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 Fields, cashier.

Directors are Bruce McCormick, T. M. Sewell, Drue Gillan, Jimmie Fields and C. L. Tillman.

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 Diane Richards

 

See Also:

• Blooming Grove First National Bank Notes