The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1891-02-19

The plans for the reorganiza ton of
the Citizens Bank, the announcement
of which was made exclusively in The
TIMES of recent date, have been per-
fected. A national bank will be formed,
to be known as tho Citizens National
Bank, with capital Of 500 600, and the
present Citizens Bank will be absorbed
in it.
The stock has been entirely sub
scribed. Three-fourths of it will be
hold in Roanoke, and the remainder by
Baltimore and Pennsylvania parties.
Mr.. j. B. Levy, the present president
OF the Citizens Bank, will carry $40, 900
OF the stock in the new bank and will
undoubtedly be elected president o ( tho
Citizens National.
Tho reorganization will take place
within the next fifteen days. Applica-
ton has been made at tho Treasury De
partment for a chartrr,and Al per cent.
Government bonds to the face value of
S25, 900 will be deposited as security for
the banks note issue, which will be So
per cent. OF that amount or slightly in
excess Of sci 900. The ~ bonds arc
now quoted at Il slight premium.
The now notes will be ready in about
as days and will be SIS and los. In less
than two months the business circles of
Roanoke will have the pleasure of hand
Ling nice crisp new notes fresh from the
Bureau of Printing and Engraving
National banks are not allowed to issue
notes Of denomination smaller than 81,
so that will be the smallest which the
Citizens' National Bank will have.
The Citizens National Rank will
soon change it's location from Salem
avenue to Campbell street, where it
will occupy new four-story building
adjoining Masonic Temple. Tho plans
for the structure have been completed
by Young Il Hunt, the architects. Tho
foundations are already laid and tho
walls Of the superstructurc will shortly
rise for one of the finest buildings in
the city. Thirty thousand dollars will
be low estimate Of tho value of the
completed structure. The upper floors
will be devoted to Offices The lower
floor will contain the bank, which will
have as fine an Office equipment in tho
way OF vaults and safes as can be found
in the State. The building will be
owned by Mr.. Levy and some of tho
other stockholders in tho bank
Mr.. Levy is one of the best known
men in Roanoke. lie was cashier of
tho Commercial National Bank up till
May, 1889, when the Citizens Bank was
organized under tho State law and he
became its president. Tho Citizens
Bank at once sprang into prominence in
financial and business circles, and had
phenomenal success. 1t has never lost
dollar or been compelled to enter or
defend law suit and has earned 10
per cent. per annum on its capital. The
bank came through the financial
squeeze of December and January,
which nearly upset Wall street and dis
turbed the business Of the whole coun-
try, in splendid shape, protecting it's
customers in every instance and redis-
counting for their protection less than
10 per cent. of it's paper, practically
nominal sum.
The reasons which prompted the
change from State to National bank
were tho recognition of the fact that
the rapidly increasing business of the
bank demanded a larger capital, and
that the simple, yet rigid regulations of
tho National banking act devised an
almost perfect system for nducting
banking operations.
No changes are contemplated in the
staff of the Citizens, save as the heavy
increase of business demands further
additions. III. NJ. Dickinson will re-
main as cashier, Il. NJ Kent as teller,
and L. w. Goodwin as bookkeeper.