Rensselaer Semi-Weekly Republican, Volume 41, Number 12, Rensselaer, Jasper County, 20 October 1908 — National Bank at Remington Sold. [ARTICLE]

National Bank at Remington Sold.

The negotiations which have been pending for some time between the new State Bank of Remington and tbq First National Bank of that place have finally been completed and a contract has been entered Into by which, the furniture and fixtures of the First National Bank are sold to the State Bank and as soon as the new bank is ready to begin business it will open up in the same room with the National Bank. The S'ate Bank expects to be able to open for business about November sth, and the National bank will then proceed to voluntarily liquidate Us business under the Federal laws and according to the directions of the Comptroller of the Currency. There will be no court proceedings or expenses but instead the burinesH will be wound up the same as any business man would close up his busines, by collecting the notes due him and paying his bills. It is expected that the new bank will nractically succeed to the business of

the National Bank since most of the depositors will undoubtedly open ac- ( counts with the retiring bank. It will require several months to fully close up the affairs of the National bank but the greater part of its business will probably be settled by January let. and it will be In a position to settle with Its depositors wher> ever they may wish Ao close their accounts. , The new bank has a good field enabled to give lta patrons prompt, safe and reliable service.