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Bellwood Co-operative BankGazette-June 12, 1934
A meeting was held for the purpose of discussing plans for organizing a Cooperative Bank in Bellwood. There were a sufficient number of signers and a charter will be drawn up.
Bellwood Cooperative Credit Association's first officers were the following: Alfred Peck, President; John J. Kirchner, and H. L. Stemper, Supervising Committee; O. A. Brandenburgh, Secretary-Treasurer.
From this beginning in 1934, the Bellwood Co-op Credit Association has developed into a full-service banking facility with checking, insurance, saving and loan services, with policy and programs of the bank developed by the customers. Calvin Sorensen preceded Paul Chatelain as Secretary-Treasurer.
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After months of casual conversation by a group of farsighted individuals who believed in the future of their community and the need to join forces to provide a more economical means of procuring their fuels and other needs, a formal organizational meeting to establish Consumers Co-op Oil was held Feb. 21, 1927.
Selected as temporary chairman was W. J. Puetz, ultimately named as the first board president, a post he was to hold until 1944. Other individuals on the first board of the fledgling company were Rudolph Schmid, vice president; J. W. Kreizinger, secretary; I. E. DeFord, treasurer; and L. B. Wagner.
The group solicited funds from area farmers, primarily, and established a company with 158 shareholders. The first board of directors managed all aspects of the business from allowing bills to be paid and negotiating for land for future building to its first official act after organization -- ordering a car load of fuel.
J. J. Kirchner was chosen as the first manager, at a salary of $50.00 per month, after the company was organized. He was awarded $40.00 for the month prior to organization.
The young company showed sales of $21,896 in its first year of operation and the directors voted a 12 percent patronage dividend with seven percent to be paid on stock. Net savings for the first year's efforts were $3,768.
As with most industries, the Co-op had its ups and downs financially, the lowest net savings having occurred in 1934 with a dip to $1,710. However, throughout the years, the company has shown a usually steady gain and in 1979 reported net savings of $101,000, on sales of $2,300,000. Members equity in the company rose from the less than $10,000 upon organization to $765,000 at the close of the 1978-79 fiscal year.
During the early years the Oil Company was affiliated with Skelly and Quaker State, purchasing the majority of its gasolines, diesels and other related items from them. In 1939, the Company finalized negotiations with Consumers Cooperative Association in Kansas City (now known as Farmland Industries), an affiliation which remains in effect today.
Company facilities were constructed as needs arose with fuels storage being the first concern and ultimately the service station. The present station was built by Walter Hosher who had been awarded the contract for $.75 per hour. The building was ready for occupancy in 1947.