The Daytona daily news. [volume] (Daytona, Fla.) 1903-1926, 1921-02-12
REORCANIzEI
BEACH BANK.
| N I { RESTS
ALL FACTIONS JOIN
IN new PLANS FOR
PENINSULA COMPANY


At a meeting of banking interests
of the peninsula, held at the office of
". II Courtney, Main street, Daytona
Teach, Friday afternoon an amicable
plan was formulated. whereby
there will be reorganization of the
East Coast State bank, the present
organization increasing its capital
stock, number Of stockholders. and
will change the name of the peninsula
bank of the East Coast Bank & Trust
Company.
Tlle meeting was called by inter
ests Who announced last week that a
new banking firm would be organized
and was attended not only by proposed
Stockholders OF the new firm. bat by
interests oil East Coast State Bank,
and By \. Z" Gray, representing State
Comptroller Ernest Amos of Tallahas-
see g. s. Shelly presided. with l.. G.
liostetler of Ludington. Ill.,. as secre-
llay Thirty-siX subscribers to the pro-
pes ~ bank were present.
!, WAS decided to apply for letters
patent OF the state comptroller. for the
remaining OF the peninsula bank. and
fer she Increase of capital stock from
S25,G00 10 $4,000. one half of which
will be held by the present stock
holders of the East Coast State Bank.
and ene-half to be purchased by the
Stockholders of the proposed new or
ganization, the stock to be sold at
! sl55. the book value
f The sale of the new stock will give
/ The rcorganized bank a capital of $780,
4 600 and surplus Of s2z0n0. placing
the peninsula banking interests on
I even a stronger foothold than in the
past
+ Fred y. Gourad. president of the
East Coast State bank. president OF
the AIpirchants Bank Of Daytona. vice
! president OF the Volusia Bank OF De
Land. director OF the Atlantic Nation
al Bank of Jacksonville. and closely
connected with many large projects
of the Triple Cities and state will re
main at the head OF the reorganized
company with c. A. Randall as cash
Ter Other officers will be selected at
the next meeting which Will be called
as soon as letters patent for the re
organized banking and trust company
are received.
IL was definitely decided upon thai
the number of directors of the new
firm Be placed at II. an increase ol
four over the present number, ant
= that no less than seven of the IL viii
be chosen from residents of Daytoni
Beach and Seabreeze.
That the banking interests OF tn,
panins ula have come to an amicabl'
settlement OF The reorganization plan
is matter OF great pleasure to al
concerned There has at 10 time beer
question but that all interests nigh
be consolidated into a workable organ
iation. and the outcome therefore j
most pleasing as it gives 10 the PENN
\ sula towns banking organizatio
y with trust company features. Ear aboT
+ the average of a community the siz
c OF the field in which the East CoaS
T Bank x Trust Company viii operate
;. Mr. A. 4. Adler who has been tn
> guest Of her aunt Mrs Elizabeth Mar
], Ferris. ll9 Halifax avenue for the pas
! few weeks. left Tor New York upo
II receiving telegram advising her {
z tho Illness of her husband. AIRS A.
T. Ter was very much impressed wit
Ii the .auty and advantages in Dayton
r Beach and after visiting difierel
d cities in Florida planned to return
a the fau aud purchase winter nom
in DaytoHa Beach.