New-York tribune., 1922-10-27
Irving National
And Columbia
Trust to Merge
Under PLAN Recommended
10 Stockholders CONSOLE
dated Institution Will OPP.
crate Under State Charter
Capital, $17,5OO, 900
Consider Maintaining ID
Offices and Keeping Pres
ent Staffs of Both Banks

/ Another step in the movement to-
| ward centralization Of banking re-
sources in greater New York became
| known late yesterday through the an
| rouncement that directors Of the Irv-
| ing National Bank and the Columbia
! Trust Company have recommended to
shareholders that the two institutions
consolidate.
The proposed merger follows a
period OF expansion by tho Irving Ma
| tional during which 1t has taken over
a number Of banks in Manhattan and
| Brooklyn. The official announcement
pointed out that the merger is also
logical development in the combina-
tion OF specialized services Of both
banks which will cover the metropoli-
tan district through established offices
in important locations in greater New
York.
Under the merger plan the consoli-
dnted institution will operate under
state charter and be known as the Try
ing Columbia Bank and Trust Com
pany, with a capital Of $17,500,000 and
surplus and undivided profits of S10,-
100000.
Of the capital, sl2,5oo,ooo, OF share
for share Of It's present stock, will be
contributed by the Irving National and
Sb.000,000 by the Columbia Trust, the
surplus and undivided profits being
contributed on the same pro rata basis
by each institution.
The Irving National Bank was crigi-
nally organized as state bank in 1851
and for nore than seventy years has
specialized In commercial banking.
During the past twenty years it has
steadily expanded until its deposits In
the last published statement aggre-
gated $240, 100000. It's Offices in Man
haitian are IN the Woolworth Building,
50 East Forty-second Street, 81 Fulton
Street, Broadway and Eighth Street,
Fifth Avenue and Thirty-second Street
and 80 West Broadway. The Brooklyn
branches are at $50 Fulton Street, Flat
bush and Linden avenues and New
Utrecht Avenue and Fifty-third Street.
The Columbia Trust Company, origi-
nally organized in 1864, was later
merged with the old Knickerbocker
Trust Company under the name of the
Columbia aKnickerbocker Trust Com
pany. The name was changed to the
Columbia Trust Company on August i,
1914. 1t has devoted its efforts largely
to building UP it's trust department,
important in the country. It's deposits,
to over s9O,000,0oO.
Offices are maintained at go Broad
way, Fifth Avenue and Thirty-fourth
Street, Park Avenue and Forty-eighth
Street, 125th Street and Seventh Ave
nue., and 14sth Street and Third
Avenue.
Plans under consideration by the
managements Of both institutions pro-
vide for the maintenance Of fourteen
Offices and the retention Of the present
official and clerical stats Of both
institutions.
Lewis E. Pierson, chairman Of the
board, and Harry E. Ward, president of
the Irving National, will hold the same
Offices in the new company. Willard
V. King, president of the Columbia
Trust, who contemplated retiring he
cause Of his health, will be chairman Of
the ADVISOR board in charge of the |
Office at go broadway, the present head |
quarters of the Columbia Trust Com
pany.