Minnesota County Histories
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State Bank Of Hector
The History of Renville County, Volume 2
Compiled by Franklyn Curtiss-Wedge
Chapter XXIX
pp. 680-681

The State Bank of Hector was incorporated July 20, 1887, and commenced business August 1, 1887. The first officers were: G. K. Gilbert, president; W. D. Griffith, vice-president; A. R. Gress, cashier; G. K. Gilbert, A. R. Gress, W. D. Griffith, O. F. Peterson, Wm. Ebert, H. A. Reed and W. C. White, directors. The changes in office from 1893 up to the present time are as follows: January, 1893, G. S. Eichmiller became assistant cashier and C. H. Nixon was elected a director to fill the place of W. C. White. January, 1894, G. S. Eichmiller became cashier in place of A. R. Gress and H. A. Reed became assistant cashier. G. S. Eichmiller's name was added to the list of directors. January, 1906, John Hokanson succeeded W. D. Griffith as vice-president and director and H. L. Torbenson succeeded H. A. Reed as assistant cashier. A. R. Gress again becomes a director of the bank and A. B. Anderson and H. S. Deming were also made directors. In January, 1915, the officers and directors are as follows: G. K. Gilbert, president; A. B. Anderson, vice-president; G. S. Eichmiller, cashier; H. L. Torbenson, assistant cashier; G. K. Gilbert, G. S. Eichmiller, A. B. Anderson, H. S. Deming, A. P. Anderson, H. A. Reed and Andrew Anderson, directors. G. K. Gilbert has been president since the organization of the bank.

Following is a report of the condition of the bank at close of business Dec. 31, 1887: Resources -- Loans and discounts, $20,869.63; due from banks, $4,808.46; real estate, furniture and fixtures, $3,678.34; current expenses, $909.75; cash on hand, $2,306.54; total, $32,572.72. Liabilities -- Capital stock, $25,000.00; undivided profits, $1,251.15; deposits, $6,321.57; total, $32,572.72. Following is the report of the bank at close of business Sept. 8, 1915: Resources -- Loans and discounts, $222,882.39; overdrafts, $86.55; banking house, furniture and fixtures, $6,000.00; due from banks, $15,609.43; checks and cash items, $23.80; cash on hand, $15,022.50; total, $259,624.67. Liablities -- Capital stock, $25,000; surplus fund, $15,000.00; undivided profits, $3,914.02; dividends unpaid, $35.00; deposits, $215,675.65; total, $259,624.67.

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