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Two Strong Banking Houses, Nevada

The Nixon National Bank of Reno was organized October 20, 1906, with a capital of $500,000, and a paid-in surplus of $50,000, with the following officers: Geo. S. Nixon, president; Geo. F. Turrittin, vice-president; F. M. Lee, cashier; R. C. Turrittin, assistant cashier.

It opened its doors for business November 12, 1906, and did a thriving business, receiving deposits approximating $1,000,000 by the end of the first half year.

At a stockholders' meeting held May 7, 1907, it was arranged to purchase the assets of the Bank of Nevada, one of the pioneer banks in Reno, and the State, having a paid in capital of $600,000. The consolidation was consummated on May 20 of the same year, and the banking business has from that time been transacted in the building formerly owned and occupied by the Bank of Nevada. To facilitate the consolidation, the Nixon National Bank increased its capital to $1,000,000, and the Bank of Nevada Savings & Trust Company was organized with the same ownership, and with a capital of $100,000, fully paid. The business of both banks is carried on in the same office and under the same management.

In response to calls from the Comptroller of the Currency and the State Bank Examiner, the following statements, showing condition at the close of business on April 28th, were furnished:


The Nixon National Bank - Resources Liabilities


Bank of Nevada Savings & Trust - Resources

To the heavy capitalization of these banks and to the reputations of the officers and directors, as conservative business men and strong financial factors, must be attributed their popularity with the banking public during the stringent financial times just past. Their large deposits bespeak the confidence which they enjoy from the people of their territory, and that this confidence is appreciated is evidenced by the magnitude of their loan accounts, which show that they have been meeting the requirements of their clientele.

 

Index

Source: Sketches of the Inter-Mountain States, Utah, Idaho and Nevada, Published by The Salt Lake Tribune, Salt Lake City, Utah, 1909 

 

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