At a meeting of the board of directors of the First National Bank of Lumberton Friday of last week Mr. H.M. McAllister tendered his resignation as president, and Mr. T.L. Johnson, who has for some years been active vice president, was elected in his stead. The resignation of Mr. McAllister becomes effective August 1st, at which time Mr. Johnson will assume the duties of president.
It is understood that negotiations for the purchase of the stock of Mr. McAllister were completed some time ago, and that as a consequence Mr. Johnson began the erection of the handsome bank and office building north-west corner of Elm and Fifth, now nearing completion, which will be the future home of the bank. It was planned to have the new management assume control September 1st, which is exactly 20 years from the date the First National Bank of Lumberton was organized, but owing to the fact that Mr. McAllister found it necessary to assume immediate management of his insurance business, the change will become effective August 1st.
Mr. McAllister is and has been for many years the general agent for the Jefferson Standard Life Insurance company, and has also conducted a large fire insurance business in connection with his life insurance agency. Mr. Ira B. Townsend, who had charge of these agencies for Mr. McAllister, because of continued ill health, found it necessary to give up this work, and a few days ago went to a hospital in Philadelphia for treatment. This made it necessary for Mr. McAllister to assume the management of these agencies in person.
The First National Bank is one of the largest banking institutions in this section, and at the present time is a designated depository for the United States Government, the State of North Carolina, the county of Robeson and the town of Lumberton.
Mr. Johnson, the new president of the bank, for the past 17 years has lived in Lumberton, where he has successfully engaged in the practice of law, being at this time senior member of the law firm of Johnson, Johnson & McLeod. He is also identified with several other business enterprises in this section, particularly farming, cotton mills and banks.
Following are the directors: T.L. Johnson, R.E. Lewis, R. McA. Nixon, Dr. H.M. Baker, A.P. McAllister, all of Lumberton, C.T. Pate of Purvis and D.C. Regan of Howellsville township. Dr. Baker is the well known head of the Baker sanatorium; Mr. Lewis is sheriff of the county and a large and successful farmer; Mr. A.P. McAllister is secretary and treasurer of the National Cotton Mills; Mr. Pate is a large merchant and farmer, being one of the members of partnership of C.T. Pate and Z.V. Pate, trading as C.T. Pate and Company; and Mr. Regan is a well known and successful farmer living near Regan’s church in Howellsville township. He formerly represented Robeson county in the Legislature.
When seen by a reporter this morning Mr. Johnson made the following brief statement:
“The First National Bank of Lumberton will continue to be operated under the supervision of the National Government. We covet the continued support and good will of the people of this county and section. During the 17 years I have lived in Lumberton, I have seen the bank grow from an institution of less than a hundred thousand dollars to resources of approximately a million dollars.
“I think the bank has served the community and county well during the past 20 years, and it shall be our primary purpose to conduct in the future an institution that shall be as safe as the government itself, and at the same time to render to our thousands of patrons and friends such service in the granting of loans and accommodations as is consistent with safe, conservative banking.
“On September 1st we expect to move our commodious modern banking room now nearing completion, and this will add materially to our ability to serve our patrons.”
From the front page of the Robesonian, Lumberton, N.C., Monday, July 28, 1924. “Country, God and Truth”
newspapers.digitalnc.org/lccn/sn84026483/1924-07-28/ed-1/seq-1/#words=JULY+28%2C+1924
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