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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-