Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1931-11-19
BANK BUSINESS
is ABSORBED
Moose Lake National Takes
Over Kettle River Bust
ness Monday.
All Depository A coun t S
Will be HonOred at Moose
Lake Institution.

In keeping with the trend of the
times and marking another step in the
progress of banking in this section of
Minnesota, announcement is made this
week of the transfer of the accounts
of the Farmers State Bank of Kettle
River, to the First National Bank of
Moose Lake. The Kettle River bank
will be discontinued and its customers
will enjoy the benefits of a connection
with the larger and better equipped
Moose Lake institution.
Although it was reported to be in
perfectly sound condition as result
of careful and conservative manage
ment, the Farmers State Bank of Ket-
tie River, has been faced with a grad
ual shrinkage in its volume of bust
ness and consequent decline of its
earning power. Realizing that under
these circumstances it could not con-
tinue to maintain the highest stand
ards of security and service, the
banks directors and stockholders de-
cided to accept the offer of the Moose
Lake bank to assume its assets and
liabilities.
1.-The First National Bank of Moose
Lake, takes real pleasure in welcom-
ing as it's customers the former de-
positors of the Farmers State Bank
of Kettle River" said r. ]. Lewis,
president of the First National. I'VE
are glad to be in a position to extend
our service to a community which has
been used to good banking service,
but where the trend of the times has
made it impossible for this local bank
to continue to operate profitably.
"A bank, like any other business
institution, must have reasonable
volume of business in order to operate
profitably and efficiently" continued
Mr.. Lewis, in explaining the present
move mot only are a banks stock
holders entitled to a fair return on
their investment, but unless the bank
is able to earn a profit it cannot give
its customers the full protection and
the high quality of service which
they have a right to expect.
During the past year or two con-
ditions have been such that many
small banks through no fault of their
own, have seen their business slowly
dwindle. That has been the case in
Kettle River; so the Farmers State
Bank, in justice both to its stock
holders and to it's depositors, has de-
cided to end it's career and transfer
its business to a strong, progressive.
and responsible national bank, which
is in a position to handle this bust
ness to the better advantage of every
one concerned
In commenting on the transfer of
accounts, w. l. Korpela, cashier of the
Farmers State Bank of Kettle River,
said: I'VE believe that by taking
this action we are fulfilling a respon-
sibility that every good bank should
feel toward its customers and its COM
munity-the responsibility of seeing
that they are given access to the best
banking facilities available. We feel
real satisfaction in arranging to OBJ
tain for our customers, through the
First National of Moose Lake, service
OF callDre tndI our smaller Ddnk
could not hope to equal"
First National Established in 1918
Established as a state bank just
after the big fire in 1918, and granted
a National Bank charter by the Comp
troller of Currency at Washington in
1926, the First National Bank of Moose
Lake, has rapidly come to the front
as one of the soundest and most highly
regarded banks in this part of the
state. AS a national bank it operates
under United States laws and super
vision and is a member of the Fed
eral Reserve System. Its manage
ment is in the hands of men of recog-
nized ability and wide business and
banking experience.
The present change is similar to
the one that took place four years ago,
when the Farmers State Bank of Au-
tomba, finding itself in a position like
that of the Farmers State Bank of
Kettle River today, discontinued bust
ness and transferred its accounts to
the First National Bank of Moose
Lake.