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The examiners declined to make a statement until later, but bank officials said the institution had been placed in the hands of the finance commissioner only as a precautionary measure and to reassure the public.
Funeral services for Dr. Givens will be held at his home at 3:30 o'clock this afternoon.
Bank Closed Today.
COLUMBIA, Mo., June 11.—The Farmers and Merchants Bank at Fayette, Mo., was placed in the hands of the state finance department at a meeting of the board of directors of the institution late yesterday, and did not open its doors for business today, according to word received here.
The action was taken, according to the directors, because a run on the bank was feared following the suicide of Dr. H. K. Givens, president of the institution at Fayette yesterday. The directors, it is said, were uncertain regarding the condition of the bank, and felt that, in view of large loans which it has outstanding, that it was not in a condition to weather a general withdrawal of deposits such as might have followed the suicide of its head.
Dr. Givens committed suicide yesterday morning by shooting himself with a revolver at his home in Fayette. Ill health was given as the reason for his action.
Think Institution Safe.
JEFFERSON CITY, Mo. — The Farmers and Merchants Bank of Fayette, with total resources of $572,000 was closed Thursday by order of the board of directors and placed in the hands of the state finance commissioner, it was announced at the finance department. Dr. H. K. Givens, president of the bank, yesterday committed suicide.
The bank was closed yesterday, according to reports, out of respect to the dead president. Officers of the institution asserted they were sure it was in good financial shape. They requested, however, that the state finance commissioner make an examination of the bank to assure the public of its stability.
Two state bank examiners, E. T. Messenvaugh and Vern Myer, were accordingly sent to Fayette last night by Finance Commissioner C. E. French to examine the bank.
The bank's last statement, filed with the department, shows its condition as of December 31, 1924, as follows:
Total resources, $572,001; capital $40,000, surplus, $10,000; deposits, $386,836; loans, approximately $430,634; and bills payable, $120,000.
No additional details were received by Commissioner French today. Notification that the bank had been closed and placed in the hands of the department by order of the board of directors came in a telegram from Examiner Myer.
