Merchants Bank & Trust Company (Jackson, MS)

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payoff in excess of fifty per cent was unusual. "This makes the record of Judge Stricker the more impressive. "In every major liquidation in his jurisdiction, with one exception which is still in the process of liquidating, depositors have received all their money. "In several instances stockholders have had their entire investment returned. "In every instance stockholders have been returned a substantial volume of assets after all depositors have been paid in full. Judge Stricker has been told by eminent attorneys that no similar record exists in the nation. "During one period, the jurist had under his immediate jurisdiction and supervision seven banks, one bond and mortgage company, one building and loan association, and one or more minor establishments in liquidation. "The liquidation of the Merchants Bank and Trust company of Jackson is 2 prime example. "It was the largest banking institution in Mississippi back in 1933, with some 12,000 depositors. On April 8, 1933, the institution's liquidation began under J. S. Love, state superintendent of banks, through James L. Berry as liquidating agent, and under direction and supervision of Judge Stricker. "The bank had assets of approximately six and one half million dollars, with an equal amount of liabilities. "On Thursday, July 6, 1939, six years after the bank's closure, Judge Stricker terminated the receivership after repaying depositors in full and returning assets with a book value of more than $600,000 to the stockholders. "Not all the liquidations supervised by Judge Stricker were placed in such a position by the exigencies of the depression era. "The Building & Loan Associa tion of Jackson went into voluntary liquidation under the court's supervision. At the time of its closure it was the largest such institution in Mississippi, with assets approximately three and one-half million dollars, and an equal amount of liabilities, consisting of thousands of items of distressed and depressed real estate scattered through all the counties of the state. "When the liquidation had run its course, stockholders had received more than the full amount f their investments. "In similar fashion the Guaranty Bond and Mortgage Company of Jackson paid its creditors in full and a substantial dividend was paid to stockholders. "Under Judge Stricker's supervision the Mississippi Life Insurance Company of Indianola was liquidated, with 20,000 policy hold ers reinsured, creditors paid in full and stockholders repaid their entire investment. "The list goes on and on: "The Mississippi Building and Loan Association of Jackson paid stockholders the full amount of their investments. "The Commercial Bank of Brookhaven, to the surprise of that city and section, paid depositors and creditors in full. S "The United Industrial Insurance Company of Jackson paid all crede itors in full, to the extent of ap proximately $350,000.00. "The Citizens Savings Bank and Trust Company of Jackson remains in the process of liquidation. It 1 came into the court with assets of approximately $300,000.00 book value but of so depressed and varied a nature that the liquidation has d been extremely tedious and difficult f "This institution has repaid den positors 85 per cent, with prospects for an additional five per cent, and possibly a hundred per cent. "These liquidations were started and conducted during one of the worst depressions the country has known, and when the Judge was d holding ten terms of court a year, with the largest volume of busin ness of any chancery district in Mississippi including estates in administration, guardianships, trusts and the like, involving other millions of dollars. "The nature and success of the