The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-08-23
NEW AMERICAN
BANK TO OPEN
AT 9 THURSDAY
James S. Rogan, Cleveland,
Named President of
Institution.
STOUT IS BOARD HEAD
100000 of Impounded
Deposits to Be Freed
to Business.
STOUT Is BOARD HEAD

pictures on Page One. Section Two)
Indianapolis new financial insti-
tuition, the American National bank,
will open its doors for business at 8
Thursday morning. releasing so per
cent of impounded deposits of the
Fletcher American National bank,
which it succeeds.
James S. Rogan of Cleveland was
named president of the American
National at the first meeting of
stockholders and directors Tuesday
afternoon.
Immediate action to place the new
bank in operation was taken by
stockholders on receipt of mes
sage from Washington authorities
permitting Frank C. Bopp. conser-
vator. to turn assets of the old in
stitution over to officers at 3 this
afternoon.
Elmer W. Stout, former president
of the Fletcher American. becomes
chairman of the board of directors
of the new bank.
sS,OOO,OOO in Circulation
1t is estimated that with release
of half of the impounded deposits,
more than 100000 again will be
in circulation in the city and state
Thursday. Tieup of the Fletcher
American during the bank holiday
and since. while it was operated on
a restricted basis. will release funds
of correspondent institutions
throughout the state.
Election of other officers of the
bank has been deferred.
Saving of approximately $4,000
annually TO stockholders of the, in
Stitution was announced today by
officers, who said interest rates on
preferred stock and money borrowed
from the r. F. C. had been reduced
to effect the saving
Bopp Is Liquidator
Announcement that the bank i'm
mediately will operate under NRA
provisions also was made.
When Bopp relinquishes control
of the old bank. he. Lucius S.
French, and Otto j. Feucht will be-
come liquidating trustees for the
former institution. They will take
charge of outstanding loans which
will not go into the new bank.
Entire second floor of the bank
building. Market and Pennsylvania
streets, now used by the Indianap-
oils Bond and Share Company. will
be turned over to the trust depart
ment of the new bank and the
liquidating trustees of the Fletcher
American.
Directors Are Named
Directors OF the institution in adj
dition TO Stout. are:
j. l. Holcomb. president Holcomb
e. Hoke Manufacturing Company
William j. Mooney ST., president
Mooney Mueller-Ward Company
G.. Barrett Monkey. president Kiefer
Stewart Drug Company
John H. Rau. president Fairmont
Glass Company.
Charles B. Sommers, president
The Gibson Company.
Thomas D. Taggart. president
French Lick Springs Hotel Com
pany.
j. H. Trimble. president Trimble
Realty Company.
Frank H. Sparks. treasurer No
blitt-Sparks Company.
Scott c. Wsdley, president Wad-
ley & Co.
Rogan Banker 81 Years
Rogan has had twenty-seven
years banking experience, starting
his career in Austin, Tex He re-
signed this position TO join the
army and returned to associate with
the National Bank of Commerce in
New York.
He later organized bank in Oak
land. Cal. and recently has been
assistant CONSERVATION of the Union
Trust Company at Cleveland.
Rogan is As and is prominent in
Masonic work.
Stout for many years was preSi-
dent of the Fletcher American bank.