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EXAMINERS TAKE OVER TWO BANKS DEPOSITORY AT COLUMBUS AND ANOTHER AT CRESTLINE CLOSE DOORS. Special to The Globe. Columbus, Kan., Aug. 22.—J. V. Land of Topeka, state bank examiner, arrived here today to take charge of the Cherokee County State bank, which closed its doors this morning, and an examiner from Wichita was sent to Crestline to take charge of the affairs of the Farmers and Miners State bank, which also failed to open today. The Cherokee County State bank, capitalized at $50,000, was closed by order of its board of directors. Several of the directors of the Columbus bank were directors of the Crestline bank, although the latter institution was not, in fact, a subsidiary of the Columbus bank. The Crestline bank was capitalized at $10,000. Closed at Same Time. Both banks were closed at the same time because the directors, it was explained, desired to forestall any possible run on either bank. F. D. Fage, cashier of the Columbus bank, said the banks expected to repay depositors 100 cents on the dollar. General business depression, partly caused by crop failures attributed to the recent drouth, was blamed by the directors for the closing of the two banks. The Columbus bank has outstanding loans totaling $237,000 and a surplus and undivided capital of $18,000. Until an examination of the records of both banks are completed, officials will not know whether the assets will be liquidated or whether a merger will be arranged with another bank, Fage said tonight. There are two other banks in Columbus, the First National and the Columbus State bank. Davis Dunbar is president of the defunct Cherokee County State bank. The board of directors is composed of Dunbar, Fage, Fred A. Walker, Mrs. Louise Grisham, W. A. Lemaster, W. H. Shaffer and R. C. Jackman, all of Columbus.
