Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1963-01-10
Ste Makes
Big Gains
During '62

RECORD earnings ana a sub
stantial increase in deposits dur
ing 1862 were reported this
week by Suburban Trust Co.
Part of the increase in deposits
was acquired through the
merger of Citizens Bank of Ia
koma Park in October.
Resources for the year ended
Dec. 81 aggregated $258,943, 108,
compared to. 14,984,469 at the
end of 1861, an increase of $43,-
$4,000, or 20.45 per cent.
Deposits reached an all-time
high of $236, 598, 429, an increase
of $40,417,334, equivalent to
20.60 per cent over 1861. This
increase is about evenly divided
between demand and time de-
posits.
Business and personal loans
showed an increase of $14,O28,-
545 for year end total of &c.,
086, 137. Real estate loans like
wise showed substantial in
crease by reaching an all-time
high of $67,444,143, for an in
crease Of $18,653,713.
Securities and investments
showed an overall increase of
$6,101, 199 for a total investment
of $81, 115,251.
Suburban Trusts gross in
come also showed a healthy rise
to an all-time high of $13,770,-
356, an increase over 1861 of
$685., sos, equivalent to a 35
per cent increase. However, dis
bursements also showed an in
crease of $1,819,613, making
total disbursements for the year
OF $9,642,514. A substantial
amount of this increase was re-
Elected in the interest paid to
savings and time depositors,
which for the year aggregated
$751; 32, against interest paid
in 1861 of $1,744,242, or an in
crease in interest paid to saw
ings depositors of $685., 800.
Reserves for Losses on Loans
and Federal Income Tax
amounted to $2,393,045, leaving
net profits after taxes and re-
serves of S1,734,797, an increase
of $383,947 over 1861.
Cash dividends paid to stock
holders in 1862 amounted to
1904 82, or approximately 50
per cent of the years net pro-
fits, as against $713,108 in 1861,
leaving net profits for the year
of $83O,315, as against $637, TAP
for 1861. Due to the tremendous
growth in deposits the stock
holders at their annual meeting
on Jan. IA, will have submitted
to them a recommendation by
the board of directors to in
crease the capital structure by
So million. This recommends
ton, if approved, will consist of
the issuance of 1900 new
shares Of stock of which 81, 120
shares will be offered to the
stockholders under their pre-
emptive rights at approximately
$50 a share, subject however to
the market conditions prevail
ing at the time the stock is
offered, which is expected to be
some time during the latter
part of March 1868.
In addition to the 61,120
shares being offered for sale to
the stockholders, it is also pro-
posed to declare a 2 per cent
stock dividend that will require
an additional 1880 shares, with
the stock dividend to be effec.
tive as of April /, 1868.
Suburban during the year ac-
quired three new branches
through the merger of the Citi-
zens Bank of Takoma Park in
October and in addition opened
up a new branch in Rockville
in a temporary location and
another new branch at East.
over, which is also in a tenn.
porary location. Suburban has
also received approval from the
banking authorities to erect a
new banking house and office
building in Bethesda and the
bank is awaiting approval on
several other proposed banking
locations.