Vashon Island news-record. [volume] (Vashon, Wash.) 1919-1954, 1928-08-24
VASHON STATE BANK
STOCK IS INCREASED

AT meeting of the stockhold-
ers and directors of the Vashon
State Bank on Tuesday of this
week it was voted to increase the
capital stock from $4,000 to $25,-
000.
The Vashon State Bank was es-
tablished in 1909 and is now in
its Goth year. 1t was incorporat-
ed by Chas. W. Wiley, VIM. Shoe
maker and l.. w. Lewis of Seattle
and T. Hansen OF Vashon. AT the
first meeting of the board of direc-
tors MI. Wiley was elected presi
dent, Mr.. Shoemaker vice-presi
dent and Mr.. Hansen cashier. The
capital stock at that time was
100000.
The bank opened for business III
the building now occupied by the
Vashon Garage. AT the close of
business for the first day the de-
posits totaled $224S.39. AT the pre-
sent time this has been increased
more than $300,000.00
The present bank building was
constructed in 1912 and the insti-
tuition was able to move into the
new quarters in the fall Of that
year. AT that time it was as mod
ern and complete banking house
as could be found in any communi-
" many times the size Of Vashon.
The vault is now protected by poll
son gas and electrical burglar
alarm and the safe one of the most
modern on the market.
On March 81, 1919 the capital
stock was increased to $15,0 100000.
This was done in accordance with
the growing business and cores
ponding development. Mr.. Han
sen assumed the presidency in l920I
and Mr.. C. F. Van Olinda entered
the institution as cashier at that
time.
During the 20 years that the
bank has been in operation it has
enjoyed very satisfactory bust |
ness on the Island and has sus-
tanned very few losses. AT all times
il has been asle to pay very sub
stantial dividend to its sharehold-
ers. The Vashon State Bank is a
member Of The American Bankers
Association and Washington Bank
err s Association.
The Officers and board of direc-
tors of this growing institution
are: T. Hansen, President, r. f.
Steen, Cashier. Y. Hansen and l..
c. Beall of Vashon and A. Ray
Smith of Seattle, directors.
Banks are organized and ineor.
porated with the amount Of capital
stock which is considered adyis-
able for their particular volume of
business. The somdnesS aud
strength of any bank must come
directly from the community |
which it serves. The Confidence Of
its patrons is essential but the
growth of the bank depends upon
the growth and prosperity of the
community.
Vashon Island has advanced to
such an extent that il not only sup
ports a bank but the population
and various lines of business have
increased to the point where the
bank believes itself justified in
taking this step that it may keep
abreast of the times.
The prosperity and welfare off
town or country is reflected in the
growth of its banks. II is evident
from the general promotion of all
lines of business, now on the Is
land. that this community is en-
ioying a heqlthv period of pros
perity. So with this in view aud
for the furtherance and streugth-t
ening of This institution, the Wash
on State Bank on August 2lst. in
creased its surplus to S5.000.00 aud
the capital stock to S25,0 ,00000.l i
The policy Of the Vashon State
Bank is to give n service that will
facilitate and promote such bust
ness that tends to develop thisl
district.