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CLOSED BANK FACTS GIVEN BY EXAMINER
Loomis Announces Hopes for Dividends of Four Depositories
The Security Savings Bank, of Rapid City, suspended Feb. 1924, should pay out 35 to 50 percent more, or total, including the 25 per cent already paid, of 60 to 75 per cent, according to statement made for the information of creditors by Paul W Loomis, examiner in charge. The earnings of the bank since suspension, have been nearly twice the amount paid out in expenses. Bills payable and re-discounts of $184,800 were secured by $200, 000 of the assets of the bank and the examiner was forced to pay the amount in full in order to get back the security and save the equity for the creditors. A claim of the United States government of $24,000. on which preference payment is being demanded, is awaiting decision of the federal courts. Sheriff's certificates and deeds held by the bank cover more than 15,000 acres of land and the final amount realized for the creditors depends largely on how this land Is handled. how soon and how much prices come back. The estimated present value of the securities and land holdings of the Citizen's Bank and Trust company, of Rapid City, suspended August 29, 1923, does not exceed $100,000; the statement of Mr. Loomis continues. Of this $100,000, the War F1. nance corporation holds $10,000 as collateral for money due It, and the United States government claims $50,000 which must be paid before the creditors can expect any thing with the result that no dividend can be paid to the depositors for considerable time and probably never to exceed 10 per cent. The expense of liquidation has exceeded the earnings, since suspension, by less than $1,000, the statement continues. At the time of closing. the United States government had on deposit in Trust Funds of Incompetent Indians $50,000 which payment is being demanded in to all other creditors. decision of the United States preme court similar claim, being awalted but is feared the preference payment will be necess! tated. When the bank closed, most of the good notes were pledged security for borrowed money and of the notes were signed by people who have gone broke and left the country In discussing the situation in the case of the Ranchman's State
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