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

National Bank Situation
1t was announced yesterday author
itatively that the Peoples Savings
Bank and the Carolina Savings and
Trust Company are TO be consolidated,
this meaning in direct terms that the
first named institution is to absorb
the business of the latter.
The news will be received with in
teresL, but it will not cause any great
surprise, as this transaction has been
considered to be very likely since the
amalgamatiOn of the Atlantic and Muir
Gibson national banks day Or two
ago. The Peoples Savings bank has
been conducted as an auxiliary of the
MurchisOn, and the Carolina has been
closely affiliated with the Atlantic
since it's organization, and as the Muir
Gibson absorbed the Atlantic it was
thought very probable that it's affiliat-
= ed savings bank, the Peoples, would
absorb the Carolina Savings and Trust
Company.
The Carolina as was announced when
the merger Of the national banks be-
came effective, was not affected by
that consolidation and it was stated
thai the institution was entirely in
dependent and possibly would be con-
tinued in operation as an independent
company, but those on the inside
thought that other developments would
follow and that either the Whining
ton Savings and Trust Company or the
Peoples Savings bank would offer such
attractive terms for the business OF the
Carolina that the transfer was al
most certain.
Both of these companies, it is known
did make offers for the Carolina but
the offer Of the Peoples was consider
ed more liberal and advantageous
than that of the Wilmington Savings
and Trust Company and the stock OF
the institution will therefore be trans
ferred to the Peoples.
The terms Of transfer cannot be
learned, but it is understood that an
attractive offer of stock in the Peo-
Dles has been made to the stockholm
stock of the first named will be IN
creased the amount Of the capital stock
of the latter, after the required notice
has been given.
The consolidation means that the
Peoples bank will in the future con-
troll the business of both institu-
tions, this making it one of the strong
est and most progressive institutions
of it's kind in the state. The imam
cial details OF the transaction are
said to be entirely satisfactory to all
parties concerned and consent for the
transfer was gained yesterday from
a large majority Of the stockholders
of the Carolina, who, however, are
called to meet formally On December
26th to ratify the terms OF the agree
ment that has been entered into be-
tween the two institutions.
The enlarged Peoples Savings bank
will occupy the handsome and eliglbly
located banking building on the corner
of Front and Princess streets, which is
now used as the banking headquarters
of the Atlantic Ntonal Bank, the
building having become the property
of the Murchison through the recent
terms Of the consolidation Of the two
institutions.
The propositions made to take over
the business of the Carolina Savings
and Trust Company, which were pre-
sented at a meeting of the board Of
~e Il
Tuesday morning, were referred to a
committee of five directors, these be-
ing Messrs. R. R. Bellamy, J. G. Bar.
rentine, l. Shrier, c. w. Yates and J
H Chadb0urn, and this committee,
after considering the matter at length
recommended the transfer to the Peo-
pies bank and at a full meeting of the
directors held yesterday morning the
disposal of the bank to the institu-
ton named, was finally and definitely
voted on, all the directors cOncurring
in the matter.
The terms offered by the Peoples
bank have also been confirmed by
directors of that institution and the
transfer and increase or stock will be
made as early as possible.
1t is believed that every detail in
connection with the transfer of busi-
ness and change of location of the
Peoples bank will have been settled
and completed before the end Of next
week, the disposition being to get
the enlarged institution running on its
new basis as early as possible.
It will be news Of interest and sat