OCR Text |
Show Successful year reported by Bank of Iron County to stockholders at annual meeting The annual stockholders' meeting of the Bank of Iron County was held Tuesday, Feb. 13 in the city office building, with a majority of the stockholders stock-holders present. The secretary read the financial report ot the bank, including the balance bal-ance sheet and earnings report, re-port, This showed the volume of business for the past year to have been as follow: Earnings before taxes and losses, los-ses, $125,204.11. Earnings after taxes and losses, los-ses, $48,025.62. Total resources as of Dec. 31, 1972: $7,250,937.63. Total deposits on Dec. 31, 1972 $6,480,557.99. Total loans on Dec. 12, 1972, $4,350,741.85. W. Scott Mitchell was retired re-tired as a member of the board of directors because of ill health making him unable to attend meetings. He has served on the 'board of directors direct-ors since the bank's organization organiza-tion in 1947. Much of the time he has served as vice president of the board. The board of directors as elected in the meeting on Tuesday night included the following: D. Robinson, James A. Mercer, Elmer Lowe, Norman Nor-man H. Day, Rodger E. Allen and O, K. Nielsen. Allen re-places re-places Mitchell on the board. Also Articles of Incorporation Incorpora-tion were amended to Increase the capital stock account to $90,000.00. Incorporated for $30,000.00 at the time it started start-ed in business, the capital account ac-count has remained there until un-til now. The increase to $90,-000.00 $90,-000.00 will be accomplished by a two for one split in the present capital stock. |