The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1901-05-10
THE BANK CONSOLIDATION.
ATLANTIC NATIONAL AND THE MA
TI0NAL OF WILMINGTON NOW ONE.
The Former on Yesterday Assumed
chased It's Building, on Front and
Princess streets, For sea, OOO-The
Atlantic To Move Today.

Some DAYS ago The Messenger an
nounced that a movement was on foot
to consolidate the Atlantic National
Bank and the National Bank OF VIII
mington. While the stockholders of
the two banks will not hold their meet
ings to ratify the consolidation until
the 9th instant, the union of the two
concerns has been consumated as a
matter Of fact.
The Atlantic National Bank has
purchased from the National Bank of
Wilmington the latter's handsome
building on h northwest corner of
Front and Princess streets and on and
after today will occupy the same. The
price paid for the building is $685. 900.
As to the consolidation, the Atlantic
Bank yesterday afternoon assumed the
deposits of the National Bank of Will
ming. The comptroller OF the cur
rency gave his consent to the imme-
date consolidation Of the two banks
upon receiving a statement signed by
a sufficient number of stockholders of
each bank agreeing to the consolida-
ton.
Under the terms of consolidation the
stockholders of the Atlantic National
Bank agreed to elect all of the present
directors of the National Bank of Will
mington as directors of the Atlantic,
every stockholder in the National sank
of Wilmington having purchased stock
in III Atlantic. We are informed that
most of the stock purchased by the
stockholders of the National Bank Of
Wilmington'S shareholders was Sc
cured from nonresident stockholders
of the Atlantic National Bank.
The Atlantic National Bank, which
has been in business nine years, has
a paid-in capital of S125,OOO; with a
surplus account of exceeding SITE, 900.
AS a matter of fact that bank has a
great many assets that nave a market
value far in excess of the value ar
ried on the books of the concern. 1t
is probable that no other bank stock
in the state of North Carolina will sell
at as high a figure as the stock in
this bank.
On the other hand, the National Bank
of Wilmington has accumulated a sur
plus of exceeding 80 per cent. AS soon
as it's assets are fully examined by the
Atlantic National Bank and paid for
by the latter institution, the stockhold-
ers of the National Bank of Whining
ton will be paid for their stock, includ-
ing the surplus assets. This will prob
ably be effected the latter part of the
"Cch- AL SISChS oh liC NNdliOlldl
Bank of Wilmington drawn by depos-
itors having credit with that bank,
will hereafter be IGNORED by the At
lantic National Bank.
The Atlantic National Bank, organ
lied nine years ago, is a strong and
successful institution, but the consol-
idation 10Y makes it one of the strong
est banks in the south. The pricipal
officers of the bank, who are largely
interested in the stock. feel confident
a the stock will grow rapidly in
value since the business of the two
have been consolidated, and they have
voluntarily had their salaries reduced
in order to assist in enhancing the
value OF the stool to all shareholders.
The policy hereafter will be to contin-
ue to accumulate a surplus, but it is
probable hat the dividend will be in
creased from s per cent. per annum to
1 per cent. a month. This dividend can
be increased and still leave the bank
a liberal amount to add to it's surplus
each year.
AS a natural consequence, the con-
solidated business will be conducted
with a very much smaller clerical
force than was employed by the two
banks as seperate institutions, but we
understand that the officers of the At
lantic propose to secure desirable po-
sitions for persons whose services will
not be required in the consolidated
business.