South Bend news-times. (South Bend, Ind.) 1913-1938, 1921-11-20

/ on Sept. IS. 1916 that the bank was
opened for business in its new loca-
/ ton at Michigan st. and Jefferson
I blvd. I'm the minds OF the four men
| already mentioned above. there had
] been the plan. the development of
which led 10 splendid banking facil-
tiles which the institution now has.
The erection OF the building was
begun i'm 1915 and its completion
was 20 have been made by Aug. l.
/ of the following year. Numerous
! delays. characteristic of the CON
structiOn game. were encountered,
SO that the bank proper did not open
until Sept is, and the office portion
of the edifce come time later
Building May be II Stories.
The footings and foundations are
all calculated TO carry building Of
/ u stories. and the builders planned
| for a greater South BEND Eight
| additional stories may be added
! without threatening the security Of
the buiIdiuE proper.
The growth OF the bank may be
\ shown I'm an examination of it's re-
I ports. Ia September, 1915. when
/ the building was launched. the Tn
/ ion Trust Co. had deposits aggre-
4 eating S419271.92. while in April
of this year the deposits were close
\ 90 two million, the exact figures be-
ing $I.913.294S3
History OF Purchase
Negotiations for the purchase OF
/ the site on which the Union Trust
4 Co. now stands began on Sept. I5
\ 1909 The ownership of this prop
y erty al that time was vested in
Y Mary t. Hine and the original ne
i gouations we're for either an OUT
right purchase Of the property or
/ lease for 90 years.
While the above negotiations were
I pending. Mrs Hine sold the prop
erty 90 David NJ. Kable OF Toledo.
. Mr. Eahle being az the time ten
amt of Airs Hine. occupying a part
/ az her premises After Mr.. Eable
/ had owned the property for about
one year. he offered the same for
I sale TO tire Union Trust Co These
. negotiations were soon followed by
a written option dated Feb. 10.
/ 1913. under which option he grant.
. ed 90 Joseph + Nen che exclusive
right for period of 60 days 90 pur-
chase this property This option
called for cash payment or $40. 600
and the assumption OF a mortgage
OF 100000 executed by David n
Kadle 60 Mary L. Hiue. Under this
option. the property was purchased
in the name Of Union Trust Co. trus-
tee. the company acting as trustee
. Cor Frank Maya. sr. who co1tri-
buted $1,000 toward the purchase
/ price. Gabriel r. Summers who con-
u trlbuted $4,000 and FOR the Union
. Trust co. itself which contributed
$4,000 The deed conveying this
/ property was dated April 10. 1913.
on April 90 1918. the Union
Trust co. by resolution provided for
+ increasing the capital stock from
$4,000 60 100000 and program
was put into operation providing
F for this increase capital and for the
improvements OF the property by the
F erection OF a suitable building watch
should afterward constitute its
banking home
/ The directors Of the Union Trust
Co at that time were Frank NJ.
Nayr. r. w Slick. Alonzo j. Ham
mond and Joseph F. Nen-
Board Of Directors
The annual meetings Of the share
Z holders OF the Union Trust Go. dur
ing those years were held In July,
and on July 81. 1914, the sharehold-
ers elected % its board OF directors.
Frank Mayr. ST.. Alonzo j. Ham