Bank Plans Oct Fete The Manti ManU City Bank will observe its anniversary at an open house next Monday October between 9 am a.m. and 4 pm p.m. Bank President Ray P. P Dyreng issues an invitation to all residents of the area to plan to attend the banks bank's diamond diamond dia dia- mond mend anniversary celebration on that date The Manti ManU City Savings Bank was established October 3 1890 with a capital stock of The original officers officers officers of of- were Luther T. T Tuttle as president Harmon J. J Christensen Chris- Chris Christensen Christensen as vice president and Albert Tuttle son of Luther T. T Tuttle as cashier secretary- secretary treasurer and director with Peter P. P Dyreng joining the staff in 1891 as assistant cash cash- ier The directors of the bank were James Crawford W. W G. G Crawford James Metcalf Metcalf Metcalf Met Met- calf and John B. B Maiben The first committee meetings meetings meetings meet meet- ings to organize the Bank were held in Tuttles Tuttle's Store which was was located in the present location location lo lo- cation of the F. F S. S Carpenter and Son store After several meetings of the comm committee and preliminary discussions about the sale of stock and other pertinent pertinent pertinent per per- matters these early pioneers pioneers pioneers pio pio- of Manti organized the Bank Twenty-six Twenty of the onig- onig 1 1 f 1111 11 were f were r inal la n a oc o nimi rem Manti and the other four were from Wales Provo Gunnison and Castle Gate Luther T. T Tuttle was wasa ia a member member mem mom ber ben of the Mormon Battalion and had personally known Joseph Joseph Joseph Jo Jo- seph Smith The Manti ManU City Bank was the third bank south of Provo the other two being the First National Bank of Nephi and rand the James M. M Peterson Bank of Richfield Both of these banks have since been discon discon- Manti ManU City Bank is the oldest oldest old old- est State Bank south of Salt Lake City and land at this date on their anniversary there are only three State Banks still in business which are older than the Manti ManU City Bank These banks are the First Security Security Security Se Se- State Bank Tracy Collins Collins Collins Col Col- lins Bank and Trust Company and Walker Bank and Trust Company Manti City Bank is number four in the years of continuous service to the public and for forthe forthe forthe the past 75 years has maintained maintained main main- tamed business s surviving depressions depressions depressions de de- and financial crises The only time it was closed was for a few days of bank holiday directed by President Franklin D. D Roosevelt in 1933 At that time all banks were closed for a few days while the government reviewed the banki banking g laws of the United States While credit is due to the managing officers and the directors directors directors di di- rectors of the Bank for this fine record thanks should also be given to the patrons and community served by the bank Mr Dyreng pointed out He said that without their loyal support and confidence through depressions and crises the Bank would not have survived survived survived sur sur- the tests Credit should also be given to the entire staff of officers and employees for their efficiency efficiency efficiency effic effic- courtesy and integrity and for then their loyalty to the bank The motto of Safety Security Security Se Se- Service Service was adopted early in the Banks Bank's policy and has been pledged throughout its history While the Bank has made madeno no spectacular gains its capital capital capital capi capi- tal account has steadily risen from to over at this I date The bank has always paid a fair return to its stockholders throughout the years Also the dep deposits sits both demand demand demand de de- mand and savings savings have have gradually gradually gradually grad grad- grown from year to year until at the present time the bank has total assets of about four million dollars This figure figure figure fig fig- ure represents the total of the Ithe capital account and due de de- de- de The territory served by this bank is primarily agriculture farming and livestock During the first 20 to 25 years livestock livestock livestock live live- stock primarily sheep were the main support of this bank Although in the year 1093 the mountain range which support supported supported sup sup- port ported d the livestock was put into the forest reserve reducing reducing reducing ing considerably the number of livestock The quota has been bee gradually reduced ever since that time until at the present time there is only about 25 cent as many per Y cattle and sheep as there were originally to support this in in- Other industries have been established which have made up for this reduction and to support the growth of the Bank Some of these industries Industries indus indus- tries include turkey raising and the Moroni Maroni Feed Company Company Company Com Com- pany and Manti-Apex Manti Hatchery Hatchery Hatchery Hatch Hatch- ery which are a oa substantial part of our economy At the time of World War II IIa a war industry in the form of ofa a parachute factory was established established established es es- es- es in Manti ManU and operated operated opera opera- ted for several years This plant was the beginning of the Carlisle Manufacturing Company Company Company Com Com- pany Pacific Trail Manufacturing Manufacturing tiring Company and Sorensen Manufacturing Co which today today to to- day employ a large number of local people and contribute a substantial payroll ll in this area Cox Brothers Construction Company which began after wr World War II as a small construction construction construction con con- concern has grown to be a very progressive part of the Sanpete economy and now provides employment to support between 80 and families LM Trailer Manufacturing Company and other industries also coI contribute tribute to the banks bank's growth Many of the local business business business bus bus- iness and professional men are are- also an Ian essential and basic part of the banks bank's business In the early days the loan officer depended more on the integrity and honesty of the borrower than on his collator collater al A note and a pledge to pay from one of the early pioneers and settlers settlers was regarded as asgood asgood asgood good as his bond Of course mortgages were taken but the Ithe technical inspection of title records appraisals attorney f. f opinions and such were not deemed necessary Written financial financial financial fi fi- fi- fi statements of the bor- bor Continued on page two k f r r M Manti City Bank Bonk Continued from page one ff rowers were not requested as Yb the officers of the Bank knew i exactly the financial responsibility responsibility of the customers Modern banking practices and more intensive supervision supervision supervision sion by state and federal agencies agencies agen agen- cies dies requires the use of more detailed credit information necessary to adequate loan analysis t On May 7 1892 the capital stock was Wlas increased from 25 1 to and on January January January Jan Jan- uary 13 1941 the name was chan changed ed from Manti City Savings Savings Sav Say ings Bank to Manti City Bank A stock dividend of per percent percent percent cent was declared May 12 1961 increasing the ithe capital stock to The names of those who have served as officers of the bank during the past 75 years are areas areas areas as follows PRESIDENTS Luther T. T Tuttle 1915 1890 Lewis Anderson 1933 1915 Ale Alexander Barton 1937 1933 Dr George L. L Sears 1952 1937 and Ray P. P Dyreng 1952 VICE PRESIDENTS Harmon J. J Christensen 1897 1890 James Crawford Jr 1911 1897 Lewis Anderson Andert Ander- Ander t son 1915 1911 J. J C. C Mellor 1930 1915 Alexander Barton 1933 1930 Dr George L. L Sears 1937 1933 L L. R. R Anderson Anderson Anderson Ander Ander- son 1952 1937 Ray P. P Dyreng 1953 1952 and Alden AMen K Barton Barton Barton Bar Bar- ton 1953 CASHIERS Albert Tuttle 1895 1890 Peter Peter Peter Pe Pe- ter P. P Dyreng 1919 1895 Ray P. P Dyreng 1954 1919 Vernon Vernan L. L Kunz 1954 The records for the longest number of years service with the Bank belong to a father farther and sn 1 son cort nn Pf Peter AT- AT 13 P P D Tl u VUe served from 1891 to his death In 1939 His son Ray came to work as an office boy in 1906 N and has served in all positions in in the Bank To Ta date he has 59 years of service and is still working actively as president He has watched the bank grow and change over the years yen and d has promoted many new ideas and methods to tomake tomake tomake make the bank better His mind is always open to a better better better bet bet- ter way to get things done and make the banks bank's operations operations opera opera- more efficient He has seen a changing economy and has kept pace with the times His sound judgment and appraisal appraisal appraisal ap ap- ap- ap of conditions have made him a valuable asset ina in ina a work he loves The original bank building was built on the present loca loca- tion It was a small building of stone built a short time prior to the opening of the bank in 1890 The building was remodeled and enlarged in 1913 and extensive remodeling remodeling remodel remodel- ing and enlarging of facilities was accomplished in 1941 The clock on the south wall has served continuously for 50 years and is still marking the time of day for customers and staff At a meeting of the Board of directors held February 10 1902 the cashier was Wlas authorized authorized authorized author author- to purchase a a. typewriter In 1907 a salesman from Burroughs Corp brought Inan in inan inan an adding machine for the bank to try but the bookkeeper er did not think it would ever be practical He said it was quicker to add a column of figures than to carry a big ledger over to the machine and back However a few months later the salesman came back and this time the bank purchased purchased purchased pur pur- chased their first adding ma ma- chine Manti City Bank also purchased purchased purchased pur pur- chased one of the first bookkeeping bookkeeping bookkeeping book book- keeping machines The equipment equipment equipment equip equip- ment now includes electric typewriter electronic bookkeeping bookkeeping book book- keeping machines automatic photographing and endorsing equipment and a reading machine machine mahine ma ma- chine hine along with several adding add- add n ing machines n u This is a big difference from the early bookkeeping which was all done in long hand with pen and ink and the addition which was all done in the head Early records show beautiful handwriting with rows of clear and legible figures