Jasper County Democrat, Volume 22, Number 33, Rensselaer, Jasper County, 23 July 1919 — NEW BANK PLANS ON [ARTICLE]

NEW BANK PLANS ON

Expects to Be Ready for Business in 60 to 90 Days. Subscriptions for stock in the new Farmers & Merchants’ National bank of Rensselaer are being taken, and from present indications the 500 shares will not be half enough to supply the demand. It is not expected, however, to increase the capital beyond $50,000, and many people who want in on the stock will be disappointed. It is the Intention, of course, to distribute the stock as- largely as possible in small lots in order to get as many people interested as possible. It is generally believed that there is room for another bank here, hence the interest manifested in securing some of the stock. It is the intention to open the bank in temporary quarters in the Hollingsworth room on south Van Rensselaer street as soon as the charter is granted and the books and other necessary equipment can be secured. This room has > good fireproof vault and can be used nicely while the remodeling of the permanent quarters on the corner, now occupied by Duvall’s clothing store, is going on. The remodeling plans include a new front, more windows on the east, an addition with basement for heating plant on the rear, the ground floor to be occupied by the Jasper County Mortgage and Realty Co., a vault, of course, and the stuccoing of the entire building, including the room on the west, to be occupied by Long & Son’s drug store. Mr. Long gets all the property except the corner room with the addition to the rear, which addition extends also back of the Long room. He also gets the business rooms on Van Rensselaer street, the bank promoters paying him 22,500 for the corner property, leaving his own room and the rooms fronting on Van. Rensselaer street costing him but $22,500. The heating plant will supply both the bank and the drug store and i the upstairs rcjjßms with heat. It is hardly probable that thei remodeling can be completed ready for occupancy much before January 1.