[Minutes of the Board of Directors and Executive Committee of the Board of Directors of County Trust Company of Maryland]

Archive

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St. Mary's County Historical Society, Leonardtown, MD

Name/Title

[Minutes of the Board of Directors and Executive Committee of the Board of Directors of County Trust Company of Maryland]

Entry/Object ID

2014.018.0108

Scope and Content

1 folder ; 11"h x 8 ½"w Most of the sheets are three hole punched. The following meetings had some item of interest, but other meetings were held. January 5, 1948 Board of Directors meeting. The president of the corporation told the directors they had reached the limit on real estate loans. J. A. Coad asked that he be allowed to resign as chair so he could spend more time helping at the bank. Stuart Bennett was now the secretary and signed the minutes. January 12, 1948 The Executive Committee met. January 19, 1948 Executive Committee considered a loan request from Myres C. Dean for $35,000 to build a locker plant in Hollywood. [The plans for that plant are in the collection at 2014.018.0056] The Committee did not rule that day. January 26, 1948 Executive Committee met. The 7th grade at Banneker School wanted a tour of the bank. February 2, 1948 Board of Directors met. J. Allan Coad resigned as head of the Advisory Board, replaced by Joseph A. Saunders. Bylaws of County Trust Company of Maryland and Annual report of the corporation that had been delivered at a shareholders meeting for the entire corporation were incorporated into these minutes, as were new bylaws. March 1, 1948 Board of Directors met. They felt it would be a waste of money to improve the present building so a new building should be built in a different location. A new posting machine was ordered. March 15, 1948 Executive Committee met. Charles E. Fenwick signed the minutes as assistant secretary. March 22, 1948 Executive Committee voted to give a loan of $50,000 to Hiram Millison to build a shopping area near the base. The parent company wanted to see more deposits to back up so many loans. March 29, 1948 Executive Committee needed more time to consider John T. Daugherty's request for $36,000 backed by a Standard Oil lease. April 26, 1948 Executive Committee approved two loans to John T. Daugherty backed by a building and the Standard Oil lease. May 3, 1948 Board of Directors announced the home office had further caveats on the Daugherty loan, but if he agreed to those, the money was his. May 17, 1948 Executive Committee turned down Mr. Daugherty's request for $2,200 and asked that Rose Cottage and the bank building be sold. May 25, 1948 A carbon of the bank examiner's report was in the material. June 21, 1948 The Executive Committee wanted to accept an offer of $30,000 for the bank and Rose Cottage properties, but it had to ask Cambridge first. June 28, 1948 Cambridge replied the price was right, but was Leonardtown actually going to build a new bank? July 6, 1948 Because the bank could not give a possession date, the $30,000 offer was withdrawn. July 19, 1948 First National Bank and County Trust cooperated on a $50,000 loan to Mervell Dean to build a theater in Lexington Park. August 2, 1948 Katherine Love was hired as second assistant cashier at $2,700 per annum. State Bank Commissioner Tawes asked banks to grant only essential loans. The bank's semi-annual report was included with the minutes. August 16, 1948 The home office sent different salary figures for Katherine Love. August 23, 1948 The Executive Committee was directed by Cambridge to tighten up loan options and to not accept any GI loans. The Committee was happy to comply. September 7, 1948 The Board of Directors opted not to finance home appliances. October 25, 1948 Mr. Reese, from Cambridge, attended the Executive Committee meeting to strongly emphasize cutting back on loans. No loans to non-customers or outside St. Mary's County. Most mortgages were at 5%. December 6, 1948 Board of Directors instructed the cashier not to foreclose until a borrower's tobacco was sold, but the borrower had to pay a little when his corn sold.

Collection

County Trust Company Collection

Archive Items Details

Date(s) of Creation

1948

Location

Container

County Trust Collection, Box 3

Shelf

Rack 12, Shelf 4

Rack

Rack 12

Wall

East wall

Room

Archives 1

Building

Tudor Hall

Relationships

Related Person or Organization

Person or Organization

Bennett, Stuart B.

Person or Organization

Daugherty, John T.

Person or Organization

Dean, Mervell Miller

Person or Organization

Dean, Myres C.

Person or Organization

Fenwick, Charles Edward (1910-1993)

Person or Organization

Love, Katherine Mattingly

Person or Organization

Millison, Hiram

Person or Organization

Saunders, Joseph A.

Person or Organization

Coad, J. Allan (Joseph Allan), 1884-1963