Rank Stockholders
Increase Capital
The stockholders of the Bank of
Kodiak voted some time ago to in
crease the capital of the hank in
the amount of at least 150 shares,
the first offering being to present
stockholders who subscribed for
most of the additional shares.
The increase provides more than
$50,000.00 new capital which is in
keeping with increased deposits
and greater activity on Kodiak Is
land and the nearby Naval Base.
It is interesting to note that the
bank’s original capital was only
$35,000.00 and increased in 1941 to
$60,000.00, due to the need of more
banking room and increase in de
posits.
Much of the $225,000.00 surplus
has been derived from bank earn
ings and the stockholders have re
ceived nearly $100,000.00 in cash
dividends since the bank opened
for business on March 4, 1940.
Upon completion of the recapi
talization program, the oustanding
stock of the bank will be 750
shares of $100.00 per share par
value, surplus of $227,500.00 and
undivided profits of over $35,000.
to $337,500, the present figure, is
indicative of the area’s growth in a
period of less than sixteen years,
and an evidence of the confidence
the bank’s management has in the
continued development and pros
perity of the community.
The bank’s president is O. A.
Torgerson, who originally organiz
ed the bank; Ben Kraft has been
fi Vice President and director
since the bank was first opened.
Mrs. Mary Sorum, the Cashier,
has been with the bank over ten
years.
H. E. Booth, Vice President, re
cently came here from Fairbanks,
Alaska, where he was a bank of
ficer several years.
A part of the staff will soon
move upstairs in quarters to be
vacated by the Alaska Communica
tions System, which will provide
larger customer facilities on the
main floor.
NOTICE
Dr. E. E. Bach, Op
tometrist, will be in Ko
diak to do eye, examina
tions on Oct. 30, 31 and
Nov. 1, 2, and 3. For ap
pointment for an eye ex
amination call Mrs. Huer
at 4581. 10-29
at one low
rate...
only one
always call
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