Logan County Common Pleas Court Judge Mark S. O'Connor yesterday approved the final report of the disposition of the former Peoples Building & Loan Company, of DeGraff, Ohio. During the savings and loan crisis of 1985, Peoples was closed on March 9, 1985 and the institution was placed in liquidation on July 5, 1985.

"We are pleased to report that all of the institutions' depositors were made whole, all creditors were satisfied in accordance with law, and shareholders have been paid in three installments a total of $94.77 per share," said Ohio Superintendent of Financial Institutions W. Curtis Stitt, who served as the estate's liquidator since October, 1995.

Superintendent Stitt filed a motion with Judge O'Connor to approve the state's actions in disposing of the former state-chartered savings and loan. "While this has been a long process, we worked to ensure that all remaining monies due to depositors, creditors and shareholders were accounted for before we could close the estate," Superintendent Stitt said.

In disposing of the institution's affairs, a final audit was completed, tax returns were prepared, expenses were paid, and corporate charters were terminated.

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Under Director of Commerce Donna Owens, the Ohio Department of Commerce’s Division of Financial Institutions regulates Ohio’s state-chartered banks, savings and loans/savings banks, and credit unions. The Department also regulates securities, industrial compliance, fire codes, unclaimed funds, liquor, and real estate, among other industries. The department's internet address is www.state.oh.us/commerce