Tabor City tribune. (Tabor City, N.C.) 1946-1991, 1959-01-28

'ank ana trust Co. at their 33rd
lnnual meeting at Edgewood
chool in Whiteville Wednesday
vening voted themselves a NICE,
took dividend. They also heard
Dr.. Carlyle Marney, pastor of
hyers Park Baptist church
charlotte deliver very inspir-
ng address.
The action will give stockhold-
srs of record on January 81 a
Sl25,OO0 stock dividend with no
'hange in the stocks par value
Of $40 per share, and will give
one share for each
three shares owned.
The stock dividend vote fol-
lowed a motion by President C.
Lacy Tate in his report on the
banks activity during the past
year. The motion carried with
out a dissenting vote. Tate ex-
planned the capital stock of st.
300 shares of $40 par value
would be increased to $4,000
shares at $40 per value from
bank earnings. This action will
increase the banks common
capital from S375,OOO to $780,
900.
Following adoption of the a.
bovc motion stockholders unani-
mouSly reelected the same
board of directors. They are DR..
r. c. Sadler, chairman; c. Lacy
Tate, B. L. Nesmith, Jr., ].
Rufus Marks, w. B. Lennon
Glenn F. Strole and Clarence S
Clark.
Tate said in his report, dur
Tate said in his report, during
ngs and the number of people
our banks has served were the
highest in the history of the
bank" He gave credit for the
years progress to the stockhold-
erS, directors, officers and en-
ployees of the bank, and its GUS
toners and friends. He explain
ed the banks number of stock
holders had increased from 225
on Dec. Is, 1856 to 438 on Dec.
ID, 1858. He expressed the hope
that the number of stockholders
would continue to grow.
The banks statement showed
earnings were increased over
previous years, 1858 earnings
before taxes and dividends, a
mounted to S447,345.64. Esti-
mated income taxes amounted
TO S233,2l3.98, which left net
earnings of S2l4,l3l.66. After
paying dividends of -66.483.
which was S7,118.45 over any
prior year, and setting up re-
serves, the remainder of Sl47,-
6i8.66 was added to the banks
capital account. During the year
directors transferred STA, 529
from undivided profits to sur
plus, making the banks capital
account S2,61l,6ll.63, composed
of capital stock S375,OOO: sur
plus Sl,900,000 and undivided
profits S336,6ll.G3.
During the six year period
rom Dec. 1852 To- Dee. 1858 the
bank increased its capital ac-
count by $694,478.O2 from earn
IngS, mixing a total capital gain
during the period of Sl,l94,9 $50
OF. During the same six years
stockholders cash dividends a.
to S3l7,847.55.
The banks deposits and num-
Der of depositors also had a
healthy growth. Total deposits
amounted to SGT 400, l0O.83 and
was increased a total of S742,-
1869 last year over 1857. with
a total increase during the past
six year period of S5,8l2.662.
The presidents annual report
showed the banks assets to be inI
sound condition. Tate said thatI
50 percent of the banks total
resources of S3O,72O,4l3.I7 areI
n U. s., N. c. and municipall
marketable securities, including
demand secured brokers loans
All of the banks security invest
nentS are grade "A" or better.
he reported.
Loans and discounts during
he year amounted to S9,54O,5O
- with decrease in demands
broker loans of Sl,150,00O overl;
1857. while local loans in thel]
'ank's ten offices increased ST.
'87 ,527.33. During the past to-
'acco season, the report stated.
he bank collected over 100000
oans amounting to more than
'6, 100000, exclusive of weekly
md monthly installment loans.
Total assets of the banks trust
department was shown as morel
han Si,250,000, which is not
'hown in the banks total re-
ources in its statement. This de-
growth and progress
vas reported satisfactory.
The bank reported the DEATH
# two members of its staff dur
ng 1858 and paid tribute to their
memory. They were Mrs. Gladys
V. Fisher of Fairmont, and Miss
'ouise Rees of Southport.
After the business session
stockholders were served turk
y dinner in the cafeteria at,