The Sykesville National Bank

1910 – Democratic Advocate

One of Carroll County’s Strongest Institutions, Sykesville.

No facility gives greater independence and obtains more respect abroad for a community than sound and active financial institutions. In 1901 the leading business men of Sykesville fully realized that they needed a first class bank to facilitate business transactions and stimulate enterprise and thrift.

Where money is hoarded away, the owner of the money not only undergoes the danger of loss by theft, but he deprives the community of that much capital, which, if it were in bank, would not only be safe but would be serving its purpose as a medium of exchange thus facilitating commerce and improvement to the advantage of every member of the community.

The Sykesville National Bank was organized as a State bank in 1901 with a capital stock of $20,000. The wisdom of the organizers is most manifest in the phenomenal success with which this bank has conducted business. In 1907 the board of directors declared a dividend of 50 percent, increased the capital stock to $50,000, and was admitted to the National Banking system. Since that time it has paid its stockholders an annual dividend of six per cent, and accumulated a substantial surplus of $50,ooo.

The admission of this bank to the National system holds a unique place in the annals of banking history and Mr. Wade H. D. Warfield with the hearty co-operation of the board of directors, made a national record in both time and low cost to the bank.

At the directors’ meeting in January 1907, it was decided to enter the National system with a capital of $50,000. The 3 per cent was ordered, making a sixteen per cent per annum earning on the original investment. The thirty thousand dollar stock issue was fourteen thousand dollars over-subscribed and options sold for 10 per cent premium which increased to a premium of twenty per cent …more to come…

 

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