Camden Courier-Post – January 20, 1928
Financial Institution Backed by East Camden Interests
Faith in the progress of East Camden is reflected in announcement of the organization of the Third National Bank and Trust company, the city’s newest banking institution, to be opened in April or May in a building at the northeast corner of Twenty-seventh Street and Westfield Avenue.
Backed by 300 businessmen, most of them residents of East Camden, the new enterprise was fostered by William McCully, retired member of a large commercial firm, and Harold F. Stephenson, one of the city’s youngest business executives.
Stephenson and McCully, impelled by confidence in the future of the East End, started the movement four months ago. The application for authority to organize the company was approved yesterday by the Comptroller of Currency at Washington.
The firm has initial capital of $200,000 and a surplus of $25.000.
Included among directors are Joseph Carr and Raymond R. Donges, Camden attorneys; Ellis Parker, retired Merchantville banker; Dr. A. L. Sherk, East Camden physician; Louis Everly, coal and ice dealer, and Paul Richman, member of a local metal working and rioting firm. Other directors are Newton Garwood, county official; Martin Hambrose, retired; Henry Lippincott, Marian McGee, Elias F. Mason and Carlton Evans, member of the firm of Bell & Evans.
Stephenson is 30. His business career started on his return from France with the A. E. F. He now is secretary and treasurer or the John Crawford Company, undertakers.
The proposed bank building, now occupied by a real estate firm, will be renovated and connected with an adjoining building, which will house the vaults. Plans are complete and bids will be opened today.
“The response of East Camden residents to our project has been very gratifying,” Stephenson said last night. “There are 40,000 residents in this city east of the Cooper River and the number is increasing every day. East Camden no longer is a suburb, but an important part of a great city. A new bank is not a venture, but a necessity.”
The institution will be less than a block removed from the East End Bank and Trust Company, which was organized less than eight years ago and now ranks as one of the city’s flourishing institutions.
Directors of the new bank will meet within the next few days to elect officials and management.