Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1917-08-09
COMPANIES
ARE PLANNING MERGER
Old Dominion and Richmond Bank
and Trust May Consolidate
Shortly.
WILL USE NAME OF FORMER
Officials Decline t o Make Statement,
Except to Admit That Strong In
dicationS Point to Merger of tho
Two Companies.

Negotiations are being completed for
the consolidation of the Richmond
Bank and Trust Company and the Old
name of the latter institution. it was
learned last night, and the statement
was made on the best OF authority that
there were strong indications that the
merger would be completed in the
next few days. Officers of both insti-
%tutions. however. declined to discuss
the matter. hut would not deny the re-
port which has been circulated in bank
ing circles for several days.
The stockholders OF the two trust
companies. il was learned. have not
been called TO consider the matter as
yet. II is understood that the plan OF
consolidation is now being worked out
by the directors. and will be submitted
to the stockholders in the next few
days. From what could be learned last
night in banking circles. the merger is
said to have been favorably received,
and no opposition to the plan is an
ticipated.
considered already the strongest in
Stitution OF its kind in the South,
while recently the Richmond Bank and
Trust Company has become an exceed
lngiy strong and progressive COM
pany. The consolidation would ma
NiNii Nv CduS SlTOuS-
est trust company in the South. and
would be one of the most important
transactions in the financial history Of
OFFICIALS DECLINE
TO DISCUSS MERGER
Efforts were made last night TO Sc
cure statements from officers Of both
companies, but they declined TO dis
cuss the matter. They declared that
they could make no statement. bur
would not deny the reported plan of
consolidation. One officer. however
declared that there were stron- ipdi.
eations pointing to a merger of the
Two companies. but in other quarters
II was declared that the plan was now
oeihg completed and would probably
oe announced i'll the next few DAVIS
Both concerns have been established
IN Richmond for a number of wears
ana the proposed consolidation was
widely discussed yesterday in down
town banking and business circles. The
report came somewhat as Il surprise
~ many interests, but it was realized
mat IL would be a great good 70. Rich
mond and it's banking Industry. This
CITY IN recent months has become one
Oh the reading financial cities of the
country, and rccently has made num-
erous enHiable records. Its clenrinps
nave grown in leaps and bounds, sur
passing those OF many other larger
cities OF the country, while the record
made in the Liberty loan campairn
was astonishing.
rms record was directly attributed
20 fichmond's strong financial posi-
tlon. which was made possible by the
strength OF its banking institutions
Inc consolidation of the two trust
companies would materially incre.s,
tnls strength of Richmond by adding
strength TO an institution already said
10 De the OF its kind in the
south. '"e
BOTH INSTITUTIONS ARE WELL
KNOWN IN FINANCIAL
according TO n recent banking state
ment, the capital stock of the old Do
niihloh trust Company is 81 1000, 900:
70 to'al resources more than 81, 500
wv total deposits more than $1,000
ooo, and ITS surplus and undivided
prohts more than $1,000 The cap
ital of the Richmond Bank and Trust
Company is $i17.i00 total resources
more than s2.6O0,Oo total deposits
more than 81 ,225 900. and surplus and
undivided rotts more than 5000. 900.
1t was established several years ago,
and has been extremely prosperous.
Officers Of the Two institutions are:
Old Dominion-W NJ. Habliston.
presidents; Vi. G. Branch. vice-president;
Henry Z. Litchford. vice-president and
treasurer; w. II. Slaughter. secretary.
and Thomas w. Purcell, assistant sec
rotary and trcAsurcr.t.
Richmond Barle and Trust-Hcnry II.
Pollard, Jr.. president; w. J. White
hurst, vice-president; S. r. BeveridSe,
second v!ce-presidcnt, and ClintoI. l..
Willie ms, cashier