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THE MERCHANTS’ BANK, Bay St. Louis, Miss.
Bay St. Louis, Miss., May 12.—The Merchants’ Bank, of Bay St. Louis, Miss., established in 1903, will erect on the Feahney lot, corner of Front Street and Louisville and, Nashville Railroad tracks, a handsome two-•story building-. This building will b 34 feet by 56 feet, and the material used in construction will be repressed brick, with cement trimmings. The front elevation will be particularly handsome, unlike anything on the coast. The entire first floor will be used exclusively for the banking-house, while the second floor will have six office-rooms. The Merchants' Bank has a capital stock of $20,000, with deposits of over $100,-000. The success of the Bank has been unparalleled, and this is said to be due to the efforts of its Cashier Ge.orge R. Rea, a native Mississippian, son of:	James S. Rea. Secretary-
Treasurer of the Mississippi Mills at Wesson, Miss. Mr. Rea has Trad twelve years’ experience in three banks and including the Interstate Trust and Banking Company, of New Orleans. He is wMl known and is held in high esteem throughout the country and enjoys the full confidence - of the patrons of the Bank and the commercial •world, i Upon the retirement of L. H. Fair | child as first President of the Bank, 1 John. Osoinach was unanimously I elected aa his successor. Mr. Osol I nach is well known as one of the 1 most prominent and progressive citizens of the Bay. He is identified and interested In every movement tend-
ing to the advancement and upbuilding of the town.
He is President of the Commercial Club and also President of the Coast Furniture and Supply Company, and {s at the head of a large mercantile establishment. His latest enterprise is the building of a mammoth stor> and theatre, costing many thousand dollars. The location selected is on the beach opposite the Merchants’ Bank.
The lumber for both the Bank and Mr. Osoinach’s building is on tha ground and work will be commenced at. once. In selecting a safe for the Bank the directors spared no expense when it came to security and protection to their depositors, and the very best to be had was purchased.
The vault will be constructed along the most %i0dern lines of safety and security against fire and burglars as well, and within will be placed a new ; Mosler screw-door safe. This safe is I the latest absolutely burglar-proof, 1 and will be equipped with a triple set of time locks. There will be a number of safety boxes for the safe ■ keeping of papers, jewelry and other valuables, which the Bank will rent to the public.
The Board of Directors of this institution is composed of the following: John Osoinach, President; L. M. Gex, Vice President; Charles L. Hop- f kins, Vice President; Hon. John K. Edwards, Dr. R. de Montluzin, Joseph O. Mauffrey, Charles G. Moreau, Judge J^A. Breath, A. L Stokes and George R. Rea.
MISSISSIPPI.
At Bay St. Louis, the Merchants’ Bank is planning a new $10,000 home for itself, and the plans show a building or exceptionally handsome design. The proposed structure indicates a growth and prosperity that was not predicted two years ago, when the bank first started, but with George R. Rea as cashier, and its able board of directors the bank has exceeded all expectations. The new banking house will be modern in its appointments, and the vaults will be of latest design and construction.
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builder of Bay St. Louis, waslastmght award ie contract for the erection of,
•	the Mfc—iiants Bank building, his bid,
' S8 928.72, being the lowest over three ' other competitive bidders. Including a new safe, when completed the build-; In* will represent an outlay of,aver $10,-
000	as stated in these columns some, time since, when a full desenption from! the plans was printed. Mr. Ramond is. ' elated over his success, and is being con-gratulated'by his friends. A
(MERCHANTS BANK EARNS 1 24 PER CENT DIVIDEND.
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THIS IS THE NET EARNING DECLARED FOR THE YEAR ENDED MONDAY NIGHT—TEN PER CENT TO BE PAID IN CASH TO STOCK-HOLDERS, AND FOURTEEN PER CENT. PASSED TO' SURPLUS ACCOUNT. — BOARD OF DIRECTORS AND OFFICERS ELECTED — BANK’S SUCCESS HAS BEEN PHENOMENAL.
The third annual meeting of the Merchants Bank was held at the banking house on Monday evening,to which were present quite a number of stockholders in addition to the members of the board _ of directors. The annual statement was read and the figures told well and plainly that the bank’s prosperity for the year ended had been phenomenal and broke the two preceding records. A net dividend of twenty-four per cent -was declared, and it was voted to pay ten per cent in cash to the stockholders and the balance of fourteen per cent to be pass- * ed to the surplus fund, thus strengthening additionally this already solid and flourishing business institution.
In 1904 the net earnings of the Merchants Bank was 15 per cent; in 1905, 19 per cent, and this year 24 per cent. The growth of the Merchants.. Bank is better told in three columns of figures, which will be found elsewhere in the Echo’s advertising columns,
The success of the bank has been due to the good will and .energies of everybody concerned—directors, stockholders and other patrons, everybody pulling one direction for success. The Merchants j Bank has about one hundred individual, stockholders, nearly all home people,1 and among these its four hundred shares j of stock have been pretty well distribut- I ed. To these things being, to the fact I that Bay St. Louis is progressing and growing, and to excellent management is the Merchants Bank success attributable. And also in a large measure is the bank’s popularity due to Mr. Geo. R. Rea, cashier, whose_ campaign for business is aggressive and unceasing. He is a moving spirit, efficient, painstaking and the acme of urbanity; sincere and conscientious, and leaves no stone unturned for the betterment of the bank and town as well/ - ~