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OVER 15 MILLION STILL TIED-UP IN CLOSED BANKS
Payment of $2,305,730 to Depositors Authorized Since Failures
Approximately thirteen per cent of the deposits tied-up in nineteen of the Nevada banks that closed their doors during the past four years or went on a restricted basis have been made available to the depositors of the institutions, according to figures compiled by the state bank superintendent and the receivers of the closed institutions for the period ending December 31.
The deposit liabilities of the nineteen banks totalled $17,319,783 and depositor dividends amounting to $2,305,730 have been authorized by thirteen of the banks, leaving over $15,000,000 still owing depositors. A considerable part of the dividend money has not been called for by the depositors, the reports show.
The first Nevada bank to close, following the 1929 depression, was the Quinn River Bank of McDermitt which was taken over by State Bank Examiner Seaborn on January 28, 1931. On September 21, 1931, the Douglas County Farmers Bank of Gardnerville failed and on January 4, 1932, the Winnemucca State Bank and Trust Company closed its doors. On February 17, 1932, the two banks in Yerington were taken over by Seaborn and on October 31, 1932, the twelve Wingfield owned banks, two of them national banks, went down in the largest bank failure ever recorded in the state.
The Battle Mountain Bank did not open its doors after the Nevada bank holiday of November, 1932, while the Lander County Bank of Austin reopened under restrictions following the national bank holiday of March, 1933.
The deposit liability of the nineteen banks and the depositor dividends authorized to date are as follows:
Bank | Deposit Liability | Depositor Dividends
Quinn River ... $52,000 $33,800
Douglas Farmers 102,000 ......
Winnemucca St. 240,000 ......
Mason Valley .. 322,000 64,400
Lyon County ... 399,000 ......
Battle Mt. State 255,000 25,500
Lander County . 215,000 109,650
Churchill County 668,000 43,340
Henderson Bk'ng 1,600,000 ......
Wells State .... 85,000 21,250
Reno National . 3,823,000 ......
Winnemucca Natl 1,797,000 491,136
Riverside Bank . 822,392 513,984
United Nevada . 1,526,856 458,058
Bank of Sparks. 622,893 286,530
Virginia City ... 195,593 15,629
Carson Valley .. 834,303 ......
Bank Nev. S. & T. 3,215,080 160,754
Tonopah Bkg Co. 544,666 81,699
Total: $17,319,783 $2,305,730
Nine of the closed institutions are being administered by receivers, two are being liquidated by the bank superintendent, four have been taken over by mortgage companies organized by the depositors and four have been reopened under restrictions.
The status of the banks, as far as their present administration is concerned, is as follows:
Quinn River Bank—Being liquidated by bank superintendent and has paid sixty-five per cent of its deposit liability. Another twenty-five per cent payment will probably be made in a few days winding up the receivership.
Douglas County Farmers Bank—Taken over by depositor owned mortgage corporation. No dividends paid.
Winnemucca State Bank and Trust Company—Being liquidated by state bank superintendent. No dividends paid but a ten per cent dividend will probably be available within a short time.
Mason Valley Bank—Reopened under restrictions which permit acceptance of deposits but prohibits loaning money. A depositor dividend of twenty per cent has been authorized.
Lyon County Bank—Taken over by depositor owned mortgage corporation. No dividends paid.
Battle Mountain State Bank—Taken over by depositor owned mortgage corporation and ten per cent depositor dividend authorized.
Lander County Bank—Never closed, except during bank holiday, but reopened after national bank holiday under restrictions and authorized a depositor dividend of fifty-one per cent.
Churchill County Bank—Taken over by depositor owned mortgage corporation and dividend of six and one-half per cent on deposit liability authorized.
Henderson Banking Company of Elko—Taken over by depositor owned mortgage corporation, which is endeavoring to secure an RFC loan to reopen the bank and pay a thirty per cent depositor dividend. It was reported several weeks ago that an RFC loan of over $500,000 had been authorized but it has never been consummated.
Wells State Bank—Reopened under restriction and has authorized a depositor dividend of twenty-five per cent.
Reno National Bank—Being liquidated by federal bank receiver but has paid no dividends and still owes the RFC a large sum of money which is secured by most of the bank's collateral.
First National Bank of Winnemucca—Being liquidated by a federal bank receiver and has authorized depositor dividend payments amounting to $491,136.76. The receiver borrowed $290,000 from the RFC to make part of the dividend payment.
Riverside Bank—Being liquidated by court receiver and has authorized dividend payments amounting to sixty-two and one-half per cent.
United Nevada Bank—Being liqui-