The sun. [volume] (New York [N.Y.]) 1833-1916, 1901-11-10
lNOTHERBANKNERGERCOI
CITIZENS NATIONAL TO Buy
OUT NINTH NATIONAL.

mo New Citizens National Bank VII
Have Both Natisnai city o and
Hanover National Interests In II and
WIN Start win g. coo Deposits.
1t developed yesterday that the present
acquisition Of the control OF the Ninth
National Bank by interests connected with
the Hanover National Bank and the election
on Friday OF James Stillman, President OF
the National City Bank. - q director Ia
the National Citizens Bank were prelim-
mary steps toward the merging OF the
Ninth National with tho National Citizens
Bank. A circular TO the shareholders OF
the last named bank, announcing the pro-
jected merger, was sent out yesterday.
1t u proposed. the circular says, that the
National Citizens capital stock shall be in
creased from 5000 900 to d $50. 900 by the issue
OF $500 800 shares. Of which 5000 h be
offered to the shareholders at $50 a share.
thereby adding $500 900 to tho assets Of the
bank, and the remaining $500 shares shall be
disposed Of In such manner and upon such
tsrms as a majority Of the Board Of d.
rectors may determine for the purpose Of
acquiring the capital stock or assets Of the
Ninth National and thus ~effeoting a CONSOLE
uaton. lne Tcbult VI t1cs5 CIdnBCo, tiC
circular states, will give to the bank a
capital Of $i,550,oo0, a surplus Of about
e776.00O. and the assets and business OF
tbs Ninth National Bank. The circular
also says regarding the latter bank:
Its assets and business. exclusive OF It's
ably worth the sum OF sS2s, ooo. which repre-:
Dents 70 per cent Of the par value Of It's capital
ssos ss.. S.n liTT Ish eu SiosS, q SaS Ss' .i shafss0i Their
stock OF this bank for two and one-seventh
i ssnf hs e s 81 ,s s.SSH Il fh,s the sil ft bs .q Sft.Hsst
10 issuing $500 shares OF the new stock OF
, sS.n ssn lcr g he ss s;o Gs, Of q 4: :i Nin Hsf x :esss; Il Ban. s1;
p the rate OF $40 per share. thus enabling. this
bank. upon assuming the liabilities Of the Ninth
VII Snnl00' Th Ssn srrs sD CEMENT SSSslas proposed pr sssse' S sas s SeSa
Informally approved BY shareholder owning
Of this bank.
The consolidated institution IL expected
10 start with deposits Of about Is 900, 900.
II viii have the backing OF both the Ma
honal City n the Hanove National banks.
The Ninth National Bank Is at <1 Broad
way, while the National Citizens Ia at
goods district. The two banks have been
Tor over twenty-five years competitors
In the same district for the same lines
Of customers. The National Citisens' Bank
u the larger institution Of the two, and
has been a continuous dividend payer
throughout its entire existence Of more
than fifty years. About a year ago Edwin
8. Schenck came TO the Citizens from
the Hamilton Bank. where he had been
President, and he has. as Vlce-President. |
assisted Ewald Fleitmann. the banks
President. in bringing the institution into |
q better position than it had previously |
occupied. The banks deposits amount |
now to about $1,000. 900. while those Of
the Ninth National exceed 81, OOO, 900. II Ia
that William Halls, Jr., and
one or two other directors Of the Ninth
National Bank will join the board Of the
Of the Hanover National Bank. To him
md to Mr.. Schenck a great deal Of credit
IL due for the bringing about OF the merger. |
Of the employees OF the Ninth Ma |
tional will become connected with the
Citizens.