The Montgomery advertiser., 1906-05-13
NEW NATIONAL BANK ASSURED It Will Begin with $3OO,-
 900 Capital. THE EXCHANGE NATIoNAL" Montgomery Financiers Apply for
 a Charter. May Take over Commercial Business of Union Bank and Trust com- papy. which win Continue
 h Bustness.

A new national bank In Montgom- cry Is assured and It will be opened and ready for business within a month.
 The Exchange National Bank of Montgomery," with a capital of $300.- 900 and surplus of $75.000, was the. de- cision of number of prominent busi- ness and professional men who had a meeting at o'clock yesterday after noon in the office of President Michael Cody of the Union Bank and Trust Company.
 The men who met with President Cody have had the new national bank in contemplation several weeks. As told by The Advertiser several days ago, the first steps toward the or ganization of a national bank were taken earlier in the week. Yesterday these men decided upon the name and the capital stock.
 Application has alrady been made to the Comptroller of the Currency for charter for the bank, books of sub scription have been opened at the banking house of the Union Bank and Trust Company, and announcement Is made that the new national bank will be ready for business just as soon as the prelfminary details have been completed
 The Men Interested.
 Among the men interested in the new national bank are Michael Cody, Simon Gassenheimer, Emanuel Lobman. Dr, J. L. Gaston, Isidor Well. J. c. Haas. Fred S. Ball, M. L. Greil Sam Gerson. and Joseph Norwood.
 As number of men interested in the new national bank are also interested in the Union Bank and Trust Com pany, it should be said that the latter concern will not suspend business. In- deed. 1t Is believed that the organiza- tion of a national bank will facilitate the business of the Union Bank and Trust Company as it will mean an en- largement of the trust and savings features of this establishment. It Is generally understood that the new na- tional bank will take over the com mercial business of the Union Bank national bank a surplus to begin with and will enable the Union Bank and Trust Company to enlarge its trust and savings departments.
 The business of the Union Bank and Trust Company" said member or US Board of Directors "has grown so rap idly that we thought it best to orga- nibe national bank for the purpose of taking care of the commercial busi- ness of the Union Bank and Trust Company. which will be continued as trust and savings company"
 Two Distinct Banks.
 The two banks, although several men are interested in both of them. will be conducted as distinct and separate busi- ness enterprises and will have differ ent locations, One of the promoters of the national bank said yesterday that two or three locations had been suggested for the bank, but no con- tract had been closed
 President Cody of the Union Bank and Trust Company said that the orga- nization of a national bank by his as- sociates and himself was merely an indication of the commercial growth Of Montgomery. He said that it was hop ed that the national bank would be ready for business within month.
 '.The business of the Union Bank and Trust Company will be continued said. President Cody in answer to in ouiry. "our trust and savings business will not be interfered with"
 At the next meeting of the promoters of the national bank Board of Di- rectors will be elected from the stock holders and this Board will elect off, cers of the new establishment.