The Leon reporter. (Leon, Iowa) 1887-1930, 1919-05-15
DECATUR BANK CLOSED
Decatur State Savings Bank Closed
Last Week by State Examiners.
Francis varQa is Receiver.

The Decatur State Savings Bank
at Decatur was closed by the state
banking department last Wednesday
evening. Two state bank examiners
affairs of the bank for several days,
and were not satisfied with some Of
the notes carried by the bank as a
part of their resources, and on
Wednesday they notified the direct
ors that they must replace $50, 900
OF the notes with cash or the bank
would not be permitted to open
Thursday morning, and the direct
|ors were unable to arrange for this
amount of cash.
Friday on the application of Mrs.
Nancy Bedell, stockholder in the
bank, Judge Evans appointed
Francis Varga of Leon as receiver
of the bank to wind up the business,
and Mr.. Varga gave a bond for
the bank, which is now open for the
receipt of money from persons, "ho
have notes in the bank, but of
course no money is being paid out.
Attorneys and interested parties
say that in all probability, the de-
positors in the bank will receive
their money in full as soon as the
stockholders will probably be call
ed upon to stand loss.
The officers of the bank We're w.
ton, Vice president; J. G. Cozad,
cashier; NJ E. Boatman, assistant
cashier The bank had a capital
stock of $4,000, divided into 25O
being list of the stockholders and
the number of shares owned by each:
J. c. Cozad 1O4, Joseph Hamilton
20, Nj. J. Powers 81, L. #. Lee Is,
F. ]. Euritt 15, George Lloyd 70,
Nancy Bedel1 10, A. T. Weldon, 1O,'
Geo. M: Hamilton 1o,, W; H: Lloyd
Z, lyo Welsh 5, F; ". Euritt 8, A.
Euritt 2, Winifred Hamilton /.
The last statement of the condi-
ton of the bank published at the
close of business on March 4th show
ed total liabilities including capital
stock of $217, 7,724.44, with assets to
balance. Receiver Varga has been
going over the books and notes, and
far as known. and the only serious
notes held by the bank. At the
time the bank closed they had in
round Numbers $4,000 in cash in
the bank and on deposit with other
banks, $4,000 worth of Liberty
bonds, the bank building and fixtures
NdluGQ at dUOuC Pc,VVO, anu
receivable of about $15O,000, max
ing the total assets about '$h90,GG0,
the liabilities being the same, in
cluding the caDifaf stock OF fS25,U00,
time deposits of $4,000, and de-
mand deposits of $4,000, and $780,
900 bills payable.
OF course it is impossible to tell
what. the shrinkage of the notes
owned by the bank will be, but the
receiver at this time thinks the
amount will probably not exceed
100000.
Mr.. Cozad, the cashier, is report
ed to be in financial difficulty with
his personal business not connected
with the bank, but nothing definite
in regard to this can be learned at
this time.
The closing of the bank has not
caused very much excitement, and
friends of Mr.. Cozad are standing
Loyalty by him, and hope to get ev-
erything Strengthened out in the
near future. Mr.. Cozad has been
cashier of the bank since its organi-
zation about twelve years ago.
The closing of this bank has not
affected any other hank in Decatur
county, although they were prepared
with funds to meet any calls made
upon them, as they knew of the
trouble in the affairs of the bank at
/. Dacatur