The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1923-04-11
JOINT STOCK LAND BANK OF
MPL'S ABSORBED BY RED
WOOD FALLS INSTITUTION.
Capital and Surplus
Of About $2,5OO,OOO
BRANCH OFFICES TO BE OPEN
ED; STOCK AND BONDS TO
BE SOLD.

That Redwood Falls will be the 10
cation of Joint Stock Land Bank
having capital and surplus of about
S2,5OO, 10000 and assets of over $780,
OO0,OOO.O0 is practically conceded by
the officers of two banks of this class,
these institutions contemplating a
merger within the immediate future.
The two banks concerned in this
change are the Southern Minnesota
Joint Stock Land Bank of Redwood
Falls and the First Joint Stock Land
Bank of Minneapolis. This combina-
tion will mean not only bank of
sufficient volume to care for the agri-
cultural interests of Minnesota and
South Dakota, the two states in which
it will operate, but it also means a
wonderful opportunity for investors
throughout the section.
AS announced a week ago, William
H. Gold of Redwood Falls recently
purchased the stock owned by the
Straus Brothers Company of Chicago
in the First Joint Stock Land Bank of
Minneapolis. The Straus interests
constituted the control of the Min
neapolis bank. Last Saturday, April
7th, at meeting of the directors of
the Minneapolis bank, two members
of the Board resigned and William
H. Gold and G. w. Gold of the South
ern Minnesota were elected their sue
cessors.
This bank was organized four years
ago by the Straus Brothers VINO
formerly maintained an office in Red
wood Falls. j. l.. Knapp, who had
charge of the office here, has been
the president of the bank and the
Saturday meeting decided that he
should continue in this office for the
present.
Since the controlling interest in the
Minneapolis Bank has been purchased
by interests in charge of the South
ern Minnesota Joint Stock Land Bank,
a meeting of the stockholders of the
Minneapolis Bank has been called for
April Oath to consider the plan of
merging the two banks. This plan
seems feasible to all concerned as
through it all duplication of effort will
be avoided and this means great bene-
fit to both institutions as well as to the
agricultural section which they both
serve.
If the merger is effected the prin-
cipal office of the new bank will re-,
main at Redwood Falls. A branch
office, in charge of members of the
present personel of the Minneapolis
bank, will be retained in Minneapolis.
Also, to facilitate the business of the
enlarged banking house, three addi-
tional branch offices will be establish
ed, one in southeastern Minnesota, one
in southeastern South Dakota and one
in west central Minnesota. The exact
location of these branches has not
yet been established, but arrange
ments have already been made for a
strong, experienced man to head each
of them.
As stated above, the capital of S2,-
500,000.00 and the assets of more than
100000, 100000 will provide an institu-
tion of exceptional and unusual
strength, and one having an unpre-
cedented capacity for making loans.
In addition its resources and the pro-
ductive field in which it operates,
guarantees the most satisfactory of
investments in either Southern Min
nesota Joint Stock Land Banks stock
or bonds or both. The officers
have some far-reaching plans
already underway and these plans be-
come active at once following the COM
bining of the resources of the two
banks.