Bank Continues Amazing Growth 1961  

The State Exchange Bank Continues Amazing Growth

Combined Resources Near $ 32 Million; Capital Structure Reaches $ 2 Million

ALL RECORDS SHATTERED DURING 1960

The combined statement of The State Exchange Bank of Culver and Argos, and the Farmers State Bank of LaPaz, as published in last week's issue of The Culver Citizen, showed the total combined resources of the three financial institutions as of Dec. 31, 1959 to be $31,481,143.22, and as of Dec. 31 , 1960 to be $31,944,680.15, making a whopping increase of $463,536.93 over a year ago.

The tr uly amazing combined statement shows a substantial increase, not only in the total resources, but i n the capital structure.

The statements of these outstanding banks reveal that the combined capital structure of the three banks has now reached approximately $2,000,000, and the total deposits of the three Culver -managed banks to be in excess of $30,000,000, which is the largest in all history.

Moreover, the report made by the officers also shows that the State Exchange Finance Company had the largest growth during the year of 1960 that i t has ever had, and that the tota1s of this progressive affiliate company are more than $5 million .

Electronic System Installed

President W. O. Osborn also reported that during the year of 1960 they installed electronic bookkeeping machines at the Culver bank, which also serves Argos. The electronic equipment is considered to be the very latest and most up-to-date bookkeeping system in existence.

Remarkable Growth A t LaPaz

It was further pointed out that the total resources of the bank at LaPaz are slightly in excess of $8,000,000, which is an all-time high for that bank, which operates out of a Marshall county town of slightly over 500 pop ulation.

Argos Rank Very successful

It was also proudly mentioned that the business at the Argos bank showed a tremendous growth during the past year.

Dividends Declared

The usual dividend has been paid by these three banks, including the dividend declared by State Exchange Finance Company.

Optimistic Over 1961

The officers reported that they opened up many new accounts during 1960 in all three banks.

The officers and directors are well pleased with the 1960 res ults and feel that 1961 will show a further increase in growth

THE Culver CITIZEN PAGE 1 Wednesday, January 11, 1961