Banks Report Record High For Operations - 1968  

Banks Report Record High For Operations

W. O. Osborn, President and Chairman of the Board of The State Exchange Bank, with offices at Culver , Plymouth and Argos, Indiana, and the Farmers State Bank, at LaPaz, in an annual report to the stockholders, ..stated that .these, banks had recorded a new high for deposits, loans, net operating earning and total assets in 1967.

Combined resources of both banks reached an all-time high of $55,881,932.77, an increase of $5,720,074.80 from the previous years.

Loans at The State Exchange Bank, December 30, 1967, were $24,830,704.05 as compared with $22,290,148.32 the previous year, for an increase of $2,685,555.73. For the same period loans at the Farmer's State Bank increased from $5,015,833.13 to $5,539,601.81 for an increase of $523,768.68.

Mr. Osborn further reported that he felt the increased services being rendered in the Marshall County area were most appreciated by all customers of The State Exchange Bank and Farmers State Bank and he reported that plans for better services for customers are being made at the present time and will become a reality within the next few months.

The State Exchange Bank is presently installing its first computerized equipment in the form of a Model E-4000 Burroughs computer. Also, expansion of the bookkeeping department and remodeling of several rooms will add to the convenience of the customers and employees at The State Exchange Bank, at Culver . Extension remodeling was completed in the latter part of 1967 and will greatly enhance the efficiency of this department in the form of better insurance facilities for its customers

With the increased interest that both banks are now permitted to pay, it was Mr. Osborn's opinion that 1968 should become another year' of steady growth, not only in deposits, but also in loans they can make to their customers in northern Indiana.

The Culver citizen PAGE 1 THURSDAY, JANUARY 18, 1968