The coastland times with which is combined the pilot and herald of Belhaven and Swan Quarter. [volume] (Manteo, N.C.) 1959-1973, 1959-11-20
OVER QUARTER MILLION FOR
NEW DARE COUNTY BANK
is SUBSCRIBED BY CITIZENS
Peoples Bank Of Dare County Name of Proposed
New Commercial Bank To Be Established With
Offices as Needed Proposed to Ear-Mark
Definite Sums for Construction Of New Homes
Of Coun+y's Citizens; Hearing Last Of This
Mon+h -

A hearing in Manteo is tenta-
lively set late this month by the
State Banking Commission to pass
upon the request of a large group
of Dare County citizens for the
operation of q new bank to be called
the Peoples Bank of Dare County.
Over quarter million dollars has
been subscribed to start this bank,
the group spokesman say, and op-
Grafton of the bank would begin in
a short time once it is authorized.
Representing the group as at
torneys for the bank are J. Melville
Broughton, Jr., Raleigh man who is
chairman of the State Highway
Commission, and w. H. McCown of
Manteo. Among leading business
men in the bank movement are
Archie Burrus, NJ. L. Daniels, Jr.,
r. Bruce Etferidge, Dan Oden,
Do1Rld Oden, Donald Dough, Jesse
E. Baum, E. p. White, r. d. Saw
yer, Andy Griffith, Ward Daniels,
Julian Oneto, Frank White and
others. In all, there are over 100
subscribers to the plan.
Group spokesman say that for
every three dollars now loaned in
Dare County from county sources,
$14 is loaned by three lending
agencies in one town away from
home. Other observers report in
their opinion that far more than
another $14 comes from other
agencies such as FILA, Veterans
Loan, Insurance Companies, Small
Business Investors, etc. If that be
true, then it appears that Dare
County people are having to go
away from home for nearly $50 for
every dollar available at home.
The advocates of the new bank
say this vast amount of business
that has to be sent out of the coun-
ty offers a wonderful opportunity
for a home owned and operated
bank. More than 300 substantial
citizens throughout the county have
signed the petition asking permits
sion TO establish the bank.
Elsewhere in this newspaper the
group calls attention to the aims
of the promoters of this additional
banking facility for Dare County
1t is pointed out that so years ago
the county's property wasn't worth
much more than a quarter million
dollars, and has now grown to
around $50 million for tax pur-
poses The actual value of course
is nearer 60 millions. The vastly
increased need for financial assist
ance had made it necessary fol-
people to go far away from home
In addition to mortgage loans made
by the people of Dare County out.
side the county and state, the citi-
zens have borrowed and are paying
back hundreds of thousands OF
dollars from commercial finance
in estimates reported above.
The bank is to be operated, it is
stated, as a modern commercial
bank, under State and Federal
banking laws with full FDIC in
surance for deposits as provided ir
all other banks. One of it's goals tt
encourage further financing fol-
home owners through FILA, and tc
earnark a definite sum annually
for financing of new homes for the
people of Dare County. 1t is stated
the bank would expect to forge
ahead in keeping with the times
and the trend of progress in Dare
County which has been astounding
in the past several years, and il
wishes to push this part of North
Carolina further into the proper
imelight to which it is entitled.
The group pledges itself to assist
the average man, realizing that
most business men of consequence
with established credit ratings usu-
ally are able because of their know.
ledge and experience to obtain
sufficient money for their needs. II
is the aim to assist in raising the
standard of living for the county's
citizens by making loans for home
improvements, modern appliances
etc, for the additional comfort and
enjoyment of living. It. hopes to
encourage new business to locate
here, provide more employment
and ever rise above and beyond q
state of stagnation and lassitude
An object is to see that the stock
is owned by Dare County people
the bank controlled by Dare Coun-
ty men, and through local esteem
and confidence keep at home fol
the further benefit and profit Of
the county's citizens, a vast amount
of business that now goes away.
Capital and surplus now, in sight
tho spokemen say, that is assured
the bank, is double the sum re.
quired by the State Banking Com
s,,iezion for a community of the size