The Democratic banner. (Mt. Vernon, Ohio) 1898-192?, 1911-08-01
CLOSED
Was The Guaranty Savings
Bank & Trust Co.
Saturday By Order OF State
Department
After A DepOSitOfS' Run On
Friday Afternoon
Due To A Lack Of Confidence
In The Bank
Stated That DepOsitOrS Will
Be Paid In Full
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CLOSED
BY E. E. Baxter, Superintend-
ent of Banks.
The proper legal notice will
be given In due course Of
time to all creditors.
I. i ]. i. i. j. i. !. i. !. 4 +

The above notice was posted on the
door of the Guaranty Savings Bank
and Trust Company, corner Main and
Vine streets, Saturday morning, thus
signifying to the public that the in
stitution had closed it's doors.
George Walters, chief deputy super
intendent of banks, arrived in Mt.
Vernon at o'clock Friday evening
and lengthy conference was held
with the directors of the institution
as to the financial condition of the
bank.
On Saturday morning the above
sign was posted and the doors of the
bank closed.
Mr.. Walters, the deputy, was seen
by Banner representative at the
bank Saturday morning He stated
that the condition of the bank had
been carefully watched since the filing
of the last statement and that bank
examiner had been at the institution
only recently. The state department
had informed the directors that GER
tain conditions would have to be met
with or otherwise it would be neces-
sary for the department to close the
institution.
Everything was going we'll until
Friday. 1t was then learned by the
superintendent of banks that the di-
rectors had arranged to take care of
all conditions pointed out by the de-
partment, but on Friday morning
there commenced a constant strain on
the funds of the bank by the deposit
ors and by noon it had assumed the
form of depositors' run on the bank.
The state department was not long in
finding out this fact and Chief Deputy
Walters arrived on the evening train.
After the conference with the direct
ors in the evening he found that the
condition in reference to the deposi-
terest of all depositors he considered
it advisable to close the institution.
After communicating with Superin-
tendent of Banks Baxter an order
came that the bank be closed and
that Mr.. Walters remain in charge
until liquidating officer arrives to
take charge of the affairs of the bank
The appointment of the liquidating
officer will be made the first OF next
week, possibly Monday.
There was considerable excitement
along Main street Saturday morning
when the fact became known that the
bank had closed it's doors and the
news spread very rapidly. A small
crowd gathered about the bank and
groups of persons were gathered here
and there to discuss the situation
Many were depositors and conse
quently were especially interested in
the closing of the institution.
Chief Deputy Walters was unable
to give out any definite information
relative to the affairs of the bank and
was unable to answer the question
foremost in the minds of the depos
itors: "Will the depositors lose any
money"
Mr.. Walters stated that judging
from the liquidation made by Other
state banks in Ohio that the depos
itors would lose very little, if any, o.
their money He stated that 1t was
the plan of the state department tt
watch carefully all institutions thai
are not in healthy condition and i
is the policy of the department to try
and cure trouble of this kind withou
closing the institution. Mr.. Walters
said that this bank, similar to al
others, had been carefully watched
by the department and he was SURE
that the state department had take,
charge of the bank at time befor'