State Exchange Banks Continues Amazing Growth - 1964  

State Exchange Banks Continues Amazing Growth

Argos Building and Facilities Remodeled and Improved

Attention is called to the combined statement of The State Exchange Banks of Culver and Argos, and the Farmers State Bank, of LaPaz, Ind., which is shown in this edition.

The year-end statement shows that the total resources of these banks, which are operated u n d e r one management, increased over $1,500,000.00 in the 12-month period ending Dec. 31, 1963.

The total combined resources of these three banks as of Dec. 31, 1963, amount to $37,133,931.43, and the total combined capital structure as of the close of business Dec. 31, 1963, amounted to more than $2,129,000.00.

Deposits Increase $1,400,000

The deposits as of Dec. 31. 1963, compared with the corresponding period a year ago amount to nearly $1,400,000.00 more.

The year-end statement of the three banks showed that the loans have increased $844,000.00 in 12 months.

Argos Buildng Is Remodeled

Mr. W. O. Osborn, president of these banks, in behalf of all the Directors, reported that the year 1963 was a banner year for the three banks, and that among other things which were accomplished, was the re-building and enlarging of the bank at Argos which gives the Argos Community a modern, up-to-date bank with a drive-in window, and an Assembly Room large enough to seat 200 people.

Mr. Osborn reported that more than 3,100 people attended the "Opening" of the new and remodeled bank building at Argos, which was self-evident of the reception given by the public to this modern up-to-date improvement made in Argos. The Officers and Directors of these banks deeply appreciated the public's response to this Oct. 16 and 17 formal opening.

Pay Maximum Interest

Mr. Osborn reported that in keeping with the fixed policy of the banks, the banks will pay the maximum amount of interest on savings accounts as well as Certificates of Deposit as permitted by Law which will be 3 1/2 per cent on savings accounts and 4 per cent on time certificates of deposit.

It was pointed out by Mr. Osborn that the Directors of the bank now feel that they have three modern up-to-date bank buildings, well-equipped to take care of all business from the m a n y different communities served by these banks.

The Officers and Directors of the banks feel greatly obligated to their many customers who have continued to favor t hem with their business, and fully realize that the success of these banks depends entirely on the services that they are able to give their customers.

Finance Company Completes Good Year

Mr. Osborn also reported that the State Exchange Finance Company has had an extra good year, and that their total resources in this company have increased over $650,000.00 in 12 months.

THE Culver CITIZEN PAGE 1 WEDNESDAY, JANUARY 8, 1964