Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-03-19
BANKS CONSOLIDATE
Merging of the Citizens Ma
tional and the West End.
FORMAL STEPS TAKEN
CAPITAL OF THE INSTITUTION TO
BE 100000.
Purchase of Holdings of Mrs. johnson,
FORMAL STEPS TAKEN
Purchase of Holdings of Mrs. Johnson,
Who Controlled Majority of
Stock in Citizens.

Formal steps toward the consolidation
of the Citizens National Bank and the
West End National Bank will soon be
taken. meeting of the directors OF The
Citizens Bank is TO be held in the bank
building, on 10th street between L and u
streets, when the recent cnange in the
ownership OF the stock will De recognized
by the election of representatives of the
new ownership on the board. A majority
of the stock is owned by Mrs. Annie L.
Johnson, the widow of e. Kurtz Johnson,
the latter for many years the president OF
the bank The entire holding of Mrs
Johnson has been acquired, together with
such ether blocks of stock as would give
the necessary two-thirds control The
purchasers Were: Mr. Frederick &.
Stevens, president of the West End Bank:
Mr. John II. Moore, the vice president;
Mr.. H. Bradley Davidson, Mr. Charles T.
Williams and Mr. r. A Chester, directors,
and others interested in the West End
Bank. According to the plans which will
be carried out as rapidly as practicable.
the consolidated bank will be located IN
the building of the Citizens Bank. Mr
Frederick c. Stevens will be the president
of the new concern and Mr.. John II. Moore
the vice president.
The capital of the bank will hereafter be
$50o000 instead of $500, go. and the surplus
will be increased to S5o0, 900. There will be
entire new Issue of stock, and twelve
shares of the new stock will be issued for
ten of the old. on a basis OF a valuation
placed on the Citizens stock of 500 Iser
share. The assets, &c, of the West End
Bank are to be purchased by the Citizens
Bank and seven shares of the new stock
are to be issued for ten shares of the West
End stock on a basis of $40 per share for
the latter.
The Stock Values.
The purchasers offer to the holders Of
fractional lots of the stock 500 for the Citf-
zens' and $40 for the West End When
the change is completed and there is no
further for the building for banking
purposes now occupied by the West End
Bank it will be sold. The board of direct
of the new bank will consist of firteen
members. seven selected from the Citizens
Bank and eight from the West End Bank.
OF the two banks. the Citizens is the OLD
est, having been organized in Hagerstown
in the year 1871, and transferred to this
city by act of Congress of 1874. The late
Jacob Tome of Port Deposit, Md, and
the late J. A. j. Cresswell were the
principal promoters of the bank at its orr
gin. Since the death of Mr. E. Kurtz John
son the head of the bank has been Mr.. E.
S Johnson. a brother of the former presi-
dent. The latter is in bad health, as is also
the cashier. Thomas E. Pearsal and this
change will give them an opportunity to be
relieved from their arduous duties.
Began Business in 1889.
The West End National Bank commenced
business at the corner of Pennsylvania ave
nue. and 18th street January Z, 1889, but
two years later removed to its present 10
cation. 1415 G street. Mr.. William r. Riley
was the first president. He was succeeded
by Mr.. Frederick C. Stevens, who continued
in that position and will be at the head OF
the consolidated bank. Mr.. Stevens has a
large country place in New York state, but
his home and business interests are in this
city. He was at one time the president Of
the Washington Railway Company and was
the active spirit in bringing about the pur-
chase of the various street railroad lines In
this District. While comparatively a young
man, he has been very successful In fnan-
cial matters and is looked upon as one OF
the leading business men of the city.
The officers and directors of the West
End National Bank as follows: +. c.
Stevens, president; John H. Moore, vice
PRESIDENT r. A. Chester, cashier. Directors,
John r Carmody. H. Bradley Davidson, v.
B. Deyber, H. d. Mirick. John III. Moore, J.
H. Ralston, Hugh Reilly, t. E. Roessle, F.
Williams.
The officers and directors of the Citizens
Bank are as follows: E. S. Johnson, press-
dent; n. H. Shea, vice president; Thomas
c. Pearsall, cashier; Edison b. Oids. assist
ant cashier. Directors-E. S. johnson. "
H. Shea ]. F. Saum, Allison Naior, jr., &
T. G. Morsell, Cuno H. Rudolph, w. T.
Walker, w. A. H. Church. Charles Jacob
sen, W. S. Knox, c. F. Schneider, w. A
Wimsatt, William Holmead, David Moore
and J. H. Crawford.
Condition Of the Two Institutions
According to the last report made Of tho
condition OF the Citizens Bank. the stock
deposits S1,375.O99
The capital of the West End Bank Was
5000, COO its surplus 100000 and the deposits
$40, 100.