fourth to be made to depositors by Receiver Ericson since the bank was closed in June, 1931, bringing the total to 53 per cent or $1,329,970.06. In addition to this amount the receiver has paid out all the preferred claims against the bank, amounting to $236,464.79. The total payments to general and preferred creditors of the bank by Receiver Ericson are $1,566,434.85, leaving a balance of $1,179,475.11 to be paid to general creditors. The total amount of claims against the bank at the time it was placed in receivership was $2,745,509.96. Dividend payments to general creditors or depositors including the present distribution were made as follows: April 22, 1932 -- 20 pct. -- $501,888.81 Dec. 6, 1932 -- 20 pct. -- $501,888.81 Dec. 8, 1934 -- 5 pct. -- $125,469.69 Dec. 20, 1935 -- 8 pct. -- $200,722.75 Hours 9 a. m. to 4 p. m. In order to take care of the large number expected to call for their money, the bank will be open from 9 a. m. to 4 p. m. today and tomorrow. These hours were qualified with the announcement that the bank will remain open as long as necessary to take care of depositors, so it is likely that the 4 p. m. deadline may be stretched an hour or two. Depositors are advised to bring their white receiver certificates with them or they will not be able to get their money. This certificate is essential and cannot be waived. Four windows will be in operation. The first one will take care of certificates numbered from 1 to 2500; the second from 2501 to 5000; the third from 5001 to 8000, and the fourth for people who have neglected to secure their first, second or third dividends. Out-of-town depositors will receive their receipts today or tomorrow, as the receipts are now in the mails. When the receipts are signed and returned with the receiver certificates, the checks will be mailed. About 1,000 are in the out-of-town list.
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BANK CAN PAY NOW; $103,000 GOES BEGGING Depositors' Clamor for Money When They Couldn't Get It Subsides to Indifference. By the Associated Press. LIBERTYVILLE, Ill., December 21. -The tidy little sum of $103,347 is going begging, at least temporarily, because: "People want things when they can't get them, but when they can have them, they don't care." The explanation was given by an assistant to the receiver for the First Lake County National Bank. The money represented the final 12 1/2 per cent payment to 3,000 depositors whose $1,009,379 was tied up when the bank closed during the 1933 moratorium. Depositors were asked to "come and get it," but didn't.