The Birmingham age-herald., 1915-03-11
Announcement of His Selec- tion Is Made by Reorgan-
 izatiOn Committee q
WELL KNOWN AMONG
 BANKERS OF STATE
Has Thorough Knowledge of Local Situation and Work at Sheffield and Gadsden Indicates His
 Ability as a Banker

snowden McGaughy. vice president Of
 inc First National bank of Gadsden,
 after long conference in this city
 yesterday with the reorganization com
 mittee of the Jefferson County Savings
 bank. consented to become president
 of the reorganized institution now ID
 liquidation. An announcement was
 made by the reorganization committee
 through Forney Johnston, attorney Tor
 the bank, that MT. McGaughy heo con-
 scented to become the head of the re- organized institution and that after
 satisfactory arrangements had been made in Gadsden. where he is now To- cated, that the new president would return to Birmingham. where he IS we'll known, and undertake the work necessary to reorganization and later on become president of the instit1tion. MT. McGaughy is one of the most widely known bankers in this state. He has been active in the State Bank CTS association and enjoys the fullest confidence of Alex Walker, superin- tendent of state banks He was hero for many years as cashier of the Ala bama National bank and since going to Gadsden and Sheffield has made re- markable record in those banks as a financier of ability and discretion The formal statement issued yesterday by the committee follows:
 Statement From Committee "The committee on reorganization authorizes the following statement: "The members of this committee and others directly interested in the re- organization of the bank have been canvassing the field for the most avail able man for president, from the time it became certain that resumption would be possible on a basis entirely satisfactory to the superintendent of banks. Three requirements were nee essary: The president must, first of all. be man of experience and with d definite record for success; it was nec- essary, moreover. that he should be familiar with conditions prevailing ir the Birmingham district and at the same time bear such relation to the banking situation in Alabama as would secure to this bank the position in the banking system of the state which some bank in Birmingham should es- tablish; and, finally, it was, of course, essential that he should enjoy the con fidence of the general public.
 Ut has been difficult to find u man with the requisite knowledge of local conditions which we have considered indispensable, and more difficult to find one who would assure to the Bir- mingham bank tho proper relation to the banks in other communities in the state. After the most careful consid- eration we have unanimously concluded that MT. Snowden McGaughy Is the man to assume the head of the re- organized institution.
 Knows Local Conditions
 "He was for many years a resident of Birming gham and Is thoroughly fa-
 miIiar with conditions in the city and district. His constructive record i,I the management of the Sheffield National bank of Sheffield, and the First Nation- al bank of Gadsden, both as to th. in- | creased business and as to earnings,
 has absolutely assured us as to his | banking efficiency.
 "As reflecting the cordiality with which MT. McGaughys return to Bir- | mingham will be welcomed, the com l mittee has noted that strong friends | in this city have been urging Mir. Me l Gaughy to return to Birmingham and organize an independent bank Whiio recognising the community's need for an aggressive and independent insti- 1 tuition, he has not considered that con | ditions have warranted the interference with local banking conditions which | would result from the organization ot | another bank In Birmingham until the present situation arose.
 l "Mr. McGaughy agrees with the com I mittee that the present opportunity Is l not only highly favorable from the standpoint of the stockholders of the reorganized bank, but that the rssump- | tfon of business on the basis proposed will afford him an opportunity 70 go l forward with the constructive and inn l portant work for which there is a definite need in this community. and without the disturbance of banking l conditions which would result from an entirely new organization of strength and aggressiveness. We are glad to state that we have been assured that as soon as satisfactory arrang gementS l can be made to take care of the situ- | alton in Gadsden. MT. McGaughy will enter progressively upon the work of l the reorganization. which will tnclude the identification of new interests whose association will definitely assist us in placing the bank on a basis which will assure it's permanent usefulness. "No complete announcement as to personnel will be made until Mr. Me- Gaughy's return to the city and until the new interests have been advised
 with"