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Show mm WL Brigham Bank I Joins Federal . I Reserve I System (From tho Box Elder Journal) MM The Security Saving Bank of this c'ty Is In receipt of.' a dls-patch' dls-patch' from tho Federal Reserve MM Agent at San Francisco, advls- Ing tlmt the local Institution has been admitted to membership i: tho Federal Rcservo Bank System. Th's is regarded ns a, compliment, ns no banks tiro ad' 1 mitted to membership without! first passing a rigid and satls-factory satls-factory examination by a Gov-ennnent Gov-ennnent examiner. An ofllcial examiner spent four days in go-ilig go-ilig over tho accounts and uf-, fairs of tho bank and It was on this report, coupled with the well known reputation of tho Directors and Management ns capable bank men, that admltt-1 admltt-1 ed the Security Savings Bank to membership In tho great Federal Feder-al al Roservo Bank System. . J. E. Hnlverson, president of tho Security Bank, was seen by. a representative of tills . paper and when asked why his bank had mado the move, replied that ho could givo no better reason than the one set forth in tho preamble of the. Federal Reserve Act, passed by Congress, which reads; "To afford a means of re-dlscounting commercial pa-per pa-per and to establish a nioro ef-fectlvo ef-fectlvo supervision of banking H in tho United States." Mr. Halverson continued: "Stnto banking has como under suspic-. ion by tho failure of several Salt Lake institutions. Our dlrec-fl dlrec-fl tors wanted to rise abpvo tills. suspicion by letting the public know that this institution rank-ed rank-ed in safety with, tho best bank-ing bank-ing institutions in tho country. Tho best way to do this was to join tho Federal Reserve Sys- "Wo will now bo subject to double examinations and double security ono from the State Banking Authorities tho other 1 through tho National Banking. Department as exercised thru ; the Federal Reserve System, I with headquarters at Washing-ton.havlng Washing-ton.havlng a supervising branch at-SanFmclaco. ' "Tho samo power that is back of your liberty bond now guards and protects tho Security Savings Sav-ings Bank. "If patronB , call for money faster than wo can get It back from tho borrowers, tho Federal Reserve Bank stands behind us to advanco Uio money to pay them. The Reserve- System has -millions upon millions of ready cash, avullablo for this purposo, but if, far any reason, tho a-mount a-mount should not bo sulllclent, tho Government has granted the ' Federal Bank tho power to "make money." ' ' "A Federal Reserve Ban It 1 member Is therefore safer for depositors than an Independent non-member bank and, on that account, is not obliged to refuse loan accommodations or make sudden and pre-emtory calls on borrowers for repayment of loans when such demunds for repayment re-payment entail heavy losses to customers. , I i "Wo Joined the Federal Re-1 servo Bank System to make us tho safeBt bank possible by not lonly protecting depositors , but! also safeguarding tho Interests of borrowers and also to protect tho interests of stockholders." Tho Security Savings Bank commenced business toward the close of 1012 and has been op-j crating a llttlo more than six years. Tho Federal report of February 14th, 1919, shows: . Cash Rosources . . $339,996.09; Loans and Discounts I $303,456.39 ; Total Resources . . $648,616.66 J |