The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1922-07-17
This Explains IT,

In order that our depostors may comprehend this no
ce which has been appearing in the newspapers for the
past two weeks and understand the entries which will be
made in their pass books upon presentation on or after
July 17th 1922 the following explanation is pubished
The occasion is one of such unusual nature that full
and complete explanation is deemed necessary
Upon presenting the pass book each depostors bal
will be increased this time by two entries totalng
71s%-C) The first qudstng dividend of the MUTUAL
SAVINGS BANK of SO and (2) The regular interest pay
ment at the rate of 41a% per annum, of the MUTUAL
SAVINGS TRUST COMPANY, covering the first three
months which it has been in business.
THE MUTUAL SAVINGS BANK was conceived char
tered and established many years ago Savings Bank
under special law 1t the only bank established
in West Virginia under that law. 1t managed by
Board of Trustees appointed by the Circuit Court and re-
uuired by law without compensation or benefit IN
the institution The sterling worth, integrity and ability
of these men attested by the strong sound we'll bal
anced financial institution they have reared and the fact
that Mutual depositors though numbering in the thous
ands have lost dollar but have been year after
Year, the best paid savers in the community.
The special law however limited the powers Of the
Trustees to such an extent with the changed conditions
brought about by the passing years they could not serve
the depostors to the extent which more modern nstu-
tons could their patrons hence could not expect to
compete with these more modern institutions and,
Important than their inability to provide their depositors
With the facilities which the modern institutions could
offer BY being denied the of these facilities the Trus
tees could hope to provide adequate earnings to at
ford proper and to maintain the status which the
cpostors If the institution have always enjoyedthat OF
being the best paid savers in the community.
The Trust company is the modern and most desirable
rnr of bank because of its broad powers and the unlm
tied service which it render its patrons 1t is first
bank subject the regulations governing all banks
but with many added departments which enable it to add
service 70 its patrons and earnings for their benefit 1t
was not permissible however under the law to change
mutual savings banks into trust company In order that
dcpostors might receive the benefit of such form OF
bank il was necessary formally close the business OF
The old institution Every detailed requirement Of the
Law had to be met both to those provisions which
obviously necessary and those which merely amounted to
rcd tape The Trustees occupied position of largo
responsibility the fulfment of which necestated their
taking every precaution 1t their DESIRE well
that of the organizers of the Trust Company to that
every right or interest of each depostor be fully protect
cd and the depostors that every bit Of value
possible would be obtained from the sale of their prop
erty.
After careful preparation, then, April %. 1922,
Saturday night the MUTUAL SAVINGS BANK pro-
reeded with the formaitv of closing its doors and Mon
day morning the MUTUAL SAVINGS TRUST CON-
PANY opened having been organized duly chartered by
the State of West Virginia authorized and commissioned
BY the State Commissioner of Banking and having pur
chased the building and furniture lately owned by the old
Bank Forthwith the Trustees of the Old Bank placed
to the credit of the depotors every dollar of their de-
"M,,fr,oI Mrrst ALnnns Nicer, IL