The independent. [volume] (Elizabeth City, N.C.) 1908-1936, 1922-06-30
LOCAL BANK TAKESOVER
TWO TYRRELL co. BANKS
Branch of Carolina Banking & Trust Co. ila
Columbia To Replace The Two
Existing Banks f@9g

lyrTel SOullty dic " ~
transferred to the account o1
an Elizabeth City bank, swell
ling the total bank deposits o1
this city and pushing this city
another step forward as a fin1
anciaI center, by a deal cont
cluded this week. The Caro-
lima Banking & Trust CO. %
Elizabeth City has mergcd
and consolidated the Tyrrct
County Bank and the Merck
ants & Farmers Bank of Gel
l;;mbia, with the CAROLINE
Banking & Trust Co., Of Elizj
abeth City. The two banks i
Columbia will give way to
branch Of the Carolina Bank
ing & Trust Co., of Elizabeth
City.
The absorption Of the two Colun
bia banks by the Carolina Bankin0
& Trust Co. is ''he beginning o..
movement upon the part of the Can
olina Banking & Trust Go. to a
sorb other small banks in Northeas(
crn North Carolina and estahlik
branches of the Elizabeth City ban
in other towns and counties.
Stockholders in the ColumDl
banks will receive stock of the ca
DINA Banking & Trust Co. in e.
change for their own stockboldinx
and thereby become stockholders
the Carolina Benking e. Trust 9
There are about 135 stockholders
the two Columbia banks. The cor
soidation will give the Caroifl
Banking & Trust Co. between 4
and 800 stockholders all told.
is stated that no stockholder in
Columbia banks will hold more tn
fifteen shares of stock in the cd
Soidation and merger.
While the consolidation and me-
ger has been finally approved by y
stockholders of all three bank
there are a lot of details yet to
worked out. All three banks n
have to undergo an examination
the State Bank Examiner, an and
by certified public accountants a.
an examination by Federal ReseF1
Bank examiners. \ local board
managers and directors for the snei
branch bank in Columbia will
elected. Such details as the l0el
ton of the new branch bank and d
selection of Il cashier, tellers, et
have rot been discussed. 1t pro
ably will be about August 1 bef0,
the merger and consolidation nj
perfected in detail. the two Colur
bia banks liquidated and the ne
branch bank established. ..A.-.--
The Merchants & Farmers Bar
Of Columbia was established in 100
Its capital is $4,000, surplns s
eco and its deposits are ,arouI
S125.000. The Tyrrell County, Blr
established in 1910, has n capitals
$4,000, surplus of $1,000 and
posits around $125.0O0. The depc
its of the two banks transferred
the account of Carolina Banking
Trust Co. will run the deposits>
this bank up TO nearly $1.O00,0
the deposits of the Carolina Ban
ing 4 Trust Go. at the close of bt
mess Tuesday. June q, having be-
S6S1. .0CO. rs
The officers of the Merchants
Farmers Bank are ID. o. Newber
Pres. J. G. Brickhouse, Vice-preI
( III. \. Hparna. cashier. The ofie9
of The Tyrrell County Bank nre
W. Sawyer. Pres; b. S. Davis, va
pres; S. s. Woodley. cashier.
The Carolina Banking & Tn
Co. established Oct. 20. 1921. has
capitalization of $250,G00. Its 81
ficcrs are A. l.. Pendleton. Pre-
Gurney u. Hood. Vice-Pres.
Cashier: G. II. Little, Cashier
The Carolina Banking & Trust
is the first bank in this section
the state to extend its banking 4
vice thru the absorption of smal
/, banks and the establishment
branch banks. The idea is NOT at
new. even in North Carolina.
Wachovia Bank & Trust Co,
Winston Salem is operating bran
cs in Asheville. Salisbury, II
Point and Raleigh. having absoy
banks in all of those cities.
Page Trust Co., of Aberdeen. is
Grating branch banks in Han
Raeford. Sanford, Jonesboro, Co
age and AIoncure. The Atla
Bank & Trust Co.. of Greensboro
! operating branches in High FL !
and Burlington. The tendency
erywhere is for the small bank
give way to the bank of larger
cilities and resources.