First National Bank (Milton, ND)

Article Text

J. F. O'Conner has announced that during the month of May, 1934, 14 insolvent national banks were liquidated, the receiverships thereof being financially closed, making a total of 65 receiverships finally closed or restored to solvency since his last annual report to congress compiled as of October 31, 1934. The First National Bank of Havensville, Kan., was placed in receivership on October 11, 1933, and all depositors and other creditors were paid 100 per cent principal with interest in full at the legal rate amounting to an additional dividend of 6.1857 per cent. Total payments to creditors, including offsets allowed, aggregated $62,006 and the stockholders received $754 together with the assets remaining uncollected. The Montgomery County National Bank of Cherryvale, Kan., was placed in receivership on May 7, 1931, and disbursements, including offsets allowed, to depositors and other creditors aggregated $153,358, which represented 67.2 per cent of the total liabilities at date of failure. Unsecured depositors received dividends amounting to 14.63 per cent of their claims. The Commercial National Bank of Independence, Kan., was placed in receivership on March 14, 1930, and disbursements, including offsets allowed, to depositors and other creditors aggregated $4,488,385, which represented 84.4 per cent of the total liabilities at date of failure. Unsecured depositors received dividends amounting to 76.41115 per cent of their claims. The Billings National Bank of Billings, Okla., was placed in receivership on October 17, 1930, and disbursements, including offsets allowed, to depositors and other creditors aggregated $142,436, which represented 88.2 per cent of the total liabilities at date of failure. Unsecured depositors in this case received dividends amounting to 85.62 per cent of their claims. The First National Bank of Tower City, N. D., was placed in receivership on December 10, 1929, and disbursements, including offsets allowed, to depositors and other creditors aggregated $57,197, which represented 73.7 per cent of the total liabilities at date of failure. Unsecured depositors received dividends amounting to 62.18 per cent of their claims. The First National Bank of Huntsville, Tenn., was placed in receivership on February 9, 1933, and disbursements, including offsets allowed, to depositors and other creditors aggregated $50,314, which represented 70.8 per cent of the total liabilities at date of failure. Unsecured depositors in this case received dividends amounting to 58.7 per cent of their claims. The First National Bank of Milton, N. D., was placed in receivership on August 11, 1932, and disbursements, including offsets allowed, to depositors and other creditors aggregated $36,016, which