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AFTER 14 MONTHS SUSPENSION A PLAN FOR REOPENING IS APPROVED
STOCKHOLDERS IN THE NEW INSTITUTIONA. BROAT, PRESIDENT; PING, VICE-PRES., AND O. E. ANDERSON OF TERRY, CASHIER
The notice placed on the front door of the First National Bank of Hardin, November 25, 1925, announcing that the institution had suspended and was in the hands of George W. Swords, receiver, was torn off Thursday morning and a large placard announcing that the bank will resume business Saturday, Jan. 22, was placed in its stead. This is the most cheering piece of news that has been given to the people of Hardin and Big Horn county in a long time. The fact that the pioneer bank of Hardin is able to come back after having been in suspension just three days less than fourteen months is more expressive than mere words of the vitality of this community and will do more towards restoring the confidence of the people than anything that has ever happened in Big Horn county. It has been a long, hard tioned, it would have been imtle to put the bank back on its possible to re-open the bank feet-a battle that began just but for the magnanimity of three days after knowledge Frank M. Heinrich, principal that the bank had suspended stockholder and president of the became general. At a largely First National Bank of Hardin attended meeting of depositers at the time of its suspension. Sullivan hall Monday evening, Not only did Mr. Heinrich meet Nov. 30, 1925, the work of re- his legal obligations in the habilitating the way of a 100 per cent assessment placed in the hands of a com- on his stock and the payment of mittee of five depositors com- many thousands of dollars on prising W. E. G. Humphries, worthless and doubtful paper John MacLeod, J. H. Ransier, he had guaranteed. but he stepRev. J. A. Meeke and R. A. ped into the breach, when it Vickers, of which the first seemed impossible that the bank named was chosen chairman would be able to resume, d and the latter secretary. This voluntarily put up his notes committee, led by its indefatig- for $100,000 to take care of any able chairman, has been ener- shortage in assets that might getically on the job all the time. develop and to form a guaranAt first it appeared that the tee, along with the quarter of a bank might be re-opened for million dollars of frozen assets business within a few weeks, eliminated from the bank, that but after the assets had been depositors may eventually scaled down, and then scaled be paid, not only the 70 per cent down again, it became apparent guaranteed by the bank, but that the depositors would have the 30 per cent waived, as well. to waive thirty per cent of their Mr. Heinrich, several months deposits, if the bank was to ago, appeared before the comresume. depositors' com- mittee and made this offer, mittee got busy and after stating that while he was not vigorous campaign, in which legally bound to do more than they had the hearty assistance he had already arranged to do, of several other depositors, the name of Heinrich had been more than 98 per cent of the behind the bank and he felt nearly half million dollars on morally liable. While Mr. Heindeposit was waived. rich is a wealthy man and can do this magnanimous act, posThe committee- had a most sibly without any great inconvaluable ally in Receiver Geo. venience to himself. not one W. Swords of Billings, who man in a thousand similarly lent his strong influence situated would pay $100,000 on wards a re-opening of the bank. strictly moral obligation. All Through his intercession with honor to Frank M. Heinrich for the national banking departhis- unselfish action! ment at Washington permisThe final check and recomsion was given the committee mendation which assured to sell $65,000 worth of stock in re-opening of the bank was the re-organized bank to demade by National Bank Exampositors, the par value of $100 iner Paul E. Hoover of Minneaper share and the $16 per share polis, who has been here the surplus to be charged against past ten days making a thorthe guaranteed 70 per cent of ough examination of the rethe depositor's account. This sources and liabilities of the made possible the subscription bank, and assisting L. B. Whitof the stock and surplus, which ten, assistant to totalled $75,000, nearly all of Swords, and Cashier E. Anwhich was taken by depositors, derson in the preliminaries thus greatly reducing the lianecessary to the re-opening. Mr. bilities of the bank. Hoover expressed himself as
After the stock had been subscribed, a meeting of stockholders was held and the following board of directors chosen: Broat, Ping, Frank M. Heinrich, C. H. Asbury, W. E. G. Humphries, J. Hagerman and Frank J. Kopriva. board of directors organized by the election of A. S. Broat, president, and J. J. Ping, vicepresident. O. E. Anderson, for the past 15 years assistant cashier of the Terry State Bank at Terry, one of the strongest nancially of any bank in Montana, was chosen cashier and Carl E. Bowman, for nine years prior to two years ago postmaster at assistant cashier. These gentlemen have worked along with the depositors' committee, lending their every effort towards bringing about the desired end, as has also Charles M. Bair of Billings, who attended most of the committee meetings held at the office of Receiver Swords in Billings and whose wise counsel and timely assistance was of inestimable value in bringing the re-opening plans to fruition. Notwithstanding the splendid efforts of all those before men- much pleased with the showing the bank makes at its re-opening, the report of the bank's condition being as follows: Approximate of Condition As of Date of RESOURCES Loans and Discounts Bonds, Securities, 7,173.76 Fed. Reserve Bank Stock 2,250.00 Banking House 10,500.00 Furniture Fixtures Cash Hand and Due from Banks 161,536.93 Redemption Fund 750.00
TOTAL LIABILITIES Capital Stock 65,000.00 Surplus 10,000.00 Undivided Profits 1,417.24 Demand Deposits 46,806.30 Time Certificates of Deposit $206,930.15
TOTAL The stock in the bank is held by sixty-one present and former residents of Big Horn county, as follows: O. E. Anderson. Andrew Adler, C. H. Asbury, Carl E. Bowman, C. M. Bair, A. S. Broat, J. C. Buzzetti, Rex Bryan, E. C. Bearss, Albert Coffin, A. E. Calahan, F. A. Cooley, P. M. Conver. C. A. Corkins, E. H. Dygert, Dunne, C. S. Eder, R. Elarth, E. C. Flickinger, Fred Fridley, J. Y. Ferguson, Henry Frickel, John Fleyler, Geo. B.
Gunderson, Frank M. Heinrich, Wm. Heinrich, W. E. Humphries, J. L. Hagerman, A. M. Hicks, Ira Haynie, Jacob Hardt, J. Johnson, Frank J. Kopriva, John C. Kopriva, Frank Kincaid; J. A. Keobbe, J. H. Keir, T. Koerber, Henry Kray, Linthacum, Mollie Lind, Mabel Logan, Bertha Miller, Montana Power Co., W. E. Newkirk, Stanley Nichols, J. J. Ping, J. Perry, Martin Ranvick, W. H. Roach, T. S. Redding, Lester Rice, Lyle J. Tintinger, Harry P. Van Epps, R. A. Vickers, Henry H. Wilson, S. L. Weir. Lettie A. Wright, M. L. Wright, Dewey C. Walker. O. Anderson, who as cashier will be the active head of the bank, has had many years' successful experience in the banking business, the past 15 years as assistant cashier of the State Bank at Terry, and comes to Hardin highly recommended. He is a married man with two children and will move his family here just as soon as he can secure a suitable dwelling place for them. The board of directors made a wise selection when they chose Carl E. Bowman for the position of assistant cashier. He served the people of Hardin nine years as postmaster and went out of office with the commendation of all the patrons of the office. Miss Esther Graff, who has been the efficient stenographer for the bank the past couple of years or more, will continue in this position.
