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C. Bank of Willits
1. Background
Willits has two branches and provides a full range of
banking services to individual and commercial customers. Willits
was incorporated on April 11, 1904, and began business with
$50,000 of paid-in capital. Decedent's father-in-law, C.M., was
Willits' president from 1928 until 1957. Willits' stock is not
traded on any established exchange or over-the-counter market.
2. Net Income
For the 12 months that ended on September 30, 1991, Willits
had net income of $819,000. For the years 1986 through 1990,5
Willits had net income as follows:
Year Net Income
1986 $624,000
1987 659,000
1988 714,000
1989 711,000
1990 734,000
Thus, net income increased on average by approximately 5.59
percent per annum during the 5 years preceding decedent's death.
Furthermore, except for 1989, net income increased every year.
During this time, the provision for loan losses increased
from $55,000 in 1986 to $70,000 in 1991; however, it decreased as
5The results of the years 1986 through 1990 are for 12
months that ended on December 31.
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Last modified: May 25, 2011