The Washington herald., 1921-03-14
CONVERTED BANK
AWAITS GONG FOR
FORMAL OPENING
Departmental Institution
Will Officially Begin OPP
erations This Morning.
CAPITAL is 100000
]. T.. Exnicios, Founder and
Vice President, Discusses
Inception and Purpose.

Today will mark the formal
opening of the Departmental BANK
l714 Pennsylvania avenue nortn-
west, as the successor. to the so
ciety for Savings and Loans.
TIE Departmental Bank, which
was organized with an authorized
capital of s5oo.ooo to provide
greater facilities and greater re-
sources than could be provided oy
the Society for Savings and Loans
has bought the latter institution.
simultaneously with the compile
ton of the. details of transfer or
! business, the minor details OF con-
struction have been finished on the
new bank building on Pennsyl-
vania avenue which will be open
for inspection this evening. The
officers of the bank extended cor
dial invitation to Its patrons and
the public generally to attend the
opening. ..
Exnieios Makes Statement.
j. T. Exnicios. second vice presi-
dent and cashier Of the Depart
mental Bank. who was one Of the
founders of the Society for Saw
ings and Loans. and was manager
of the latter institution during its
entire existence. last night discuss
ed the purpose of the Departmental
Bank and its future outlook:
at was Emerson who said that
they only who build on ideas build
for eternity" said Mr.. Exnicios.
"If that Is true we have laid .
mental Bank. because 1t is being
hr,s ~. ~ An al
service to government employees.
furnished themselves by means OF
their own bank. 1t will be an ex-
tension and enlargement of the, So
ciety for Savings and Loans which
existed from 1904 to the present
time, and which steadily and con-
| servatively enlarged its business
and its usefulness. Other banks
exist primarily to meet the needs
of commercial industry, but the
Departmental Bank exists TO meet
| the needs Of salaried workers in or
out of the government service. II
will extend to them credit facili-
ties that other banks do not and
cannot extend to them. Its pos
| sibilitiesr are. of course, as grea,
| as the number of salaried employees
in Washington. Its financial pow.
| er. usefulness and service will be IL
| proportion to the support and re.
source of its numerous sharehold-
ers, who now number about 5000
and who. by the end of the year
| will in all likelihood number 10000
The business OF the Department.
al Bank" Mr.. Exnicios explained
will be confined largely IL not al.
4 most exclusively to It's own stock
holders. It Is the stockholders
bank-'your bank as we say here
and a practical proof of that is tho
fact that 5 per cent interest will b.
paid on the saving deposits oi
stockholders.
Two-thirds Of the loans made
are secured by liberty bonds or BY
the savings accounts of the Dor.
rowers. The other third Is mad,
on the character of the individua
secured by the Endorsements Of tw,
or more persons known to the banl
to be reliable. This insures alb.
solute safety.
- Credit Is Foundation.
Credit is the basis Of all bust
ness activities. but credit plu
character is the basis of soun,
banking. The Departmental Banl
will finance the character of tn
salarted employees whose security i
often only character. In twenty
hve years of actual business, tn,
Society for Savings and Loans mad
over $4,000 loans, aggregratin,
over s3,250.o00. yet its losses wer
less than one-fourth of 1 per cen
In all that time. Thus It will b
seen that the business of the BAN
i will be secure and conseryative -