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PEIRCE CITY BANK FAILS DEPUTY STATE EXAMINER IS PLACED IN CHARGE Cashier Expresses Belief That Institution Will be Reorganized The Lawrence County Bank at Peirce City closed its doors this morning and was placed in the hands of the state finance department by the directors. The closing followed several weeks of abnormal withdrawals of funds, which ended in a heavy run on the bank yesterday, it was stated by officials today. M. R. Gibson, cashier of the bank in a telephone conversation with the Press today, said that he did not know just what the withdrawals totaled, explaining that he had been ill and away from the bank several days. Mr. Gibson expressed the belief that the bank would be reorganized and reopened without loss to depositors. Deposits at the present time total between $140,000 and $150,000 it was stated. The bank is capitalized at $50,000. It had no deposits in the Holland bank at Springfield, whose failure recently embarrassed many smaller banks. Total resources of the Lawrence county bank are listed at $301,160, according to an Associated Press dispatch from Jefferson City announcing the closing, from the state finance department. The reason assigned there for the closing was "frozen assets." John R. Pierson, president of the bank, came to Peirce City and purchased the controlling interest in the bank the first of this year, buying out the interests of W. A. Rhea and sons, who controlled the bank for 40 years. The bank was established in 1870. Mr. Gibson, the cashier, had been at (Continued on page 4 column 2) SIX DIE WHEN TRUCK WASHES FROM BRIDGE West Virginia Man, Wife and Four Children Drown