Imperial Valley press., 1909-05-15
TWO NATIONAL BANKS
 IN Fl CENTRO CITY First National Bank Opens for Business With Strong
 Directorate.
County Seats Banking Facilities Now First Class and Business Conditions ImproVing--Vslley State About Ready to Pay Depositors in Full.

Assurances nave been gwen that El Centro's temporary inconvenience re- sulting from the closing of the Valley State Bank is to have speedy relief, while the opening of the First National bank and the continued growth of the Fl Centro National provide banking facilities equal to those of any city of this size in California. A towns banking facilities have so direct and important influence on it's business condition that it is usually insecure to have only one bank, no matter how strong that bank may be. El Centro has now two Nationsl banks, it's mon- ey handling facilities are as nearly perfect as they could be and the bus mess of the town and of the country tributary to 1t is thereby so protected and stimulated that all business en- terprises will be made more secure and a considerable increase in the volume of trade can be expected at once. In fact, conditions are already better than at any previous time for a year and all the business men of the city look forward with confidence and op- timism.
 The First National Bank opened for business, Wednesday morning in the splendid quarters in the Beach build ing at the corner of Sixth and Main streets. The officers are Leroy Holt, president; True Vencill, vice-presi- dent; J. V. Wachtel. cashier; Leroy Holt, True Vencill, J. V. .Wachtel, w. F. Holt, Harold Bell Wright, Fred Full Ter, Geo. D. Abrams, directors. The stockholders in addition to those named as directors are F. c. Abrams s. W. Dunaway, H. c. Griswold, Paul Roman, Franklin J. Cole, A. H. Reh- kopf, D. G. Whiting, w. A. Van Horn B. Solomon, W. R. Carey, T. B. Blanch- ard, R. H. Clark, D. s. Elder.
 The Firse National was capitalized at $25.000 and this amount has been paid in. Steps have already been taken to increase the capital to $50,000 and 1t is expected that the increase will be made in a week or two.
 The opening of the First National, with it's strong backing, and efficient officers, means that more money will be available for Fl Centro and that it's banking facilities have been strengthened. The bank will be con ducted safely and conservatively, but all proper accommodation will be ex- tended to it's customers.
 The Fl Centro National, starting two months ago, has made the splendid record of increasing it's deposits to over $100,000, while it's cash resources are extraordinarily large. The con- fidence which the people of the town had In President Fuller has been fully justified and he has already demon- strated that in the El Centro Nation al Bank the city has an institution upon which 1t can always depend and whose strength is>sufficient to meet all legitimate banking demands. Cash and exchange now on hand amounts to $85,000 and money will at all times be available for loans. The paid up capital of the El Centro National Is $30,000 which will soon be increased to $60,00O.
 Progress in handling the affairs of the Valley State Bank has been satis- factory, but there are still some minor details to be decided before the bank can be opened for the purpose of paying its depositors.
 Officers of the bank state that mon ey in a sufficient amount to pay all depositors in full is in hand and they expect to turn it over within few days. No announcement has yet been made regarding the plans of the off cers of the Valley State Bank beyond the payment of the depositors at an early date, and it is not yet known whether or not the bank will continue in business after it has paid off its liabilities As stated in the Press two weeks ago. the resources of the Val ley State Bank were large enough to preclude any danger of loss to de- positors, the only reason for any de- lay at all being the necessity for suf- ficient time in which to convent a part of the securities into cash,