Block · one region of the page, as the scanner read it. It may hold a whole story, part of one, several, or an advertisement; stitching blocks into articles is the next step. Text is supplied OCR.
Page 17 · column 1 of 3 · from the scan, no model involved

THESE NOTES SHALL NOT REPRESENT DEPOSITS OF THE BANK AND WILL NOT BE INSURED BY THE FDIC OR ANY OTHER GOVERNMENT AGENCY. THEY ARE UNSECURED AND SUBORDINATE IN RIGHT OF PAYMENT TO THE CLAIMS OF DEPOSITORS AND OTHER CREDITORS AS DESCRIBED IN THE OFFERING CIRCULAR.
Offering Circular describing these Securities and the business of the Bank are available at any off ice of
FARMERS AND MERCHANTS
NATIONAL BANK
Berryville—Flint Hill—Front Royal
Middletown—Stephens City—Winchester
85.7%