Mountain Home Republican. [volume] (Mountain Home, Idaho) 1915-1946, 1922-03-18
Assets Such That Stock
holders and Depositors
are Safeguarded Against
Loss in Their Investment.
Bank Personnel Made up of
Local People Experienced
in Handling Financial and
Banking Problems.

The early reopening of the First
National bank is now assured. The
examiner in charge has received
the approval off the comptroller OF
the currency of the directors elected
at the stockholders meeting three
weeks ago, the directors have or
ganized and elected officers and the
approval of the comptroller is now
awaited for the actual opening,
which will take place some time
within the next two weeks.
Officers elected are, Worth s. Lee,
stockman and capitalist, president;
John F. Gaines, farmer and stock
man, and for the past three years a
member of the board of county COM
missioners, vice president, and o.
E. Cannon, certified public account
ant, owner and manager of the Com
mercial Accounting Company, cash
Ter. These officers, with Geo. Ham
mond and j. E. Weaver, constitute
the loan board. Mr.. Lee and Mr.
Cannon have both had experience
in banking, each of them having
served as cashier of a Mountain
Home bank a number of years ago.
prior to the consolidation off the
Stockgnowers and First National
banks.
The bank will open with one tel
ler, ibookkeeper and stenograph-
er in addition to the officers named
and while the officers stated that
people to fill these positions had not
yet been named, it is currently rum
ored that Herman ]. Dick, e. E.
Boswell and Miss Daisy Austin will
be employed as the remainder of the
personnel of the bank.
Mountain Home holds a unique
position in Idaho regarding its
banks in that both banks in the city
were closed, with the remarkable
and gratifying record that one, the
Commercial G Savings, paid its de-
positors in full within sixty days,
and the other is now ready to re-
open without cent of loss to amy
depositor.
In the reorganization of the First
National the depositors were asked
to take deferred Inability for a por-
ton of their accounts with three
maturity dates for the certificates
issued. With the exception of a few
all depositors signed the agreement
by which the bank holds their mo-
ney on deposit for several months,
and there has been vast amount
of street talk that those who failed
to sign would be invited to move
their deposits from the bank after
the reopening. An inquiry to w. s.
Lee. the newly elected president,
brought out the statement that the
officers and directors contemplated
no such move, that in fact they
hoped for the 100 per cent support
of the town in the operation OF the
bank and that they felt that the
men who had failed to sign were
lust as good business men as they
we're and were entitled to use their
own good Judgment in handling
their own money. Mr.. Lee also
stated that the directors had made
arrangements with the creditors OF
the bank, particularly the federal
reserve. holding assets of the bank
for loans, to carry those loans un-
til the paper given as security shall
be paid, thus protecting the bank
from being called on to make UP the
old loans from new depositors.
The First National bank as 1t has
been reorganfzed is Strlctly com
munity bank, there being 342 stock
holders with an average of little
more than three hundred dollars OF
stock each, the directors hope foi
the cooperation of the people OF
Mountain Home in rebuilding the
bank, and feel that the reorganiza'
ton has been complete and
thorough enough to warrant that
confidence. They satisfied them