The Barre daily times. (Barre, Vt.) 1897-1959, 1922-03-16
Transfer of All Assets Of
Barre Savings Bank &
Trust Co. Abort Apr. 5
INTEREST T( TART
ON A : IL l, 1922
Chancellor TX Action on
Petition Of = ceiver After
Matters = Cleared Up

After an all-day session yesterday at
the banking rooms of the Barre Say.
ings Bank and Trust company before
Judge Stanley c. Wilson as chancellor,
the latter approved the petition of the
receiver, George b. Carpenter, for au-
thority to dispose of all the assets OF
the closed Barre Savings Bank and
Trust company to the newly organized
Barre Trust company. The decree Of
the chancellor will be filed to-day and
must run 20 days before the transfer
can be made to the new organization,
which will bring the date of the trans
fer TO April 5.
The new Barre Trust company ex-
poets to open for business as soon after
that date as it can complete arrange-
ments for so doing, probably about
April 10. But it was the understanding
of the court that the new bank, which
agrees to pay depositors in the Barre
Savings Bank and Trust company in
full, with interest up to Nov. %, 1920,
will begin paying interest at the rate of
four per cent from April l, 1920, to all de-
positors who leave their deposits with
the new bank
At yesterdays hearings, committees
representing the old stockholders, the
depositors, the new bank and attorneys
representing various interests were
present. all interests making it known
that they approved the offer made for
the old Institution by the.new. The de-
positors' committee has made the fol-
lowing report TO the depositors of the
old bank;
March l6 1922.
ITO the depositors of the Barre Saw
ings Bank and Trust company:
"Your committee has investigated
the situation Of the Barre Savings Bank
and Trust company as appears from
our report TO the court of chancery,
which follows:
1--WE feel that the proposition Of the
Barre Trust company is fair to the de-
positors, that the new bank with addi-
tional capital stock and surplus, of
s75 900 paid in cash, win be sound
and solid institution and should re-
reive the support and cooperation of
all depositors of the old Barre Savings
Bank and Trust company"
The depositors' committee made the
report to the chancellor:
To the honorable court of ehancery.
within and for the county of
Washington, state of Vermont:
eThe undersigned committee elected
" the depositors for the purpose of in
Testigating the proposition of the Barre
Trust company for taking over the as
cts of the Barre Savings Bank and
trust company, beg leave to report.
I'VE requested the Granite Savings
,ank and Trust company, whom we
had not examined the as
cts and who might possibly be inter
sted in a purchase to make an ex-
mination of the assets Of tho Barre
avings Bank and Trust company. with
view of determining whether the Of
sr of one hundred tl00l per cent to
he depositors as of Nov. %, 1920, was
he best offer obtainable.
AT our request the court postponed
Of the offer of the Barre
rust company.
"Such examination has been made
I'd we are advised that the Granite
avings bank does not care to consider
le purchase of the assets and does
lnsider the proposition of the Barre
rust company a fair proposition un-
n all the circumstances.
We. therefore. respectfully ask the
urt TO accept the offer of the Barre
rust company for the assets of the
ARE Savings Bank and Trust com
my.
dated at the city Of Barre an the
unity of Washington this 18th day
March A. d., 1922
The report is signed by Leslie c. Car
nter, Charles Zanleoni, jr., James
eDonald and NJ. ID. keefe, committee