The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1911-09-21

IS STRONG COMBINATION

II. a. rIouCu, sui VI MI. duu MIS-.
Jno. M. French of this city, has just
engineered successful bank merger
in Waterloo, the following from the
Reporter. telling of the deal which
will be Of interest to his many friends
here:
was completed last night, when a con-
tract was signed bringing the Secur-
4 ity Savings bank and the Citizens
Savings bank under one management
and making them one institution.
The latter bank will lose it's identity
by the transaction and the former in
stitution will double its capital stock,
making the total 100000 with a sur
plus OF $4,000.
The Security Savings bank will be
the name under which the merged in
stitution will be known and the pres
ent home of that bank will be retain
ed for the business of the combined
institutions.
/ AS soon as possible the Citizens
Savings bank will be liquidated and
/ the final details arranged for the
merger.
Reason For Merger.
The merger of these two institu-
tons resulted from a likelihood of
4 legal trouble, resulting from the de-
sire of certain parties to force present
occupants of the building where they
are located to vacate. The Logan
house block, as is we'll known, has
been sold and its present owners de-
sire to get possession as soon as
possible in order that the building
might be RACED and new structure
erected A lease held by the Water
loo Loan G. Trust Co. prevents that,
however, but other tenants may be
4 forced to move before the lease term
mates.
Not wishing to have trouble, the
were looking around for new home
and came to the conclusion that il
possible merger of the two banks
would solve the problem. Mr.. c.
Coolidge, cashier of the Security Saw
.ngs, desired to retire owing to i'll
health and w. F. Curtiss, president Of
that institution, was found willing to
dispose of a sufficient amount of his
holdings to bring about the change.
Mr.. Coolidge will retire from active
business life while Mr.. Curtiss will re-
main with the merged institution until
next July when he will also retire.
Conceived the Idea.
E. A. French, vice president of the
Citizens Savings bank and G. w. Ill
ingsworth, cashier, conceived the idea
OF a merger and carried out the plan
successfully and to the satisfaction of
all concerned A large holding of the
stock of the Security Savings was Sc
cured by the interests represented by
the above two men and the merger
made possible.
The combination of these two insti-
tutions make the largest and strong
, est savings bank in Waterloo and in
the deal every depositor is amply pro-
tected. The same officers will have
the controlling power and the finan-
cial deals will be directed by compe-
tent and conservative board. The
, changes when complete will involve
SO many Of the men known to the Gus
toners of both institutions that they
will feel perfectly safe in their rela-
tions with the large institution.
Mr.. Coolidge will be retained as the
cashier until his retirement and the
balance of the officers will be deter
mined when the legal formalities are
complied with.
The merged bank will have nearly
,, 100000 in deposits and the total re-
; sources will be nearly s1,000,000.