Evening journal., 1912-06-14
HIGH OFFER FOR STOCK
IN BANK MERGER PLAN

this morning the following proposition
received from the Wilmington Trust
Company
"To the President. Directors and
Stockholders OF the First National
Bank, of Wilmington. Delaware. Cen
tlomen
BY appropriate action duly taken by
its Board of Directors, the Wilmington
Trust Company offers to purchase all
Of the capital stock OF your bank at
the price of One Hundred and Ninety
five dollars (S195.OO) per share, sub
ject TO the following provisions.
Il. The purchase is conditioned upon
your ability to deliver to us at least
two-thirds in amount OF your out
standing capital stock at the above
named price, with Powers OF Attor-
ney properly executed in blank on or
before the 1th day OF July, A d., 1912.
,. - Your stockholders are to have
the election TO take in payment for
each share Of the stock so deposited
either (al One Hundred and Ninety
five Dollars (s195.0O) in cash, or tbl
one share of the capital stock Of the
Wilmington Trust Company and
Eighty-five Dollars 1856 0O) in cash
simultaneously with the making Of
this proposition. a proposition is be-
ing made to purchase the stock Of the
National Bank of Wilmington and
Brandywine In the event that the
stocks of both your bank and the Ma
p tional Bank of Wilmington and
r Brandywine are acquired. the capital
/ stock of the Wilmington Trust Com
r. pany will be One Million Dollars
e (s1 900, ,O00) In the event that only the
capital stock Of your bank is ac-
quired. the capital stock Of the said
Wilmington Trust Company outstand-
o ing will be Six Hundred and Seventy
Thousand Dollars (670,000)
"3 No increase in your capital
stock, and no dividend or distribu-
q ton Of assets of any kind, except
your usual regular semi-annual divi-
dend, shall be made TO the stock
: holders Of your bank prior 30 the 18th
:, day Of July, 1912. or prior TO the de-
/. livery to us Of the shares.
! !. a. This proposition is condition
: ed upon the financial condition Of your
bank being substantially as shown by
, it's last report TO the comptroller al
!, the close of bu-iness on April 18th
:. 1912.
In the event Of this proposition
g being accepted and carried out, It Is
= the desire of our Directors that our
y Board be increased TO include the Di-
rectors OF both the National Banh
j., of Wilmington and Brsndywine and
"a the First National Bank. It is further
desired that the personnel of the Of
= fcials of the Wilmington Trust Com
/, pany be changed as follows;
L. That George S. Capelle. rs
uuire. accept the position of Chairman
! of the Board Of Directors.
= % That James P. Winchester
). ESQUIRE, accept the position OF th'
President Of the Wilmington Trus
70 Company.
~ g. That c. NJ. Steward, Esquire
p accent position as 2 Vice-President o
= the Wilmington Trust Company.
"A. That Henry Bush, Esquire, &C
cent the position Of Secretary OF th'
. Wilmington Trust Company.
Respectfully submitted, Whining
ton Trust Company, by s. d. Town
:. send. Vice-President"
'' Mr.. winchester Gives Reasons.
Mr. Winchester explained that tn
= norposition had been endorsed unani
. mously by the directors OF the Flrs
National. Considerations shat ie'
. to the favoring of the offer, he sait
we're as follows:
Il. The price offered. viz. Sl9o pc
share. is approximately $40 per shar
., or 80 per cent. higher than the aver
age market value OF the stock Of Tn
First National Bank of Wilmingto
/ during the past two or three years.
d 80. While the stockholders have III
y privilege of accepting cash for thei
stock in case they so desire, oppoi
1f tunity is extended to all to retail
is their interest in the consolidated in
IS stitution through the terms OF the OF
v fer which provide that in lieu of Sl9
cash. the stockholder is entitled TO r.
n ceive one share of Wilmington Trus
e. Company stock (par $50 underwritte
r. al S11O per share) and SS5 cash fo
le each share OF stock Of The First Ma
"a tional Bank Of Wilmington.
,r "3. The estimated income of tn
stockholders OF The First Nations
,e Bank it is fair to consider will
ir increased approximately 80 per cen
r This is derived as follows:
ir Dividend on one share of Will
n mington Trust Co. stock
n. estimated 10 per cent ....S SO
10 ESTIMATED income from SS5
e. cash paid for each share Of
ST First National Bank stock. ... A.,
Of Total estimated income. ....,. g.;
m / THE present dividend on one
share of First National Bank
fe stock per .annum m-............ O.
ir THE difference equals gain of
= AZ per cent i'm income. or....$ p
n simultaneously with the making
this offer, an offer was made to pu
chase the stock of the National Bar
Of Wilmington and Brandywin
nm which offer met with the unanimol
approval and recommendation OF i
Board Of Directors, and is now ber
transmitted TO its stockholders.
co a. The consolidated institute
. will have capital of S1OOO,Q00, Wi
a surplus Of approximately S60000
an and estimated deposits Of CpproA
,r mately S5O00,00o.'
NJ Down Town Bank.
al Mr.. Winchester also issued the fc
IT, lowing statement:
al Contrary to an impression III
of seems to be entertained by few pc
IL sons. the business Of the First n
sieaal Bank viii not he trsnsferr,
i'll 10 Tenth and Market streets, but W
a be continued to be handled dow
nd town, and the personnel of the sta
.lv who have helped TO build up the bus
ness of the bank will be the sam
thus enabling the depositors and OF
er patrons Of the bank TO continl
~ TO meet and deal with the same OF
H. GERS and clerks with whom tbev ha