Along The Way 1
By Emily Killette
This week Along the Wky takes a
look at one of Duplin's early financial
institutions, the Magnolia Bank.
The Magnolia Bank building is
still recosnizable alone the down
town section of the town. The
building proudly bears the founding
date of the bank, 1911. The following
story about the Magnolia Bank was
published in the July 11. 1935 issue
of THE DUPLIN HERALD
Magnolia Bank Voluntarily
Liquidates Assets
Voluntary liquidation of the assets
of the Bank of Magnolia began July
3. Depositors and stockholders will
lose nothing in the liquidation, all
receiving 100 cents on the dollar.
The people of Magnolia and
numerous cjtjzens^throughout the
county wkq had carried accounts
with this bank (earned of the liquida
tion with much regret. Particularly
were the Magnolia citizens disap
pointed in the failure of their bank in
their community.
L.D. Dail, cashier of the bank,
stated to a representative of the
Herald yesterday that decision to
liquidate the bank had been reached
only when plans to put into new
changes had not materialized.
Retirement of some of the direc
tors of the institution and the death
of other members of the derectorate
made necessary some changes in the
set-up of the banking institution's
organization. There was no demand
for a liquidation and the bank was
entirely solvent.
All depositors and stockholders
are being paid in full, the liquidation
being effected at Warsaw. Mrs. Dail
and his staff of clerical assistants are
handling the Bank of Magnolia ac
counts in the Branch Banking and
Trust Company building in Warsaw.
It is probable that a new bank will
open in Magnolia. At the time being,
however, arrangements have been
made for the Branch Banking and
Trust Company to open a teller's
service to receive deposits and cash
checks and transact some banking
business at Magnolia, it was stated
by Dail. Date of beginning this
service will be announced.
The Bank of Magnolia was or
ganized in 1911, with J.C. Horne as
its first president and the late D.H.
Bridgers as its first cashier. Business
was begun in the building which the
bank occupied during its 24-year
his tor)-.
In August, 1913, Mrs. Bridgers
retired as cashier and L.D. Dail,
present cashier, was elected to the
position he lias since that time
continued to fill. At the present time,
he is serving as liquidating agent of
the Magnolia Bank.
Following Mr. Horne into the
presidency of the bank was John
Croom, of Magnolia, who had tenure
of office of 10 to 12 years.
H.D. Williams, present president
of (he bank, was elected to succeed
Mr. Croom.
The bank was organized with a
capital stock of $10,000, later being
doubled to $20,000 with a surplus of
$10,000. Total assets of the bank now
aggregate $263,000, practically all of
this being in cash.
Of the present members of the
board directors now living ? Mrs.
Williams, Dail, L.W. Brown, PJ.
Heath ? Williams, Dail and Heath
were stockholders helping to bring
the bank into its first organization.
Mrs. Croom, at one time president of
the bank, retired from the board of
directors several months ago and the
late Theo Middle ton died a few
weeks ago.
Mr. Duil stated that the bank had
been the depository for Duplin
county funds for many years. He
hoped to continue serving Duplin
County with a new financial institu
tion in a new burglar-proof structure,
but did not get to perfect his plans.
Mr. Dail hopes to complete the
liquidation of the bank within 30 to
60 days. He wants all persons who
have funds on deposit inthe bank to
call for their money at once. He also
urges per^hns owing the bank to call
and make prompt settlement.
During the 24 years of the bank's
existence it has been robbed by
bandiis three times and burglarized
once. Never has a depositor lost any
money in this bank. Insurance
protection has covered the small
losses in these robberies.
The bank also weathered depres- ,j
sion ? lean years when other banks
were closing and depositors losing
large sums of money. Its strong and
safe position in all these testing
times is due in a large measure to the
sane management and careful ad
ministration by its executive officers.
Prom
Graduation
Anti-Drunk
Driving
! Campaign
The senior class at James Kenan
High School is participating in
Operation Prom/Graduation anti
drunk driving campaign being spon
sored by WCTI, WNCT and WITN
TV stations. Seniors participating in
the program have been issued a
pledge card which they have signed,
stating that throughout the prom and
graduation season they will not drink
and drive or ride with a student who
has been drinking.
Area merchants who have agreed
to participate will be giving a
discount during prom week (Mav
5-11) and graduation week (June 2-8)
to seniors presenting signed pledge
cards. Participating merchants will
be displaying a poster in their
business and their business name
will be included on a list at James
Kenan for the seniors' information.
Debbie Smith, guidance counselor
at James Kenan, stated, "We feel
this campaign will aid in making
students more aware, more cautious,
and more responsible during this
time of the year, and hopefully on
into the future. Prom and graduation
nights should be happy events not
marred by a tragedy involving
drinking and driving. We want to
keep our young people alive in
1985."
If any area merchants have not
been contacted about participating,
they should contact Smith at
293-4271.
DUPLIN TIMES-PROGRESS
SENTINEL
Published Weekly by
DUPLIN PUBLISHING CO., INC.
Ike Riddkk, Publisher
P.O. Bor68
Kenansville, NC 28349
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