The Ward County independent. [volume] (Minot, Ward County, N.D.) 1902-1965, 1917-04-26
N|N0T FARMERS
Central BANK
OPENS MAY |.
New Institution Secures Charter -
Capital $4,000 with $4,000 Sur
plus-AfIiliated with S. l.. & r.

plus-Afiiliated with S. l.. & T.
A charter was issued April II, for
the "Minot Farmers Central Bank"
an institution affiliated with the Saw
ings Loan & Trust Co., and which will
commence business May /, in the
banking quarters occupied by the Saw
ings Loan & Trust Co., in the Sons
of Norway block in this city.
The initial capitalization Of the new
banking institution is $4,000, with a
surplus of $4,000, all fully paid up
and plans have been completed to dou-
BILE the capitalization of the bank with
in few months, and to be trebled lat
er and to be increased from time to
time.
The officers and directors of the Mi
not Farmers Central Bank are identi-
cally the same as those of the Savings
Loan and Trust Co., the parent organ
ization, and are as follows:
Grant S. Youmans, president.
G.. 0. Carlson, vice president.
Anthony Walton, treasurer.
John K. Sveen, secretary and cash
Ter.
B. A. Blume, assistant cashier.
The Minot Farmers Central Bank
will do a general banking business.
Announcement is made that the insti-
tuition will pay five per cent interest
on savings deposits and will pay six
per cent for twelve months certificates
of deposit. The bank will remain open
Saturday evenings for the benefit of
the laboring men and women Of the
city, who will not be able to do their
banking business during the day time.
The institution will carry on all lines
of general banking business.
The affiliated institutions are owned,
controlled and managed by the farm
ers themselves and both occupy the
same banking quarters on the main
floor of the Sons Of Norway building
on West Central avenue.
A great deal of interest has been
manifested in the organization of the
new farmers bank. "A year ago such
an institution was promised, but ow-
ing to the fact that more than thous-
and, to be more exact nearly 1400
farmers, have become subscribers to
and stockholders of the institution, the
bank proper has not been ready to
|open for business until the present
time. The stockholders are men Of
means and influence in their respec-
tive communities and are located thru
out the various sections of Northwest
ern North Dakota. Never before has
! there been such an undertaking in the
history of North Dakota banking and
the success of the enterprise, which
is assured, has been watched with a
great deal of interest, not only in
North Dakota, but in neighboring
states as well.
The capitalization of the Savings
Loan and Trust Co. is by far greater
and the reason is apparent, for the
capitalization of the new banking in
stitution is ample for present needs.
1t will be increased just as rapidly as
it's needs demand. It is the intention
of the management to increase the
business of both concerns as rapidly
as possible, but it is quite probable
that the capitalization and business of
the Trust company will always be the
greater. This will make absolutely
no difference in the earnings to the
stockholders, inasmuch as both insti-
tutions have identically the same own
ership.
The Savings Loan and Trust Co.,
corporation, was chartered in 1905. It
has always done mortgage and in
vestment business, but has never done
any trust company or banking bust
ness. The trust company is able to
do business that banks are not per-
mitted to do and vice versa. The au-
thorized capital of the Savings Loan
and Trust Co., is 100000, and as
previously mentioned, there are near
ly 400 farmer stockholders. The re-
sources are over 100000 and the
surplus and undivided profits amount
to over 100000.
The company has an advisory board
to the board of directors, consisting of
seventeen substantial farmers, all
prominent in their respective COM
munities.
The Savings Loan and Trust Co.
handles the following lines of BUSH
ness: banks, banking, bank stocks,
elevators, elevator stocks, creameries,
creamery stocks, farms, farming, live
stock, city property and construction
of city homes, loans and mortgages,
insurance of all kinds, the organiza-
ton Of farmers banks, farmers ele-
vators, farmers creameries, market
places and also general agency bus
mess. All holders of preferred shares
received 8 per cent and all holders of
common shares received IL per cent
dividends on their shares for the bus
mess year Of 1916.
The Men Behind the Plan.
The new banking enterprise has
been pushed in the organization work
by men who are identified with the
movement in every way. A brief BIZ
ography of each follows:
Grant s. YOumans.
President and general manager Of
The Savings Loan and Trust company,
Continued on page 81