Tabor City tribune. (Tabor City, N.C.) 1946-1991, 1949-01-26

In his annual report 10 the
stockholders. Executive Vice
President coburn stated that
net ls4s operating earnings of
over Sll2.o00.00 exceeded l947
earnings by about 1919. Earn.
ings amounted to $3.50 per
share. Coburn commented that
continued high production OF
farm and forest products sold
at gratifying prices has helped
maintain high level of depos-
its which were above FL mil.
lion dollars at the end of the
year.
In the directors meeting imme-
diately following the stockholders
meeting all present officers were
reelected. In addition to Mr.. Coun-
Gil as President and Mr.. Coburn
as Executive Vice President, these
include, B. L. Nesmith, Vice Pres
ident; J. A. Huffman, Cashier; and
Miriam Carroll, Assistant Cashic:
for the local unit of the bank.
Dr.. Sadler, Whiteville physician,
and Strole, Chadbourn dairyman
and farmer, are also vice preSl-
dents. The other two Columbus
County units of the bank are head
ed by Coburn in Whitevillc. and
c. L. Tate, vice president, in Chad
bOurn.
The directors also transferred
Sl00,00000 from undivided profits
TO surplus, giving the bank cap
ital structure consisting of $780,.
10000 capital, $700,O00.00 surplur,
$l2G.8l3.0l undivided profits, and
reserves of $37 ,408.97. Capital ac-
counts total 81 ,064 ,22l 90, or S53.26
per share.
In discussing prospects for the
future in his report, Coburn stat
ed. Historically, there is no pre-
cedent of major war not having
been more quickly followed by
marked decline in agricultural in
come, due to falling prices result
ing from ovcr-production." He
pointed out, however, that, with
favorable weather conditions, a
relatively high level of income
from flue cured tobacco, the prin-
cipal source OF, farm income to-
this area. is assured by quotas and,
price supports which will be in
effect in l949.
Coburn then continued, For
these reasons, l feel that we can
confidently expect a plateau year
for business here, high plateau,
but with slight downward trend
from the peak which has passed"
The stockholders were told that
il would continue to be the policy
of the directors of the bank to set
its lending policies so as to not
only insure liquidity, but also its
capacity to meet the legitimate
credit needs of its customers. Co.
burn stated further that the man
agement of the bank was keeniy
aware of the necessity for alert
ness and the close examination Of
loan applications during this pc
riod of high real estate values. and
prices.
Coburn called the attention of
the stockholders to the services
offered by the trust department
of the bank which has been in
operation since 1916, and stated
that the directors of the bank are
now considering enlarging its ac-
tivities and making it one Of the
major services offered by the
bank.
Based on the experience in
other sections, the continued abb
scence of an active and widely
accepted corporate trustee in this
.area will eventually result in the
movement of vital capital from
here to sections where the servic-
es of corporate trustee are avail
able," he said. people of more
substantial means realize the need
for long-range trust services in
preserving their estates for their
heirs in the face of troublesome
estate problems, and will obtain
those services elsewhere if they
are not made available locally"
The Waccamaw Bank and Trust
Company was organized in 1926,
and now operates nine commercial
banking units. located in White
vile, Chadbourn, Tabor City,
Fairmont, Clarkton, Shallotte,
Southport, Kcnansville, and Rose
Hill.