The independent. [volume] (Elizabeth City, N.C.) 1908-1936, 1923-12-28
ELIZABETH CITY IS TO
HAVE ANOTHER BANK
Hood System Industrial Bank Being Organ
lied, To Begin Business At Once With
$4,000 Capital and Surplus

Elizabeth City is to have an
other bank, authorized capital
$4,000, with a paid in capital
of $4,000 and surplus Of 5000
to start. The promoters of
the new bank expect to incor-
porate within a few days and
open their banking qaurterS at
an early date.
The idea Of launching this new
bank was not sprung until Monday
of this week. but it has been SO
enthusiastically received that near
ly half of the required capital has
been subscribed. 1t will bc Eliz-
abeth City's first industrial bank
and great future is predicted for
it. 1t is the one bank needed 10
make Elizabeth City's banking faci-
lities uniquely complete for a town
of its size. We have National
bank and two other thriving com
mercial banks for white people, n
commercial bank for negroes. a
joint stock land bank, n trust com
pany and building loan association.
But there Is no Industrial bank To
take care of the money needs of
small borrowers. The new bank
will fill i'm this gap.
The Hood System Industrial
Bank is not very much unlike the
Norris Plan bank. The one big
difference of first Importance to
. Elizabeth City folks is that the
Hood System is the idea of an Eliz-
abeth City man, Gumey =. Hood.
vice n""sident of the Carolina
Banking & Trust Co. The Hood
weekly loan system has been in
operation in the Carolina Banking
& Trust Co. since the establish
mcnt of that bank on Oct. 20, 1921.
Since Oct. I, 1923 it has been in
stalled in 81 banks in North Caro-
lima. But it is only sort Of side
line to commercial banks, just as
Christmas SaXipgs ,Gllbs are and
commercial banks do not push the
system. But i'm two years of its
operation in the one bank in Eliz-
abcth City. with no effort to boost
it, 4i2 loans aggregating $G1 ,S32.15
were made. all of which has been
paid back except $1G,729.T not due.
A number Of merchants. doing an
inStallment business i'm Elizabeth
City are enthusiastic over the new
bank. rs il will give them Il market
for notes and trade acceptanceS
taken for merchandise bought on
credit. One Norfolk furniture
house recently opened mp a Morris
hPlan Bank of It's own to take care
of its customers who needed money
20 furnish their homes.
J. The industrial bank is no long
ar nn experiment; it has been
!, thorOly tried ont. Charlotte. y. c.,
with Il population of 10000 has
reven industrial banks with total
net resources of more than S2.000.-
900, and the oldest of the seven is
only nine years old. Three new
industrial banks have been started
in Charlotte within the past two
years.
4 report recently issued shows
100 Norris Plan Banks having loan
ed over 30 million dollars i'm the
first six mouths of the present year.
R''"'iDgtOn, y. G., town of 5000
population has IN industrial bank
established on Oct. 10. 1922. The
report of its first years business
shows over $3O5,0OO loaned, and
Jall collected except $'3G,00O net
due. The Burlington Bank made
"a profit of 81 POO the first year.
The ease Of Burlington is cited he
cause Burlington IS .town ap-
preaching the size Of Elizabeth City,
! but by not means so good a town as
Elizabeth City.
Gurncy =. Hood himself Is lend
ing Il hand in the organization of
tine new bank. He says he will
make the new bank 10 charge for
the use II his system.