The theocrat. [volume] (Zion City [i.e. Zion], Ill.) 1914-1949, 1947-07-30
ZION HAS A NEW SAVINGS
AND LOAN ASSOCIATION


This organization will be a Savings
Institution. Funds deposited with the
First Savings and Loan Association
by it's patrons, will be used to make
First Mortgage Real Estate loans in
Zion and vicinity.
The organization is a corporation,
organized under the Illinois law and
under the strict supervision of the
Auditor of Public Accounts. Three
classes of shares will be issued by
the association. Optional payment
plan shares, requiring an initial pay
ment of $10O per share, paid upon
issuance, and upon which subsequent
dues or installment payments shall
be made in such amounts and at such
times as the owner thereof may elect.
Prepaid shares, requiring single
payment of $500, and paid up
shares, requiring payment of $500.
Dividends will be added to the OPP
tional payment shares, when declar-
ed by the Board of Directors, and divi-
dends also will be added to the pre-
paid shares, until the total amount
of dividends, together with the orr
ginal $75 payment, equals 800, at
which time the prepaid shares will
become paid-up shares. Dividends on
paid-up shares will be paid in cash,
when dividends are declared by the
Board of Directors.
The association will be administer
ed by Board of nine directors, three
of whom will be elected each year for
a term of three years. The incorpora-
tors of the association include the
following: William J. Bicket, owner
of the B. B. Pharmacy; Charles w.
Warren of the Leader Department
Store; R. A. Burgess, vice president
of the Zion Bank; M. G. Eckheart of
Friend and Eckheart, clothiers; At
torney L. Eric Carey; +. Victor Ran
die of Reed-Randle Motors; Silas F
Hendricks, traffic manager of Cy-
clone Fence Company; Arthur B. Rem
dali of Benton Lumber Company; T.
E. Paxton, realtor; J. r. Paxton,
agent for New York Life Insurance
Company; Elton R. Wick. realtor, of
Waukegan; and J. P. Bremen, broker
of Chicago.
Attorney L. Eric Carey will act as
attorney for the Association.
The first Board of Directors is as
follows:-
Elected for one year: R. Victo4 Ran
die, M. C. Eckheart, Theodore E. Pax
ton.
Elected for two years: Arthur B.
Kendall, Charles w. Warren and Jas.
R. Paxton.
Elected for three years: Elton R.
Wick, Silas F. Hendricks and Ross A.
Burgess.
The officers of the association are:
James R. Paxton-president.
M. C. Eckheart-vice president.
Theodore E. Paxton-secretary.
Ross A. Burgess-treasurer.
Other members of the Board of
Directors will serve on the Loan Com
mittee and the Appraisal Committee,
and the Board of Directors will noeet
monthly, to conduct the affairs of
the association.
In order to accumulate earnings for
as large a dividend as possible, all
officers of the association will serve
without compensation, until suffi-
cient earnings have been accumulated
to pay $50 on share deposits. No loans
will be made by the association in
excess of 1919 of actual value of the
property upon which the loan is bas-
ed. Surplus funds of the association
will be deposited with Zion Bank,
Zion. Each borrower from the asso-
citation automatically becomes
member of the association.
The necessary records and supplies
have been purchased, and until the
association is sufficiently we'll estab-
lished to warrant separate location,
the business of the association will be
conducted at the office of the Paxton
Insurance Agency, at 2641 Sheridan
Road in Zion