East Oregonian : E.O. (Pendleton, OR) 1888-current, 1909-01-22

Through a deal that was consum-
mated Wednesday, W. L. Thompson
and associates have purchased control
of the American National bank and
with that institution is to be CONSOLE
dated the Commercial National bank
of this city. Reports to this effect
have been current in local circles for
several days past, but no formal an
nouncement of the deal was made un-
til today previous publication being
withheld at the request of those in
terested.
According to the announcement
made by the new owners, w. L.
Thompson. T. j. Morris and others
have purchased the bank stock for
merly owned by Monte 3. Gwinn and
by Messrs. Page & Devlin. The lat
ter are Idaho people and friends Of
Mr.. Gwinn
Directors for the bank as now or
ganized are as follows: T ]. Nor
ris, DR.. F. w Vincent, w. L. Thomp-
son. DR.. w G. Cole, A. C. RUBY, A. D.
Sloan and r. n. Stanfield. Last even
ing the board of directors held a
meeting and the following gentlemen
were chosen as officers of the bank:
T. ]. Norris. president; A D. Sloan,
vice president; and W. L. Thompson,
cashier.
The consolidated banks will have
a capital, sprulus and undivided prof
its amounting to 100000 and re-
sources amounting to s1,50O,OOO
News of the big deal has been re-
ceived with much interest locally. II
is the largest transaction of the kind
occurring here since NJ. B. Gwinn and
associates purchased the Pendleton
Savings bank of W. ]. Furnish and
others over two years ago. The bank
was nationalized several months ago
and at that time the name was chang
ed to the American National It is
one of the strongest banks in the in
land empire.
All of the banks new owners are
we'll known in local business circles.
Mr.. Thompson came to Pendleton in
1904 and until this time has served as
cashier of the Commercial National
bank. He was formerly cashier of the
First National bank of Lewiston. Ida
no Both Messrs. Morris and Sloan
are so we'll known as to require no in
PRODUCTION here. Mr.. Morris was for
many years the vice president of the
Savings bank and Mr.. Sloan has been
for several years the vice president Of
the Commercial National.
NJ. B. Gwinn, who retires from the
of the bank, came here
from Idaho two years ago. During
MS stay here he has made many
friends and has also earned an en-
'iable reputation as a worker for the
advancement of the city. According
o Mr.. Gwinn he will continue his res
dence in this city and henceforth de-
'ote his time to various investments
which demand his attention. He is
heavily interested in the sheep busi-
less and is also interested n several
,anks in Idaho.
Last summer Mr.. Gwinn was chosen
S president of the Oregon Bankers
and he is still serving in
hat capacity. He is also chairman
+ the Umatilla county legislative COM
nittee and he says that for the imme-
late present he will devote the great
r part of his time working for the
nterests of this city and county before
he legislature.
Aside from Mr.. Gwinn, Mr.. Steph-
ms, the present vice president, and
. w. Maloney, cashier, also leave the
ank, having disposed of their stock
lso. Mr.. Maloney is now in Califor-
ia. No announcement has yet been
lade as to the further personnel Of
lie banking force.