The following appeared in the Rock County Herald on January 9, 1925.
CONSOLIDATION OF HARDWICK BANKS FOUND BENEFICIAL
Results Attained Following Merge Held to Justify Elimination of Double Overhead Expense.
In proof of the assertion that nothing is to be gained commercially or economically by too many institutions of a similar nature in a restricted field of endeavor, officers of the Farmers State Bank of Hardwick are viewing with pleasure and pointing with pride to the showing made in this bank’s latest statement of condition at the close of business on December 31st, 1924.
It will be recalled that about six months previous, or on July 5th to be exact, the consolidation of the Farmers State Bank and the Security State Bank of Hardwick was effected. But this was only accomplished after many overtures. Prior to the consolidation neither one of the institutions was really making any money, and that intangible thing, known as overhead, was consuming the accrued profits to a pronounced extent.
Under the consolidation, operating expenses were reduced practically one-half without curtailing service to patrons of either institution to any detrimental extent. The statement of the Farmers State Bank, published in these columns last week, shows that net profits were $1,263.06, and that the amount of cash reserve on hand totals $52,256.25. The bank’s total footings are given as $391,434.59.
Donations to the Rock County Historical Society can be sent to the Rock County Historical Society, P.O. Box 741, Luverne, MN 56156.
Mann welcomes correspondence sent to mannmade@iw.net.