The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1912-09-14
UNION NATIONAL AND FIRST NATIONAL
BANKS AMALGAMATEO THIS AFTERNOON
Business Will be Conducted at Banking House of Firs,
National-Means a Greater Financial Future
For City and State.

The largest financial deal that has
place in he history OF this city
was contaminated today al the close
OF banking hours when the announce
ment was made that the Union Ma
ional bank and the First National
oank had been amalgamated and
would continue the banking business
al ana the banking house Of the latter.
opening at the usual banking hours
Monday. The consolidation has been
under consideration for some time
but those who were concerned in the
matter preferred that no announce
ment should be made until all the de-
tails necessary to comply with the
banking laws and regulations had
been carried out.
The amalgamation OF the two
financial institutions has been made
IN order that the people Of the city
heretofore could be better served un-
DER n new plan. It is also in line
with the recommendations of the
comptroller Of the currency who has
urged the amalgamation Of banks in
all the important financial centers in
order that a larger service may be
afforded. The two banks have work.
ed out the solution of the problem
IN this city SO thoroughly that they
are sure of the wider field and greater
full of the a~malgamated in
stitution.
win Keep Money at Home.
The additional strength of the new
arrangement will enable the business
men of the city whose larger volume
of business has required them to car
~ reserves In banks in larger money
centers to carry those reserves at
home. This will not only permit the
use of local money in building up and
improving the business of the city
and contributing territory. but will
make Grind Forks a far greater
financial center than it has heretofore
been. The capital stock Of the First
National bank. under which name
the business will be conducted in the
future. will be increased to 5000, 900
with a surplus of $4,000. and this
be utilized for the best interests Of
the customers Of the new enterprise.
1t will enable the bank to expand it's
credit to keep pace with the growing
conditions Of North Dakota and es-
pecially that portion of the state
which is contributory to the city, both
commercially and financially.
Reducing Operating Expenses.
The amalgamation will enable the
business which will under the present
outlook. be more than double what
has been done by the two institutions
in the past. at approximately two
thirds the cost. This alone would be
sufficient business eason for the
amalgamation, even II there were
nothing else. The consolidation of
banks is going on all over the coun-
try. the reason in many instances be-
ing only the reduction Of operating
or overhead expenses which the mod
ern business conditions demand.
The Oflcials.
The present board Of directors Of
the First National bank will remain
as such as a change in the number
cannot be made at this time under
the banking laws. The officers and
directors Of the old Union National
will serve in an advisory capacity
with the directors Of the First Ma
tional for the present, and all the
large business and banking ability of
the two directorates will be at the