The Owosso times. (Owosso, Mich.) 1897-1926, 1916-06-09
ON The ROLL OF HONOR
OwossO Savings Bank Has Surplus
Equal to Its Capital.
Also Increases its Semi.Annual Divi.
dend TO Five Per Cent.

A Michigan bank may get on the
so-called honor list by providing
surplus that is equal to its capitaliz-
alton. The Owosso Savings bank
achieved this distinction when, on
Monday of this week, the directors
voted to increase its surplus from
$4,000 to $4,000. Notice of this
action, sent out to the stockholders,
was accompanied by the announce
ment that a semi-annual stock divi-
dend Of five per cent, payable June
80. had been declared. Heretofore
the semi-annual dividends have been
on the basis of four per cent.
The Michigan banking law re-
quires state repositories to make
showing OF surplus equal to 20
per cent Of their capital stock. The
Owosso Savings bank has been carry
ing in this fund SIS, 700, or $1,000
more than the prescribed minimum.
By Mondays action this surplus was
more than trebled. To use a prac-
tically impossible hypothesis, a sur
plus equal to the bank capital, means
that should disaster completely wipe
out the working capital of the bank
it still would have a fund equal to
that lost, to tide it over.
The ability Of the Owosso Savings
bank to thus multiply its security, al
the same time declaring a handsome
dividend, speaks volumes of prosper
ity, thrift and careful management.
Banking conditions form a reliable
criterion of city's commercial sta
tus and thus, in the flourishing con-
dition Of its banks, Owoso can find
cause for qualification.
The stockholders of the Second
National Bank of Owosso, which with
tile First National Bank, originally
transacted business in the present To-
cation Of the Owosso Grocery COM
pany and later in the present Wool
worth store building, decided to rein
corporate under the state banking
laws and therefore. the Owosso Saw
irgs bank had it's inception in 1891.
The business was launched auspic-
iously and the bank has since made
steady progress.
Tho constant increase in business
and the opportunity to acquire the
va,y advantage Gus it cation at the
northMe est corner of Main and Wash
ihgton streets, actIt'ed remova, on
February 22, 1911, to the pre-. %.
bank building, which had been re-
modelled and externally improved,
the interior being transformed into
elegant and commodious banking Of
fees.
The business has continued to ex-
rand since. aaG the last sworn state
rent to tho safe. banking cr:.;nis-
sioner showed total deposits consider
ably above ID. m,lEOndoi;ar mark
10 be exact. 81, 1,243.516.72, Since,
in 1891, the tO,al deposits - tie
be nix amounted to $193,S76.6b, the
aggregate % the &: in in se-,,teen
; e.rs has been more than million
dollars.
The officols a1d directors mt tie
time of incorporation were rs fol.
IL VS.: President, ravid NJ. Estey.
vice president, e. Salisbury, cashier,
A. d. WhipD,s, G.,ec'ors, Charles S.
" :lliams, w. A. %coaard, Ed,lir A
Gould, d. NJ. Estey, Charles e. Rig
ley and James H. Calkins. There
have been many changes since that
time in the personnel of the direct
ing body, principally due to the toll
levied by time. However, A.. d.
Whipple, who began his banking ca
reer here with the national bank and
who helped to launch the state nsti-
tuition, hes served as cashier ever
since the state organization was
formed and large share of The cred
it for its present nourishing condi-
ton is due to his executive efficiency,
tact and personal popularity.
Charles E. Rigley, one Of the in
and original directors,
now is president Of the directorate.
His business ability and counsel have
been of great value in directing the
banks affairs. To him and Mr.. Whip
pie who have guided the destiny of
the bank since its infancy, the pro-
gressive step taken Monday is par
ticularly gratifying and has a senti-
mental significance.
The present officers OF the Owosso
Savings bank are: President, Charles
3. Rigley ST.; vice president, Alvin
VI. Bentley; second vice president, f.
Dewey; cashier, A. d. Whipple;
assistant cashier, Worthy S. Coop
er; second assistant cashier, Arthur
D. Alliton. The directors are A. NJ.
Bentley, Wade b. Camburn, E. o.
Dewey. A. M. Hume, c. e. Rigley, e.
y. Thome and F. b: Woodland.
The directorate comprises some of
he most substantial business men of
he city and its personnel is a guar
intee of continued conservative and
capable management such as has en-
abled The bank to pay the semi-an-
lual dividend TO its stockholders
regularly since organization, not
passing a single dividend. In the