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CLOSED BANK DEPOSITORS TO GET DIVIDENDS
More Than $100,000 Will Be Paid by State Guaranty Fund Commission
READY IN THIRTY DAYS
All Claims of Less Than Twelve Dollars to Be Settled in Full
Dividends estimated in excess of $100,000 will be paid to depositors of 23 closed banks which failed between July first and Sept. 30, 1923, it was announced by the guaranty fund commission in a statement issued today.
The guaranty fund commission at its recent session here voted dividends to be assigned to Class "B" institutions. The return will amount to ten per cent upon guaranteed deposits.
Ready in 30 Days
"The guaranty fund commission will be ready to commence consideration and payment upon these claims in about thirty days from date, as a number of the banks have not been completely audited, but will probably be finished by that time," it was stated by F. W. Cathro.
Announcement will be made to the newspapers in the towns where the closed banks are situated or in county official papers shortly, and depositors will all be notified by the commission in excess of acceptance of their deposits and will be required to send in their Receiver's Certificates after notification, and a form of verification of claims in excess of $100, no special verification being required for claims of less than $100, under the rule of the commission.
Notice to Depositors
Persons whose claims have been held rejected as not eligible to guaranty will receive registered notice at their last known postoffice address. Claims against these banks, the commission announce, can be handled with more expedition and less trouble if persons having claims against the banks will simply await the time when notice is received by them. Inquiries made and letters written regarding whether or not their claims will be considered, simply serves to slow up the work of the commission.
All claims of less than $12.00 will be paid in full and dividend checks will be drawn for amounts of not less than $10.00, excepting in cases where claims are less than that amount. By so doing, it is estimated that probably one-half of the claims included in Class "B" banks will be eliminated, thus saving the large amount of work and a considerable amount of money in administration cost and expense.
Class "B" Banks
Following banks are designated in Class "B" division: Farmers Bank of Fessenden; Hurdsfield State Bank; Hickson State Bank; Farmers & Merchants Bank, New Rockford; American State Bank, Sanish; Scand. American State Bank, Van Hook; Citizens State Bank, Tagus; Farmers State Bank, Sanish; Blaisdell State Bank; American State Bank, Burlington; Farmers Bank, Ray; Farmers Bank, Dunn Center; State Bank of Oriska; Farmers Bank, Hazen; Horace State Bank; First State Bank, Dawson; First State Bank, Dunn Center; Farmers & Merchants Bank, Leeds; Farmers State Bank, Neche; Farmers & Merchants Bank, Overly; First State Bank, Epping; Merchants State Bank, Werner; Bottineau County Bank, Bottineau.
