Our recent contest topic in the quest for presidency for a day of Schmidlap National Bank-How should community banks handle the overwhelming number of requests for charitable contributions?-drew far more responses than we could cover in one column.
For lack of space we eliminated discussion of the foundation set up by Ocean Federal Savings Bank of Toms River, N.J. When the bank converted from mutual to stock form, it put 8% of its newly issued stock in the foundation. President John R. Garbarino said he would be glad to tell other bankers how this can be done, as part of a conversion or not. His phone number is 908-240-4500.