The herald and news. [volume] (Newberry S.C.) 1903-1937, 1918-12-13

EXCHANGE BANK TAKES OVER
NEWBERRY SAVINGS BANK.
Following the removal Of the Ex-
kange bank to its new quarters IN
THE handsome new building at the
corner of Main and College streets
Comes the news that the Newberrv
Savings bank has been merged with
the Exhange hank
The details have not all been work
ed ont, or rather the deal has not
been actually consurnmated, but it as
fairly certain that the merger OF the
two banks will take place and that It
win come with the beginning of the
new year. It has been agreed upon
bF the directorate Of both banks, but
in order to merge it is necessary to
. have the consent OF two thirds OF
the shareholders and that number has
4 practically agreed upon the proposi-
ftion A letter has been mailed to each
shareholder OF the stock Of the Saw
sngs bank stating the proposition. T
is in brief to give each share holder
Of stock in the Savings bank the OPP
ton Of retiring his stock at par CT
Of taking 500 of stock in the Exchange
bank for $3.50 of Savings bank stock.
For many years there was only one
bank ID Newberry, the National bank.
The Savings bank was FIRST organized
90 part OF the National bank with
Mr. Robert n. Wright as cashier and
5 did business in the building now used
55y Mr. Robert Moc Holmes as his cot.
ton office The capital stock was
$4,000. A few years after 1t was en-
larged to capital stock OF $50, 900
and Mr.. Joseph E. Norwood came
here as cashier from Wilmington. N.
The Exchange bank IS, the youngest
of the four banks in Newberry and
was organized by Mr.. ]. D. Davenport,
who was president for several years,
Under the management Of Mr. IL
sParr as president and Mr.. NJ L.
6pearnan as cashier It has been re.
markably successful ard has made
money for the shareholders ana has ut
All times been progressive. The
handsome new building which has
been built and paid for by the bank
I is monnment to the public spirit
ard progressiyeness of the manage
ment Of this bank. Mr.. Parr is one
of those individuals who does things
and does not talk about the doing OF
them very much The new building
Of which The Herald and News will
Aaye something more to say in sub
seauent Issue is credit to the town
and We wish very much that some Of
fjthe other banking institutions wouli
go ard do likewise.
It is supposed that the capital stock
of the merged bank will be increased
to a 100000.
Or. James Mcintosh has been pres
ideat Of the Savings bank for, good
many years and his energy and fnan-
cial acumen has made for it many
friends and there are. many Of its cid
customers aud patrons who will re-
greet to know that it is no longer to
be a separate institution, but the COM
bined banks will be the better able
} to care for all the customers Of both
i institutions ard the new ones that
VIII come.
It will be pleasant information 70
the many friends of DR.. Mcintosh to
know that he will remain with the
bank In an official capacity.
The Herald and News wishes for the
new combination the greatest of sue
cess and we feel sure that it will go
on to still greater things for the share
holders and Tor the development cs
the town and county.
= Hunter-DeWalt School
Improvement association will give
an entertainment Friday evening, De-
cember 13 at: the school house, begin
ming at Z o'clock. The proceeds are