Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1919-06-27
NEW STATE BANK
ORGANIZED HERE
INSTITUTION WILL OP Il II 4 T f
UNDER GUARANTY FUND SYS.
TEM-OPENS AUGUST

Olympia is to have a new state
bank, organized under the state guar
anty fund by five well-known resi-
dents of the city, Millard Lemon. A.
G.. Cook Frank P. Mckinney. w. P.
Wotton and B. r. McClelland, the in
corporation papers for which were
filed with the county auditor and Sec
retary of state last Saturday.
The new institution. capitalized at
$4,000. with paid-in surplus of
$4,000, expects to open for business
about August /, in the Safe Deposit
building at Fourth and Franklin
streets, in the corner room now oc-
cupied by Simenson's jewelry store.
Charter for the new bank will be
issued next week, having been de-
layed through the fact that State
Bank Examiner Moore is in the East
The bank is organized under the
stringent requirements of the state
guaranty fund law by which its dep6s-
its will be guaranteed by the state.
1t will be the only bank in the county
operating under the guaranty sys-
tenn.
The incorporators of the new bank
are all substantial and fayorably
known business men OF the city. Mil
lard Lemon, who will be its president,
was stockholder and director In the
Olympia National bank for a number
of years, and with his father-in-law,
A. @. Cook. a capitalist Of Long
Beach, Calif.. owns approximately
half million dollars worth1)Df local
business property, and is recognized
as one of the city's most influential
and progressive business men.
w. p. Wotton. who will be vice
president, Is one of the younger bust
ness men of the city and Is the pro-
prietor of garage at Sixth and
Washington streets. He conducted
an auto accessory store here for sew
eral years.
Frank P. McKinney, who will be
cashier<And active manager of the
bank. has made his home in Olympia
for 22 years. For four years he was
connected with the Capital National
bank and for the last Is years has
been assistant cashier of the Olympia
National bank. He has a host OF
friends and acquaintances through
OUT the city and county and is thor
oughly familiar with the banking
business and conditions in this dis
trict.
B. r. McClelland has been an in
structor In the local high school for
years and is we'll known throughout
the county.
Verne Lawrence, another we'll
known young man of the city who has
been connected with the Olympia Ma
tional bank for several years. lately
as an assistant cashier. will be assist
ant cashier OF the new institution.
Announcement of the organization
OF a new state bank here did not
come as a surprise. for it has been
common talk around the city this
spring that several groups of local
people were working toward the es-
adjustment of such an institution,
the feeling being that state bank,
operating in the field OF real estate
anu otHti llohi " hiSb i'NtAO'sNs
banks are restricted, would have a
stimulating effect on local commercial
and industrial activity and likewise
bring to the city the transaction OF
considerable business now going else
where.
The new banks location is in the
busy section of East Fourth street.
1t will have control of the safe de-
posit vaults for which the building is
named and besides conducting a gen.
eral banking business expects to de-
velop this department
The fact that it's deposits will be
guaranteed by the state system, Civ
ing absolute protection to depositors,
is expected to bring to it as deposits
large sums of money not now depos-
tied in any bank in the county.