The Nezperce herald. (Nezperce, Idaho) 1900-1957, 1922-01-05


is orized the following statemen
r for the information of the deposi
e tors and of every one intereste,
e In the organization of new banl
J at Nezperce:
: The first work undertaken b,
r the committee was re-classifi
; cation of the assets of the olt
1 bank. The result Of this classifi
: cation was an increase of ovel
/, twenty thousand dollars in thu
" good assets" as listed by ths
bank commissioners and presented
to the meeting of depositors. The
committee feels that its estimates
were conservative in all cases.
4 The securing of waivers Of sc
per cent of the deposits was the
next step undertaken. A major
ity of the depositors have signed
up willingly, realizing the advan
tage to themselves to do so. Some
have been reluctant upon one pre-
text or another, greatly increas-
ing the burden already on the
committee. In view Of the fact
that this committee is working
without pay for the benefit of all
depOsitors the members feel that
a more general spirit of co-opera
tion should be in evidence.
The committee has been assured
by the bank commissioner that SO
per cent of each deposit must be.
waived before the present plan
can succeed; that in no case will a
deposit be paid in full by the new
bank. 1t is the understanding of
the committee that there are no
exceptions to this rule, rumors
and expectations to the contrary
notwithstanding.
In some quarters there is feel
ing of reluctance to participate in
the organization of new bank on
account of some personal feeling.
or grievance in connection with |
the old bank. This feeling should |
not exist for the reason that the |
new bank is being organized forl
the benefit of the depositors of |
the old bank, only, and in no wav
for the benefit or relief of the Of
ficers, directors or stockholders
of the defunct institution.
The new bank undertakes to
pay so per cent of the deposits of
the old bank, for which it will
receive all of the assets of the old
bank and assume none Of its liza
oilities.
1t is the belief of the committee /
hat eventually the depositors
will receive considerable more
han so per cent of their deposits
is guaranteed by the new bank, Ii
depending entirely upon the col
ection of paper now classed as
lad and doubtful. In other words,
f it were possible to collect all Il
outstanding paper the deposits ;
would be pail in full.
The committee is now solicitingi
to stock in the new
'ank and are meeting with graft
ying success. Several thousand
lollars worth of stock has already
'een signed for. Only a few days /!
re left in which this work must l
e done and the committee ur-
,ently requests the cooperation I
f the entire community.
The desire is pretty general in
he community to know who is
.oing to manage the new institu-l
ion. That depends entirely upon y
he stockholders. The board of 7
irectors will be elected by the 9
and the officers of l
he bank selected by the board of L
irectors. On account of condi- Q
ions throughout the country
lany good men are available for a
ne position of cashier. If cash.
n proves unsatisfactory his SER
ices can be dispensed with at any
me by the board. A number C.
ave been recommended to the d
onlmittee for this position, but Il
ntil the organization of the bank b
effected nothing can be done .
/ this regard. Il
After a careful consideration CT
the assets Of the defunct insti-
1tion it is the belief of this COM b
ittee that the stock in the new N
ank will be worth every dollar Il
BY subscribing to cC
lis stock you will not only par
cipate in a great community
enefit, but will be making de- cl
rable investment as well. So W
ng as the bank remains closed if jo
i'll be a wet blanket on the bust al
,ss life of the community. With HI
$ reopening we will regain that sc
If respect to which community re
hich has never known defeat, is m
TITLED. The fate of the bank de- W
,nds entirely upon the commun- W
- anJ %ha y,yoo,>a,,s%xx &c Al fh