The copper era and Morenci leader., 1922-06-23
FINANCIAL MERGER AT PHOENIX INCLUDE TWO LOCAL BANKS.

c. E. Hull, manager of the Morenci Branch of The GI.a Valley Bank < Trust Go, and Burt Wins!ow, man ager of The Gila Valley Bank & Trust Co.,, Clifton Branch, were this week in receipt of official notice Of the merger of The Gila Valley Bank & Trust Co.,, with the Valley Bank. of Phoenix
 As result of the merger The Val ley Bank, of Arizona, becomes the strongest financial institution in the state with total deposits amounting to $S,00O, 100000. The merger was eff fected in Phoenix the first part of the week following a joint meeting of the directors of the two institutions and becomes effective on June 30th next. The combined resources of the new consolidated financial institution will equal S10,O00, 100000, with a capital and surplus of 100000 and undivided profits of more than $75,- 000.00 and it's patrons will number between 15,000 and 16,000.
 The new board of directors was named as follows:
 c. E.. Mills, L. D. Ricketts, R. E. Moore, G. A. Olney. B. M. Goldwater. T. c. McReynolds, J. H. Kibbey and A. T. Esgate, all former directors of The Valley Bank, and T. A. Pascoe. Globe; J. R. Todd, Globe; George Kingdom, Jerome; and H. s. Van Gorder, former directors of the Gila Valley Bank and Trust company.
 c. E. Mills, former president of the two banks, was elected to the newly created office of chairman of the board, and Dr. L. D. Ricketts, former vice president of the two banks, was elected to tine newIy-created office of vice-chairman of the board
 R. E. Moore is President
 R. E. Moore. heretofore general manager of the Gila Valley Bank and Trust company and vice president of The Valley Bank. was elected pres ideut of the enlarged banking insti- tuition. J. R. Todd, assistant general manager of the Giia Valley Bank and Trust company, was elected vice }. president sof the enlarged institution, with headquarters at Globe temper. arily. MT. Todd will have supervision over the various branches in the Gila valley and Greenlee County
 All present managers of the branch V Trust company will be retained. said the announcement.
 The Gila Valley Bank and Trust company was organized in Decem- ber, 1899, and it's first banking in stitution was established at Solomon" vile. Ariz.. in the store of the Solo, mon Commercial Co.,, the following year. One by one branches were es- tabfished. headquarters office later being established at Globe and the So1omonville institution finally being abandoned
 Took Over Bank in 1914
 It was in 1914 that the officers of the Gila Valley Bank and Trust com pany came to Phoenix to take over the affairs of The Valley Bank. For the past seven and one-half years the two banks have been handled by the same management, through sep arate companies.
 Action taken yesterday by the di- rectors of the two systems is the outcome of steps initiated last March.
 The policy of the new banking sys- tenn remains in the same hands as heretofore, it was emphasized yes terday. The policy will be unchanged and the banking officials yesterday stressed the point that they will man. ifest an active interest in each com munity where banks are established.
 Tt will be our plan in the future. as in the past, to take care of the needs of our customers" the an nouncement said.
 The announcement came as no sur- prise to the local managers in this district who had been expecting the official announcement for several weeks. Business will be conducted by the Greenlee county branches in the future as it has been in the past without any noticeable change to the public as the relations between the Gila Valley Bank & Trust Co.,, and the Valley Bank in Phoenix for several years have been very close, they said.