The Telegraph-courier. [volume] (Kenosha, Wis.) 1888-1946, 1922-08-17
Silverlake Bank Completes
Reorganization With
Added Directors.
EMPLOY NEW CASHIER
Erik Hansen, Formerly of
Whitewater, Is New Cash
Ter for Institution.

Details of the reorganization OF the
Silverlake State Bank were made public
today, showing that the bank has been
amply protected against the shortages
which have come to it as result of
the populations of William G. Schlecht,
former cashier, who is now awaiting
preliminary hearing on several war
rants charging him with enlightenment
and conversion of bank funds amount
ing to more than $4,000. Pursuant to
orders of the State Banking Commits
sioner, Marshall Cousins, the Silver
lake Bank has been reorganized and is
declared to be in stronger financial
condition than before.
Four new directors have been added
to the directorate of the bank, namely,
R. T. Button of Silverlake, John Evans
of Salem, Fred Schreck, Trevor, and
George T. Dean of Bassetts Station.
Other directors retaining their places
on the governing board of the bank are
as follows: F. H. Schenning, r. NJ
Dixon of Silverlake, and George Breul
Of Camp Lake.
Eject OIlCIdIS on luGSudys
Officials for the bank, following the
reorganization, were elected as fol-
lows: R. M. Dixon, president; George
Bruel, vice-president; Erik Hansen,
cashier; CIV. Dean, assistant cashier
Erik Hansen, who has been named
as cashier of the bank, to take the
place made vacant by the resignation
of Cashier Schlecht, will take charge
of the bank on next Monday morning
He is an experienced banker and is APP
proved by the state commission. He
was formerly employed by the White
water Commercial and Savings Bank of
Whitewater, and prior to his work
there by the Kilbourne State Bank.
The reorganization has met with the
complete approval of the state banking
commissioners, who had representa-
tives in charge of the work. 1t was
stated that the assessment made
against the stock of the bank of $3.50
a share would have taken care Of the
shortages resulting from the pecula-
tions of Cashier Schlecht, but to make
the bank doubly safe other directors
had been added. The bank has pro-
ceeded with its business regularly, and
the troubles which beset the cashier
have not affected its standing fnan-
cially. The bank commissioners main
tain that there is no cause for alarm
so far as the depositors are concerned,
and that all of them are protected.
Meanwhile Schlecht Secures Bond.
While the work of reorganization
was being completed on Tuesday after
noon, William G. Schlecht, the cashier,
who is now out on bonds in connection
with the alleged shortages in the af-
fairs of the bank, was attempting to
secure bonds for his release. On Tues
day afternoon the bonds were raised to
$4,000, all of which was finally raised
through the aid of his relatives, and he
was released.
The preliminary hearing in the case
has been postponed to enable the de-
Tense to investigate the new charges
which have been brought against the
banker. 1t is maintained by Schlecht's
relatives that they will make an effort
to meet all of the shortage, and that
the depositcrs or officials of the bank
will not lose in the least because of
the shortages. To doubly insure this
the commission has directed that an
assessment be levied against the stock
of the institution.
The capital stock of the bank is to
remain the same as it was heretofore
There is small. surplus, which will be
transferred to the new organization.