Article Text
NAME BANK RECEIVERS Take Charge of Trust Company In Georgia Heading Chain; 19 More Banks Close. [BY THE ASSOCIATED PRESS.] ATLANTA, July 15.—Fifteen additional state banks in Georgia and four state banks in Florida tonight were listed as having closed their doors following the bankruptcy proceedings instituted against the Bankers Trust Company of Atlanta. This brought the total number of banks closed in Georgia this week to 64. Receivers for the Bankers Trust Company were named today. The closing generally among financial circles was attributed to the bankruptcy proceedings against the trust company, which was the financing company for a string of 120 chain banks. The four Florida banks were reported to have been members of the system. Many of the banks, the department said, probably would reopen as soon as other financing arrangements could be made. The Georgia banks listed as closed today were: Taylor County Bank, Butler; Bank of Lyerly, Bank of Cusseta, Rockmart Bank, Bank of Smyrna, Fairmount Bank, Macon County Bank of Oglethorpe, Lakewood Bank of Atlanta, Bank of Rochelle, Habersham Bank of Clarkesville, Cornelia Bank of Cornelia, Bank of Lula, Bank of Cassville, Bank of Williamson and the Cornelia Bank of Demarest. The four Florida banks reported closed were the Citizens Bank of Eustis, Bank of Mount Dora, Bank of Tavares and the Bank of Umatilla, each of which through notices posted on their doors announced that they were "closed temporarily for the protection of depositors." The Bank of Umatilla Tuesday instituted a suit against the Bankers Trust Company of Atlanta for more than $400,000, applying for a receivership for the company. Former Governor Hugh M. Dorsey and J. K. Ottley of the Fourth National Bank of Atlanta were designated as receivers for the Bankers Trust Company. The trust company served as financial agent for 120 banks, Paul J. Baker, its treasurer, told the court, but did not receive deposits subject to check.
