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Commercial State Bank Reopened Wednesday
After Being Closed for 25 Days the Bank is Reorganized-Stock all Subscribed Locally
RESOURCES SHOW STRONG BANK
Mr. Harry O'Brien, With the State Banking Commission 4 Years, to be Cashier
Since the morning after the closing of the Commercial State Bank three of the public spirited citizens of Waverly have devoted almost their entire time to the reorganization of that institution. and the Gazette and the people of this community feel that vote of appreciation for their untiring efforts is due these men: namely, Dr. Connor, J. E. Anderson and W. O. Dano former publisher of this paper. They neglected their personal business for the entire three weeks that it took. furnished their own cars and gasoline, and drove both early and late to put this organization over, besides subscribing liberally to the
The Gazette feels that a great deal of credit is also due the old stockholders who turned in the stock and paid their stockholder's liability. The State Banking Commission gave the old stockholders 30 day in which to pay this liability but they surrendered their stock and made their payments as soon as reorganization plans were far enough advanced to show that the bank would be reopened. and thus made it possible for the bank to open at this time. The old stockholders were: Chester A. Smith, C. L. Foster, Mrs. M. W. Stevenson, Mrs. Theda C. Dorcus. D. O. Stonebraker. Mrs. Chester Smith, Dr. Fear. C. W. Linn. Charles Russell, all of Waverly and B. H. and B. L.McFadden who are non-residents. and M. Dore of Burling ton, Kansas.
The bank met with every requirement of the State Banking Commission, has $20,000.00 in new capital and surplus of $5,000.00. Their opening day shows a heavy cash and sight exchange with large secondary serve.
The closing of the Commercial State Bank on the 26th of last June came as a blow to the entire community. At first the people were dazed and for several days nothing was done. But during the following week. some of the people in Waverly and the surround ing territory began discussing the advisability of attempting a re-organization. A few days later the drive for purchasers for the capital stock of the bank was begun, and. after working almost night and day for about two weeks, the committee. who voluntarily assumed this task were rewarded by seeing the last share subscribed. and reorganization effected. J. E Anderson, Dr. A. Conner, W. O. Dano, R. B. Sickler, E. F. Morris and a few others did most of the work, and to these men, and their un tiring efforts, is due the gratitude of the community for saving this institution, and incidentally, saving for the depositors that part of their money that would have been lost to them had it been permitted to go through receivership. A meeting of the new stockholders was held last Thursday evening. and board of directors consisting of A. Romary. J. E. Anderson. A. Connor. R. B. Sickler. W. E. Stonehill. E. Morris and Harry O'Brien was chosen. After the stockholders meeting. the newly elected Board of Directors held short meeting and J. E. Anderson was selected as President. J. Con nor Vice-President, and Harry 0'Brien as Cashier There are about sixty stockholders in the new organization. and no individual has large block of fifteen shares being the largest amount possessed by one person. The stock is scattered widely about Waverly and its vicinity, and makes it truly a community bank No stock
The Gazette takes this opportunity to introduce to the people of Waverly and vicinity. Mr. Harry O'Brien, cashier of the Commercial State Bank Mr. O'Brien is about fifty five years old. and until four years ago, his entire business life has been spent small town bank. For several years, he was cashier of a bank at Clifton. Kansas, town about the same size as Waverly. He has known the needs of farmers and small business men all his life, and is by far better fitted to meet situations likely to arise here than any whose business training has been received in big city bank Four years ago, he resigned from his connection at Clifton, and entered the service of the State Banking Department, and since that time he has been an examiner for the Department He has resigned from that place to accept the position the occupies in Waverly. Mr. O'Brien is pleasant and affable gentleman. easy to get acquainted with, and there is no doubt but that he will fit in the niche here perfectly. He is thoroughly conversant with values, is a good judge of character. and careful business man. and the people of Waverly may be assured that their business with the Commercial State Bank will be handled in businesslike manner. We earnestly request that every reader of this paper, whether a customer of the bank or not. take the earliest opportunity of meeting him. and form his own estimate of Mr. O'Brien. The O'Briens will make their home in Waverly, and there is no doubt but what the entire family will soon be found boosting for Waverly. not only in business way, but also in the social activities. The family consists of Mr. O'Brien, his wife and one son about eighteen years of age. They come here from where they have made home since Mir O'Brich has been with the Banking D part ment. is held by outside interests. and the new bank is free from entangling alliances with larger banks in neighboring towns, as has always been the case heretofore The new bank has been purged of all worthless and doubtful paper and starts off with clean slate. The old management is in no way connected with the new. and while the business at first will not be large, yet we are confident that the new officials will be able to build it up and make it of greater benefit to the community. and put it on more solid basis than it has ever been before. Ample help will be kept to do the work necessary, and it will be the policy of the new Board to not practice false economy by employing inefficient help simply because such help might be secured at less cost. However, it is not the pur pose of the Directors to be extravagant. but at all times. to run the bank economically as possible consistent with safety and good service. This bank. as we mentioned before. community affair: it really longs to the people of Waverly and trade territory. and bespeaks the patronage of the people community
