Putnam patriot., 1924-09-19
NEW BANK OPENING
 PROBABLY NOV. 1
Barring Delays, Citizens Insti- tuition Should Be Doing
 Business
Win Buy National Bank Buildins-
 Comptroller Approves Charter

Barring such delays as are still pos sihle. the new Citizens National Bank et Putnam should open for business in the banking house of the old First National Bank. on or about Novem- Der ist.
 It was with relief and gratitude that large majority of Putnam's population learned through the dis patches from Washington, printed in the morning papers of Thursday that the Comptroller of the Currency had formally approved the granting of the charter to the new bank. This action followed promptly the arrival in Washington of II. H. Mckee, Wash ineton banker. who spent two weeks iu Putnam analyxing the local situa- ton and comforting with the rep resentatives nf the shareholders of the old bank as we'll as with the mem bers of the citizens committee who are also the ineorporators of the new bank.
 Mir. Mckee Meets Committee
 At a meeting held on Monday eve aing. Ms. Mckee told the citizens committee that he would go at once to the Comptroller of the Currency and urge the immediate establishment of the new bank. The proper papers for such an incorporation including revised charter application raising the capital of the new bank to $780, GOO with q surplus of S75.0 was properly signed by the ineorporatorS and taken by Air. Mckee to Washing ton.
 In their application for a charter Che citizens committee agreed to buy from the Receiver of the old First National Bank the present excellent bank building. Also the incorporat- ors agreed to take large amount of the proven good assets of the bank, notes and other securities which are considered absolutely safe and which will be SO adiudged by n committee including representative of the in- corporators. representative of the Comptroller and an appointee from the protective committee of the old share holders. It Is believed that the amount of securities available in this way will total over s60o.00o.
 Will Begin Organization
 The members of the citizens com mittee will meet this evening in the Chamber of Commerce rooms to begin work on the formation of the banking organization.
 The first action to be taken by the committee on the receipt of it's charter will be the choosing of board of di- rectors to serve until the stated annual meeting. The second step will be the selection of responsible bank officer from out of the city who will under take the technical work of reorganiza- tion. Several candidates for this work are already under consideration by the committee. As has been frequently stated during the course of the new banks organization. the choice of president and cashier of the new bank will be matter of some time and con sideratson. The general feeling of the committee is that these officers should be chosen from out of the city and should be men previously unacquaint- ed with the local banking community.
 To Collect on Pledges
 On the receipt of the charter steps will be taken at once to collect the cap ital and surplus already pledged to over S200,o00
 Mir. Mckee on leaving Putnam ex- pressed himself as entirely satisfied with the outlook for the new bank. His study of local conditions convinced him that the work of the citizens com mittee had been exactly the step that should have been taken on the closing of the old bank. His decision to recom- mend thu granting of the charter was only made after he had found that the reopening of the old bank was an im~ possibility. Mr Mckee also told the committee that he realized the almost unanirous sentiment throughout the community that the banking business of this section should be owned and controlled hv local capital.