Evening star. [volume] (Washington, D.C.) 1854-1972, 1904-10-01
BANK AGREEME \ 7
Citizens Bank to Merge With
the Metropolitan.
MR.. PARKER REMAINS
A CAPITAL OF $soo,ooo AND A
HALF MILLION SURPLUS.
Talk of Trust Company by the Same
Interests to Be Organized
Soon.
MR.. PARKER REMAINS

An agreement between the representatives
! OF the National Metropolitan and the Citi-
| zens' National banks for merging those in
stitutions was finally reached this morning,
and 1t is expected that all the details will
be completed SO that the actual joining of
the two institutions will be brought about
some time next week. AS one bank is to
absorb the other, according to the national
banking law under which the merging is
to be made, the Citizens Bank will be
liquidated and the Metropolitan Bank will
increase it's capital stock.
Appraisers are to go over the assets of
the two banks, which of course include the
real estate, and make Il valuation. Owing
to the large surplus belonging to the Metro
politan Bank the book value of the latter
will be much greater than the former. The
difference between the book values of the
TWO banks is to be pad to the stockholders
OF the Metropolitan Bank in the form of an
extra dividend. 1t is estimated that the
about Sl1U per share, and it is thought the
Metropolitan stock will yield an extra d.vi-
dend of about S2Oo per share.
1t is stated that two-thirdS of the stock
holders of the Citizens Bank have already
given their consent to the liquidation of
the institution, and that the consent of the
stockholders of the Metropolitan Bank is
assured, and the increase of the capital
stock from $300,UU0 to $4,000 by the issue
of new stock amounting to $5OoOOO will
meet with their approval. This new stock
VIII be issued to the holders of the Citi-
zens Bank stock, share for share.
The surplus of the combined banks, 1t is
estimated, will be over half million
The enlarged institution will make it's
home in the building of the Citizens Bank
on 10th street, and the building adjoining
Oh the south now occupied and owned by
the Metropolitan Bank, will be vacated. Ac-
cordlng to the current gossip the interests
| that have secured control of these banks
will open in the Metropolitan Bank build
ing trust company, which will do busi-
ness on the harmony of interests plan with
the national banks now under the same
| control.
Not in the Combine.
1t was said today by Mr. R. N Harper
| that as in the current gossip in regard to
the purchase of national banks the name Of
the American National Bank, of which he
tsassRsesiaent, had. been mentioned as con-
necfed with the interests that had secured
control of three banks, and on thM account
likely to join with the other three in gen
eral merging, he thought that a sufficient
answer showing that his bank could not be
counted on Is likely to join in such COM
bination is that hes hafl had completed all
arrangements for beginning the work of
preparing the Sun building for the use of
the bank. He~expected that active work
would be begun next week, and as the
vaults are to be finished and in place by the
| middle of February next, he thought the
bank would be in it's new home by the 1st
of March next.
Mr.. Parker's Efforts.
In speaking of the matter today promi-
nent bank official said:
Some time ago Mr.. E. Southard Parker.
president of the National Metropolitan
Bank of Washington. realized that the Citi-
zens National Bank, which Immediately
adjoined the former institution on the
north, should be merged with that institu-
ton. The situation of these two institu-
tions was such as to make it apparent that
the combination of the two interests would
be manifestly advantageous for both Or
ganiZations.
with this end in view. he suggested to
those in control of the Citizens National
Bank plan for the merger or amalgama-
ton, which, after mature consideration,
was adopted by that institution, and the
agreement upon which the consolidation is
to be based was signed by the parties this
morning. In the new arrangement the
| Citizens National Bank goes out of exist
| ence and is merged into the National Met
ropoltan Bank of Washington, by which
latter name the consoIidat ted bank is to
| be known. The capital of the combination
| is to be $SOO,OOO. s
Will Be in Control.
..Mr Parker, upon whose ideas the con-
solidation has been brought about Is to be
| in active control and management of the
| new institution the president of the
| board of directors and executive committee.
| Mr.. George B. Appleton, who represents the
| northern capital which is to be placed in
! the new institution, will be president of the
! bank, and no changes are to be made in
| any of the officers or employees of either of
| the present Institutions.
''Messrs. Berry & Minor represented the
| Citizens National Bank and Mr.. John b.
! Larner represented the National Metropol-
! itan Bank in the consolidation"
Condition of the Banks.
The condition. of the two institutions on
| the 9th of this month was as follows:
| METROPOLITAN BANK.
Resources.
Loans and discounts 81 ,416, ,33S 19
~ s. bonds and investments ......... 9S4 ,029 16
Banking house and real estate. 100. 4S2 81
| Due from banks ks.................... 922, 558 80
Cast, ,......... ................. 355,665 81
Redemption fund ACKNOWLEDGEMENTS. $1,000 OC
Total S3 SOB 974 5C