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UP STATE BANK CLOSES Williamsville, Oct. Bank failed open business Buffalo banks sent $500,000 Bank Williamsthe other financial institution to safeguard after the Amherst closed. There was the Bank however, and excitement among depositors
REOPENING PLAN SUBMITTED Tentative Proposal Would Credit 75 Per Cent. to Depositors Immediately. 50 per cent. assessment against the stockholders of the Amherst bank 5531 Main Williamsville, failed to open its doors last Friday and crediting of the depositors with 75 per of the amount they then had deposit. ment of the over period years. has suggested as of and reorganizing the inThe offered and the and of losed and will be laid before Joseph crick. state superintendent banks for his approval the plan is approved by Supt be to the and commit the ably before the end of the reported by participating in effort to save the from liquidation with shrinking which already have depreciated by reason of the general economic situation. Hope for Success. Backers of known as the Canandaigua plan because was tried seems working satisfactory readjusting the affairs an embarassed tion that were their proposal fore Mr with to of The idea was by the and this the Each kholder cash 50 present stock holdings the This stock except the directors shares. would be placed escrew another financial institu- All earnings on this stock to be for the benefit the depositors of them full 100 dollar deposits record Withdrawal Permitted. For the present per their deposits The bank would with cent. of his which he withdraw he wished However. the officers and stockhold. ers of hope obtain an depositors not withdraw all their funds once. so as not start run on the bank as begins struggling the firm soil of Under this arrangement the final payments to the might not for ten years or longer ing to the some of the creditors of the bank. for 25 per cent. of their deposits amount to between and earnings not there soon may large increase the value held by bank. and in that case the depositors might be paid in full sooner and the stockholders again given their earnings,' one depositor pointed out.
BANK REOPENING SUBMITTED Tentative Proposal Would Credit 75 Per Cent. to Depositors Immediately. A 50 per cent. assessment against the stockholders the Amherst bank 5531 Main street Williamsville, to its last Friday and of the deposiwith cent. the amount they had deposit, with payment period years, has been suggested means reopening and reorganizing the institution. The was offered meeting directors of Wednesday evening. and will before Brod state superintendent for If the plan approved by Supt the to tee the ably before of the reported participating this effort the Institution liquidation. severe shrinking assets. which depreciated the general economic situation. Hope for Success. Backers this suggestion, known plan. because seems working the affairs an instituthat trying place their proposal fore Mr Broderick with to them every hope of success The idea was broached by officers the and to submitted once committee. the plan Each stockholder put cash 50 per present stock holdings the This stock, except the directors escrew another financial instituAll earnings this stock be the of them 100 on dollar their deposits as record Oct. Permitted. For the present depositors would 25 per cent. their recorded deposits The bank would with each depositor credited of his deposits. which he might withdraw he wished. officers and of the hope obtain not withall their start the begins struggling the firm soil economic Under this arrangement the final the depositors ten longer the bank. for 25 per cent. between and $700,000. while earnings might not exceed $40,000 annually possible there large value some the securities held by the bank. and that might in full and again given earnings, depositor out.
AMHERST BANK HOLDERS FAVOR REORGANIZATION Stockholders and depositors are in favor of re-opening of the Amherst bank. Williamsville, on lines contemplated by the Depositors' ReorganizaGeorge W. Walters, counsel for the committee, said SaturThe reorganization committee is comprised Howard Wright George A Terhaar, Theodore Huck and Mr. Walters.
AMHERST BANK HOLDERS FAVOR REORGANIZATION Stockholders and are in favor of the re-opening the Amherst bank. Williamsville, on lines contemplated by the Depositors Reorganiza tion George W Walters, counsel for the committee. said SaturThe reorganization committee is comprised Howard Wright A Terhaar, Theodore Huck and Mr. Walters.
AMHERST SHARE FILES BANKRUPTCY PETITION The Amherst Share corporation, formerly listed on the Buffalo Stock Exchange and sponsored by the now defunct Amherst Bank of Williamsville, has filed a voluntary petition of bankruptcy in Federal court, Buffalo. Schedule of assets and liabilities will be filed within ten days, as required by law. When the Amherst Bank of Williamsville, closed its doors in October, 1931, its affiliate share corporation was ordered stricken from trade on the local stock market. At one time, in 1929, shares sold as high as 52. Approximately 20,000 shares were outstanding.