FIRST STATE BANK OF BLOOMING GROVE EXPECTS OPEN SOON
NEW FINANCIAL INSTITUTION TO HAVE CAPTAL AND SURPLUS OF $30,OOO
C. L. Tillman of Blooming Grove announced Tuesday afternoon that an application
had been made to the state banking and insurance commission for a permit to
transfer the Forreston State Bank to Blooming Grove under a new charter as the
First State Bank of Blooming Grove. He said that the new bank would not be a
merger of the old First National of Blooming Grove and the Forreston bank, but
would be the Forreston bank transferred to Blooming Grove under a new charter
and that it would be an entirely new bank.
A hearing on the application for the charter was expected some time Tuesday
afternoon, Mr. Tillman said.
The new bank will have a capital and surplus of $30,000, it was announced.
Officers are Bruce McCormick, president: C. L. Tillman, vice president; Jimmie
Directors are Bruce McCormick, T. M. Sewell, Drue Gillan, Jimmie Fields and C.
Mr. Tillman said that the new bank would be open for business within 10 to 15
days if the charter was granted. There are several minor details to be worked
out, he stated, before the bank would be ready to open.
The Corsicana Daily Sun - March 11, 1935 - Submitted by