The Savannah morning news., 1902-11-24
MERGER OF BANKS
CONSOLIDATION OF MERCHANTS
AND SAVANNAH NATIONAL.
THE TALK IN BANK CIRCLES.
PLAN TO BE CONSIDERED THIS
WEEK.

OmcinIs and Directors of the Two
Institutions Reticent-WOuId Not
Deny That Merger Is COntem-
pInted-President Myers Says HIS
Information Is ConddentiaI-Mr
MnckaII Declined TO Answer Point
81 es:EoE--savanmah Trust Com
pany May Figure in DeaI-Tvvo In
stItutiOns May BE Merged Physi-
cally as Well as FinanciaIIy-Mer-
ger Would Create Second Largest
Capitalized Bank in Georgia.
At meeting of the direc-
tors of the Merchants National Bank,
to be held within the next day or two
the first steps in the consolidation of
the two largest banking interests in
Savannah will probably be taken. 1t
is said that the other institution which
will be merged with the Merchants
Bank is the National Bank of Savan-
nah.
For some time there have been re-
ports that such consolidation was
probable, but no definite steps have
yet been taken. Three months ago the
Morning News forecasted the CONSOLE
dalton. The directors and stockhold-
ers in the two institutions are to some
extent identical.
Officers and directors of the two
banks who were seen last night de-
clined to talk. While the report of the
merger could not be verified the reti-
Of Ie
the tacit admission by some that there
is project on foot of no little mo-
ment, lent credence to the report.
Mr.. w. W. Mackall, a director of
the Merchants Bank, had only re-
turned from the North during the af-
ternoon, and when asked whether the
consolidation of the Savannah Trust
Company and the Merchants National
Bank was proposed, he replied that
he had heard nothing of it. Mr..
Mackall is a director in both institu-
tons.
Would Not Deny 1t,
"At a meeting of the directors of
the Merchants National Bank, to be
held this week, will a proposition to
merge with any other bank in the city
be cOnsdered?" he was asked.
You have no right to ask me that
question:" he replied. Il am not an
officer of the Merchants National Bank,
and, therefore, have nothing to say on
the subject" Mr.. Mackall suggested
that the proper source from which
such information would emanate would
be the officers of the Merchants Bank,
and not it's directors.
Mr.. j. A. G.. Carson, president of the
bank, is i'll and could not be seen.
Mr.. Herman Myers, president of
the National Bank of Savannah, was
asked whether there is a move on
foot to consolidate the two banking in
terests. That such a consolidation is
contemplated or is desired, he would
neither admit nor deny. All informa-
ton which he had, he said was conf
Dental. AS Mr.. Myers has no inter
est in either the Savannah Trust Com
pany or the Merchants National Bank,
the inference that the merger between
his bank and the Merchants Bank is
being considered, is strengthened.
Trust COmpany's Interest.
Mr.. ]. F. Minis, when asked con-
corning the matter, disclaimed any
knowledge of any contemplated COM
bination He said he had received no
information to the effect that steps
would be taken to combine the two in
situations, or any other banking insti-
| tutions in Savannah What interest the
Savannah Trust Company has in the
matter, if any, is not known, though it
| is understood that it will use it's good
offices in effecting the merger.
The directors in the two institutions,
| the Savannah National and the Mer-
| chants National, are in many in
stances identical. A number of the
| directors in both the Merchants Bank
and the National Bank of Savannah
are directors in the Savannah Trust
| Company. If the Trust Company is
| interested, it may be that it may bring
about the consultations
There is little doubt that there is a
movement to consolidate the two
| banks. If the matter is not taken up
as proposed, during the present week,
it will be taken up later. The pres
| ent plan is to have the directors of the
two banks reach a decision before the
| first of January, so that they may pre-
| sent their recommendations at the an
nual meeting of the stockholders, which
will be held about that time.
If the proposed deal is carried
through, the result will be the form
alton of the second to the largest
banking institution in the state, in
capitalization. The Merchants Bank
has a capitalization of $500, 900, while
that of the National Bank of Savannah
is half as large, making total capt.
| talization of $4,000.
Effect of the Merger.
The combination would result in the
use of the present quarters of the Mer-
| chants Bank by the nsolidated
banks. Practically the same number
-of clerks would be required in the
conduct of the consolidated business,
as is now required to conduct the
| larger institution.
The combination might have some
bearing on the question of the pro-
posed bank at Broughton and Bull
streets. 1t might even result in the
abandonment of the project to erect a
new bank building on that site, for
though the land has already been pur-
chased, no further steps have been
taken. The site would not be avail
able FOR the purpose, in any event, I'M
til October, 1903.
The effect of the merger might be
even more far-reaching. That it may
result in the consolidation of other
minor banking institutions in the city
is not at all improbable