The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1900-07-10
THE NEW NATIONAL BANK
PLANS FOR ITS ORGANIZATION
TOMORROW.
A Savings and Trust Society Also to be
Formed-New Offices for the Bank
Colonel Macfarlane Talks.

Col. @. w. Macfarlane spent about
two hours today with the officers of the
First American Bank, discussing the
plans q be submitted to the stockhold-
ers at the annual meeting tomorrow, for
the conversion of the bank into the
First National Bank. The plans include
the organization Of a Savings and Trust
Society as an adjunct to the bank
The new bank is to occupy the
whole corner of the Campbell block in
cluding the Hollister tobacco place and
the offices of Cecil Brown. The savings
society will be where the bank now is
Colonel Macfarlane was seen just as
he left the conference and gave some
details of what is to be done.
Il had long conference with Mr..
Brown. the president, and Mr.. Cooper
cashier of the bank this morning" ."
said Colonel Macfarlane. "and with the
president went through the report
which will come before the meeting of
stockholders tomorrow. in connection
with the annual statement. / cannot
give details now. but will say that the
results are highly satisfactory.
AT the meeting tomorrow the prin-
cipal business will be arranging or out
lining plans for conversion of the bank
into a national bank, and at the same
time to organize the savings and trust
company that we promised the sub
scribers of the First American Bank
in our prospectus, issued when the
stock was put on the market This will
be an adjunct to the national bank and
is organized for the double purpose of
giving the postal depOsitors a chance
to invest their savings in a strong saw
ings institution; and at the same time
| to enable us to make loans on real es-
tate, as a national bank, under the
National Bank Act, cannot make loans
upon real estate.
I'm the mean time the bank will re-
ceive from depositors i'm the government
| postal bank the amounts now being
paid off by certificates, and will allow
| interest on the same When the saw
ings and trust society is formed, the
savings accounts will be transferred to
the savings company, and interest will
continue at the usual rates
1T is the intention to call up the re-
naming one-third of unpaid assess
ments on the stock and this. from local
| and foreign subscribers. will produce
$25000O. which will be used as the capi-
tai of the savings society. Present
stockholders will thus receive a little
later on, paid up shares for two-thirds
of their subscriptions in national bank
stock, and one-third in savings and
trust society stock. These details viii
be submitted by the president tomor-
row.
tors present their certificates for money
due they are told that they may leave
their deposits there and receive Interest
as they have been doing in the posta
bank. so that depositors will not suffer
at all by reason of the liquidation o.
the postal bank I shall remain ovel
till the Alameda leaves to assist the
president and the board with thest
matters
81 have brought with me the proXle
of the San Francisco stockholders o
the First American Bank, to vote 70
the conversion of the bank into a ma
tional one, which stock 1 shall vote a
the meeting tomorrow.
"The national bank will occupy nev
offices at the corner of the Campel
block. including the stores of the Homo
lulu Tobacco Company and the office
of Cecil Brown, while the savings an
trust company will occupy the presen
offices of the First American Bank"