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Cumnock Municipal BankCumnock`s Municipal Bank was incorporated as a Private Limited Company on 2nd April 1928. The original shareholders were Allan MCCALL (fruit merchant) Alexander BORLAND (ironmonger) John WILSON (retired engineer) James NEIL (retired electrical engine keeper) George BRIDGES (teacher) George MCTURK ( miner`s agent and J.P.) and Emrys HUGHES (journalist). All of the shareholders were members of Cumnock Town Council at the time.
The shareholders did not receive a dividend and all the directors (Borland, Bridges, Hughes and Neil) were unpaid. All the profits from the Bank were passed to the Town Council.
The first manager of the Bank was John ALLAN, Burgh Treasurer, and business was conducted from his office in Ayr Road. In 1931, when John Allan took up a post with Ayr County Council, James GIBB was appointed as manager. After the sudden death of James Gibb his brother Charles was appointed his successor and the business was carried on from premises in Lugar Street. In 1944 to widen the scope for deposits another branch was opened in the Town Chamberlain`s Office with R. B. LORIMER in charge. Charles Gibb resigned in 1946 and R. B. Lorimer took full charge of the Bank.
The Bank amply fulfilled the expectation of the original sponsors who believed that local ratepayers would welcome a simple and safe method of local investment.
In 1937 the deposits amounted to £13,600 and in 1946 they amounted to £24,200 and by 1960 they had increased to £98,900 all of which was on loan to Cumnock Town Council. The moderate rate of interest paid by the Town Council ensured considerable benefits to ratepayers. In June 1960 there were 200 accounts which equalled one account for every eight households in Cumnock.
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