Arizona sun., 1949-01-14
Valley National Bank
Transactions Reach
An All-Time HIGH

Phoenix, Jan. 11.-At the annual
meeting of the Valley National
Bank stockholders held here today
in the banks home offices, presi-
dent Walter R. Bimson reported
deposits of $3.50, ,427, ,149, loans of
$120, 0,696, ,705, capital funds of $1O,-
464, ,41O, and earnings of $1,409,534.
Bimson pointed out to the stock
holders that it was the sixteenth
consecutive year in which deposits
of the bank showed an increase
over the preceding year-end. Dur
ing the past year, Bimson said, de-
posits increased $6, 6,156,579, and
loans increased $11, 1882
Earnings applicable to the COM
mon stock, after reserves for taxes,
depreciation, etc., and after writing
off all known and anticipated loss
es, amounted to $2.31 per share
compared with $1.57 per share in
1947. Net earnings were equivalent
to 0:58% of average resources COM
pared with 0.42% in 1947.
After paying dividends of $780,
900 on the common stock, $1,028,-
534 added to the undivided profits
account, raising the banks capital
funds from So, ,435, ,876 to SIC, ,464, 40,
an increase of 1O.9%.
The Valley Banks 20-year aver
age loss ratio on loans, Bimson told
stockholders, amounted to only
4/1O of 10 compared to the aver
age loss ratio of $40 of 20 for all
member banks of the Federal Re-
serve System.
Federal and state income taxes.
real estate taxes and other direct
taxes amounted to $1,2O8,843 the
equivalent of $2.O1 per share on
the common stock, Bimson report
ed. Salaries paid to the banks 998
officers and employees last year
amounted to $2,863, ,631.
The Presidents report emphasiz-
ed the various benefits which have
been established for bank employ
ees. One of these, the Group Life
Insurance Plan, under which all
employees are insured without cost
to them, now has $5,122,00O of life
insurance in force. The banks Re-.
tirement Plan, open to all employ
ees SO years of age or over, pro-
vides income at retirement based
upon the employees earnings and
length of service. Employees of
the bank also participate in the an
nual Profit-Sharing Fund which
now owns investments worth about
$825,000 in the present market.
Stock Dividend Approved
The bank stockholders reelected
all members of the present board
of directors, and approved the issu-
ance of a stock dividend of $4,000
shares payable to stockholders of
record as of January II, 1949. BY
this action, stockholders will re-
ceive an additional share of the
banks stock for every twelve
shares held.
Emphasizing the fact that the
Valley National Bank is a home
owned, home-managed institution,
Mr.. BimSon pointed out that of the
100000 outstanding shares of Val
ley Banks stock, 466,097 shares, or
1870, are owned by Arizona resi-
dents.
Bimson also told the Stockhold-
ers that widespread use is being
made of the Valley National Banks
services, and that more than 25O,OOO
customers were now being served
by the banks twenty-eight offices
located in II of AriZona'S IA coun-
ties.
Stockholders reelected all pres
ent members of the board of direc-
tors which included: Walter H.
Bimson, Wilbur F. Asbury, M. 0.
Best, Carl A. Bimson, c.. w. Bond,
James P. Boyle, F. E. Coles, E. Ray
Cowden, H. L. Durham, Robert w.
Goldwater, j. L. Gust, Andrew P.
Martin, T. c. McReynolds, J. M.
Proctor, C. C. Taylor. w. R. Way
land.
In closing his report to the stock
holders. Mr.. Bimson stated in ref
erence to Arizona business condi-
tionS:
1.-THE past year has been men,
orable one both for your bank and
for the state in which we have
come to play an increasingly i'm
portant role. A constant succession
of new records was chalked up by
practically every type of Arizona
business. In most cases, both vol
ume and profits were the highest