P«gr8

(1’-<l|ttr.T W tMW MCVMi -MU The HtralJ »nd The Lantern

WednewUy, July 30.1M»

Guarantee To Acquire Burlington Bank 2nd Quarter Bank Income Jumps 62%

ATLANTIC CITY - Joseph Bradway Jr., dhief executive officer of Guarantee Bank headquartered here, hat announced the bank's bid to acquire Burlington County National Bank in Medford has been accepted by that bank's board of

directors.

The acquisition will he in

the form of a merger of the Burlington County National Bank into Guarantee Bank in which the shareholders of Burlington will receive $23 cash for each of their share* of capital stock of the ’Burlington County

Be>\k

Burlington County national Bank, incorporated

in 1837, operates seven offices in Burlington County. As of March 31,^he bank’s total assets tfere

$56.6 million.

Guarantee Bank, which operates 19 offices in Atlantic, Cape May, Cumberland dnd Gloucester counties ended its second quarter with total assets of $461.7 million.

' U N KREME LEMON CHOCOLATE HONEY DIPPED PLA/^

o«* , *|%\*t*

Its worth the trip.

ROUTES 0 AND 47, RIO GRANDE 886-0801 Open 24 Hours, 7 Pays

K

ATLANTIC CITY - Net income for Guarantee Bank for the second quarter of 1960 surged 62 ‘George’ Prize To AKo Woman RIO ORANDE - Linda Wright of Atco was awarded $50 by Dave Repici, manager of Guarantee Bank's local, as a July 18 winner in the bank’s George Cash

Sweepstakes.

Additional $50 drawings were scheduled July^JS and Aug. 1 with a $200 grand prize drawing Aug. 8. The bank is promoting its new Automatic Teller Machines with free gifts and the George Cash Sweepstakes now through August 8. Winner’s are drawn from entries submitted by anyone taking a George demonstration at the bank.

Summer Clothing CLEARANCE 20'«

Ladies Bathing Suits (112 Piaeo) Tarry Tops Tanks Tops Short Slaavas Shorts

Domestic Boiled Ham $ 89 American New York Style Cheese $ j 99

Full Line of Basic Convenience Foods: Frozen Foods - TV Dinners - Butter - Bread - Milk - Eggs - Frozen Vegetables - Italian & Hoagie Rolls - Pepperidge Farm Baked Goods - Juices - Snacks - Canned Goods - and MUCH MORE

Galaxy Fans

5 BLADES 7 SPEED

22

Sandy Mae Fork Bologna Turkey Breast (WHITE MEAT) Imported Valio Swiss Cheese

1/2 LB.

1

28

1/2 LB.

22

1/2 LB.

percent over the corresponding period last year, according to an announcement by bank president Joseph Bradway

Jr.'

Net income for the sixmonth period ended June 30, increased $548,000 or 44 percent over the corresponding period in.

1979.

“Despite the general economic downturn and

bahks in our area and nationally. Guarantee Bank continues to set new records in deposit growth, earning! and income,” Bradway reported in a message to stockholders. Guarantee Bank assets at the end of the second quarter totalred $461,674,000, an increase of $112 million of 32 percent over the assets at the end of the second .quarter last

problems experienced by year.

Security S & L Opens Upper Twp. Office

MARMORA - Security Saving^, & Loan Associatibn opened its newest office here Monday offering two services previously unavailable at savings and loans in Upper Township — interest bearing checking and Saturday Hours. A gala grand opening is scheduled 9 a.m. to 1 p.m. Saturday, July 26 at Security’s new Upper '(ownship-Marmora mini office, located at the Wayside Village Shopping Center, Tuckahoe Rd. and Rt.9. F'REE OPENING DAY refreshments and gifts will be complemented later in the summer by a grand opening drawing for 10 Magnavox AM/FM portable radios. Entry forms will be available at the new mini office and should be deposited in the lobby before the Aug. 8 drawing. Also, as part of the grand opening celebration, Security Savings will give a

free "Security Sun Cap" to anyone opening a 5 percent interest bearing checking account or a regular 5Vf interest bearing savings account ai the new office. The sun cai»s are available • t in styles for both men and women. DESPITE ITS size. Security’s mini office offers the full range of services variable at its three VineliM.ii offices. The opening of the Upper Township office . is , one phase of a five-year planned expansion . program of the 107-year-old institution. A fifth Security office will open in early 1981 to serve the Ocean City area. "Growth has been characteristic of Security Savings,” said president Ronald A. Seagraves, “especially during the past year." Our expansion will allow us to deliver our new services to residents of Cape May County.”

S & L To Expand

COURT HOUSE - The

I latest expansion effort by 1 Cape May County Savings

& Loan will be in Ocean City, S & L president Frank Strohm has announced. “We have gotten approval to expand into Ocean City, and this increases our coverage for the entire County. We are very pleased with this approval and are moving ahead to see an early completion to the new office," be said, noting Cape May County Savings and Loan is the county r s largest locally-based

savings institution with offices here, Wildwood, Cape May, Villas and Marmora. The new Ocean City office will be located in a totally renovated structure ai third and Asbury, and total renovation will he done to the existing property. “Ocean City is a rapidly growing area, and we plan to help in that growth pattern. We believe in local money that is deposited being used and invested right back into the community," Strohm com mented.

Interest Expenses Dip Profit

HADDON TWP - First Peoples Bank of NeW Jersey has reported first-half earnings which represent the highest dollar total in the bank’s history. However, earnings per share are down 12.5% from first-half 1979. Net earnings for the first six months of 1960 were $2.90 million — a 3.6 percent increase over the comparable 1979 total of $2.80 million. However, earnings per share dropped from $1.96 for the first six months of 1979 to $1.74 for first-half I960. A 24 percent rise in interest expenses for the first six months of 1960 was a major factor in the decrease in per-share earnings, ac-

cording to bank president William Rohrer. "The lowering oL the prime rate on loans at the same time that we were paying 13, 14 and 15 percent on o*r six-month money market certificates had a significant impact, particularly on our May and June performance figures,” he noted. Total resources and deposits have increased 7 percent over the June 30. 1979 figures, thus strengthening First Peoples' position as the largest commercial hank headquartered in and serving South Jersey. It has 46 offices in eight counties.

AU VOUK . AKIHY STORE NFFDS • HOUSEWARES • PATENT MEDICINES • GREi TING CARDS • TOYS •