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Iowa Bank Head Is At Liberty On Bond, Institution Closed KLEMME, Ia., July 14.—(INS)—With a half a million dollars tied up in a defunct bank and prospects small for getting more than half of this back, the citizens of this town were today endeavoring to carry on after the failure of the State Savings bank here. The doors of the neat, little brick bank, which only a fortnight ago was regarded as the strongest institution in the county are closed, with curtains drawn. George E. Saunders, son of W. E. G. Saunders, former legislator from Spencer, is in charge of the closed bank as receiver. Paul Griesmer, president of the bank, accused of fraudulent banking, is at liberty on a $10,000 bond. So is Frank Wench, former cashier. Griesmer is at the bank almost daily helping Saunders straighten out the bank's affairs.