The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-07-06
CONSOLIDATION Of
TWO LARGE BANKS
An ASSURED FACT
National Bank of Virginia
and First National Are
to Be Merged
TRUST COMPANY IS
ALSO IN PROSPECT
Combined Institutions Will
Be One of Big Banks of
United States Repre-
senting $40. 900, eee

The consolidation Of the FIRST ma
tional Bank OF Virginia into one In
stit1tion. which will taisa rank not
only as one Of the foremost financial
Institutions Of the South, but will De
pne Of the leading banks Of the coan-
trw Ia now practically assured.
This announcement was made yes
terisy by one who Is largely inter-
ssted in the two institutions. and who
n In position to know The two
hanks will shortly take action sepe-
sately on the proposed merger and
the conditions will then be ratified
II is known that committee has
been at work for some time investt-
eating the affairs Of the two banks
with view to proposing terms for
the merger that Will be acceptable,
This commstsss has now decided upon
atx report, aud It In expected that the
toruaa will be acceptable co the STOCK
holders OF each Institution.
Under just what terms the merger
viii be made. has not yet been an
nouuced 1t In known. however, that
the terms are considered favorable 10
each institution, and IA a result the
stock Ia each bank has recently ad-
yancsd several notehes.
The consolidated institution Will
have "A capital and surplus of more
than 100000 and about sl5.ooo,oao
In deposits. which makes \ one OF the
large banks of the United States
CRYSTALS For Merged Institution.
The chief officials OF tha TWO old
banks viii be the officers OF the new
one II ix understood that John II.
Purcell. at present president oE the
First National Bank Of Richmond viii
be president of the new institution
which is to retain the name OF the
Fret Nationa. bank. william III. Ha-
hlisrpn at present prasi3eat af the
National Bank of Virginia viii be
made chairman OF the board OF d.
rectors OF the new bank. John M.
Miller. Jr, yice- president and cashier
OF the First National is expected to
remain In that position with the
merged bank.
Necessarily the services Of some 81
the subordinate officers will not he re-
auired Ar one OF the impellng mo-
tives in the consolidation Is 10 save
expenses IN the shape Of salaries. rent
and In other ways. The home OF the
new bank IL expected to he In the
handsome new twenty -story building
now nearing completion FOR the First
National bank
While there has been No official an
nouneement q rurnor that has been
current for several days beea me more
nos,ttve yesterday IN ina effect that
The merger Of the two banks will be
followed by the organization OF
large trust company. which will be
affiliated with the new bank, ana
which will add greatly to the strength
OF that institution.
Nny Organize Trust Company.
According to the report, Mr. Hahlfs-
ton In to be the official head or the
trust company ana the board OF direc-
tors will be made up or oHic1ais oA
the merged bank. bringing the Two IN
etitutions into very close relations.
The combined institutions Will rep
resent between s2o.o00,0oo and $780,
not, rrrrf-wtft be IN position tn
handle financial deals Of great mag
nifude.
While the operations of national
tank are limited In scope, trust
company would have much broader
powers and he In position to handle
financial matters that the hank wouio
not be In position to touch. This IN
one OF the great advantages expected
10 be derived from the organization
Of the trust company. AID which IN
expected to contribute largely to its
success.
Several Of the officials IF the two
institutions were out OF the city yes
terday and others declined to make
any statements in reference TO the
organization OF a trust company. Ihe
report, however. has been current IN
financial circles for several days and
an announcement TO this effect Is ex-
pected to follow shortly the action of
the stockholders OF the National Bank
OF Virginia and the First National In
accepting the recommendation of the
committee in the matter OF the con-
solidation of the two institutions.