Bank of Avilla

Bank of Avilla Minute book, 1914-1924 **
Bank of Avilla Minute (Record) book, 1923-1944 **
Bank of Avilla Ledger of Dividend Checks, January 2, 1919 to January 1, 1944 **

The corporate minute book for the Bank of Avilla at Avilla in Jasper County, Missouri includes minutes of the Board of Directors from September 18, 1914 through January 24, 1924. Samuel Salyer was the majority stockholder and Cashier until June 1919, when Ivy E Russell succeeded him in both capacities.

On September 18, 1914 the Board of Directors of the Bank of Avilla organized and elected Dr S X Cordonnier as President. Samuel J Salyer, the majority stockholder, was named Cashier and was instructed to procure a charter and to purchase an appropriate lot in Avilla as a building site. The "resources" of the new financial institution were determined on January 18, 1915 to be $16,087.46, and at the close of that year the bank had net earnings of $307.60 and had declared its first dividend to shareholders.

The leadership of the bank remained stable until 1919. In January of that year Samuel Salyer assumed the Presidency and R A Brooks was named Cashier. However, at a special meeting of the Board in March, Brooks resigned, Joseph Weng replaced Salyer as President, and Salyer returned to his former position of Cashier. Finally, in June 1919, Ivy E Russell became the majority stockholder, and he promptly replaced Salyer in the Cashier's office. Russell remained Cashier, and in control of the corporation, for the remainder of the period covered by this volume.

These records do not include detailed financial reports, but the summary figures from the bank examiner, and annual earnings reports to the Board, show a consistently growing and profitable enterprise. From "resources" of about $16,000 early in 1915, the bank grew to almost $75,000 in "resources" in August 1923. Earnings were less stable, but the firm never showed a net annual loss during this period, and it paid a steady $800 in annual dividends to shareholders from January 1919 onward. Except for Salyer's brief Presidency, when he was paid a token amount, the Cashier and Assistant Cashier were the only salaried employees of the bank. While the minutes always listed the indebtedness to the bank by its directors and officers, normal loans were listed individually only for a brief time in late 1915. Otherwise the minutes deal mostly with routine business, the membership of the Board, and the annual meeting of shareholders each January.

Another minute book for the Bank of Avilla at Avilla in eastern Jasper County, Missouri includes the minutes of the Board of Directors from 1924-1930. A stock ledger covering, 1923-1944 issues of stocks/dividend checks, shows the majority stockholder was Cashier was Ivy E Russell.

The Bank of Avilla was a small financial institution that in this period never had resources greater than $100,000. The ownership was always in just a few hands, and the majority stockholder was always Ivy E Russell, who was, as Cashier, the bank's only full-time employee. The minutes begin on February 1, 1924, and continue monthly through December 1, 1930. The Board of Directors at the first meeting consisted of Joseph Weng (President), S X Cordonnier, F E Hall, C W Riggs, and H O Dintaman. After Weng's death on October 6, 1925, Cordonnier was elected President and D W Williams was added to the Board. The only other alteration in the membership of the Board during this period came in 1929, when C W Riggs disposed of his stock and was replaced by W H Weng.

According to reports filed with Missouri's Finance Department, the Bank of Avilla had "resources" of $75,089.04 in 1925, $85,539.94 in 1926, and $76,325.79 in 1927. The business was profitable, showing a "net income" of $600 in 1924, $972.50 in 1925, $863.02 in 1926, $1000.00 in 1927, $1234.37 in 1928, and $1390.39 in 1929. Beginning in January 1926 an annual dividend of $800 was divided among the institution's 100 shares of ownership, representing an 8% return on the $100 purchase price.

For the most part the Board's meetings were routine in nature, although toward the later years the list of denied loans became longer and concerns over national economic conditions became deeper. On March 30, 1926 the state Finance Department noted that "your chief concern should be about your slow and inactive loans," to which the Bank responded on May 1, 1926 with a detailed six-page letter of explanation. On the same date the Board subscribed $100 for "organizing a 'Job Plan' High School in Avilla." On April 2, 1928 the Board determined that "we do not feel justified at this time to make any new loans outside of regular patrons," which later that year included "strawberry pickers" tickets of LaRussell Association for next season."

By May 1930 the Bank had stopped making loans secured by chattel property, and in December of that year the Board passed a resolution authorizing "the President and Cashier ... to sell securities, create re-discounts or bills payable for the use of this Bank, as may be needed under existing depression ... and are hereby authorized to hypothecate bonds, securities and discounts ... as may be necessary." The Bank immediately "hypothecated" $2000 in bonds with the Commerce Trust Company of Kansas City, "in order for this bank to be on par list of Federal Reserve Bank."

The circumstances and exact date of when this bank's assets were taken over by the Bank of Carthage, is yet to be determined.

Microfilmed: Yes

**Western Historical Manuscript Collection-Rolla, 2001

Above description written by WHMC-Rolla staff and edited by Powers Museum Director.

Subjects:
Avilla, MO
Avilla High School
Bank of Avilla
Bank of Carthage
R A Brooks
Commerce Trust Co; Kansas City, MO
Dr S X Cordonnier
Depression Era
H O Dintaman
Federal Reserve Bank
Finance Department, State of Missouri
F E Hall
La Russell Strawberry Association
C W Riggs
Ivy E Russell
Samuel J Salyer
Strawberry Harvest
Joseph Weng
D W Williams

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