Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1924-06-27
A BANK AND IT'S HISTORY

Il
| OF its financial institutions, and til
| growth Of the financial institutions
interviewer with the confidence Of til
public in the management of the in
| situations which are chartered to car
Tor the monies entrusted to them.
| On June 25, 1900. the Shenandoah
National Bank of Woodstock opene'
its doors, and the story Of its growtl
and development, in the almost quartz
OF century of its business life, in
dexes ina striking way the stride
which this section has made in materia
growth since the natal day Of thi
National Bank.
When the Shenandoah National be
gan business, as successor to the oil
Shenandoah County Bank, it had
capital Of $4,000 with surplus and un
divided profits of $500. Today thu
capital is $50, 600 and the surplus ant
undivided profits are $92, 600. It is in
teresting to note that while the capita
has been increased but one fifth II
twenty four years the surplus and un
divided profits have increased ovel
six times the original amount.
In 1900 the resources of the bank,
when it was the only banking house in
Woodstock, were Sis, 900. Today, with
two other financial institutions doing
business in the town, the resources
are 1926, 900. In addition to that there
are growing Banks now in Edinburg
and Toms Brook, competing for bust.
ness in territory covered by the
Shenandoah National.
Twenty four years ago the Bank had
loans and discounts of $61, 600, while
in 1924 the same items indicate that
$507, 900. When it is borne in mind
that loans and discounts represent the
volume of money which Bank
furnishes farmers and merchants to
stabalize business, it will be under
stood that the Shenandoah National is
a large factor in fostering the value of
trade in the area of its activities
The comparative financial statements
issued by this institution in 1920 and
1924 are interesting as indicating not
only the marvellous growth of the
Bank but also the changed attitude of
people towards Banks. People realize
not only the necessity for Banks butt
they realize the convenience of doing|
business through these Institutions,
and whatever prejudice has existed
against Banks is being lost in better
of their unit to the COM
munity.
Twenty four years ago Judge E. D.
Newman was President Of the Sh en-
andoah National, and during its entire
existence he has remained at the helm.
Probably no financier in the Shenan-
doah Valley is better known than Judge
Newman and certainly none has the
of the people to afarge ex-
tent. He is President not only of the
National, but bears the
same relation to the Massanutten
National Bank Of Strasburg, the Peoples
Bank of Mt. Jackson and the Valley
Loan and Trust Company of Wood
stock. He is Vice President of the
Citizens Bank Of New Market, an
officer in Page Valley Bank of Luray,
Vice President of the Shenandoah
Life Insurance Company of Roanoke,
and is closely identified with many
other strong financial Institutions
Judge Newman's character and con-
servativeness have won for him the i'm
plicit confidence of the people of Shen.
andoah County, and the growth of the
National is largely a
tribute to his ability and effectiveness
to the interests of the Bank.
The original directors were Judge
Newman, N. B. Schmitt, M. w. Magru-
der, the latter two now dead, w. H.
Newman and Jno. L. Wissler. Of these
directors only two, Judge Newman
and w. H. Newman remain on the
present Board.
M. Coffman, the Cashier, became
identified with the bank, when it was
the old Shenandoah County Bank in
1885. Subsequently he went to Roam
oke and held responsible position
with one of the largest banks in the
Southwest. In 1890 he succeeded R.
L. Campbell as Cashier, and since that
time he has been cashier of the Shen-
andoah National. Mr.. Coffman pos
sesses personality which completely
harmonizes with his position, for his
affability and effectiveness to the
wants of the customers of the bank
have made and held many friends for
the institution.
In the final analysis, the best proof
of the popularity of banks personnel
is indicated by the amount Of deposits
for these deposits come from men,
women and children who place theil
money where courtesy is a big asse
and friendliness magnet. That ths
Shenandoah National Bank possesses
these drawing cards is evidenced b,
the fact that in 1900 the deposits wer'
$S3, 600 while in 1924 they had climbed
to SAFE, 900.
Allen K. Albert, Assistant Cashie
began as bookkeeper in the Shenan
doah National % years ago, and he ha
risen to his present position becaus,
of his fidelity to duty and attentivenes
to details in the different positions h
has served
Fred G. Wolverton, Teller, has been a
employee Of the bank for several year
and he with Nevin Martin and Myro
Bowman, Jr., constitute the remainde
of the banks staff of employees.
| The present directors are M. I
Wunder, vice president, w. H. New
man, DR.. w. C. Ford, DR.. ]. B. Rush
E. D. Newman, DIR. j. H. Smoot, Jaco
Haun and w. L. Newman. The diret