Smyrna times., 1934-03-14
FRUIT GROWERS
BANK MEETING
Stockholders on Saturday APP
prove Increasing the Cap
ital Stock to 100000
NEW ISSUE FULLY MET

The stockholders of The Fruit
Growers National Bank and Trust
company, at a special meeting
held Saturday last, March 10th,
voted unanimously in favor of in
creasing the capital stock by issu-
ing $4,000 additional common
stock, exempt from all future as
sessments, and $4,000 preferred
stock. For the past thirty-two
years the Banks capital has been
$4,000 consisting of 500 shares, of
which 40 shares were represented
at the meeting in person or by
proxy. DR.. Frank L. Grier, Presi-
dent of the Bank, acted as Chair
man and w. w. Hynson as Secre-
tary of the meeting The Proxy
Committee consisted of DR.. r. f.
Corley, c. w. w. Schantz and Cliff
ford Jones. The new common
stock was authorized to be sold at
the par of $500 per share, and the
preferred stock at the par of S125
per share. It was announced that
the $4,000 common stock had
been over subscribed by present
shareholders and by others not
now holding stock, and that the
entire issue Of $4,000 preferred
stock had been subscribed by Re
construction Finance Corporation
at S125 per share. At the present
writing 5000 banks, constituting
44% of all banks in the United
States licensed on an unrestricted
basis, have completed the sale of
preferred stock, in the case of Ma
tiona1 Banks, or debentures in the
case of State banks, to Recon
struction Finance Corporation. Ma
tional and State banks now in the
process of completing such invest
ment arrangements will bring the
above percentage to about $50 of
all unrestricted banks in the coun-
try, including institutions of such
national reputation as Chase Ma
tional Bank and National City
Bank, of New York, each of which
has recently sold S5O,OOO,O0O pre-
ferred stock to Reconstruction
Finance Corporation. 1t was stat
ed at the meeting that banking
laws give present stockholders the
first privilege of purchasing new
capital stock, and that subscrip-
ton lists will be open at the Bank
until the close of business on
March 26th, after which present
subscriptions in hand from nom
shareholders for the new common
stock will be accepted as to COM
mon stock then available for such
non-shareholders 1t is understood
all stockholders will waive as to
the preferred stock to permit Re-
construction Finance Corporation
to invest in the entire preferred
stock issue, as is its wish. Fruit
Growers Bank has thus successful
ly joined a majority of the nations
banks, both great and small, in fol-
lowing President Roosevelt's invi-
tation, and will acquire for this
community $4,000 virgin capital,
which is all new money brought
into circulation in Smyrna and vi
cinity, in addition to providing de-
positors and customers of the
Bank with ample credit facilities.
All our local banks promptly quail
flied January LIST, 1884, for insur-
ance of all deposits of $500 or
less, which may increase next June
to protect all deposits of $4,000 or
less, and it is gratifying to know
that Fruit Growers Bank has also
now successfully qualified to aid
the great banking movement urg-
ed by our President to insure
ample and secure banking facilities
under all business conditions.