The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1909-04-23
PHOENIX BANKING
AND TRUST COMPANY
WILL INCORPORATE
.-o~xgoLoERs or WELL KNOWN
BANK MAKE THIS AN
NoUNcEMENT.
rlpI Al STOCK WILL BE $4,000
p,-oosss Of New Financial Institu-
ton Cleaned From an Interview
with Messrs. Hutton And Fulton.
ono Contemplated.

Articles OF Incorporation OF the Phoe-
nj, Banking and Trust Co. win be
fled for registration by the directors
NJ the Phoenix National Bank. as In
generators. This final action was
taken bv the stockholders at a meeting
held in the Phoenix National Bank
building Thursday afternoon, which
was an adjourned meeting from last
Tuesday. The capital stock will be
$4,000, all of which will be paid in
and will be taken by the stockholders
Of the Phoenix National Bank.
As soon as The Herald received in
formation that such an organisation
had perfected, representative of the
naper interviewed Messrs. Hutton and
Fulton, president and cashier of the
Phoenix National Bank at which In
teryiew the following Information was
cleaned;
The purpose of the Phoenix Banking
and Trust Co will be to handle trust
funds real estate papers, guardian
ships, etc.
The new institution will not be
legally or technically connected with
the Phoenix National Bank, but will
he under an entirely new charter, and
will be as it were foster son of the
Phoenix National and allied with this
institution.
For several years the directors and
stockholders of the Phoenix National
Bank have through ultra conserva-
tism refrained from taking on the
savings feature of the banking bust
ness. but it appearing to the stock
holders of the bank that the handling
Of real estate papers, guardianship,
trust funds, administratorships, etc..
would be for the banks welfare as
we'll as that of it's customers and as
the handling of such business is con-
trarv to the rules of a national bank,
it was decided to organize this Bank
ing and Trust Co. to take up this
feature of the business, the entire
captaI stock to be taken by the stock
holders of the Phoenix National Bank,
and that the business be conducted In
the Phoenix National Bank building
with the same officials and clerks, and
by this means mourning but little ex-
ira expense.
In the savings department the new
institution will work upon the plan OF
issuing interest-bearing time-certifl-
Gates of deposits. This last
feature can be handled and is handled
by National Banks of high standing,
but as stated above it has been Gus
tom of the directors of the Phoenix
National Bank to steer clear OF this
calss of business, and the same was
the case with the directors of the old
Phoenix Bank, which objection was
based on purely conservative banking
principles, and after discussing the
matter most thoroughly both last
Tuesday and Thursday, the hnal de-
cision was reached and the plan ar
rived at Thursday afternoon at the
meeting of the directors of the Phoe-
nix National Bank, which meeting was
a full one. The plan of distributing
the stock will be based on the holdings
OF stock in the Phoenix National
Rank For instance. a holder of Phoe-
nix National stock will be allowed to
take one-fifth of that amount In the
new institution.
The following well-known business
men who are the directors of the
Phoenix National Bank, will be the IN
corporators and directors of the new
institution: w. J. Russell, W. A.
Dale. T. C. Webster, Jo l.. Hutton, ).
Lem Thomas H o. Fulton, E. E. NC
Lemore. F. D. Chaffln, d. F. Waklns'
R. l. Mckinney w. T. Frierson, j. A.
Cakes, w. E. Jones, w. B. GreenlaW
and n. II. Hill. J. L. Hutton VIII De
president of the company, W. A. Dale
4 Vice president, and H. o. Fulton, cash
Ter.
The banking institution OF the Phoe-
nix National Bank has already cash
capital and surplus OF $4,000 and adj
ded to this the $4,000 capital stock
Of the Phoenix Banking and Trust
Co.. will make cash capital and sur
plus Of $4,000 under one-roof. Al
the last statement of the bank, which
was made Feb 8, 1909 there was on
deposit $S41 1892.
The organization Of this new inst'
tuition. coming as 1t does, just at the
time of the announcement OF the or
ganization of the Savings Bank ana
Trust Co. as announced in The Herald
Thursday, was a pure coincidence, as
mt know