The producers news. [volume] (Plentywood, Mont.) 1918-1937, 1921-12-09
American Bank& Trust
Co, Great Falls, ToWall
Continued from Page One

.ciate the fact that our bank was at
fected in way by the business de-
preston that had no parallel with the
other banks Of the city. Our Difficult
ties are wholly t1aceable to the TAX
ing over Of the Cascade bank in Feb
ruary, 1919.
Soon after the Cascade bank was
purchased the deposits Of the Ameri-
can bank totalled $780, 900. Since
then the deposits have fallen off ST.
600, 900 while we were able to reduce
our loans but $40O, 900. The result
was the decision Of the board Of di-
rectors to close the doors. Some time
may be required to meet the claims
of the depositors, but there is no
doubt that they will be paid 100 per
cent. The time necessary for iqui-
dation will depend to some extent on
the results Of the next crop. A good
crop will probably make possible real
ization on the banks assets within the
year. This, of course, would be in
case we are unable to reorganize.
Some of our stockholders are discuss
ing a possible reorganization of the
bank, but it is too early as vet TO
know whether anything tangible will
result
ASSUMED HEAVY BURDEN
saThe history of the bank since the
purchase of the Cascade bank is one
that probably needs but little descrip-
ton now. The combined loans Of the
two institutions was a load too heavy
under the conditions which followed.
The dry summer Of the first year
made it impossible to reduce our
loans in proportion co the inevitable
reduction in deposits, and it was un-
der rhis handicap that we entered the
season of 1920, during which we were
compelled to meet the business de-
preston just then reaching its acute
stage. Inability to realize on our pa
per was the primary cause of the
banks CLOSING"
Mr.. Reckards stated that the great
er portion Of his personal assets are
represented in the bank. His plans
for the future are indefinite. He has
been resident of Great Falls for %
years, and engaged in the banking
business all of that time. In 1915, he
was instrumental in organizing the
American Bank & Trust company,
which nearly two years ago took ov-
er the Cascade bank, one of the pic
neer financial institutions Of the city.
EXAMINER TAKES CHARGE
A. w. Springhorn, deputy state
bank examiner, arrived in Great
Falls Saturday afternoon and took
personal charge at the bank pending
further disposition Of its affairs. He
will audit the banks books and report
to the governor and the attorney gem
eral, after which, il reorganization
has not been accomplished, q receiver
viii be appointed b. the district
court IS:
The decision to close the hank was
reached BY the director at d 1neetine
that extended well into Saturday
morning and sign giving notice that
the bank would not open was hung II
the widow sc $40 O'Clock Ward Tint
the hank had suspended business
spread rapidly and small crowd
gathered at Central avenue and Sec
ond street for . short time. The clos
ing of the American hank did not re-
fiect On business af the other banks,
and ~ bankers asserted TINT the
reasOns for the unfor tsEnafe situation
of He closed concern are 50 thorough
~ recognized fhat no unsalutary 81
TT viii BE- reilected On any financial
concern 81 tho city