Exchange Bank to Expand to Handle Increase Business, 1935

Utility Co. to Move to Old Post Office Room; More Space for Bank Offices

A steady and persistent growth of business is requiring the State Exchange Hank to plan an enlargement of its quarters and an increase of its staff.

The move is to be made not only to handle the present business but as a preparation for the future.

It was ten years ago that the bank remodeled its room and front into the present attractive and modern structure.

The Northern Indiana Public Service Company is to move its office into the old post office room, which adjoins.

The bank will take over the large rear room, which extends across the back of the Western Union office and adjoins the hank's present quarters, and will use it as a law library, and consultation and directors' room.

This will necessitate a hallway running from this room to the tear of the tellers' windows. It will pass through the present law-library, which will be partitioned off with the same type of material that is in use in the bank lobby. This office will be used by Miss Irene Bogardus for the note and insurance departments.

Employ Boswell

Hampton Boswell has been employed as a receiving and paying teller to allow Miss Bogardus to devote full time in supervising the notes and securities of the bank.

Mr. Boswell will assume his new duties next Monday. He has bad considerable experience in business and accounting, and his genial personality will be a distinct asset to the bank.

Two new-adding machines have been installed to handle the increasing bookkeeping.

The front room of the utility's present location will be rented later.

It is expected the work of remodeling will start immediately after the holidays, and the NIPSCO will not move until that time.

"The State Exchange Rank has enjoyed a constant increase in business through the years and its officers have been preparing to meet the demands it faces today." said W. O. Osborn. cashier, in discussing the plans for expansion of quarters.

"However, we are not deluding ourselves about the future, for we realize we may lose some of our present accounts when banking conditions change in other places and do not propose to do anything that could be termed over-expansion. What wo are planning now will be needed for the bank to handle efficiently and adequately the volume that we may normally expect to enjoy through an average period of years."

That the bank's growth is not of the mushroom type is evidenced by a review of it? recent years.

On March 1, 1933. the loans totalled $737,000. and the deposits 790.000.

On December 1st of the same year the loans had advanced to $790,000 and the deposits to S1,018.000.

March 1. 1934, found $810.000 in loans and $l050.000 in deposits.

By December 1. 1934, the loan figure had grown to $8O5.OOO and the deposits to #1,365,000.

The loans were $817. 000 on March 1st of this year and the deposits $1,300,000.

December lst's figures show the loans $1,134.000 and the deposits $1,503,0000.

Business by Mail

It is of interest to note that one-third of the bank's business is done by mail. This is natural since the individual depositors total 2.500 and there are 2.100 loans, both considerably over the total population of Culver.

The bank's policy of service to it's customers has attracted considerable business. No service charge of any kind is maintained and the bank's officials express themselves against such petty charges since they feel it the bank's duty to perform such services to its patrons without any charge.

For the 17th consecutive year the bank will declare its usual annual dividend this year, evidence in itself of the institution's financial condition.

The entrance to the offices on the second floor of the building is also being improved. Marble glass wainscoting will be installed in the entrance and staircase. Terra cotta floor will be built in the new steel stairway as a fire protection. Battleship linoleum will cover the hallway. - Dec 11, 1935 - Citizen