1930-04-01-sc-p3-reardan-banks-merged

April 01, 1930 Spokane Daily Chronicle Page 3:

REARDAN BANKS MERGED AS ONE

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Old National Corporation Organizes New Bank to Handle Business.

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The Old National corporation has organized the First National bank of Reardan to acquire the business of the Reardan National and Farmers’ State bank at Reardan. Approval of the new bank by the comptroller of the currency at Washington, D. C., was received here today and made public by Albert E. Reid, vice president of the corporation.

The new First National will have capital of $50,000, surplus and undivided profits of $12,500, and deposits of more than $500,000. It is the 23d bank in the Old National system and brings the total resources of the corporation to nearly $43,000,000.

A new bank building will be erected this year, Mr. Reid said. In the meantime, the bank will occupy the quarters of the Reardan National.

Officers of the First national are B. W. Hughes, president and cashier, who will move to Reardan from Medical Lake, where he has been president of the First National bank; Peter N. Tramm and C. B. Carstens, vice presidents; D. A. Roper and L. B. Beavers, assistant cashiers. Directors are Mr. Hughes, Mr. Tramm, Mr. Carstens, John Stirn and S. A. Weipert, all pioneers of Reardan.

Photo of B. W. Hughes.