For the first time in its 16 year history, the Dukes County Savings Bank has reported assets over $10-million.

 

Bank President, John W. Osborn, announced Tuesday afternoon at the regular quarterly meeting of the trustees, that deposits had increased $500,000 since January 15 and now total $9,158,000, which is also a record high. New mortgages added during the quarter totaled $9,158,000, which is also a record high. New mortgages added during the quarter totaled $559,000.

 

It was further announced that for the third straight year, the Dukes County Savings Bank, ranked number one in operating income per $1,000 of deposits, of all savings banks under twelve and one half million in deposits in the state. It also ranked 13th in the total of 172 savings banks of all sized in the state.

 

The bank was scheduled to go on-line or the electronic computation of interest, on April 15, but it has been postponed until July 15. Dividends voted were: 5 1/4 per cent on regular accounts, 5 1/2 per cent on 90 day notice accounts, 5 3/4 per cent on one-year term certificates, and 6 per cent on two-year term certificates.

 

Also present at the meeting were Albion A. Alley, Joseph F. Campbell, Henry Corey, Stephen C. Gentle, Leslie H. Leland, Robert M. Love, Dean R. Swift, Albert K. Sylvia, Edwin G. Tyra, and Mr. Osborn. Honorary trustee, Edgar E. Cushman was also present, as was Edward E. Mayhew Jr., treasurer.