The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1914-10-14
TO CONVERT TO
NATIONAL
LAKE COUNTY BANK CHARTERED
AS NATIONAL BANK BY COMP
TROLLER or CURRENCY.
Will BE The Lake County National
Bank, and VIII Become a Member
of the Federal Reserve Assn.

An announcement of much impor-
lance was made today by the officers
of the Lake County bank. BY formal
action of the board OF directors, at a
regular meeting held a few days ago,
ii was decided to convert from a state
bank TO a national bank under the
title of The Lake County National
Bank of Madison"
The change comes as a surprise to
men in business circles locally, and
is made in anticipation of member
ship in the new banking system estab-
lished by the federal reserve act.
Officials Give Reasons.
The officials of the bank stated to-
day that this important change was
decided on in order that the bank
might be in a position, through men,
bership in the National Reserve asso-
citation, to give its patrons both local
~ and throughout this territory the
added facilities which the national re-
serve act will give to the national
banks.
The officers and directors have had
the matter under thoughtful consid-
CT dAlOh ElnNS IL was ht0l EClEE any
known that this new act was TO be-
come a law, and are thoroughly con-
WINGED that as a national bank they
will be even in a stronger position
than heretofore TO take care of the
steadily increasing requirements OF
their patrons resulting from the
steady growth of business both in the
city and in the adjoining territory.
This change will in no way inter
rupt the business of the bank nor af-
feet in any way the actual relations
between the bank and its patrons.
The business will continue as hereto
fore, except for the necessary change
in stationery and other minor mat
tiers that will be adjusted as fast as
circumstances will permit.
History of the Bank.
The recent action of the stockhold-
ers i'm converting to a national bank
suggests a brief retrospect of some of
the interesting happenings in connec-
ton with the career OF this institu-
ton.
The Lake County bank was opened
for business July 3, 1899. as a private
institution, with a capital of $4,000.
with John Walden as president and
George f.. Cochrane as cashier. On
June i, 1904, the bank was incorpo-
rated and became a state institution,
with a capital of $4,000. In October,
1905, the present commodious build
ing was completed and occupied, and
on May %, 1908, Martin F. Berther
was elected cashier to fill the vacancy
caused by the death of George f.
Cochrane.
In response TO the demand for
greater facilities with which to trans
act the increased financial business of
this locality, and to meet the grow
ing demands of its patrons, the cap
ital stock in June, 1909, "a in
creased from $4,000 to $4,000.
On August 5, 1911, John w. Wad-
den was elected president to fill the
vacancy caused by the death of his
father, John Walden, and on January
/, 1913, conforming with the wonder
full development of this territory, the
capital of the bank was increased
from $4,000 to $4,000.
The response of the business COM
munity to the efforts of the officials
has always been most gratifying. The
bank has grown consistently and per-
sistently TO the point where it has
today in excess of one-half
million dollars.