The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1912-04-24

ter to Have Capital I'm Excess of
sAoo.0eo; First to Occupy Own
Ranking Housc-Has Paid Out
Morr I'm Dividends I'm Past Seven
Years than Amy other Local Bank
The Farmers Bank a Trust Com
psay. which was organized In the
first quarter OF 1905. has completed
Its seventh year. and a retrospective
glance at the record OF seven years OF
growth and development affords its
officers and stockholders reason for
satisfaction and a pardonable degree
Of pride in what has been achieved.
The bank was opened for business
March 20. 1905. but the final
payment on stock subscriptions
Was not called for until May
LIST. at which date the total cap.
itsi stock was $4,000. From the
outset the bank carried a substantial
and well. distributed deposit account
which has grown In volume each
year. and the most gratifying feature
of><his department. Of the business
has been the steady increase In the
number OF regular depositors who
carry balances the year through.
When the bank opened>~for business
March 20. 1905 the total deposits
were s14.72s.7s. and there were
thirty-three depositors. OF these
thirty-three original depositors.
twenty-four are still customers. two
have removed from the city and two
have died.
One year after organization the
capital stock was increased to $780,
600. giving the bank the largest cap
itsiiaztion Of any bank In the city at
that time. Il being the FIRST to have
capitai IN excess OF 100000. The
nrst year no dividends were paid.
ta,t each succeeding year regular div-
dends OF per cent have been paid
the stockholders. per cent semi
annually. The total amount that
stockholders have received In div-
dends to date aggregate s57.so0. and
In addition TO this a surplus amount
ing to $3.50 has been set aside from
the net profits. When the bank pur-
chased the old Court House and re-
r,cdeied u for banking house II
was the only bank In the city that
occupied It's own home. an example
soon TO be followed by three other To-
cal institutions.
The policy of the bank has been
marked by conservatism and the
growth In business along all lines has
Deen steady. showing tina the meth
DDS have met with the approval OF
the public and that It's patrons have
confidence I'm the management. The
books show that at the time the last
regular statement was made the VOL
ume OF business was approximately
100000, and that In resources and
condition II was abreast OF any sim
ilar institution In this section OF the
State. Despite unsatisfactory financial
conditions existing throughout this
section last fall. In consequence Of the
low price OF cotton. all obligations to
Northern banks were anticipated and
loans exceeding s15o.ooo we're made
af K
warehouse by farmers who desired to
hold their crop for al advance In
price. During the fall and winter
when cotton continued to decline
and there was apparently little pros
pect OF an early Improvement In the
market the bank never urged a
single one OF It's customers TO sell his
cotton for the purpose of settling his
cotton loan. and no loan was called
until the customer felt disposed to
sell his stored cotton. The bank IL
still carrying n large amount Of cot
ton loans and will continue TO do so
"a long as the farmers wish TO hold
the cotton I'm storage. although II has
large demand for money at this time.
The bank is fortunate In having a
board Of directors that II truly rep
resentatlve Of the varied business In
terests OF this city and county. The
board OF directors. together with tac
advisory board. Is the largest In num-
,er and the strongest financially Of that
&C any hank In this section OF the
Siatc. All Of the affairs Of tho bank
ere regularly inspected and thorough
" gone over NJ stated intervals of