The Providence news. (Providence [R.I.]) 1891-1906, 1896-01-29
Ola Colony Cooperative Bank.
Industrial Trust GO. building,

W 49,
Although among the youngest OF our
fiscal instit atoms, being organized and
incorporated IN July 81 the present year,
The OfdlCoiony Cooperative Bank has
demon trated It's stability and financial
standing AZ being among the most ably
mansgeu y banking IDstftutions In the
state. p IL differs very materially from
other banks az IL does not areceive deposits
that are payable on demand or subject TO
~cbeck-the plan OF operation OF the Old
Colony is somewhat similar 10 the plan of
the BUILDING and Loan Assns., which In
Philadelphia and other localities have
been in successful operation for years.
The plan upon which the Did Colony Co
operative Bank operates has heen demon
slrsted by actual experience To be sound
and practical, and IS in reality the build
ing and loan principle put on a practical
business basis and carried out by able
business men sucn as comprise its board
of directors. the idea being TO encourage
systematic money saving for its members,
who purchase its shares and agree for a
specified period TO make certain payments
monthly thereon. The bank agrees to
safely invest their savings or surplus cap
.ital so as to return them a larger Lrofit
than they Themselves could obtain In any
other non-speculative investment. and Tor
IFS borrowing member IL provides n
means OF owning, at about the same cost,
the house and home which he may now
occupy only rs a tenant. The investments
of the bank consist entirely of the loans
10 its members, no other form OF invest
ment being permitted by its bylaws,
which, under the strict laws OF the state OF
r. 4. can not be liz 1ored. Every loan Is se-
cured by a non-negotiable hrst mortgage
npon improved own or city real estate
worth at a conservative cash valuation at
least one-third more than the loan, and
satisfactory in all other respects, such as
value, prospects. and moral hazard, and
then only after the personal inspection OF
the executive committee OF the bank.
The plan adopted has been exceed
ingly popular in this community because
any person. firm or corporation may pur-
chase the stock of the Old Colony Co.
operative Bank and thus become a sharer
in the banks profits. Although in exist
ence but, comparatively, a few months,
such has been the success OF this form OF
investment that the banks assets have
now reached over s125. 600 since it's incor-
poration. The officers AMI trustees are as
follows: Pres, Hon. ID. Russell Brown,
ex-goy. OF X. l.; Hon. Henry A. Barker,
1st vice pres. (; Arnold Il. Chace, I'd vice
pres. Col. John &. Wyman. sec. Charles
ID. Bentley, gen. man. Albert A. Baker,
gen. counsel and Joseph T.. Sphinx, title
attorney. The trustees, besides the above,
Hre Charles II. George, Henry 4. Root,
Hon. George Il. Baker, Gen. Elisha III.
Rhodes, James IL. Chace, John Il. Camp
bell, william s. Granger, Gardiner G..
Sims, Charles IL. Child, George +. Leete,
Hon. Edward l.. Freeman, Myron Fish,
Herbert b. Ellis, William Il. Colley. anu
Andrew u. Longley. The executive COM
mittee, consisting of Henry X. Barker, chair
man, Henry 4. Root, Charles n. George,
George Il. Baker and Elisha H. Rhodes,
personally inspect and pass upon every
loan made by the bank. Both Messrs.
Barker and Root are building and loan
men OF long experience, having been con-
nected with the Roger Williams Savings
Fund and Loan Assn. for a number OF
years. II csc NAMES speak for themselves;
they need no mentiol OF whatever char
ucter at our hands, ashley, without ques-
tiol, represent all that ia sound in manu-
featuring, banking and mercantile circles
of II. ].