Los Angeles herald., 1909-10-26
BANKS
WILL COMBINE
PROPOSED PLANS INCLUDE
TEN-ST0RY. BUILDING
RESOURCES OF INSTITUTIONS
100000
Los Angeles Trust and Savings Bank
VIII Be Name Of New Enter
prIse-Merger Effec-
tive Jan. I

The Los Angeles Trust company will absorb
the Metropolitan Bank and Trust company on
or about January next. the combined inter-
ests to do business as the Los Angeles Trust
and Savings bank. The new institution will
occupy the ground floor OF the Central build
ing. Sixth and Main streets. The combined
resources will be sS,000.000 and the proposed
plans for the future already include the erec-
tion of a ten-story bank and office building
as permanent home at the northwest cor
ner of Sixth and Spring streets, where the
Metropolitan Bank building now stands
All the leases in the Metropolitan building
expire by March /, 1910, when the structure
now occupying the site will be disposed of
and the ground made ready for the new ten
story edifce.
AS the permanent home Of the Los Angeles
Trust and Savings bank the new building viii
be in every way modern, irst-class and
strictly hreproof. The bank will occupy the
entire first floor, and the remaining nine
stories will be devoted to office rooms.
Announcement Of plans for the approaching
changes was made yesterday by j. c, Drake,
president Of the Los Angeles Trust company,
who will continue chief Of the combined
banks.
This latest expansion Of the activities of
tho Los Angeles Trust company marks the
elimination Of phenomenal record Of growth
since its organization in 1903.
When It began business the company occu-
piled the basement OF the building at Second
and Spring streets, where II is housed,
with the National Bank Of California, the
main floor.
The Trust company purchased the building
at Second and Spring streets in 1903. when 1t
was a two-story structure. Five stories were
added, making It substantial seven-story
office building From It's inception the lnsti-
tuition grew steadily ana occupied not
only the basement but most of the first floor
Further expansion by the taking over Of the
Metropolitan Bank and Trust company made
new quarters an imperative necessity, as the
design OF the first floor at Second and Spring
streets made 1t impracticable to expand the
banking rooms there to care for the growing
business.
AS shown by its September, 1909. statement
the Los Angeles Trust company has resources
of more than s6.OooOo0 and deposits Of s4,-
250.000.
The Metropolitan bank has resources Of ST.
ssS 900 and deposits of s1,s1s,OoO.
The combined institutions will have re-
sources Of nearly ss.oOo,oOO, capital Of ST.
25c, 900 and surplus and undivided profits Of
$1,000
1t is incorporated under the new banking
act to do savings bank as well trust, safe
deposit and general banking business
The present quarters of the Los Angeles
Trust company, at Second and Spring Streets
well situated and equipped for a smaller fin
ancial institution, probably will be placed
on the market for sale.
Present officers of the Los Angeles Trust
company are: ]. C. Drake, president; H. W.
o'Menveny, vice president and counsel; We'll
iington Clark, vice president; Robert Wan
kowsld, cashier: Leo S. Chandler, trust Off
Ger; H. w Underhill, assistant trust officer.
NJ II. Flint Is president of the Metropolitan
Bank and Trust company, Frank M. Kelsey
vice president, and Jay Spence cashier.