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F. S. Stegge for 30 Years Connected with the Bank, is President
Jan. 9, 1936
RANDOLPH -A change in officers of the First State Bank of Randolph was made last Friday when Jas. F. Toy submitted to the directors his resignation as president and his stock in the bank was taken over by local parties.
The First State Bank is now completely owned by home people.
There is no change other than in officers and the sale of Mr. Toy’s stock to people here in Randolph. The same careful management that has brought this institution through the trying financial times in the country’s history will continue to be in the hands of people of the bank. By being owned and managed there will be no delay in meeting the requirements of customers.
July first the First National Bank changed to a state bank, the incorporators being Jas. F. Toy, president; F. S. Stegge, vicepresident; Ralph Bacon, cashier and H. L. Peck and J. M. Liewer, together with the officers were directors, the capital and surplus being new money paid in cash.
Depositors in the First National Bank were paid in cash and in full. Mr. Toy held 210 shares in the newly organized First State Bank and these shares are now owned locally and paid for in cash. Mr. Toy’s resignation as director and president was accepted last Friday and shares issued to the new stockholders.
Officers of the bank now are: F. S. Stegge, president; E. H. Sutherland, vice president; Ralph Bacon, cashier; Harold McNair, assistant cashier. Miss Frances Stegge, bookkeeper; H. L. Peck and J. M. Liewer together with the first three named above are directors. There is no other change.
Mr. Stegge came to Randolph in October, 1905 — over 30 years ago — as bookkeeper in this bank he has been managing officer for 26 years and now becomes president, owning a substantial block of the bank’s shares.
His ability as a banker is known, not only in Randolph, but beyond the confines of our community, and he enjoys the full confidence of our community.
Earl H. Sutherland, newly elected vice-president has had 20 years banking experience. For the past five years he was president of the strong Security National Bank at Laurel, selling his interest there three months ago, and he has a substantial block of the stock of the First State Bank of Randolph and will devote his entire time to the bank’s interest and a program of widening the usefulness and service of the bank to this community.
He will move his family to Randolph as soon as arrangements can be made and he and his family will take their places in our business, civic and social life.
With a larger force at the bank long needed, business will be dispatched more promptly and with the new set-up, satisfactorily to its customers.
Twenty-two persons are now shareholders of the First State Bank and they include farmers of this community and business and professional men of Randolph. This wide distribution of the bank shares is evidence of public confidence in its management and its strong financial standing.
