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Page 9
After the Mississippi lumber boom had run its course and the port of
Gulfport was no longer shipping out its millions of board feet a month,
it was necessary to revamp the port facilities and build warehouses and
the proper accomodations for a more diversified shipping program. Again,
during the Joseph Milner administration, the Hancock Bank stepped forward
to cooperate with the City of Gulfport in converting the port to general
cargo. It received special permission from the Superintendent of Banks
t
to act as trustee of the Special Bond Issue for this reconstruction program, on which the Public Works Administration also advanced assistance.
One lone human interest example injected here -- that fits in with that depression period of the Thirties when not only the port of Gulfport but the people of the Coast were putting up a valiant economic struggle --may help dispel the prevalent opinion that bankers look with a cold eye on all applicants for a loan unless backed up with gilt edged collateral.
During this aforementioned depression a well known Gulfport business man approached Mr. Leo Seal, Sr. of the Hancock Bank -- admitted honestly that he didn't have enough money for a haircut and that he had already borrowed money from the barber to buy groceries -- but that he needed $2,000 in his business and he was certain if he could get it he would pull out- of the hole he was in.
Mr. Seal knew the man, knew his integrity, knew his business ability and knew the situation. He loaned him the $2,000 on his personal record and business reputation. Several years later that business man's checking account with the Hancock had reached $60,000. We have recounted this bit of personal banking drama to point out that for the same reason depositors put their money in a bank because of their faith in the men operating that bank, the banks themselves frequently loan money because of their faith in the man or business seeking the loan.