Bank story Part 2

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\ t. N. KOEPLAND IS ARRESTED AT DAVIS JUNCTION ON WAIT TO CHICAGO. ASSERTED THAT HE HAS TAKENJBOUT S75.DUO Discovery Said to Have Been Made When Numerous Customers Complained Complained of Errors In Accounts. (By United Prearranged Wire) Chicago, Oct. 17—L. N. Koepland, cashier of the Hanover Union State bank at Hanover,-III., was arrested at Davless Junction and charged With embezzling $75,000 of the bank's funds. He is alleged to have "killed" checks. '.. He was cashier of the bank nine months. •• Tho cashier, according to authorities, authorities, was on his way to Chicago When he was arrested and held for, Hugh Campbell, chief of police of Hanover, who had a warrantor his arrest. ^ Jfoeplahd's arres't followed the report report of some of the customers of the •• bank that frequent mistakes had appeared-in appeared-in their accounts. Investigation by bank examiners led'to the'flllng of charges. Shortage May Re $125,000 Frecport — Tho Journal-Standard was In telephonic communication with- the bank this morning and was informed by W. W. Calhoun, a state bank examiner, that the total loss may reaqh $125,000. Mr. Calhoun reaches this total by figuring in $40,000 $40,000 in what he said were doubtful notes, $21,000 certificates of the old bank which had been discounted, and . $65,000 in Liberty bond, which Koep- land is believed to have taken with him. These bonds belonged to customers customers and had been placed with the bank for safe-keeping. Leaves Tuesday Evening Koepland disappeared last Tues- j'day evening. The bank was closed Friday. The bank examiners arrived and found discrepancies in the accounts, accounts, of tho bank. The examiners are: W. W. Calhoun, "H. A. J. McDonald McDonald and Harrison Mathewson. {They are still In charge and -''arts. checking up the accounts, It Is probable probable that a temporary receiver will be appointed. ' . , In Hanover Since Last December Koepland Is 25 years old and unmarried. unmarried. He came to Hanover from S St. Paul last December and has been cashlcf'ot the bank ever since. The principal owner of tho bank IB Jourgen Ols»n, a resident of North Dakota. He is said to own all the bank stock except thirty-five shares, which are owned locally. Olson owns four banfts In Illinois. Two of the other threo are* located at Bardort and Colchester, respectively. •' History of the Bank The Hanover bank was organized as a private bank In 1802 with a capital stock of $25,000. Recently it has been under state supervision. Its list of officers Is: t President—John Eadle. Vice president—Benjan.ln Eadle. Cashier—Leo Koepland. . Assistant cashier—Harriet Miller. Its last statement gave deposits Of $170,000 and loans of $130,000. Kaclie Here ' John Eadie, of the bank, .was here today. His errand was to consult a lawyer to see what could be done toward toward protecting the interests of the minority stockholders and the depositors depositors of the bank. Mr.' Eadle said that he sold a one- third interest In th» bank to Olson on March 21, 1920. According to Eadie, Koepland loaned money on tea without the knowledge of the "directors.

Clipped from Freeport Journal-Standard17 Oct 1921, MonPage 1

Freeport Journal-Standard (Freeport, Illinois)17 Oct 1921, MonPage 1
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