The Birmingham age-herald., 1924-03-06
PRATT CITY TO
 HAVE OWN BANK
 AFTER SATURDAY
New Institution Fostered By Business Men Of
 Community

Opening of new bank in Pratt City, to be known as the Pratt City Savings bank and including many of the leading business men of that sec ton among its officers and board of directors, was announced Wednesday. The new bank will open Saturday. March 8, with capital stock of $25, 900.
 The president, 4. NJ. Grimsley, is one of the leading bankers in Alabama, be- ing the owner of several banking in- stitutions scattered throughout the state. He has acquired reputation as & banker and has been instrumental in developing several local industries. Mir. Grimsley is president of the First National bank at Fayette, Ala, where he makes his home.
 S. G. Kennedy, vice president, is q native Alabamian, having been asso- ciated with Mir. Grimsley for num- Der of years in the banking business. He served as assistant state treasurer in the Kilby administration, and more recently was treasurer of one of the leading Alabama life insurance com. panies.
 Merchants Interested
 W. C. Mcclure, also vice president of the new bank, is one of the leading merchants of Pratt City, being owner of one of the largest departmept atores theFe. A Alaheaseh bexn h Eayetfes Alass he has been In bzeisleRa if Pratt City for the past g years. Mir Mcclure will be actively associated with the other officers of the new bank, although con- #tinuing his interest in his private busi- ness.
 c. V. Riddle, the cashier, has ac- quired much experience as banker as a result of his being connected for four years with the Roanoke Banking com pany and later with the Birmingham Trust and Savings bank, where he was employed for eight years. He will move to Pratt City immediately and make his home there.
 All the other members of the board of directors are successful business men of Pratt City,
 The Directors
 Besides the officers, the board of directors consist of Dr. E. E. Cole, Dr. J. NJ. Darlington, s. T. Key, J. B. V. V. Gregory. The stockholders con sist of n business men of the city.
 Residents of Pratt City have felt the need of local banking facilities for some time, it is stated, as the town has been without bank for the past several years. The new banking insti- tuition was organized largely through the efforts of the Pratt City Mer- chants club, which has sought to es- tablish such an institution to provide general banking facilities to. care for the banking needs of the many com mercial houses and industries, inciud- ing several large industrial plants.
 According to the report of the Pratt City Merchants club, the town has 62 stores, which do an annual business of approximately $1,25O,000. It is also near the location of the new shops to be constructed by the Southern rail- road at q total cost of more than $3, ,O0O, 900, while it is reported that the largest coal mine in Alabama is soon to be opened near Pratt City by the Tennessee Coal, Iron and Railroad company. The Frisco yards, now being remodeled and enlarged, are just short distance away.
 Besides the Southern and Frisco lines, Pratt City's industries are served by the Louisville and Nashville and the Illinois Central railroads. 1t is situated on both the Bankhead and Jasper highways, and it is reported that the board of revenue is consider ing the completion of the paving from the end of the present paved. stretch, five miles from Pratt City, to the Walker county line. The towns popula. tiou is estimated at 10000,