Arizona republican., 1922-06-20
VALLEY BANK.
BU YS GIL A
VALLEY BANK.
3 TRUST CO..
Through Merger Local In
stitution Becomes Larg-
est In Arizona-Deposits
Total $8,000,000

Consolidation OF the Gila Valley
Bank and Trust company, with home
offices at Globe, and The Valley
Bank of Phoenix, through the pur-
chase of the former big corporation
bv the local financial institution, was
announced late yesterday afternoon
following a joint meeting of the
boards of directors of the two bank
ing institutions held here.
The merger will become effective
on June. 80. The new banking inst-
tuition will be known as The valley
Bank. the identity of the Phoenix in
stitution being retained and extended
TO the eight branch banking houses
of the Gila Valley Bank and Trust
company.
Out of this merger is born the
largest financial institution in Ari-
zona and one of the strongest in the
entire Southwest. It will have total
resources of about $10,000,000, cap
ital and surplus of $1,000,000, and un-
divided profits of more than $4,000.
It's patrons number between 10000
and $4,000.
Increases Capital
As a part of the merger program,
The Valley Bank yesterday increased
its capital stock from $500,000 to
s750,000: increased the directorate
from eight to IL members and Gre
ated the new offices of chairman and
vice chairman of the board of direc-
tors. The new board of directors
was named as follows:
C. Z. Mills, l.. d. Ricketts,, r. E.
Moore, G. A. Olney, B. NJ. Goldwater,
Il. c.. McReynoids, J H. Kibbey and
A. I. Esgate, all former directors of
rr-t.- ms
Globe; j. r. Todd, Globe: George
Kingdom. Jerome, and H. S. Van
Gorder, former directors of the Gila
Valley Bank and Trust company.
c. z. 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 two banks, was
elected to the newly created office
of vice chairman of the board.
r. {. Moore Is President
r. f. Moore, heretofore general
manager of the Gila Valley Bank and
Trust company and vice president of
The Valley Bank, was elected pres
ident of the enlarged banking insti-
tuition. j. r. Todd, assistant general
manager of the Gila Valley Bank and
Trust company, was elected vice
president of the enlarged institution.
The Valley Bank, with headquarters
have supervision over the various
branches in the Gila valley.
H. o. Fitzsimmons, manager OF the 4
Miami branch of the Gila Valley
Bank and Trust company. was
elected vice president. and A. I.
Esgate of Phoenix, former cashier
of The Valley Bank, was elevated to
a vice presidency, retaining his
cashiership in the new institution.
All present managers Of the branch
banks of the Gila Valley Bank and
Trust company will be retained, said
the announcement. These branch
managers include:
J. ID. Wick. Jr., manager OF the
Globe office; c.. E. Hull, manager of
the Moreaci branch; Burt Winslow,
manager of the Clifton branch; B. L.
Weaver, manager of the Stafford
branch; II. o. Fitzsimmons, man
ager OF the Miami branch; j. +.
Houston. manager of the Ray
branch: L. A. Peart, manager of the
HAYDEN branch. and Rolin w. Shaw,
manager of the Winkelman branch.
H. B. Thomas will continue as man
ager of the Ajo branch.
H. c.. Wood, for the past several
years auditor of the two institutions,
has been retained as general auditor
of the new enlarged institution.
With the merger The Valley Bank
takes over the direct management of
10 banking institutions in the state.
Eight were annexed through pur-
chase Of the Gila Valley Bank and
Trust company, while the two others
were operated by the old Valley
Bank, including the home bank in
Phoenix and branch institution at
Ajo.
Other banks of the new system are
located at Globe. Morenei, Clifton.
Stafford, Miami, Ray, Hayden and
Winkelman.
Another branch soon is to be es-
tablished when a savings and trust
company bank is opened at the
southwest corner OF Central avenue
and Adams street, Phoenix. This
branch will be operated as part of
the new system. The room now is
being prepared for this branch.
The reserve Of the new system will
ro~