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NEW BANK MAKES EUFAULA CHEERY (Times-Democrat Special) Eufaula, Okla., March 10—The Farmers and Merchants bank which is being organized to take over the affairs of the First National bank and the Oklahoma State bank that suspended here recently, will open for business March 17, it is announced. H. B. Ernest who is associated with the Union National bank of Okmulgee will be the president. The bank will start with a capital of $50,000 and a surplus of $10,000. It will be a state institution. The assets and liabilities of the First National and the Oklahoma State will be consolidated with the Farmers and Merchants in addition to the latter's investment. Stockholders of the two suspended institutions are being assessed to meet the obligations and there is every prospect that the depositors of both suspended banks will be paid in full. Organization of the Farmers and Merchants has had a salutary effect upon Eufaula. The old Eufaula spirit of optimism has again been revived and the response in business matters is very noticeable. The county was hard hit last year by frequent floods from the Canadian rivers and the tremendous loss sustained by agriculture was responsible for the banks being forced to close.
