The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-06-02
TWO BANKS WILL MERGE
THEIR ASSETS THURSDAY
broadway National and Main Street
Are to Form Conn
bfnutiOn.
Harbour Issues Letter to Stockholders
of Downtown Institution-PIan Cen
orally Approved.

The stockholders OF the Main Street
Bank viii be asked next Thursday to
ratify = resolution passed by the
board of directors on May IS, which
provides for Il merger OF tint instl-
tuition with the broadway National
Bank. now doing business at lo2 East
Broad Street 1t is regarded rs Ger
tain that the action OF the board Will
be approved by the Stockholders
Under the terms OF the merger the
Broadway National Bank will acquire
thc modern office building nj Fifteenth
aud M;,iu Streets. which now houses,
the Main Street Bank, and the stock
holders of the last named institution
Will acquire onc-h;tlf Of the broadway
Nationals capital stock. The now
bank thus formed will have assets ag-
Sre2ating 100000. and Will he II mem
bcr Of the Federal reserve banking
system.
president H. y. Phillips. OF the
broadway National Bank, said ycster-
day that the banking equipment now
housed ut l02 East Broad street will
be moved TO the Main Street Bank To-
cation next Thursday. After that day.
no said. tho enlarged institution VIII
bo permanently located In the build :
ing ut Fifteenth and Main Streets, ana
VIII be known as the Broadway Ma
tional Bank. Mr.. Phillips will remain
president.
PRESIDENT PHILLIPS
TELLS OF PLANS
I'm making this move" said Mr..
Phillips. yesterday, we consulted with
the best bankers In the city, all of
. whom. without exception, gave 1t
their approval. Our present location,
while an excellent one Is somcwhat [
removed from the recognized banking
centre OF Richmond. and is for that
reason more or less Inconvenience
while much OF our business is up
town, we have assurances from our
depositors In tho shopping district
that they VIII follow us to our new
location. The arrangement Ia consid-
cred ideal by the officers and pro!ni-
ncnt stockholders OF both banks. In
our downtown location we will be in
dispatch and convenience, and NO Will
be In immediate touch with the finan-
cial district"
While the officers Of tho broadway
National Hank will he the officers OF
tho new institution. said Mr.. Phillips.
Ii Is probable that the board of dircc-
tors will be enlarged to include sew
eral who are now on tho board Of dl-
rectors of the Main Street Bank
Plans for the organization of the new
clerical force. he said, are still In
completes.
SSEN AtIBN
APPROVE OF MERGER
In banking circles tho union of these
two well-known banks is regarded as
a significant development. Prominent
bankers united yesterday in approving
tho merger. holding 1t to be n wise
arrangement to unite two banks OF
comparatively modest capital in n new
institution. which will rank as one OF
the big banks OF tho city.
The current City Directory gives tho
officers and directors OF the two banks
rs follows:
Iroadway National Bank-Omccrs:
III. y. Phillips, president; John w. VIII
liana and i. c. l:bel. vice-presidents,
and l.. l.. Mcconnell. cashier. Directors
III. \. phillips. Alvin NJ. Smith. X. III.
Bruce. Frank T. sutton, Jr. +. {. Ebci.
Leo Ferguson, l.. II. Bruncr, \. w.
bennett. III. $. Wright, John w. viii
liams. James Morton and Charles w.
Vaughan.
Main street Bank--Omcers: Robert
S. Barbour. president: S. T.. Jones, John
G. Hagan and :. l.. Waddill, vice-p-es
iients; y. G. Ballard, cashier. and w.
]. Fisher, assistant cashier. Directors
James l.. Jones, IL. II. Rucker, s. II.
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