The commonwealth. (Scotland Neck, N.C.) 1896-1929, 1909-09-02

Sufolk's we'll know banking in
sutton, Farmers Bank of Nansemond
| having some time ago been accorded
the proud distinction of holding the
position Of the first bank in the
| United States on the State Bank Roll
Of Honor, still holds its position, and
called forth the following letter from
C. A. Hazen, President of the Com.
p my which publishes "The Finan-
cier", the leading banking publica-
ton of the United States:
New York,
August 16, 1909.
Farmers Bank of Nansemond,
Suffolk, Va.
Gentlemen
In our issue of August 10th, a
copy of which you doubtless have re-
ceived, we publish a State Bank Roll
of Honor edition, and if you will re-
fer to page III of the regular issue,
you will see little notice which the
writer has taken a great deal Of
pleasure in preparing for your bank.
We are very, very proud of your
friendship and patronage, and while
congratulations at this time are a lit
tie hackneyed, we can still say to you
that your standing is one of which
any bank might be proud and that
your unique position among the
banks of the country is envied by
many institutions, which aspire to
great pretense in the banking field.
With best wishes,
The Financier Publishing Company.
By C. A. HAZEN, President.
The article referred to above and
which appeared in the August 18th
number of 'The F'inancier" is as fol-
lows:
What can be accomplished by
so-called country bank" under able
management is we'll shown in the
case of the Farmers Bank Of Nanse-
mond, Suffolk, Va, which occupies
the proud position of the first bank
in the United States on the State
Bank Roll of Honor. This bank is
in a town of four or five thousand
people, has accumulated a surplus
and profit fund Of considerably above
S6O9,OOO, on a capital of $4,000.
The percentage Of surplus and pro-
fits to capital as given in the Roll of
Honor is 3O65, but since the compila-
ton was made, the bank has materi-
ally added to it's surplus fund, and
now holds something like $625, 900
of earned surplus. This in proper
ton to capital, is the largest surplus
fund reported by any bank in the
United States, the First National
Roll of Honor Bank having reported
1850 per cent, surplus and profit to
capital.
The growth of such relatively
enormous surplus fund was not ac-
cidental. 1t represents rather the
application of the best banking prin-
pies to the ordinary affairs of busi-
ness, and the safeguarding of re-
sources through wise and conserva-
tive Investment. The men who are
responsible for the accumulation of
this fund are to be congratulated on
the success which has attended their
efforts, and it goes without saying
that the community blessed with the
presence of such a bank must have
benefited largely through the exam
pie set by the bank management of a
really wonderful character. The
Farmers Bank of Nansemond, while
it has prospered amazingly has yet
fulfilled a mission in sense high
er than the mere accumulation OF
profits. 1t has taken care of its GUS
toners, it has extended a helping
hand in every case where the circum-
stances warranted, and for every dol
lar it has made the community un-
doubtedly has made many more.
There is lesson in the management.
of this institution for every country
banker in the United States.
Not alone has the bank brought
distinction on the town in which it is
located butt has added in making the
town a better one in every respect
and will continue to do SO IN the
fnture. It is likely that the Farm
ers Rank of Nansemond will continue
TO head the State Bank Roll of Hon
or for many years, but as priced as
is this distinction, the bank proably
feels more pride in the work 1t is
doing at home than in what may pe
termed an outside honor. The Of
6cers Of this sterling institution are:
Ed. E. Holland, president; Z. w.
Truitt, vice-president;Wm.H. JONES'
Jr., cashier -