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Speculatorstroduced to Garrett and Morris. He said R G. Florencesold the Texas City bank toTestifythe two men for $632,000 andAnderson was paid a comm is-Hearingsion of $15,000 for arranging the%sale in April. 1963.Continued From Page ONEownmOneve Marlin bonk. Hesaxl they put together $225,000 borrowed from the Continental Bank Trust and $26,000 borrowed from their Texas Citybank to finance purchase- of the Marlin hank's control.Don Sdverhorne, former president of the now closed SanFrancisco National Bank, testified he had loaned Morris andGarrett $632,000 iof his bank's funds in 1‘963, financing most of their initial venture into banking—the purchase of a controlling interest in Mainland Bank Trust. X Ho said the San Francisco hank mav lose as much asComptroller of the Currency... jnay .....c 100 000 on the loan.M c C I- F L L A N emphasized that t’he precarious financial c' irhi on of the .Texas City bank has been corrected now and there is no need for anyone to have any apprehensions aboutthe solvency of the bank Anderson said he was contacted bv Robert Sonfield. a11-: • i -tun attorney, early inI9»‘3 and asked to help in the sale oi the Texas Citv bank.He said ..he went to Son-field’s office, where he was iA-highly questionable, if not lawful, banking practices.” verthorne has deniedun-Silthecharges.League CityStudent GetsTeaching PostMAINLAND NEWS BUREAULEAGUE CITYPatriciaAnn Judd of League City, graduate student at TexasChristian University, has beennamed recipient of a summer teaching assistantship from the National Science Foundation.working as a biology laboratory instructor, will teach at TCLthis summerA graduate of Clear CreekHigh School, she received herbachelor's degree from TCU in 1963 and is currently working toward a master of science degree in biology.She is the daughter of Mr7James J. Saxon has charged Apithat Silverthorne brought the aSan Franciso bank to ruin histhrough highly improper and carand Mrs. R H. Judd Jr., 210Wilkins, in League City./watin1an43a tlasDc21,nelieMiss Judd, who has beenof
Newspaper Details
Galveston News Tribune
Galveston, Texas, US
Fri, Jan 01, 1965
Page 34
Full Page
Clipped by
Anonymous
USA 24 Oct 2022
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