Ogden Standard-Examiner | 1920-04-21 | Page 9 | Local Banks in Good Condition

LOGAN BANKS IN GQDDCONOmON Examination Recently Con- j ducted by Federal Inspeq- j tor and State Examiner i LOGAN. April 21 The banks of Logan City and Cache County were shown to be in excellent condition by the recently maue examination of the Federal Reserve Inspector, accompanied accom-panied by the state inspector according accord-ing to President II. E. Hatch or Thatcher Brothers' Banking company. It developed from the exhaustive examination ex-amination ciade by the bank examiners examin-ers that Cache county is one of the very few districts that has completely finiincel itself up to the present time, said Mr. Hatch. Logans' rapid growth during the past ten years has been the in no small measure to its ability to finance itself, according to Mr. Hatch. The Logan banks have total resources of $5,676,525. witn deposits aggregating 54,787,314. Loans totaling $2,938,8iU have been made in every case to aid in the development of the county and thus the banks have been able to contribute con-tribute most effectively to the community com-munity growth. The capital and surplus sur-plus of these banks total $572,500. "These figures indicate the size of the banking industry in Cache county and Indirectly indicate the prosperity of the people. With the totals for the county banks added, an appreciable increase would be made in the above figures. In audition to the three millions mil-lions of dollars loaned out for developmental develop-mental purpose, the banks hold nearly a million dollars worth of government bonds and other sound securities. "One feature that has contributed to the development of banking in Cache county has been the close cooperating co-operating that has existed among' the banks. By means of a county association associa-tion a valuable affiliation has" been developed. de-veloped. The country banks are all closely allied Avhh the Logan City banks and where the country has been unable to lend to concerns which required re-quired more than the bank was lawfully law-fully permitted' to lend, such loans have been taken over by the city banks. "The 'vney loaned has been largely to farm , communities for agricultural agricul-tural development Tho manufacturing manufactur-ing Interests of Logan, however, have borrowed largely from the local banks for their expansion."