Article Text
Commercial Pays to 1,541 Depositors
Tunnicliffe, County Commissioners and Dickinson Make it Possible
PAID IN SUMMER
Liquidator Expects to Pay More Money To Depositors Within Six Months
Tunnicliffe, liquidator of the Orlando Commercial Bank, announces that under authority of State Comptroller Ernest Amos, dividend has been declared payable to all creditors of that closed institution. Checks to the amount of 1541 $24,498.88 have been received from Tallahassee by the liquidator will be ready for distribution to those holding liquidator's certificates at the office of the liquidator in the building Tuesday, Aug. 30, at m. The liquidator states that liquidator's certificates must be presented for proper endorsement before dividend checks can be delivered. The Orlando Commercial Bank suspended business on May 13, 1929. and subsequently was placed in the hands of Jackson as receiver. On June 10, 1930. W. H. Tunnicliffe took over the liquidation in conjunction with other oanks being handled by him in this territory. Inasmuch as affairs of the Orlando Commercial Bank were co-mingled with those of the Bank of Orange Trust Co., which had previously failed and the assets and liabilities of which were taken over by the Orlando Commercial Bank, it brought about many complications. Creditors of the Bank of Orange & Trust Co. received 75% of their claims against that institution, and the remain25% remained in and was an obligation of the Orlando Commercial Bank. This is the first dividend to be distributed to creditors of the Orlando Commercial Bank, and in commenting on the matter today, Mr. Tunnicliffe stated that this distribution was made possible largely through efforts of Orange-co. commissioners, had co-operated with him by taking over securities held to protect county deposits, thus making available such cash assets as he was able to obtain for distribution to depositors of the institution. Mr. Tunnicliffe stated that the commissioners had been wonderfully helpful to him, also was Dickinson. the liquidator's attorney, who assured the liquidator that his fees for services would be donated to the depositors by him rather than have interfere with the dividend distribution. Mr. Tunnicliffe also donated for services formed by him, amounting to in order to the fund and enable dividend distribution to be made. Mr. Tunnicliffe stated matters were in progress in the which he hoped would enable him to pay another dividend within six Orlando is fortunate this mid-summer. in having approximately $82,000 in cold cash out to closed bank creditors in this community. During the month of August the liquidator distributed $37,200.95 to the creditors of the Orlando Bank Trust $20,095.62 to the preferred creditors of the State Bank of Orlando Trust Co., and in the dividend declared out of the just Orlando Commercial Bank.
