The Opelousas courier. [volume] (Opelousas, La.) 1852-1910, 1905-05-27
The st. Landry State Bank.

February, 1896, the good town of
Opelousas was startled with the
report that the President of the
st. Landry State Bank had COM
mitted suicide. It seemed incred-
ible, as the gentleman had given
no sign of his intention to do such
an act. He had many warm friends,
who admired him for his many
excellent qualities, and particu-
larly for his well-known business
capacities. The inquiry with each
and every one was, what could
have been the cause of such rash
act. A committee Immediately
repaired to the bank to ascertain
its condition. To their surprise,
the paltry sum of So, 900 was found
in the vault, with notes amount
ing to only $50, 900. 1t owed $780,
900 to its stockholders and $50, 900
to depositors. This explained the
action of the President. He, with
his cashier, had looted the bank,
and finding that this could not
remain long undiscovered, he pre-
ferred death rather than dishonor.
Immediately steps were taken
TO re-estabhsh the bank, if possi-
BILE, on basis which would en-
able it to repay the depositors.
It was then that, by common con-
sent, Mr.. E. NJ. Boagni was called
to the helm. With full appre-
citation of the difficulties confront
ing him, he yielded to the wishes
of the stockholders, and became
it's President, with a full corps of
directors.
With the assistance of a few
friends who came to the rescue,
the bank opened its doors, not
withstanding the prediction of
many that it was doomed to fail.
In the course of II months the
depositors were paid every dollar
due them, and the stockholders
received certain percentage on
their stock. The bank was then
reorganized, $4,000 we're paid in
by the new stockholders, and the
era Of its great prosperity began.
Since its reorganization, that is
to say in the last eight years, it
has paid in dividends the sum of
$50 on every share. It has set
aside, as a surplus fund, the sum
lof $50, 900. aud undivided profits,
the sum Of $4,000, making its
stock worth at this day $3.50 for
| Ievery dollar subscribed by the
stockholders,
/ Such. briefly, is the history of
1.-The st. Landry State Bank. No
wonder the State bank examiner,
lin conference with capitalists,
IopenIy stated that no bank in the
IState stood higher in point OF
| administration than the St. Lam
Idry State Bank.
i This certainly must be source
| of pride to the gentlemen who
lhaye managed its affairs. We are
Informed that it has never lost 9
d nickel since its organization, mol
,Iby seizure and sale, has it evel
deprived any of its borrowers OF
their homes.
! While, no doubt, the board OF
Il directors, as a board, with its cler
j sIical force, must share in the credi
due them for this condition of th'
-ibank, it is but just to say its sue
Il cess is to be ascribed, in the main
Il TO the admirable financial abilit,
,Iof President Boagni. He ha
i watched over its interests as If i
i were his private business, will
!, unerring judgment and conser
], ,Ivatism that inspired confdenc
lin every one who had any dealing
with the institution.
8 It is therefore with sincere re
: gret that we learn of his retire
: ment from post he has filled s
!, ably. We understand that hi
!, .,Ilarge personal business demand
9 all his time, and for that reason
e and that he may enjoy life fre
s from care and anxiety, be he
Z Thought proper to resign tn
6 Presidency of the bank. His rel
y lignation has been followed b
those of Messrs. Frank J. Die
, lein and e. d. Estilette. Thes
two gentlemen have long ago e.
: pressed a desire to resign, bt
) only remained in Office at IL
: earnest solicitation of Mr. Boagn
.: The board Of directors has bee
reorganized, with DR.. John 4
Haas as President. The 9th
directors so far consist Of the tN
y old members, Col. j. Thompst
J, and Mr.. Joseph M: Boagni, ar
Mr. Ike Lichtenstein and Mr. Sa
y Haas. DIR. Haas is we'll know
~ ~ throughout the parish for b
y financial ability. Under his ma
agement, aided as he will be
NJ an able corps of directors, we ha
- every reason to believe that t
- - 81. Landry State Bank will co
II : tinue to prosper as in the pa
T. = enioying the implicit coniden
nal of the financial world. This &C
Z fidence must come to It WI