Newspaper Page Text
Milledgeville, Ga., May 31, 1928
Number 41
[
MISS FLETA BATEMAN
Secretary to Pre.ideot
MT> H. H. HERNDON
Bookkeeper
DR. H.D. ALLEN
HEADS DIRECTORS
Member of Exchange Bank Board
Since 1911. Named Vice-Presi
dent in 1913. Chairman Direc
tors 1927
OTTO M. CONN
NOW PRESIDENT
Named President After Twenty-
five Years Service To Institution
Instrumental In Founding
Exchange Bank
Otto M. Conn was a tittle more
than a year airo named President of
the Exchange Bank, an honor well
deserved after twenty-five years of
honest effort and energy toward the
developement of the bunk.
Mr. Conn began his banking career
with he Milledgeville Bank, serving
a, office boy and later us collector.
A change came in the management
of the bank and Mr. Conn resigned,
then a young man jus. reaching his
twenty-first birthday. Through his
effort: the Exchange Bank was
founded. He saw a place for an-
ether hank here and bending his en
ergies to the task he has achieved
the highest .success in the banking
business.
Mr. Conn was chosen as cashier of
the new bunk when it was founded
and in his hands were placed the de
velopment and the shaping of the
bank’s policies and destiny. He went
to his task with th« same spirit of
enthusiasm that iB now his outstand
ing characteristic. He won the confi
dence and esteem of thousands and
today the bunk stands out as a great
achievement of success.
Mr. Conn was elevated to the presi
dency about a year ago when Mr.
John Conn, the first President, pass
ed away.
Mr. C-rnn has been active in civic
dcvelopement. He has been enthusi
astic in church circles and has devot
ed his time and talent to the best
interest of '.hose whom he servea
OTTO M. CQNN
Unprecedented Growth in Brief Span of Years
Finding its birth in un inconspicu
ous spot on Hancock Stree*. more than
a quarter of a century ago, the Ex
change Bank with an unprcccndented
growth in Middle Georgia banking
history/now occupies one of the most
strategic points in Milledgeville’s
business center and stands out as a
rock of gibrnllar in financial institu
tions of Georgia.
On June 1st, 1903, the Exchange
bunk opened its doors in Milledgeville
for the first time. Messrs John Conn,
E. E. Bas«, W. T. Conn, A. J. Carr,
Dixon Williams, O. O. Bunks, Dr.
T. O. Powell and Dr. L.*M. Jones,
Milledgeville's most prominent busi
ness and professional men, had previ
ously met and planned the organiza
tion and had received their charter.
Opening their doors with a capital of
$15,000 and no depositors the bnnk
began business with Mr. Otto Conn
as cushier. The first depositor was
W. T. Hines who came ti the bank
and placed in their charge $15.00.
The first loan .amounted to $300.00
and thus the Exchange Bank cume
into existence and took its plac? in
Milledgeville's business life.
During the period of time the
growth has been steady, under the
guidance of leading busines men who
have served on the directing boards.
The firs, board of directors of the
bunk were John Conn, E. E. Bas.-, O.
O. Banks, A. J. Carr, Dixon Williams,
W. L. Coleman and Dr. L. M. Jone.-.
The records of the bunk show con
clusively that the type of men who
have framed the affairs of the bunk,
and stood at the helm directing its
course, have been men of honor, truth
and integrity. Other men who buve
served on the bonrd are Dr. J. A.
Callaway, J. B. O'Quinn, Dr. J. P.
Atkinson, I.. M. Jones, Jr., Carl Vin
son. with the present board of Dr.
H. D. Allen. Chairman of the Board,
Dr. Edwin Allen, H. G. Banks,
Harry Bone, Otto M. Conn, Chas
Conn, W. L. Ritchie, Dixon Williams,
and J. R. Starley.
The Bank began business with a
stock of $15,000. Later in the same
year the cupital was increased to
$25,000. In 1909 this amount was
doubled, $50,000 being the operating
stock. The third increase was made
in 1919 .adding $25,000 to the al
ready large capital making a total of
$75,000. In 1924 another increase
was made bringing the total capital
to $100,000. This steady increase
i;i copkul has shown a spirit of pro-
gressiveness and places the Exchange
Bank far out in the front in its
leadership of capital, surplus and
undivided profits.
The faith and confidence in the
Exchange Bank has been stendily
gained and the small ddposits of
opening day now amounts to more
than half a million dollars. These
figures speak for themselves. They
show conclusively that the high
esteem and reliability the Exchange
Bank huve gained friends.
Twenty-five years have been left
behind by the bank. They are enter
ing into the early years of young
manhood and step off into another
era with a leadership that is well de
served and has been gained through
honest effort and sincerety of pur
pose. The Bank has been built upon
those sound business principles that
have carried it forward, going
through deflation periods and weath
ering times of financial stress and
never failing to Hhow growth. The
bank today pays its stock holders
dollars and cents more than any
bank in the city.
With this foundation and twenty-
five year record the Exchange Bank
has round«*d nut a successful period
of time and enters into a new year
proud of its achievements and
tinuing in its effort to contribute
its best interest to its clients and the
progress and devlopment of Bald
win county and Milledgeville.
Dr. H. D. Allen nationally known
psychiatrist, and head of Allen’s
invalid Home, the first private hos-
pVal established in the south for the
treatment of nervous diseases, little
more than a year ago was named
Chairman of the Board of Directors
of the Exchange Bank after seven
teen years service to the bank.
Dr. Allen was named a d'rector of
•he hank in 1911, and in 1973 was
named Vice-president. March of
1927 he was elevated to the position
of Chairman of the Board of Direc
tors, the highest honor that the hank
could give .a member of hs board.
His devotion to the interest of the
hank has been marked during his
long record of service. He has kept
in close touch with its development
i and in a large measure has been re
sponsible for the great strides for
ward that have been made during the
later years of the bank’s history.
Dr. Allen has devoted his life to
the best interest of the develop
ment and progress of the county. He
has attained national fame as an au
thority on mental disease and his ad
vice and council is solicited from all
parts of the nation. Dr. Allen Is con
sidered one of Baldwin county's most
valued and beloved citizens. He
has kept an interest in the masses and
his clear insight into human nature
and his cordial genial personality has
won for him hundreds of friends.
The honor that has been given him
by the Exchange Bank has been de
serving and the truRt and fidelity
could not have been placed in more
worthy hands is the opinion of
patrons and friends of the bank.
The Exchange Bnnk is fortunate in
having his services.
Statement Showing Growth in Deposits
and Resources by 5 Year Periods
1903 JUNE 1st. OPENED FOR BUSINESS
Deposits Resources
1908, May 31st 1908, May 31st
Deposits Resources
$61,209.30 $100,933.10
1913 Deposits
$100,918.58
1918 Deposits
S304,327.38
1923 Deposits
$380,446.75
1928 Deposits May 30th.
1918 Resources
$197,007.59
1918 Resources
$420,110.78
1923 Resources
$554,117.86
192R Resources
$559,949.29 $791.561.45
BANK OFFERS THANKS TO
FRIENDS
With n deep sense of appreciation
the Bank offers its sincere thanks to
its friends and customer* for their
good will and patronage over a quar
ter of century. We are justly proud
but it is with a deep spirit of felicita
tion that we tell of our growth and
progress.
Beginning his banking career
elev n years ago as collector, Gaither
Banks has risen to the position of
Ca-hicr an dis a member of the Board
of Directors. Mr. Banks graduated
from G. M. C. and went into the
hank when a young man. His anergy
and high conception of duty and trust
ha> carried him forward in his busi-