French Broad hustler and Western Carolina Democrat. [volume] (Hendersonville, N.C.) 1915-1916, 1916-01-13
FIRST BANK & TRUST COMPANY
REDUCES. CAPITAL TO $4,000.
Stockholders Meeting Finds Affairs Of
Bank IN Splendid Condition; r. H.
station Succeeds X. G. Norris.

company was held Tuesday afternon,
Inc directors room in the Bank
ru1lalng. There was an unusna-
large attendance, incIudino stool
nolders from all parts of the connt-,
IS Wen as several non-residents
H. y. clarke, who was recently cleo
! lcu president on the retirement of Tor
1nef president, w. J. Davis was ra
etected president for the ensuing wear
MT Clarke is well and favorahTy!
hhoWn to the people of HendersonviIIg.
.'nd henderson county and REQUIRES no
! to the patrons OF the han
;AF mas long been a director of the
! pa1h. Is member of the board of city
( { commissioners, and a prominent busi-
| n'0ss nan OF the city. He came here
Iipln tl pennsylvania eleven years ago
} thQ engaged in the hardware business
1e'f'H MS record as a progressive bust
nesE man Is guarantee to the pubiic
that ne Will give to the affairs of the
nank the some management that hos
. St1Ways marked his own business af
fairs. a. :
h. &. Norris Resigns.
N. Morris, who has long been
wee pres dent of the bank, having re-
! signed and embarked in the real es
!. .la'e anu insurance business it became
necessary to elect a new vice-presi-
Eoent, and Mr. R. H. Station was elected
! 10 That position. Mr.. Station is a ma
i've and lifelong resident of HendeI.
son county. He was formerly sheriff
q the county, was at one time SUPER
lntendent of public schools. and Ir
1917 was honored by his party with
! tt& nomination for Congress from the
Nth district. He has for manv y.
Deer senior partner of the law firm IF
Syaton & Rector. He is man IN
Wnom the people of this county have
c9nhdence and his election as vice
president will be qualification to his
numerous friends and to the patrons
Of the bank generally.
! Mack Rhodes has been so Ionp
identified with the bank as, its efficient
and popular cashier that it would he
nard to imagine the First Bank &
Trust Company without him. All
those who have the interests of tho
bank at heart will be glad to know
that he was reelected, as a matter of
course, as cashier.
The bank has never had a more dill
lgent and faithful employe than o. M
whitfield. and his reelection as assis-
tant cashier will give general salts
faction.
w. ]. Davis, who was president of
the bank from its first. organization I'D
until a few weeks ago when he resign
ed on account of i'll health, was elect
ed chairman of the board of directors:
and the following repl esentative men
we're elected as directors of the bank:
W. J. Davis, R. C. Clarke, w. A
Smith, j. o. Bell, F. S. Wetmur, r.
H. Station, S. Johnston, r. H. Bennett,
Geo. Stephens. A. Cannon, DR.. J. L.
Egerton, William Lott, G. H. Valen-
tine, j. c. Morrow, J. w. Pless and G..
Fl. Holmes
Most of these men are residents ct
Henderson county, and are so well
known that it is not necessary to make
any extended comment upon them.
They are men that the people trust.
and will insure the banks popularity
in the future as in the past The non
resident directors are J. w. Pless, a
prominent lawyer of Marion, Mr.. Gee.
Stephens, we'll known as the owner CT
Kanuga properties. and president Of
the American Trust Company of Char
lotte, G. H. Holmes. formerly resi-
dent of this county and now a promi |
nent citizen of Tryon, and R. H. Ben
Lett, capitalist of Marion.
Capital Reduced to $4,000
It was decided to reduce the capital |
stock from $125,O00 to $4,000, and to !
eliminate the real estate and insurance |
of the bank, thus cutting |
down the running expenses. This will !
enable the officers to devote their
Whole time and energy to banking.
The affairs Of the bank have just I
been thoroughly and exhaustively au
dited by Mr.. Mckinney, of the firm of
PulIen e Wilson, expert accountants
oi Richmond and Raleigh. The result
Of this audit has been tabulated. and
was produced at the meeting and all
invited to inspect and
examine it.
A spirit of hearty cooperation was
among all the stockholders,
and interesting talks were made 0y Il
Mr.. R. c. Clarke Mr.. J. w. PIess,
Mr.. R. H. Station Mr.. R. M. Oates
Ind others. Mr.. Pless, who is one OF !
he leading lawyers of the state and a
nan of statewide acquaintance, said I
hat in his opinion no bank in North '
5Grolina had greater opportunities anG =,
possibilities before it than this bank :
las; and he emphasized the fact that
is capitalization, surplus fund, sol !
1eRt assests and stockholders, double r.
liability, the deposits of the bank arc :
.ctually protected from two to three :
ines over. :
After the adjournment of the stock +
Iolders' meeting. the new board 81 '
irectors met and organized.
The active management Of the bank :
rill be in the hands of R. G. Clarke. =
resident, and J. Mack Rhodes. cashie~. =
r