The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-05-05
DETAILS OF BANK
MERGER ARRANGED
Officers of Consolidated Institu-
ton Selected by Com
nittce.
CAPITAL TO BE 100000
National State Bank and City
Bank May Soon Have
New Home.
TO BE 100000

Details OF the consolidation of the
National State Bank and the City
! Bank OF Richmond were arranged last
night at a meeting OF committee
appointed for the purpose. represent
tative OF each institution. The plans
VIII, as matter OF course, have to be
ratified at meetings Of the stockhold-
ers OF the two banks, which will be
called as soon as is legally possible
There is little doubt. however. that
the details will be agreed to as decided
upon last night.
This committee was composed OF
James D. crump and Granville G..
Valentine, OF the National State Bank
and James II. Anderson and Stewart
NJ Woodward, Of the City Bank OF
Rlchmond.
The officers recommended for the
consolidated bank arc: Colonel VIII
liam II. Palmer, president. John S
Elicit, vicc-president and chairman Of
the executive committee; William NJ.
Hill. second-vice president: j. ".
sinton. tmrd vice-president Julien II.
Hill, cashier. Mr.. Hin Is now assistant
cashier OF the National State Bank.
Resources to He Large.
II Is understood that the capital OF
the bank Will ne s1.poU,ocU. WIN a
surplus OF about 100000. This viii
make the institution one of the strong
est in Richmond, with much greater.
financial strength than is now pos
sessed by either The present capital
stock and surplus of the National state
Bank Is about s1.000.O0o. and of the
City Bank about ssoo.ouu.
In the opinion OF the officers of tho
banks the consolidation means a far
better and moro prosperous future
The banks are both old and highly
institutions. but the mass
Ing of resources. it is believed. willI
stimulate future growth and influence.
One result. IT may be surnIised, is
likely TO be the erection of modernl
banking house. 1t so happens that
these banks are next door neighborsI
on Main Street. between Eleventh and
Twelfth. each owning It's own home.
Combined. the bank will have front
age of siXtyseven feet. with ample
depth for the construction of large
and imposing banking and Office build
ing. The guess that such a structure
viii come in the near future may be
regarded as not In the least extrava-
CANT.
VIII Retain Employees.
1t is the expectation that the scrv-
ICES OF all the employees OF both banks
will be retained. This belief is. of
Course. based to some extent on an ex-
oectation of increased business. II ISL
the disposition of the on
'iais to keep all the old men.
Both the National state Bank and
he City Bank of Richmond were es- /
.ablished more than forty years ago. |
soon after the close of the Civil War.
he former being little the older
rhey have had uniformly successful
'areers the business OF the last year
'eine the largest In the history Of
,ithcr~
Colonel William H Palmer. who is
o he president of the consolidated
oank, is now president of the CITY
Sank Of Richmond. while John S. Ell
EFT. the new first president. is
PRESIDENT of the National state i. w. /
'inton, now cashier of the City Bank.
becomes third vice-president for the
institution.
The City Bank of Richmond is !,
tate Bank. incorporated by the log.
stature under the Virginia law. while
he National State is. as its name i'm
'lies, national bank. The national
harter viii. of course, be retained