Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1914-12-17
COMMERCIAL BANKS AND CEDAR
RAPIDS NATIONAL coNsoLI.
DATED az OWNERS.
NEW INSTITUTION ONE
OF LARGEST IN STATE
Tentative Plans Provide For New
Twelve Story Home For Cedar Rap
ids Nstionai-Deposts Of United
Banks Total $780, 600, and Resources
$4,000, Goo-President eever Retires.

Cedar Rapids. Dec. 1.-THE biggest
Ra pids so far as the banking industry
is concerned was contaminated at .
p. m. Tuesday when the ste ckholders
of the Commercial National Bank and
the Commercial Trust and Savings
Bank voted to consolidate with the
Cedar Rapids National Bank.
The stockholders of what We're
known as the Commercial banks will
become stockholders in the Cedar Rap
ids National on basis of one share in
the Cedar Rapids National for two
shares of the Commercial banks. The
Cedar Rapids National will issue $780,
600 in new stock which will be sold to
the stockholders of the old banks at
the book value at the time of issue.
which proba bly, will be within the next
year.
The Commercial banks will be liqui-
dated. Kert c. Ferman. cashier of the
Cedar Rapids National. acting as
voluntary liquidating agent without
cost to the stockholders except the in
cidental expenses.
The Cedar Rapids National conten-
plates issuing $500, 900 additional cap
ital stock, making its capital half
million dollars. Its surplus will be in
creased to $3.50, 900. Deposits total
s5,25o,ooo and resources s6.0oC,n00.
Three Commercial Officers Retained.
j. l.. Bever, former president of the
Commercial banks, will be elected a d.
rector in the Cedar Rapids National.
and Homer Pitner. who was cashier of
the old banks, becomes sirst assistant
cashier of the Cedar Rapids National
as well as a prospective member OF
the board of directors. Don Barnes,
who was a director in the Commercial
National. also becomes a prospective
member Of the directorate of the Cedar
Rapids National. These three are the
only members of the official family of
the Commercial banks who are added
TO the Cedar Rapids National.
The entire office force Of the old
banks Is taken overzin thu, consolida-
ton and the members were in their
new home when the Cedar Rapids Ma
tional opened for business Wednesday
Customers of the Commercial banks
will find familiar faces when they
transact business at the Cedar Rapids
National. Mr.. Pitner was at his new
desk Wednesday and a number OF Gus
toners from the Commercial called on
him and congratulated him.
The added business Of the Cedar
Rapids National will mean a number
of improvements in the banking rooms
at Second avenue and Third street. An
architect will prepare plans for in
creasing the size OF the rooms and
they will be made the most modern in
the state.
New Building in Sight.
In time there will be a new bank
building at the present location, which
probably will be twelve stories in
height, and which will be not only an
ornament to the city, but a credit to
the bank. Tenta tive plans for the new
building have been drawn, nut no Off
clal steps have been taken to build the
structure and will not be COR the pres
emit.
Under the consolidation the Cedar
Rapids National takes over all the de-
posts and resources OF the Commercial
banks. and all deposits ~ the old
banks, all checks. drafts and all certif-
icates OF deposits will be received by
the Cedar Rapids National and checks
on them will be honored by the Cedar
Rapids National just as # they were
drawn on the Commercial banks.
James l.. Bever. president of the
Commercial banks. was largely respon
sibIe for the consolidation. as he wished
to retire. He declared that he had
been in the banking business in this
city for about half century and he
felt that he was entitled to vaca-
ton. He wished to dispose OF his in
terests in the banks. but he Is reported
to have said that If the stockholders
did not accept one Of the propositions
made them he would voluntarily retire
from the management of the jnstitu
ton to which he has given more than
half life time.
Retires to Private Life.
This wish is gratified for, with the
exception Of acting as a director OF
the Cedar Rapids National he will re-
tire to private life, and the name of
Bever will pass from banking history
In this state, where it has been favor