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Security at Peoples was antiquated. Despite a number of
bank robberies in the area, Peoples had little protection from
armed robbery or burglary. Security at the bank consisted of
glass doors that could be locked and two 1960's vintage still
image security cameras. Peoples did not employ security guards
or arm its employees and did not have a central alarm system. In
the event of a robbery, Peoples did have a system in place to
activate a silent alarm that would notify the sheriff if bait
money should be removed from a teller bay. However, at the time
of decedent's death, the physical cash was not carefully managed,
and tellers frequently kept as much as $80,000 in their cash
drawers.
3. Franklin Loan and Savings Association
On the valuation date, the Franklin Loan and Savings
Association (Franklin) was affiliated with Peoples. Franklin did
not have its own facilities or employees and used those of
Peoples. Franklin paid Peoples for employee time used, along
with an annual rent of $600.
4. Depository Accounts
a. Checking Accounts
On the valuation date, Peoples offered "free" checking
accounts that really were free. There were no monthly charges,7
7 Peoples charged a fee on dormant accounts as provided by
State law.
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