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Staroturanský úverný spolok, Stará Turá
The founding meeting of this financial institution took place on 23 February 1902. Initially, a total of 800 shares were issued at a nominal value 50 Austro-Hungarian crowns (K) each, giving the share capital of K 40,000. The articles of association define official names for the Stará Turá Credit Society in Hungarian, Slovak and German (Ó turai hitelegylet, részvénytársaság, Staroturanský úverný spolok, účastinná spoločnosť, and Ó Turaer Creditverein Aktiengesellschaft, respectively).
The institution’s business activities defined in its articles of association were the acceptance of deposits on savings books and current accounts, bill-of-exchange transactions, the provision of mortgage loans and loans against personal guarantees, and the establishment or acquisition of industrial, agricultural and commercial enterprises or holding shares in such enterprises. It could also provide advances for industrial and factory products, for raw materials and for agricultural products, and it could provide loans to industrial or other enterprises. The target clientele were ordinary people – smallholders, trades workers, and merchants.
The statutory bodies were the general meeting, the board of directors (management), and the supervisory board (audit committee). The first board of directors consisted of Ľudovít Čulik, Lutheran pastor, managing director; Ján Nepomuk Walló, merchant, deputy managing director; Andrej Valovič, landowner; Ľudovít Láni; Ján Ježo; Šimon Mešťanek, merchant; Ján Košťal, merchant; and Ján Hlubocký, landowner and manufacturer (stove producer).
Right in the first year of the institution’s existence there was considerable demand for loans so the board of directors sought to obtain a rediscount credit facility of K 40,000 from Ľudová banka (People's Bank) in Nové Mesto nad Váhom and a facility of K 30,000 from the Brno branch of Živnostenská banka pre Čechy a Moravu (Trade Bank for Bohemia and Moravia).
Staroturanský úverný spolok grew rapidly. For the financial year 1902, which was its very first year in business, it reported a net profit of nearly K 3,000. In 1903, the net profit increased to K 4,700. Deposits expanded from K 46,000 in 1902 to K 119,000 in 1903. The stock of loans grew as well, rising from K 43,000 in 1902 to K 63,000 in 1903. The institution’s overall 1903 turnover was K 1.7 million.
In 1919, following the end of the First World War, the institution reported a turnover of 1.8 million Czechoslovak crowns (Kč) with a profit of Kč 14,000. In 1922, when it celebrated its 20th anniversary, its profit amounted to Kč 30,000.
On 7 March 1926, the institution’s general meeting approved a plan to change its legal form. Staroturanský úverný spolok would be converted from a joint-stock company to a limited liability company and it would become a member of Legiojednota, an organisation for former soldiers in the Czechoslovak Legions and their businesses based in Prague.
The reissued articles of association indicated that it intended to continue intermediating financial transactions in Stará Turá and the surrounding area, providing loans against bills of exchange and debenture loans, as well as accepting deposits for interest. In 1926, the Companies Register recorded the following members of the management board: Ján Drobný, Lutheran pastor in Stará Turá; Ján Nepomuk Wallo; Juraj Ježo, miller in Stará Turá; Martin Láni, farmer in Stará Turá; Michal Gavač Frolo, merchant in Stará Turá; Peter Sedlák, turner in Stará Turá; and Gustav Samek, farmer in Stará Turá. The institution’s accountant was Martin Červeňanský.
At a general meeting held on 24 March 1935, the institution changed its name to Staroturanský úverný spolok na Starej Turej, družstvo s r. o. (Staroturanský Credit Society in Stará Turá, Limited Liability Cooperative) and amended its articles of association. These stated that the institution was entitled to provide its members loans and credit of every kind, discounting of bills of exchange, cheques, accounts and receivables, lottery bonds, coupons and vouchers. It was to cooperate in the restructuring of their debts, guarantee any of their obligations, issue and honour their commercial letters of credit, to settle drafts, bills of exchange, cheques for their account and to collect their receivables. The institution could participate in the management of its members’ assets by arranging the subscription, purchase and sale of securities and other financial assets, but it was prohibited from providing loans for the speculative purchases of securities and from lending securities for the purpose of speculative sales. It was authorised to provide custody services for its members securities and other financial assets and to rent out safe deposit boxes. To support its activities, the institution was also entitled to accept deposits from anyone on savings books, current accounts and bills, to rediscount promissory notes for anyone, and to deposit its cash and other assets in other financial institutions. It could also intermediate sales of lottery tickets.
Under the Slovak State, the institution was managed by Ján Nepomuk Wallo, Miloslav Bibza, Štefan Slezáček, František Červeňanský, Michal Gavač-Frolo, Ján Hlubocký, Michal Láni, Juraj Ježo and Gustav Samek. At a general meeting held on 25 June 1944, the cooperative changed its name to Občiansky úverný ústav, družstvo s r. o. v Starej Turej (Citizens’ Credit Institute, Limited Liability Cooperative in Stará Turá) and adopted new articles of association which changed only small details of the institution’s remit.
Under Order No 11.201/44-VI/16 of the Ministry of Finance of 1 August 1944, the cooperative was supposed to merge with another Stará Turá institution, Pomocná pokladnica, with effect from 1 January 1944. However, this merger never happened and the Ministry of Finance repealed the order on 22 December 1945.
On 9 April 1948, the institution was placed under national administration. The members of the national administration were Štefan Polák, turner; Gustav Gavač, merchant; Michal Láni sr., farmer; Štefan Slezáček, clerk; and Štefan Jenči, school headteacher in Stará Turá. It ceased operation in November 1948 when it was merged with Sporiteľňa a pokladnica (Savings Bank and Treasury) in Stará Turá by universal succession without liquidation pursuant to Section 23 of Act No 181/1948.
The institution’s archival fonds was processed in the corporate archives of Štátna banka československá (State Bank of Czechoslovakia) in Marianka in 1966 and an inventory was also drawn up at this time. This was revised in 2015 in the Archives of Národná banka Slovenska at 8 Cukrová Street in Bratislava, where the fonds had been transferred to in 2003. The minutes of the board of directors are written mainly in Slovak, except for the minutes of the annual general meetings, which are written in Hungarian.
Last updated: Monday, December 29, 2025