The State Exchange Bank Has Most successful Year 1962  

The State Exchange Bank Has Most successful Year The State Exchange Bank Has Most successful Year

Combined Resources Over $ 33 Million; Capital Structure Exceeds $ 2 M i l l i on

W. O. Osborn, President of The State Exchange Bank, of Culver and Argos and the Farmers State Bank, of LaPaz, as well as the State Exchange Finance Company, reports that 1961 was one of the most successful years these institutions have ever had. Combined Resources

The combined resources of the two banks and one branch shows a fab ulous increase of $1,319,000 over the year before and the total resources of the State Exchange Finance Company show an increase of $500,000 over the past year.

M r. Osborn reported that the total combined resources of the Culver , Argos and LaPaz banks, as shown by the year end statement, were more than $33,000,000; in addition to which the total resources of State Exchange Finance Company were in excess o f $6,000,000, making the total resources of the three banks and finance company slightly i n excess of $39,000,000.

Capital Structure

It was pointed out that the total capital structure of the three banks was i n excess of $2,000,000 which was the largest capital structure of any banking institution operating in this vicinity.

A f ull and complete report of the year's business was made to the Stockholders on Tuesday, Jan.

9, 1962, at their Annual Meeting.

Gained Many New Customers

The report made by the officers of the bank would indicate that these banks have gained many new customers during the past year, which i n most instances can be attributed to the services which these institutions are continuing to render.

The officers of the bank were optimistic about their chances for having another good year in 1962.

THE Culver CITIZEN PAGE 1 Wedensday January 10, 1962