Following Cowdery's return to Philadelphia and the disappointment of Hyde's Columbus visit, another meeting was held to consider the new developments. This meeting, held January 2, 1837, annulled the previous articles of agreement and established the "Kirtland Safety Society Anti-Banking Company," a joint-stock association. The new firm issued stock certificates in varying denominations based on the capital subscribed by stockholders. The certificates were to be circulated throughout the community as regular bank-issued money. "The private property of the stock-holders," said the Messenger, "was holden in proportion to the amount of their subscription, for the redemption of the paper issued by the bank." Thus, the private land owned by the stock-holders along with what specie--gold and silver--that was received, became the capital basis upon which the firm operated. To avoid wasting the money expended on the production of the bank plates the necessary prefix, "anti," and suffix, "in Company," added to the name "Bank"--to read "Anti-Banking Company"--was stamped on the bills. This was more adaptable to the three dollar note than to the others which did not conveniently receive the alteration.

The firm was expected to grow to an enormous size, for it was established with a capital stock "not to be less than four millions of dollars." The Mormon Prophet, as bank cashier, made a public appeal to Church members to take stock in the company preferably by the payment of specie. The amount of specie paid in was never disclosed, but most of the stock was paid for in the form of land owned by the stockholders which consisted of approximately 180 charter members.