The semi-weekly messenger., 1907-12-20


South.
The Atlantic National Bank OF this
city has been consolidated with the
-MurchisOn National bank, the latte
d. an increase Of it's stock taking over
the valuable business or the former.
The negotiations looking TO this end
have been in progress fer several days
the actual deal, which consummaten
such large financial transaction was
not concluded until late Saturday night
when the necessary papers were signed
Awaiting approval ~ the boards OF
directors Of each institution, which
was not formally given until yesterday,
the ne>~3 If the amalganatiOa vas EJt
announced until yesterday.
The action Of the officials Of he two
institutions was put before the boards
OF directors Of both hsrks, who We're
calie din special session yesterday AMI
after the full details OF the transac-
tion had been explained the ratifca-
ton Of the proposition was announced
and about January lsr, the two banks
will be o. Grated as one.
In this connection it is interesting
to note that the banking capital of the
city will OF be diminished by the con-
SolidatiOn, but following the formal
notice that must be given when all
increase OF capital is considered, the
Murchison bank will during the month
of January increase It's capital stock
the amount of the Atlantic Banks capi-
tai stock.
The Atlantic National bank at the
present time has d capital stock o.
$125, 900 and the Murchison bank has
a capital stock Of $500 900. The capi
tai stock Of the enlarged MurChiSCn
bank will be S625,G0O and the sur
plus will be more than $500, 900, this
giving Wilmington one of the largest
strongest and safest banks in the
entire south
The following lette~ concerning the
amalgamaton of the two institutions
was sent out yesterday to the stock
holders of each, and it is self-eXplan-
atory:
Wilmington, n. c, Dec. IA, 1907.
Dear Sir:
Arrangements have been made 20
consolidate the atlantic National Bank
with the MurChisOn National Bank |
the latter, by an increase of it's stock,
taking over the valuable business and
assets of the former.
MI John S. Armstrong, and other
directors of the Atlantic National Bank
will enter the board of the Murchison
National Bank. Mr.. Joseph w. Yates
Will be member Of its staff and the
working forces will be amalgamated,
and it is confidently expected that the
customers OF each bank will cooper
ate to increase the business.
The banking capital of the city will
not be diminished by this consOlida
tion, but it's enlarged resources and in
creased facilities will enable the one
bank to offer augmented service 70
the patrons of both institutions, and
their hearty support is solicited.
The movement is expected to result
IL the establishment of one of the
largest and strongest banks in the
, south.
Stock in the MurchisOn National
Bank will be offered in exchange for
that of the Atlantic National Bank Oh
an attractive basis. AS soon as details
are ready they will be furnished. We
hope to have your support.
Yours truly,
JNO. S. ARMSTRONG
President Atlantic National Bank
H G.. MCQUEEN
President MurchisOn National Bank
The board of directors of the Muir
Gibson bank will be increased in size,
several Of the Atlantic banks directo, 8
including its president, Mr.. John s.
Armstrong being added to the board.
The business of the amalgauated
banks, under the name of the Muir
Gibson National bank, will be conduct
ell from the present nome Of the Muir
Gibson, on Front and Chestnut streets
and the Atlantic National bank build
ing on Front and Princess streets,
which becomes the property Of the
Murchison by the transfer will be US
ed for other purposes, rumOr having
pit that the Peoples Savings bank
will soon occupy the eligibly locatei
building.
1t could not be learned yesterday
upon what terms the transfer of stock
from the Atlantic to the MurchisOn
was made, lit being stated that an
examination of both institutions would
have to De made before the exact
figure could be arrived at Both the
majority and minority stockholders of
the absorbed bank. will. however, it is
stated on authority, receive the same
terms.
The Atlantic National bank was or
ganized in this city in 1892, its first
location being in the Chamber of
commerce huilding where the Willard