Verona Deposit Bank
With the high ideals of benefit and protection to the public as first consideration, the Verona Bank was opened to the public on July 6, 1903 with a capital stock of $15,000 that had been quickly subscribed by the many influential people in that section who were far sighted enough to realize the need for such an institution in their community. J. E. Franks was the first cashier and a prime mover in laying the foundation for the start, and who with the president was instrumental in getting business off to a mighty good opening.
The first president was W. M. Whitson, who still holds that office after years of service to the community and of the upbuilding of the whole section. The other gentlemen as officers and directors who certainly justified the faith of the stockholders were: R. O. Powers, Vice President; O. K. Whitson, Secretary; Geo. W. Roberts, W. T. S. Blackburn, P. E. Farrell, J. G. Tomlin, M. H. Richards, and C. C. Roberts.
A substantial brick building was erected to house the new bank that was ready for occupancy at the start of business. The fixtures are of quarter-sawn oak and the Mosler safe and deposit boxes with the burglar alarm make as secure as humanly possible the depositors' money and valuables.
It seems hardly possible that a bank in a small town could ever achieve the success and growth proven by the figures of the Verona Bank. In 1903 at the start of business the total deposits were $13,500.00 and now at the close of business on March 1, [1930,] the deposits had reached the staggering total of over $250,000 or over one quarter of a million dollars. At the present time there is a surplus of $15,000 which equals the capital stock besides an undivided profit of $7,000.00. A fair rate of dividend has always been paid in addition. The officers and directors responsible for this growth deserve great praise, much of which has been accomplished by since the advent into office of the present cashier, O. K. Whitson, for the surplus in 1913, when he took over the position, totaled only $1500.00.
If the original stockholders were fortunate in the selection of their officers and directors no less can be said of those serving at the present time. Everyone of them are men of sterling worth who have established themselves in the eyes of his neighbor as one worthy of the greatest trust and that trust has never been betrayed.
As was stated above the present head is W. M. Whitson as president, with W. B. Ambrose, vice president; O. K. Whitson is the cashier, and G. C. Ransom Assistant Cashier. The board of directors is as follows: G. C. Ransom, J. W. Roberts, P. E. Ferell, W. B. McCormick, Wm. Willeford.
Service to the community was the watchword at the start of the bank and that slogan could easily be retained today for that is still the greatest consideration of those guiding the Verona Bank. Step by step, and sometimes ahead, the bank has stayed with the march of progress and without doubt will continue to do so for many years to come.
from the 1930 Historical Edition of the Boone County Recorder