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national
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BANK STATEMENTS READY, RECEIVER SAYS CORINTH, Feb. 23. — Checking account statements and cancelled checks are ready for distribution among patrons of the closed Corinth National Bank, announced Receiver Frank M. Maryott of Binghamton, today, and Corinth residents are requested to call for them. Those depositors residing outside the village may either call for their cancelled checks and statements or await them by mail within the next few days, it was announced.
Second Dividend to Be Paid Depositors of Closed Corinth National Bank, Receiver Reports ACTIONS ARE STARTED AGAINST OFFICIALS TO GAIN MONEY PLEDGED Receiver to Seek Funds Slated to Bolster Financial Standing; Second Payment Makes Seventy-three and One-third of Deposits STATEMENT IS ISSUED BY RECEIVER With permission from the office of the Comptroller of Currency, Federal Receiver Frank M. Maryott, in charge of business at the closed Corinth National Bank, yesterday announced a second dividend of thirty-three and one-third percent to be paid depositors of the institution in the very near future. possibly before Christmas. With this second payment, Corinth bank depositors will have received seventy-three and one-third per cent, a sum very favorable when compared to many banks in the south and other parts of the country where depositors may not receive any of their life savings This second dividend, in the form of checks, will represent more than $500,000. When the bank was closed one year ago yesterday following the death of F. Eldred Pruyn, vice president and cashier of the institution, there was more than $1,500.000 owed depositors. In addition to the dividend to be paid very shortly, it is known that Receiver Maryott has brought action in federal court against four former bank officials and the estates of two others to recover approximately $63,000 which the receiver claims was pledged about a year ago to bolster up the financial standing of the institution. Attorney James McPhillips of Glens Falls, will represent Isaac Densmore, Dennis O'Brien, Wilson J. Hall and Oscar S. Putnam in the court action, while the firm of Rommel and Hickey of Corinth, will represent the estate of the late J. Judd Dayton, and Attorney Henry Williams of Glens Falls will represent the estate of the late F. E. Pruyn. The statement coming from the bank yesterday follows"F. M. Maryott, receiver of the Corinth National bank, announces second dividend of 33 1-3 per cent has been declared and will be paid to depositors of the bank at an early date. The dividend checks are now in the course of preparation at the receiver's office in Corinth and upon completion will be forwarded to Washington for signature. When the checks have been returned from Washington, the receiver will inform the depositors of the fact through the newspapers. "This second dividend will be paid from funds collected by the receiver supplemented by loan from the Reconstruction Finance Corporation which is secured by a pledge of the remaining uncollected assets. No future additional dividend can be paid until the loan from the Reconstruction Finance Corporation has been fully repaid and any future dividend can be paid only from collections from such assets as may remain after the repayment of the loan. The second payment to depositors will exceed $500,000."