59 real and personal security, guarantee payment of bonds, bills, notes and other obligations, purchase and sell stock bonds and other evidences of debt on commission or for profit, to borrow money and secure the payment thereof and generally to have all the powers necessary to conduct the business contemplated in this certificate. Capital stock – maximum of $50,000, minimum of $5,000, divided into $100 shares. Duration – unlimited.” The first Board of Directors included Guil Barber, George B. Harrison, M. L. P. Reed, R. G. Mitchell, George W. Garvin, J. T. Burwell, W. J. Manning, R. S. Bryarly and R. P. Whiting. Mr. Mitchell was appointed President, Mr. Harrison Vice President and Counsel, Mr. L. C. Bradford Second Vice President, Mr. Barber Cashier and Mr. Reed Assistant Cashier. Committees were formed to ascertain the type of building to construct and start the purchasing of stationary, safe, fixtures and other equipment. A lot was purchased on Main Street in Boyce from R. G. and Annie M. Gaunt for $300 and a classically-designed building was erected. The safe cost $2,000. On March 10, 1908, Boyce State Bank opened for business. The Building Committee requested the active cooperation of the “Ladies to provide for a suitable opening day, extending courtesies as they shall deem proper, and especially to the officers and directors of neighboring banks and the editors of neighboring newspapers.” The Cashier’s salary was set at $75 per month. The first few months of operation saw deposits grow from $4,800 to over $30,000. Loans during that same period grew to a portfolio valued at $14,000. A letter was received from Mr. John B. Neill, Cashier of Bank of Clarke County, agreeing to become a depository for funds for Boyce State Bank. In an early letter exchange, Mr. Neill wrote to Mr. Harrison, Boyce State Bank’s President, regarding a returned draft: “I understand there was some talk about a draft your Cashier sent to Cincinnati upon us having been returned; any large City will very properly refuse to accept exchange upon a small country town, and a country Bank should not expect such a draft to be accepted.” Loan demand continued to grow and in an attempt to manage the ever- growing applications, the Board capped the amount of loans at $2,500 except in cases of special security collateralization. An interesting entry in the minute book of June 16, 1908 documents the fact that “some important business was discussed but no action was taken.” InAugustof1908BoyceStateBankjoinedtheAmericanBankersAssociation. Mr. Barber resigned from the Board and Mr. A. D. Barber was elected to fill the vacancy. During that year the return on stock was 12%. The May 11, 1909 stockholders’ meeting saw the approval of an increase in capital to $20,000. By mid-year, 1909, discussion turned to building a larger and “more commodious” bank building. Highlighted expenses included an advertisement in the Millwood Horse Show program and a contribution of $5 to go toward a wooden boardwalk on the turnpike side in Boyce. Additionally, an ad was purchased in the Boyce High School annual for $5 and in the Blue Ridge Hunt catalogue. AnAugust,1909examinationofthebank’sbooksrevealeda“$2discrepancy