The Birmingham age-herald., 1915-02-01
BANK CONSOLIDATION
 MEETS APPROVAL
Expressions From White and CoIored Leaders lndorse Combination of Alabama Penny and Pruden-
 tial Savings Banks


 No one step taken by the negroes of Birmingham in recent years has given more general satisfaction and brought to them the unstinted praise or the leading white and colored peo- Die than the announcement of the pro-
 posed consolidation of the Alabama
 Penny and Prudential Savings bank which will become effective within 30 days immediately after ratifica ton by
 the stockholders of the two institu- tions. Notices have been mailed to the stockholders of the two institutions calling meetings for March 2, when the agreement entered into between
 the directors will come up for ratifi- | cation. So general have been the ex- pressions of approval of the merger that there Is no anticipation but that the agreement will be promptly rat filed
 Both the banks involved in the deal have made good records and have been of peculiar benefit to the negro race They have been for years held up as the criterions of negro industry, shrift and capacity for business, and have helped many an individual of the ne- gro race to lift a mortgage, to nrac- tice economy, and to purchase homes or to enter business. Speaking of the consolidation Saturday, Col. Tom o. smith, vice president of the BirIning- ham Trust and Savings company, d man who has lent every encourag ge- ment to the efforts of the negro lead CTS to build up a commercial fabric of
 their own in a letter to pr. U. G. Ma son, president of the Prudential Sav- ings bank. said:
 This is a-'step in the right direc-
 tion. By this cooperation and concen-
 tration of your interests, there Is no
 reason why it should not be for the
 and ant ,od
 the colored business interests in this
 city. With care and conservation ia tho
 management and investment in the
 stock, the consolidated banks should
 prove profitable one and at the same
 time protect the business interests of
 your people. It will produce a :, ride
 for and a prestige in your institution
 which will prove helpful to the best
 interests as we'll safeguard the
 moneys of your depositors."
 Congratulating President J. O. Diff
 fay of the Alabama Penny Savings
 bank on the consolidation of the two
 banks, w. A. Porter. president of the
 Merchants and Mechanics Savings bank
 said among other things: "There are
 many reasons why this will be benefi-
 cial to yourselves and to your custom
 CTS. You have my best wishes for the
 continued prosperity and success which
 you have enjoyed in the past" In the
 same strain, w. W. Crawford, presi-
 dent of the American Trust and Say
 ings bank, wrote President Diffay: q
 sincerely trust that the consolidat ton
 of your institution with the Prudential
 Savings bank may be the most suc-
 cessful in every way. I believe that
 your move will prove most beneficial
 to yourselves as well to your cus-
 toners. My best wishes for the con
 tinued prosperity and success of the consolidated institution
 Many other similar expressions have
 been received from other leading white bankers.
 Throughout the city nothing but ap- proval has been heard on all sides of the step taken by the leading negroes in combining the strength of the two institutions. The immediate indorse- ment of the step given by Dr. Book CT T. Washington, principal of Tuske- gee institute, and president of the Ma tional Negro Business league has been followed up by telegrams from leading negroes from various portions of the country. The fact that the Ala bama Penny Savings bank has been iong regarded as the strongest negro bank in the country and that it's lead CTS. as well as the leaders of the Pru- dential Savings bank, Dr. U. G. Mason w. w. Hadnott, w. J. Echols and oth- CTS hold the confidence of their peo- pie everywhere made these two insti- tutions stand out first and foremost
 among negro commercial enterprises throughout the country.
 J. o. Diffay, Dr. U. c. Mason, w. w. Hadnott. w. J. Echols, E. H.
 Hudson and others have worked hard to bring about the consolidation and are being showered with congratula- 1 tions by their friends. who regard the matter in the light of an unselfish at | tempt to promote the interests of the l negro race. The new institution will l be known as the Alabama Penny-Pru- l dential Savings bank and already ten | tative plans have been made for the l improvement of the facilities and l spread of the banks sphere of in- ] fiuence.
 1 Emmett J. Scott, corresponding sec i retary of the National Negro Business league, and Secretary to Dr. Booker T. Washington, and Victor II Tulane, cashier of the Alabama Penny 1 Savings bank at Montgomery, a branch | of the Birmingham institution, were present at the last conference, after which the announcement of the con