On the 12th day of October, 1886, the Bank of Larchwood was opened for business.  The bank was not incorporated but was a partnership between Parker & Richards.  The amount of capital at the time of opening was $5,000.  B.L. Richards was chosen president and Charles Shade, cashier.  The business was continued under this agreement until the 25th day of April, 1888, when the capital was increased to $7,500, and Charles Shade was made an equal partner with Parker & Richards.  The style of the firm name was continued as Bank of Larchwood.

The net earnings after paying expenses, were each year placed to the undivided profit account.  This continued for five years until the 24th day of April, 1893; when the Bank of Larchwood was incorporated under the name of Savings Bank of Larchwood.  The capital was placed at $45,000 and was held by the following stockholders:  O.D. Shannon, Robert Johnson, A.T. Arnison, Mollie Redfield, J.F. Parker, B.L. Richards, J.H. Peacock, W.H. Bradley, Minnie B. Shade and Charles Shade.

One of these stockholders was selected the following board of directors: W.H. Bradley, Robert Johnson, O.D. Shannon, B.L. Richards, and Charles Shade.

Out of the board of directors B.L. Richards was chosen president and Charles Shade cashier.  The bank continued business under these officers until January 1, 1902, when Charles Shade was elected president, W.H. Bradley, vice president, and J.H. Peacock, cashier.

On the 1st day of January, 1903, the bank had a paid up capital of $45,000, a surplus and undivided profit account of $55,000, at which figures the capital and surplus now stand.

The prevailing rate of interest from 1886 until 1890 was from one per cent, to one and a quarter per cent, per month.  During the easy money market in 1890, '91 and '92 the rate declined until it was difficult to get 8 per cent on  good paper.  During the last two years the rate charged has been about the same as other banks over the county.

By reference to last bank directory January, 1904, this bank reports as follows:  Deposits, $154,000, loans, 217,000, cash reserve, $34,000.


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