The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1902-11-12
CHANGE IN LOCAL
BANKS AFFAIRS
INTERESTS REPRESENTED BY
COL. MACFARLANB SEEK CON-
troll OF FIRST AMERICAN.

The First American Savings & Trust
Company is to be ASSOCIATED from the
First National Bank according to the
present plans of Col. George w. Mac
farlane and his associates who claim
to own a controlling interest in the
stock. New quarters vii be secured for
1t and 1T will carry on the business for
which 1t was incorporated as an Inde-
pendent and distinct business enter
prise, as it has always been a distinct
corporation.
w T. Summers, who arrived here by
the Sierra, it is understood, is to have
the business management of the COM
pany. Quarters have not been posi-
lively decided on, but the first floor of
the Stangenwald building which was
designed for banking purposes has
been looked at and may be secured.
w. 7. Summers was formerly at the
head of a bank in Santa Barbara, Cal
| ifornia, and afterwards organized the
First National Bank of Juneau, Alas
ka-
The First American Savings & Trust
Company was organized in 1899. A
year later the First American Bank
was transformed into the First Nation
al Bank. The First American Savings
& Trust Company was organized to
conduct the savings bank department OF
the banking institution, and some 9TH
er branches of financial business, which
under the regulations affecting national
banks, cannot be done by such insti-
tutions. The stockholders of the two
corporations were originally identical,
and are still largely the same. A year
ago or nearly so an effort was made by
interests represented by Col. Macfar-
lane to take the management of the
two institutions away from the men
who had up to that time conducted
them. Nearly all the local stockholders
| and many of the foreign ones, however.
| stood by the management, giving the
present officers a clear endorsement.
In the struggle, however, there were
| some purchases of savings bank stock
and some changes of ownership which
i gave as it is claimed, the controlling
! ownership of the savings bank to the
| interests represented by Col. Macfar-
/ lane and w. II. Summers, though the
! clear control and ownership of the Ma
| tional Bank has always remained with
the interests that elected and re-elect-
\ ed Cecil Brown president.
| A meeting has been called of the
stockholders of the savings bank fol-
noon November 10 to elect directors
who are in accord with the new con
trolling interest and it is supposed thai
if it is shown that the new interest has
a clear controlling ownership of the
stock that the dissertation will be made
complete and the savings bank will gel
! into new quarters and start its career
| as a financial institution entirely mde-
pendent of the First National Bank.
The call for the stockholders meet
ing seems to be a sort of double bar
| relied arrangement. There is a call fol
an adjourned annual meeting and q
| X
holders, both to be held at the same
time and place. Neither call is signed
by. the. president or secretary of TIT
corporation. Both are Signed by Thorn
as 1. Dillon as secretary pro tenn" TIT
call for the special meeting is announc
ed TO be at the request of the owners
of more than twenty per cent of tn
stock of the corporation, the names o
the owners being given, by w. T. Sum
mers, their attorney. Mr.. Summers anC
his associates decline to discuss thei!
plans.