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Show ASSETS. DEPOSSTS IN BANK OF PL. GROVE SHOW BIG CHANGE Change from a strictly agricultural agricul-tural economy to a dual industrial-agricultural economy in the Pleasant Grove area is mirrored in Bank of Pleasant Grove assets and deposits from 1940 to 1950. Junius A. West, vice president and cashier of the Bank of Pleasant Pleas-ant Grove said Thursday that with the event of Geneva Steel Company Comp-any "the area which the bank serves has doubled in population and quadrupled in bank assets and deposits." Mr. West then brought out some figures for 1940 and 19,r)0 which show conclusively the growth and prosperity of the Pleasant Grove area, to say nothing noth-ing of the startling economic-soc-io change. In 1940, Mr. West said, the Bank of Pleasant Grove had as sets of $490,693, and deposits of $415,007. On November 13, 1950, assets and deposits, respectively, had jumped to $2,226,648 and $2,014,675. In the case of both the assets and deposits, the 1950 figures nearly quintuple those of 1940. If further cold figures are wanted want-ed (not only as to the strength of the bank, but the health of the economy as well) the books showed show-ed that in 1940 there was a surplus sur-plus of $10,000, and undivided profits and reserves amounted to $18,000. In 1950 there is a surplus of $100,000, and undivided profits and reserves amount to $56,000, Mr. West stated. "Had we not been fortunate enough to have a dual economy brought about by the advent of I Geneva Steel, it is doubtful if the area which are bank serves would have more than $1,000,00 in assets and approximately $1,000,000 in deposits. Farm, livestock, and poultry prices in the past ten years have more than doubled in some cases, and that fact alone would at least double the deposits of $415,007 of 1940, Mr. West speculated. He pointed out that Geneva Steel almost wholly responsible for the building and expansion of population., "While we do not farm, raise fruit, livestock and poultry as extensively as 10 years ago, we have hundreds of men who are working at Geneva Steel, and at the same time are pursuing farming, fruit growing and poultry poul-try raising." Mr. West said, adding: add-ing: "This dual economy is a healthy situation. It makes for a permanent per-manent population with steady income in-come and a desire on the part of residents to make improvements improve-ments in the section in which they live." - -In addition to being vice president presi-dent and cashier of the Bank of Pleasant Grove, Mr. West is president presi-dent of the State Bank of Lehi. He is also vice president for Utah of the American Bankers Association. |