Viewing page 118 of 356

Kellogg Deposits $100,000 In Freedom National Bank

[[image]]
[[caption]] Mr. and Mrs. James M. Strong, Consultants, recently made a $100,000 Time Deposit, at a preferential interest rate of [[cutoff]] for one year on behalf of their client, the Kellogg Corporation of Battle Creek, Michigan. [[/caption]]

In making the deposit, the Strongs noted that Kellogg Corporation was making similar deposits with fourteen (14) minority banks throughout America.

Sharnia "Tab" Buford, President of Freedom National Bank of New York, noted that Kellogg agreed to make this deposit in the Bank during the 51st Annual Convention of the National Bankers Association, Inc. held several weeks ago in Los Angeles, California of which he was in attendance.

He also noted that this type of deposit is of particular significance in view of its reduced rate during a period when short term rates are approaching 10½%. Such deposits will help us sustain the profitability Freedom National Bank has enjoyed during the past year, reported Buford.

[[image]]
[[caption]] In preparation for placing large insurance account with Universal Life Insurance Company in Memphis. A meeting in the Universal Board Room attended here by, in foreground, Jack C. Curtis, Kellogg EEO and Mary Ellen Strong, Kellogg Consultant, while in back row, left to right, Ben Olive, Vice-President and Secretary, E.O. Wynn, Actuary, Maceo Walker, President, Chris McNaughton, Kellogg Vice-President, Industrial relations, Attorney James M. Strong, John C. Melangton, Kellogg Treasurer, and C.O. Howard. [[/caption]]

[[image]]
[[caption]] Meeting outside National Bankers Association Convention Headquarters in Houston, Texas are Jack C. Curtis, Kellogg EEO, James M. Strong, attorney, Mary Ellen Strong, Kellogg Consultant, John C. Melangton, Kellogg Treasurer and Bill Clement, SBA Deputy Director. The Kellogg contingent held meetings with a number of minority bank officers representing banks with which Kellogg conducts business. [[/caption]]

116
Please note that the language and terminology used in this collection reflects the context and culture of the time of its creation, and may include culturally sensitive information. As an historical document, its contents may be at odds with contemporary views and terminology. The information within this collection does not reflect the views of the Smithsonian Institution, but is available in its original form to facilitate research. For questions or comments regarding sensitive content, access, and use related to this collection, please contact transcribe@si.edu.