The Daily Register from Red Bank, New Jersey • 20

6B Tuesday, Jan. 23, 1968 THE DAILY- REGISTER Banking Leader Sees ward State Trend Up Merchants Had i 4 Eventful Year First A' Very ed to give extended hours of service to First Merchants customers. In April, First Merchants opened a branch in Millstone Township to serve the growing aumber of people and businesses in the western Monmouth County area. This branch. First ment in the blast-wrecked office was moved to temporary quarters over the weekend, and the bank was reopened the following Monday morning without the loss of a single days operation.

This exceptional work received nationwide publicity. In the rebuilding that followed, the Red Bank Office was redesigned and re-equipped to provide much improved banking facilities. As a part of the remodeling program, three walk-up windows were add- Way: Another new branch, this one in Upper Freehold Township, is scheduled to be opened during 1968. As the banks new facilities and services mature and Monmouth Countys expansion continues, First Merchants expects its growth in assets and earnings will continue importantly. posit to day of withdrawal inter-fple can handle emergencies as weJl as banking problems.

Wkh the help of a friendly community and a dedicated staff, the equip Merchants 10th in. the county, is located on Rt. 33 at Prodelin 3 a est payments on savings accounts. The plan became effective on Jan. 1, 1968.

First Merchants savings account customers no longer need have any concern' about losing interest if a deposit is not made by a certain date, or if a withdrawal is made in advance of a particular time. With (he day of deposit to day of withdrawal interest policy, the deposits of savings account customers receive Interest from the day they are matte until the day they are withdrawn, provided the account balance is at least $25 at the end of the interest period. Although serious accidents are not desired events, the boiler explosion that ripped through First Merchants Red Bank Office on a Friday afternoon in mid-April rendering. that office useless a banking facility did provide First Merchants with an opportunity to demonstrate that its peo- PRINCETON "All economic Indicators for the coming year point to a continuation of the strong upward trend in New Jersey's business activity that has been in evidence for the past seven years," said Robert Davis, president of the New Jersey Bankers Association, and President, Camden Trust Co in a year-end look at the states economy. The economy of the state will show definite growth in 1968," he added.

"But we will be faced with the problem of distinguishing between real economic growth and inflationary growth that merely mirrors the effects of further price increases. While there is little that can be done to lower the level of national defense expenditures, increased saving, as opposed to Increased spending, by all three aectors of the economy government, business, and the con aumer can help soften the impact of the expected inflationary pressures Mr, Davis said that too rapid growth, with price and wage hikes too great to contain the orderly growth of recent years, can result in a strong economic reaction. Inflationary forces en gendered by the cost of the war in Vietnam and the size of the federal deficit emphasize the need to contain government gpending, he said. Most econo all-time record high of $8.1 billion. These savings not only earn interest for the thrifty, but help keep New Jerseys economy in balance by providing loanable funds for the real growth of the state, he said, Mr.

Davis reported that total deposits in New Jersey banks which, in addition to savings, include checking accounts, deposits of federal, state, and municipal agencies, as well as inter-bank deposits, increased by $731.5 mil lion to a grand total of $13.2 billion as of last June 30. At the same time, $8.4 billion was working for New Jersey in the form of loans by banks to consumers, commerce, and in dustry in the state. The loans, he said, represent a confidence in the future of New Jersey on the part of lenders and borrowers alike. Handy Yardstick The Gross National Product, the total dollar value of all goods and services produced in the United States during the course of a calendar year, is a handy yardstick for measuring the course of the nations economy, Mr. Davis explained.

Most economists, he added, expect the figure for 1967 to end up in the neighborhood of $785 billion, compared to a 1966 GNP of $743 billion. "It is difficult," said Mf. Davis, "to forecast what the 1968 GNP will be, but most predictions are in the billion area, of which about five per cent is expected to be real growth, and three per cent inflationary, or price increase growth. However, in order to keep the latter increase at the three per cent level, our government will have to adopt a realistic policy of fiscal restraint. "New Jerseys economy today is vigorous and growing and the aid fashioned virtues of thrift and financial responsibility will keep hat vigor from being eroded by the forces of By JOHN G.

HEWITT President First Merchants National Bank The year just ended was a'par-ticularly eventful one for First Merchants National Bank. It was marked by record growth, continued expansion, and highlighted by improved banking concepts that First Merchants introduced to the shore area. Deposits, loans and earnings increased substantially during the year establishing new record high figures. Deposits were up more than 15 per cent to $113,714,843, making 1967 the first year in which the banks deposit figure exceeded the $100 million mark, The increases in mortgage, commercial and installment loans boosted the total of loans outstanding at year end to $71.5 million, an increase of more than 10 per cent over the same time year ago. Net earnings after taxes were $996,496, an increase of $112,067, or 13 per cent over 1966, Throughout the year First Merchants continued its policy of putting its money to work within the Monmouth County area.

An example of that policy is in the mortgage loans that were granted. The bank originated more than $7 million in new mortgages during 1967, lending virtually the entire amount to further the residential, business and industrial development of the county. Shortly after mid-year, First Merchants Introduced a new checking account service to Its customers. Called Loan-A-Matic Checking, the new service gives checking account users a cash reserve well beyond their checkbook balance. The response to the new service served to underscore the need for such banking conveniences in the area.

At year end, First Merchants became the first major bank in the county to announce day of de Nico customers deserve a nice store. 1 J. Kridol the Corner mists are in 'agreement that a federal income tax increase is al-ao necessary to hold the line. High Savings Rate One factor that has had a great Influence in maintaining New Jerseys real economic growth in the past year has been the high rate of saving on the part of the state's citizens, Mr. Davis emphasized.

Total time and savings deposits In New Jersey banks increased 12.02 per cent during the fiscal yrr ending June 30, 1967, to an iinnirniwrnnmimiBininTiinnmiinmgTOmniiuminigimmTnmnniniTTmiTffinnnfflnmmimTOnTfnniinniffmfifnnmrTnifnmfTrffnmnn Progress KEANSBURG Financing i MIDDLETOWN Convenience LINCROFT Service In 1967, the Keansburg Middletown National Bank expanded to five offices by opening its new branch at Main St. and Hwy. 36, Port Monmouth. In 1968, we will expand to six offices with our newest branch to be located at Heddons Cor. and Hwy.

35 in Middletown. Conveniently located, these new offices will be equipped and ready to serve our customers with the best banking services available. Established in 1913, we offer years of financial sta-b 1 1 i and professional know how fo advise you in any financial matter and to render valuable assistance. If you are not now one of our customers, why not take advantage of our many banking services today. May we serve you? jf.V.

o. HSU sauSbMMkiAtu Dependabi lity BELFORD A 4 I ,,4 4 sf M' li.O' tl itii. jdkMM m. m. s.4 FORT MONMOUTH FUTURE HEDDONS CORNER OFFICE HWY.

35 and CHAPEL HILL RD. AND WHERE YOU RECEIVE A FULL 4 INTEREST ON YOUR SAVINGS COMPOUNDED QUARTERLY i CCiAW BANKING HOURS NATIONAL HAM EC KEANSBURG Church and Carr Aves. MIDDLETOWN Kings Hwy. BELFORT) Llncrofl Shopping Center CempWrs'juncton PORT MONMOUTH Main St. and Hwy.

.36 FOR ALL OFFICES CALL: 737 0100 A A 4 fi I.