State Exchange Bank Resources Exceed $46 Million - 1966  

Resources Exceed $46 Million Osborn Reports successful Year for Banking, Finance Operations

Combined Resources Of Culver , Argos And LaPaz Banks Exceed $46 Million

The total combined resources of the State Exchange Bank of Culver and Argos, the Farmers State Bank of LaPaz, and State Exchange Finance Co., of Culver showed sizeable gains in 1965, W. O. Osborn, president of the enterprises, has announced.

The total resources as of December 31, 1965 were $46,449,157.03, compared with resources of $41,598,974.30 on December 31, 1964, a gain of $4,850,182.73 for banking operations

Mr. Osborn also reported that the total loans of said banks hadincreased from $18,971,463.62 shown as of Dec. 31, 1964 to $23,102,160.24 shown as of Dec. 31 , 1965, which snows a total net gain i n loans of $4,130,696.62.

The report made by Mr. Osborn would indicate that the total resources of these banks are at an all-time high, and in his opinion t h e i r chances for g r o w i n g are excellent The repor also shows that the total capital structure of these banks as of Dec. 31, 1965, was approximately $2,500,900.00.

It was pointed out by Mr. Osborn that the total assets of the bank at LaPaz had increased from $9,947,000.00 to $11,268,000.00 during the past 12 months which in his opinion was a substantial and a satisfactory increase for this bank.

The figures also showed that the total resources of the Culver -Argos Bank had Increased from $31,641,000.00 to $35,181,000.00 which was an unusual and almost satisfactory gain.

It was pointed out by Mr. O-born that the State Exchange Finance Company, which is an affiliated company owned by the same stockholders who own these banks, also continued to grow and that the total capital, surplus and reserves shown as of a year ago. Mr. Osbonr also stated that the total resources of the State Exchange Finance Company were a l i ttle over $11,000,000.00 which, when added to the total resources of the above named banks, showed the total resources of the banks and finance company amounted to more than $57,000,000.00.

It was also pointed out that many new customers were added during the year to these different organizations and that they were continuing to serve all of their customers without a service charge which has met with the f ull approval of their many customers.

Mr. Osborn also poined out that they are now completing the new bank building in Plymouth , Ind., which w i l l soon be ready for occupancy which in his opinion will add a great deal to their ability to serve t h e i r customers promptly.

It was also pointed out that the bank has been for many years and is now supporting 21 different scholarships for students out of Marshall County which, in the opinion of the officials of the bank, has been a great service to many people who desire to go to college but who are without sufficient funds.

Mr. Osborn also pointed out that their pension plan and profit sharing plan had proven to be a great success, and for the first time they had two employees, one at LaPaz and one at Culver , who were retired as of Jan. 1, 1966.

It was also pointed out that Deane E. Walker had been elected Vice President of The State Exchange Bank and that he would be i n charge of their bank at Plymouth. It was also pointed out that Robert Milner would assist Mr. Walker i n operating the bank in Plymouth and that Ronald McKee would be Assistant Cashier i n charge of tellers i n the bank at Plymouth. t was reported that the Officers and Directors of the banks as well as the finance company would like to thank their many loyal customers who have continued to transact their business with them without being influenced by persons who are trying to copy after the many different things that these banks and finance company have stood for for more than fifty years.

It was the opinion of the President of these different organizations that with their four bank buildings located in Marshall County, they would be able to take care of their customers promptly and on a satisfactory basis, and in conclusion Mr. Osborn asked that thanks be given to every person who had transacted buisness with the institutions.
THE Culver CITIZEN PAGE 1 THURSDAY, JANUARY 6, 1966