The Birmingham age-herald., 1924-01-03
'YOUNGEsT bANk|
 PAYS T PER CENT'
Security Bank And Trust Company Liquidates Costs
 h Two Months

How one modest little bank which
 startedtbusiness just two months ago
 with capital stock of $50,0o0 and
 an executive known all over the state
 has been able to pay off all it's ex-
 penses and return its stockholders
 more than 27 per cent interest on
 their inyestnl lAnts was the story told
 at the annual directors and stock.
 holders. meeting of the Security Bank and Trust company of North
 Birmingham Wednesday night.
 |si The feat fs tegarded by local bank efs and financial experts who learned
 of the company,s statement as one of
 the most significant accomplishments 8 in the history of Birmingham. Cleon B. Rogers is president.
 North Birmingham did it," said
 MT. Rogers, who during an experi-
 ence~as an officer$of or as president of several banks has successfully
 guided Institutions through the pan
 ios of 1907. 1911, 1918 and 1914.
 North Birmingham '. is growing;
 you haven't any idea how rapidly
 and how substantiallys it is Knowing
 until you watch our balance sheets
 and talk to our depositors. We are part of Birmingham but we are an 1 independent part; we have our fac tories, our industries and our people. who are prospering. and our bank is direct result of and index to this growth" @
 Mir. Rogers, reporting to stock holders and directors Wednesday night, showed how the accounts of the bank had climbed to. Ss20.613t at the close of the fiscal year, Decem- Der 31, 1928, and said that after salaries, incorporation, books,s sta tionery, and all other expenses had been earned in the short time of two months.
 He told ginforn.aliy how one days increase in the banks funds
 Wednesday-had added $24,20 to the
 amount deposited.
 I've have no complimentary ac-
 counts; have refused them, because
 believed the community didn't need
 any sort of padding to make a sub stantial showing" said MT. Rogers.
 The stockholders reelected the following directors at the meeting:
 cleon B. Rogers. Carr Mccormick, E. c. Rosamond; John w. Cannon. L. E. Price, A. G. Coats, W. D. Moore, D. F. Bucks, R. M. Johnson, J. D. Glasgow, J. H. Hammill, H. c. Pearson, V. A. Howard, A. M. Rus sell, R. A. Walker, R. l.. Gameweil and M. P. McGlathery and elected the following new directors: J. W. Pass, NJ e. Launis, M. M.
 Argoano, David McCarty, who. with the old directors, elected the follow ing officers for the year:
 Cleon B. Rogers, president; John W. Cannon, first vice president; w. D. McEachern. second vice president, and David McCarty cashier.
 MT. Rogers figures show that the 120 stockholders own shares bought two months ago for $100 now worth
 The wednesday night meeting is addition to electing directors and of ficers, fixed salaries, adopted plans and policies and generally mapped the work of the coming year.
 MT. Rogers, speaking of the, bank, its future and it's work said:
 "The demand for money indicates a healthy situation here in North Birmingham. The business condition is good, and the promise for an in- crease along all lines for 1924 is flat
 "The growth of our business indi- oates the growth of the district. We are looking forward to continua- tion of our seemingly spectacular growth in 1924" The bank is owned by number of persons representing the laboring class as well as business and banking interests, the largest stockholder having only S5 shares.