Los Angeles herald., 1906-05-17
MERGER OF TWO
BANKS PLANNED
CONCERNS RESOURCES TO BE
$22,ooo,ooo
Officers Of Security Savings Buy Con-
troll Of Southern California SAVINGS
With View Of Con.
solldation

BY deal recently consumated three
of the officers of the Security Savings
bank now own three-fourths of the
stock of the Southern California Saw
lngs bank. large merger of the two
banks is planned and banking officials
believe that this will be carried out.
This will take some time, as the con-
sent of the stockholders must first be
secured Joseph +. Sartori, president
Maurice S. Hellman, vice president.
and w. d. Longyear cashier of the
Security Savings bank, are the pur-
chasers of the majority of the stock
of the Southern California Savings
bank. The stock was purchased at the
rate of $3.50 per share.
Until the merger can be effected the
two banks will run as separate institu-
tions with the present officers in
charge. 1t is planned to retain most of
the officials of both banks after the
consolidation is made.
Officers of the Security Savings bank
are; j. F. Sartori, president; M. S.
Hellman, vice president John e.
Platter vice president; w. d. Longyear,
cashier; T. Q. Hall and W. M. Cas-
well, assistant cashiers. The directors
are: w. H. Allen, jr.; H. w. Hellman,
T. e. Newlin, ]. H. Shankland, j. A.
Graves, Henderson Hayward, w. L.
Graves, j. F. Sartori, H. w. O'Mel-
veny, M. S. Hellman, John E. Platter
and w. D. Longyear.
OF the Southern California Savings
bank the officers are: j. H. Braly, pres.
ident; A. H. Braly. w. D. Woolwine,
vice presidents; Charles H. Toll,
cashier; C. w. Wilson, assistant cash
ier; j. H. Griffin. secretary and treas
urer. The directors are ]. H. Braly,
II. Jevne, j. Nj. Elliott, A. H. Braly,
W. c. Patterson, w. d. Woolwine,
Charles H. Toll.
Need of institution
A great savings bank will be the
outcome of this merger Its resources
will be more than $22,OOO,O00. Just
such concern is now needed in Los
Angeles to finance the erection of large
buildings, it is claimed. These funds
have heretofore been secured in San
Francisco, but all of the money in that
city is now needed there.
A statement from the Security Saw
ings bank on January / showed that
the total resources were S14,177,1S1. At
this time the resources of the South
ern California We're $7,843,144, making
the resources of the two banks S22,-
020,805.
AT this time the deposits in the Sc
in the Southern California were ST.
51S,154, making a total deposit in the
two banks of $21 ,021, ,1S3.
The paid-up capital stock of the Sc
curity is $930000, and of the Southern
California 100000, but there is a prop
osition pending to increase that amount
to $3OOOOO
President Makes Statement
Speaking of the consolidation of the
two banks President Sartori said last
night The business of the two in
stitutions will be conducted separately
until all the plans are perfected, and
the directors meet to ratify the action
of the stockholders. The present Off
GERS of the two banks will continue ia
act and business will be carried on
without Interruption. Nothing definite
can be stated at this time about the
location of the consolidated banks
That question will be taken up and
considered in due time by the directors
of the merged banks"
There Is said to be no foundation for
the rumor that the German American
bank may be included in the merger
plans.