The Winslow mail., 1924-09-19
union BANK &
TRUSTCONPAN
IS TO BE MADE.
NATIONAL BANK.

One of the momentous announce
ments in the business world of Wins
low, and one of far-reaching conse-
quence and effect. is that the Union
Bank & Trust company, under the
presidency of r. c. Kaufman is soon
to be converted into national bank,
and to have membership in the fed
eral reserve system of banks, operat-
ing under the laws and rules of the
national bank act and to have the
protection and assurance afforded to
financial institutions conducted under
the federal laws.
Early this month the officers of the
local bank were notified by wire that
the comptroller of the currency at
Washington had approved their appli-
cation for charter and that as soon
as certain essential matters of detail
and routine had been complied with
the charter would be forwarded. The
last details have been attended to and
Mr.. kaufman is hourly expecting re-
ceipt of word from the comptroller
advising of the issuance of a national
bank charter to the institution and
the right to adopt the name of The
First National Bank of WinslOW. The
new plan puts the bank and the COM
munity in touch with the federal re-
serve system, a system proved by
years of experience to be sound, and
membership in the federal reserve
provides practically unlimited re-
sources for the bank and community.
For some months the Union Bank
& Trust company has been conducting
its business in conformity with the
practices of national banks. in antici-
patton of the expected change, and to
make easier the transaction from a
state to a national bank.
After the application had been made
to the comptroller of the currency
about the first of this year, the comp
troIIer detailed an examiner, Mr.. |. /.
Chorpening, to make an examination,
which was completed in August. That
this examination resulted in the ap-
proval by the department and the au-
thoriZation of the change to national
bank, speaks volumes for the manage
ment of the Union Bank & Trust COM
pany, and the business life of the city.
Among the many matters considered
by the examiner and submitted to the
comptroller were, first, the general
character and experience of the Or
ganizers and of the proposed officers
of the new bank; second, the ade-
quacy of existing banking facilities
and the need of further banking CAPT
tai: third, the outlook for the growth
and development Of the city;
fourth, the methods and banking prac-
tees of the existing bank, the inter-
est rates which they charge to GUS
toners, and the character of the SER
vice which as quasi-public institutions
they are rendering to their commun-
ity; fifth, the reasonable prospects for
success of the new bank if efficiently
managed.
Under the national banking laws
any association may make loans on
personal security, and any national
banking association not situated in a
central city is authorized by the fed
eral reserve act to make loans secur-
ed by improved and unimcumbered
farm land situated within it's federal
reserve district or within radius of
100 miles of the place in which the
bank is located, irrespective of dis
trict lines, and may also make loans
secured by improved and unimcumber-
ed real estate located within 100 miles
of the place in which the bank is To-
Gated. National banks are prohibited
from investing in real estate other
than that necessary to the conduct OF
the business of the bank, and are re-
Stricted in the volume of accomoda-
tions to any one person, company
corporation. or firm.
The Union Bank & Trust company
was organized in March, 1921, with the
following officers: j. H. Fuller, presi-
dent; o. B. Sutton, vice-president; R
c. Kaufman, cashier; J. Fl. Gibson
secretary, and J. l.. Sweeney as a
member of the board of directors. On
June % of that year, in response to
a call from the banking department
the banks first statement of condl-
ton was issued. In that statement
deposits totaled S75,060.65. The state
ment of condition for June 80, this
year, shows total deposits to the
amount of $236,00S.57, an increase OF
$3.50 ,947. .92, or more than 200 per cent
in the three years Total resources
in the 1921 statement were shown tc
be $102, ,23617, compared with 1892,
62905 in the last statement, an in
crease of almost $50 per cent in re
sources during the three years the
Union Bank & Trust company has
been operating.
A number of changes have beer
made in the personnel of the banks
officers and board of directors since
it's organization. Several employees
have been added to the bank S force