Newspaper Page Text
Thursday, January 26, 1967
Newton Federal Savings & Loan Board Members Re-Elected
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™ e J nbers ° f Newton Federal Savings & Loan Association, Covington, were re-elected
S^ley ElUs’S A HMM* ” ' Frlday - rae ’" e sl »»” !««•<> Jimmy Morgan,
Newton Federal Savings & Loan
Has Record Year During 1966
Newton Federal Savings and
Loan Association held its An
nual Shareholders meeting in the
office of the Association on Jan
uary 18, 1967. A. H. David,
Greeley Ellis, and Jimmy Mor
gan were re-elected Directors
of the Association for a term
of three years.
In his report to shareholders.
Herbert Vining, Executive Vice-
President, said that assets of
Newton Federal Savings and Loan
Association reached a record
high of $10,202,908.04.
The report disclosed that sav
ings balances held by the Asso
ciation amounted to $8,518,170.00
at the end of 1966, as compared
to $8,057,643.00 at the close of
the preceding year. Mr. Vining
noted that in the face of the
stepped-up savings competition,
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102 W usher St., Phone 786-3220, Covington, Ga.
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the change in savings balance
was satisfactory. He reported
that Newton Federal Savings and
Loan Association paid Its savers
over $372,000.00 in dividends
during 1966, the largest dividend
paid in the history of the Associa
tion. Savings at Newton Federal
Savings and Loan Association
are now insured up to $15,000.
by the Federal Savings and Loan
Insurance Corporation, which is
an instrumentality of the Federal
Government, established by Con
gress in 1934. The Savings and
Loan Business is proud of the
FSLIC because in its 32 years
of existence, no saver has ever
lost a penny of FSLIC insured
funds.
During the year, the Associat
ion Invested $1,673,891. in mor
tgage loans, and the total of the
loans at the close of the year
amounted to $9,136,529.00.
The report looking ahead to
1967 said there was no doubt
that the “tight money” year of
1966 presented challenges for
the savings and loan business and
to real estate and housing indus
try. Mr. Vining continued:
“As we move into 1967, how
ever, the picture Is brighter. In
recent months, savings Inflows
have begun to pick up slightly,
Interest rates seemed to have
reached their peak, and there
seems to be a slight settling
down in the economy.
“Barring escalation of the war
in Viet Nam and further increase
in non-military spending by the
federal government, there is rea
son to hope for some easing of
the “tight money” condition of
the past year. If this assump
tion Is realized, then 1967 should
mean an Increase In the flow of
savings dollars Into Newton Fed
eral Savings and Loan Associat
ion and some Improvement in the
flow of home mortgage funds.
“The impact of the expected
improvement, however, wiH be
gradual. Housing starts, which
have been severely curtailed by
lack of mortgage lending funds,
will probably drop even more
during the early part of the
year. However, with the expec
ted Increase in the flow of sav
ings, we expect that mortgage
lending during 1967 will show a
considerable increase over what
we were able to channel into the
housing market during the past
year.
“AH In all, we expect 1967
to be another year of progress
and satisfactory development for
Newton Federal Savings and Loan
Association.”
Immediately after the share
holder’s meeting, the directors
of the Association held its mon
thly meeting for the election of
officers of the Institution for
the year 1967. Dr. J. R. Sams
was re-elected President. Dr.
Sams is a charter member of
the Board of Directors along with
Mr. Leon Cohen. Mr. Cohen was
re-elected Vice-President. Mr.
Vining was re-elected Executive
Vice-President.
Mr. Vining has served as Ex
ecutive Vice-President since the
death of the Association’s foun
der, Mr. W. C. MeGahee. Mr.
Vining joined the Association in
1947, serving as Secretary-
Treasurer. Mr. J. L. McGlb
oney was re-elected Secretary-
Treasurer. Mr. McGiboney join
ed the Association in 1963. Miss
Grace Cook was re-elected As
sistant Secretary - Treasurer.
Miss Cook has been with the As
sociation since 1947.
§ News Notes From §
| I
By Mrs. T. W. Binford §
“One Life demonstrating the
love of God is better than a
thousand preachments.” (Jer
ome Davis)
♦♦ * ♦
Mrs. W. R. Porter had eye
surgery in Johnson City, Tenn
essee near her daughter and
family, Mr. and Mrs. Joe Con
ger. Mr. Porter returned home
Saturday. Mrs. Porter is im
proving nicely.
♦♦ ♦ ♦
We extend our deepest sym
pathy to the family of Brooks
Sam's Record
Shop
104 N Brown
786-9426
Singles & Albums For All
Ages
RECORD ACCESSORIES
HOURS
10am-7pm Except Fri.- Sat. 10am-9pm
Pennington, Sr. who passed away.
♦* ♦ ♦
Mr. and Mrs. Otis Hammonds
and Mrs. Lenora Blackwell of
Jackson visited friends here Sun
day.
*♦ ♦ ♦
Mrs. Annie Birdsong left Sun
day to visit her daughter and
family, Mr. and Mrs. Frank Nien
gle of Miami, Florida. Miss
Maggie Tolar joined Mrs. Bird
song for the trip and will visit
her sister, Mr. and Mrs. Ralph
Holmes of Miami, Florida.
♦* ♦ ♦
Harris Carson arrived home
Sunday night after being dis
charged from the Army In Pac
ific, Missouri.
♦♦ ♦ ♦
The Polk family were dinner
guests Sunday of Lt. and Mrs.
Steve Polk, Mary Hazel and Tray.
** * *
Mrs. Charlie Robertson re
turned home after spending some
time with Mr. and Mrs. Charles
Robertson and children of Cov
ington.
** * *
Mr. and Mrs. W. A. Hawkins
of Overton park, Kansas arrived
Friday to visit her mother, Mrs.
Paul Harwell and sister, Mr.
and Mrs. Frank Nix of Macon.
** * *
Guy Jones spent a few days
In Florida last week.
♦♦ ♦ *
Mr. and Mrs. Gray Hinton
attended the Dairy Meeting in
Atlanta last Tuesday.
** * *
Mrs. Janie Pharr spent last
weekend with her grandchildren
in Gainesville.
♦* » ♦
Dr. Gene Brooks of Decatur
was the dinner guestof Miss Pat
ricia Sams Sunday evening.
♦* * *
Mr. and Mrs. Hugh Sams visit
ed Mr. and Mrs. Jimmy Grant
and children Sunday afternoon.
I Maws Notes From §
- I
IttcXM §
By Mrs. W. T. Thompson §
Weekend guests of Mrs. John
Jones were: Mr. and Mrs. Ar
chie Cunningham and Sherrie of
Atlanta, and Mrs. Sandra Parker
and Melissa of Eatonton. Mr.
and Mrs. J. B. Patrick of Eaton
ton visited Sunday afternoon.
♦* * *
Mr. and Mrs. Harvey Bohannon
and Mr. and Mrs. Hollis Edwards
spent last weekend In Jackson
ville, Florida as the guests of
Mr. and Mrs. Harvey Bohannon,
Jr. and family.
** * ♦
Visitors in the home of Mr.
and Mrs. w. T. Thompson the
past week were: Miss Ruth Rey
nolds and Ray, Mr. and Mrs.
Charles Aiken, Mrs. Lucille Jo
nes, Troy Stubbs, R. L. Kirk
patrick and Mrs. Clara Smith
of Covington.
** * ♦
Visitors of Mr. and Mrs. Troy
Stubbs the past week were: Mrs.
Rebie Yancey and Mrs. Ray
Moore of Covington, Mrs.
Kenneth Piper and mother, Mrs.
McKibben of East Point, Mr. and
Mrs. Julian Washington and fam
ily of Morrow, Sam Hay, Mrs.
Sandra Finley and Fred Hopkins.
** * *
Mrs. Franklin Parker and fam
ily had as their visitors last
week: Mrs. Claudia Autry, Mrs.
E. B. Ellington, Gene Autry,
Pleas Fincher and Flem.
** ♦ *
Get well wishes to the sick
in the hospital and at home.
John W. Hunt
Takes Advanced
Industry Training
FT. POLK, LA. (AHTNC)—
Army Private John W. Hunt, 19,
son of Mr. and Mrs. Joseph O.
Hunt Sr., 123 Middlebrooks St.,
Covington, Ga., completed nine
weeks of advanced Infantry train
ing Jan. 14 at Ft. Polk, La. His
last week of training was spent
in guerrilla warfare exercises.
During his guerrilla training,
he lived under simulated Vietnam
conditions for five days, fighting
off night attacks and conducting
raids on “enemy” villages. He
was taught methods of removing
booby traps, setting ambushes,
and avoiding enemy ambushes.
Other specialized training in
cluded small unit tactics, map
reading, land mine warfare, com
munications, and firing the M-14
rifle, m-60 machinegun and 3.5-
inch rocket launcher.
His wife, Martha, Ilves In Por
terdale, Ga.
1
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