Rensselaer Semi-Weekly Republican, Volume 35, Number 34, Rensselaer, Jasper County, 30 December 1902 — Commercial National Bank. [ARTICLE]

Commercial National Bank.

The fact that Rensselaer is in line for the early establishment of a National Bank, now being organized by J. W. Paxton and others, has already been published. It is now oar privilege to announce that another plan for a national bank here has been maturing for quite a long time past, about a year in faot, and has now reached a stage where its early ancoeaefnl conclusion is a settled faot The Commercial State Bank of Rensselaer has had its application pending to ohange to a national bank for many months. The application has now been granted, and the details of the reorganization will now be proceeded with, though necessarily they will require considerable time; as it is a mncb slower process to wind op the affairs of a state bank to ohange to a national, than simply to organize a new bank. Some of tbe details also have not yet been deoided upon. The name will be the “Commercial National Bank of Rensselaer, Indiana.” The managment will be the same as the present Commercial Bank, The amount of the capital stock has not been definitely decided upon, but it will be much larger than that of the present bank, whioh is $25,000. Neither has the amount of the national bank currency to be issued been decided. The law reqnires every national bank to issue a certain amount of currenoy, depending upon tbe amount of the capital stock. The least that oan be issued is $12,500, and from that up to the full amount of the faoe value of the U. S. bonds that all nation, al banks mast deposit in Washington, as scarify for their oiroulation> It is not expected that the ohange will be made until April Ist.