The commercial. (Union City, Tenn.) 190?-193?, 1919-01-17
OLD NATIONAL BANK
RECORD BUSINESS YEAR
President Whitesell Retires. With an
Interesting Statement.


Tho stockholders of the Old Ma
tional Bank, of Union City, met in
the bank building last Monday.
President Whitesell, who had al
ready indicated that he would be
compelled to retire to take care of
private business affairs, which have
been greatly enlarged by the pur-
chase of his fathers estate near Full
ton, and by the further fact that the
family will soon move to this old
homestead, made a statement to the
stockholders, which was very graft
flying indeed. A feature of this state
mont was the fact that the bank has
in the nine years since its organiza-
ton made total net earnings of
$156,99O.72 end that tho year of
1918 was decidedly the most pros
porous of all the years of business
done by the bank. Mr.. Whitesell
made an additional statement, by
the way, that tho Government had
estimated the stock of the bank to
be worth $3.50 per share Of $100.
Representing the directors of the
bank Mr.. Whitc5ell proceeded with
the facts that the bank hadn't been
compelled to charge off G. single cent
of bad paper, end that, in the opin-
ion of the directors, every note held
by the bank YVES solvent and collect
able. In the Presidents opinion, so
stated, there is not in the State of
Tennessee safor, more solvent or
better bank. Continuing, Mr.. White
sell added, by way Of credit to the
bank, that some of tho best men in
the banking business had received
their early training in this institu-
ton, under its former organization.
One of these, Mr.. Frank o. Watts, is
now member of the Federal Reserve
Board and president of the Third
National Bank, of st. Louis. Another
is Mr.. Ferd Thomasson, president of
the Central National Bank, St.
Petersburg, Fla. Another, Mr.. Wal
ter Howell, president of the Federal
Land Loan Bank, a statement of
which appears on the first page Of
the paper, who has charge of the
farm loans of the States of Ohio, In
diana, Kentucky and Tennessee.
Mr.. Whitescll, who has served as
president of Union City banks for
three years, will remain a director
of the bank, tho his citizenship, we
regret to say, will be near Fulton.
At meeting of tho directors Mr..
Seat Waddell, who has been connect
ed with banking in Union City for a
lifetime almost, was elected presi-
dent to succeed Mr.. Whitesell Mr..
Waddell was cashier of the old Bank
of Union City, tho first bank organ
lied in Union City. Mr.. Beck was
president and Mr.. Waddell succeed
ed Mr.. Book in three months after
NS Dohh Wao Vi SdHlZCu. he mas
been continuously end successfully
connected with Union City banking
all these years and is eminently
qualified to fill tho position of presi
dent.
The bank voted it's usual dividend
of eighteen per cent per annum. or
one and one-half per cent monthly.
which has been paid regularly since
the present Organization.
Officers and directors elected for
the year 1919 are as follows:
Seid Waddell, president; A. J.
Corum, vice president; ]. s. Rob-
erts, vice president; A. L. Garth.
cashier; Walker Kerr, assistant
cashier; Miss Birdie Caruthers and
Mr.. Donald Kerr, bookkeepers.
Directors: r. P. Whitesell
Waddell, A. j. Corum, H. A. Beck.
c. H. Cobb, E. A. Glover, G.. B. Dris-
Kill, ]. P. Verhine, ]. S. Roberts. A.
l.. Garth, S. ]. Willard.