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THE DODGE STATE BANK, A NEW INSTITUTION To Formally Open Its Doors On Monday In our issue of last week, we informed our readers of the unexpected closing of the First National Bank of Dodge, and in our comments upon the situation made the statement that the said bank was not at all in any bad financial straits or distressful plight, with the work of re-opening under a new charter and management underway. We are as pleased to pen these lines as everybody of Dodge and locality will be pleased to read them, that the Dodge State Bank under the head of Dan V. Stephens, of Fremont, has made arrangements to purchase the assets of the First National Bank and will pay all depositors in full without the loss of a penny to anybody. These negotiations were all completed in such a short span of time that great credit, indeed, must be given to Messrs. A. J. Miller, Dr. Ira Atkinson, F. J. Srb, G. J. Borgymeyer, John Miller, in fact, to all who worked untiringly day and night to be able to establish a record without a precedent in the state or many states. With the opening of the new bank on Monday, but sixteen days will have passed since the First National ceased operations, but the new charter could not have been obtained or any deal with other bank heads consummated, if the First National Bank had not ever been in the best of condition. Bank examiners ever found the institution solvent, safe and sound, and we but repeat our assertions of last week, that numerous runs made on the bank on account of false rumors spread played havoc, as withdrawals exceeded collection and officials knowing that in but little time every cent entrusted to the bank will be paid. On Tuesday, information was received in Dodge that Dan V. Stephens would be in town that evening, and desired all depositors as well as all interested to be at the Sokol hall at eight o'clock. It was a gigantic mass of people who responded and the opera house was taxed to its utmost capacity. Dr. Ira Atkinson, formerly a local resident now of Lincoln, first took the stand and explained in detail the reason for the closing of the First National, and cited the fact that while the bank's loans exceeded deposits by approximately $100,000, when the runs started, collections were not fast enough to stop the tide. He stated in accents strong that he, as well as Messrs. F. J. Srb and G. J. Borgymeyer, and many others had funds in the bank and knew the day before the closing what the final outcome would be, left every dollar in the bank's keeping to assist in the re-organization. Dr. Atkinson next introduced Mr. Stephens, who responded by asserting that the new bank would re-open, pay every depositor, and that normal conditions would be restored. He stated there would be no loss to the patrons and likely not much to the stockholders. All those having checking accounts on the First National to bring their books and change the same on the new state bank. Time depositors, however, would be required to extend the time one year from the date of maturity, the said paper to bear four per cent. Anybody desiring money can borrow, time depositors likewise, and harmony in every way will prevail. He touched in great stress upon the golden rule which ever predominated at his bank at Fremont and which would be exercised here. His earnest talk along these lines it must be stated, inspired great confidence in Mr. Stephens and his new financial institution which we know, and all know, is not misplaced. As above stated, the Dodge State Bank will open its doors on Monday, December 8th, unless there is some delay in obtaining the charter. Up to the time of going to print we are not advised as to who will be the acting officers at this point, but two previous members are mentioned. Notes Strange, as it may seem, A. J. Miller, Des Moines, was not informed of the bank's action and he knew not of their plight until the day after closing. He arrived at Dodge, attesting that he came to assist his former bank and that he would remain here until the doors swung open again. It is known he burned mid-night oil and labored day and night to arrive at the best solution and the result is now apparent. Everybody has his enemies, he may have a few, but many a heart warmed up to him in his acts during this crisis when many had their all in the bank. Dr. Ira Atkinson is likewise deserving of so much favorable criticism, as his heart ever was with Dodge despite his body being elsewhere. He assisted in every way possible to save depositors their money. Frank J. Srb, who succeeded A. J. Miller as president last spring, fulfilled his duties to inspire great confidence. It was not due to his management, or, in fact, no one was responsible for the bank's ride on the rocks for a time, as reason is now too well known. With a man as honest and trusty at the head as Mr. Srb, many not needing money could have deposited additional funds instead of withdrawing. J. H. Miller as well as G. J. Borgymeyer took it as a heart-rending blow, we know, and while most of their possessions were at stake, they strived to attain such settlements that depositors were to receive their money placed in the bank under their care. We feel the people of Dodge and vicinity should in a great measure reciprocate for the treatment they had received. Bank was liquidated in such a short span of time with no loss to depositors and business which had suffered as all can attest, can now go on without any barrier whatsoever. No money tied up in receivership, no hardships to be encountered.
