Indianapolis Times, Volume 45, Number 1, Indianapolis, Marion County, 12 May 1933 — Page 3

MAY 12, 1033.

CREDITOR SUES CLOSED BANK'S STOCKHOLDERS Double Liability Judgment Asked in Meyer-Kiser Court Action. Suit to coilcct from sixty-five .stockholders of the defunct MeyerKiser bank, on a double liability ba.'is, was filed today in circuit court by Charles D, Babcock, an attorney, who avers he is a general creditor with a claim of- $l5O. Babcock, member of a depositors committee, states in the suit that he is acting for himself and more than 1,000 other creditors of the bank. Among the defendants are stockholders who served until a week ago as liquidating agents, having been displaced by Thomas E. Garvin, receiver. appointed by Circuit Judge Earl R. Cox. r I hese stockholders are Ferd S. Meyer, from whom the suit demands $86,040; J. J. Kiser, $66,000, and M. S. Cohen. $66,500. May Pay Well, is Claim From .Sol Meyer the suit, asks $66,500. Amounts of $6,000 or less ere sought from remaining defendants. Order for discharge of all former employes of the bank and cessation of operation of all departments was given Garvin by Cox today. Last Saturday Garvin discharged fourteen of the eighteen employes of the liquidating agents. Depositor creditors of the defunct State Savings and Trust Company plan to continue their search for assets of the receivership, it was revealed today when petition was filed with Cox asking for a further investigation. Examination Is Sought The petition, signed by K. T. Hamilton, J. S. SLsloff, R. D. Evans and S. Pat Solomon, asked the court to "arrange for an examination of the records and activities of the officers of l he bank and its subsidiary, the State Property Company." Meyer-Kiser bank depositors could be paid in full, if total assets of the bank can be liquidated at an average of 70 per cent of their book value, Kiser said today, adding that only time and general business conditions govern this possibility. Garvin Thursday said the hank may pay depositors 25 cents on the dollar. Kiser sairf that income from all sources during the twenty-three months of liquidation of $262,545.75. Expense for the same period, he said, was $232,125.27. leaving a net operations profit of $30,420.48. Cites Examination Results Examination by the state banking department showed approximately the following, Kiser said: Total liabilities, exclusive of $614,000, in capital surplus and undivided profits, $1,878,000; total book value of assets, $2,492,000, valued by banking department at $1,373,000. If the assets are liquidated at the value placed on them by the banking department on the basis of the recent examination, depositors and creditors would receive approximately 70 per cent, Kiser said. Receivers for the Belmont State bank and Virginia Avenue State bank, closed recently on order of the state banking department, were appointed today by Judge John Kern in superior court one. Frank B. Ross, attorney and former probate judge, was named the Belmont receiver with bond of $15,000. Edward A. Oliger, attorney, was appointed the Virginia Avenue receiver at SIO,OOO bond.

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THE TIMES \

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