The Industrial Loan and Investment Bank, Forest City’s newest financial enterprise, opened auspiciously Monday.
The bank is located in the Hemphill Building on Main street. The building has recently been remodeled inside and new bank fixtures installed. Business prospects seem good for the new bank. The business of the new bank will not be that of general banking, but loans will be made on weekly and monthly payment plan. No checking accounts will be carried, but the institution will accept time deposits.
The authorized capital stock of the new bank is $100,000 with $50,000 paid in.
The officers and directors of the ban are the leading business men of Forest City and Rutherford county. They are as follows:
J.H. Thomas, president
F.B. Harrill, active vice-president
G.F. Bradley, vice-president
B.H. Long, cashier
G.B. Harrill, assistant cashier
The board of directors is composed of the following well known men: P.T. Reinhardt, T.J. Moss, J.M. Edwards, Hugh F. Little, F.B. Harrill, J.A. Wilke, R.L. Reinhardt, G.F. Bradley, J.F. Weathers, D.T. Beachboard, J.T. Smith, B.B. Doggett, J.H. Thomas, B.H. Long and F.I. Barber.
With such men at the head of the new institution it should inspire confidence. The new bank should prove a great benefit to the town and county.
The Cyclone Auction Company and the Security Insurance and Realty Company also have offices in the new building.
newspapers.digitalnc.org/lccn/sn91068175/1925-05-07/ed-1/seq-1/
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