Free trader-journal and Ottawa fair dealer. (Ottawa, Ill.) 1920-1927, 1922-01-03
BIG BANKS MERGED
TO PREVENT CRASH
Confronting ONE.
CHICAGO FINANCIAL lNSTiTu.
TONS CONSOLIDATE TO FORE.
STALL FINANCIAL CALAMITY
CHANGE is ANNOUNCED LAST
NIGHT.

Chicago, Jan. S.-The Fort Dearborn
National Bank and it's affiliated instI
tuition, the Fort Dearborn Trust and
Savings Bank, have been merged with
the Continental and Commercial Ma.
ton and the Continen:'l and CONNER.
cial Trust and Saving banks. with
members Of the Chicago Clearine
House Association guaranteeing the
purchasing banks against any losses
growing out OF the transaction.
George NJ. Reynolds, chairman OF
the board Of directors of the Cont.
mental and Commercial National Bank
and Of the Continental and CONNER
cial Trust and Savings Bank, made
the following statement last night:
The Confidential and Commercial
National Bank and the Continental
and Commercial Trust and Savings
6 Bank have taken over the Fort Dear
born National Bank and the Fort
Dearborn Trust and Savings Bank,
ness Dec 81, 1921.
All deposits in the Fort Dearborn /
National Bank and in the Fort Dear.
born Trust and Savings Bank have
been guaranteed by the Continental
and Commercial National Bank ana
tho Continental and Commercial Trust |
and Savings Bank, respectively, and |
checks drawn against accounts in the
Fort Dearborn National Bank will be |
honored by the Continental and Com /
mercial National Bank, and deposits |
including savings accounts, in the Fort /
Dearborn Trust and Savings Bank /
will be placed to the credit Of the de
positors on the books Of the Cont
mental and Commercial Trust and Say. .
ings Bank.
THE business heretofore carried
on by the Fort Dearborn Nationa.
Bank and the Fort Dearborn Trust
and Savings Bank will hereafter be
conducted by the Continental and
Commercial National Bank and the
Continental and Commercial Trust
and Savings Bank, respectively, at
their, Offices, 20S South La Sale
street"
The deal, constituting one Of the
largest bank mergers ever consum-
mated in the middle west, was an
nounced last night after a special
meeting OF the Clearing House AsAo-
citation, whose membership embraces
practically all Of the larger state and
national banks In Chicago.
The action on the two banks was
preclpitsted blythe Chicago Clearing
Honse Association as a result of an
to- - H. al nj f.aEFi
Dec /.
The figures compiled by bankers
showed the Fort Dearborn National
had made loans which consumed its
surplus and ate into its capitalization.
At the meeting two proposal for
taking over the Fort Dearborn banks
were read--one submitted by the First
National and First Trust and Savings
hanks, ana the other by th9 Cont
nontal ard Commercial banks. The
association went on record as accept
ing the proposition Of the Continental
and Commercial banks unanimously
The Fort Dearborn banks. located
at Clark and Monroe streets are prac
tically owned outright by members OF
the Tilden family. with the estate OF
Edward A. Tilden the largest single
stakeholder.
AS OF Sept last, the latest state
ment available, the Fort Dearborn Ma
tional showed total resources Of $40.
169070, and the Fort Dearborn Trust
and Savings Bank, as Of the Same
date, had total resources of S10.l16
1856 The combined resources, there
fore, are in excess Of $50 100000.
which, added to the resources of the
Continental and Commercial National
and Continental and Commercial
Trust, make the deal close to a $525,-
100000 transaction.
The Fort Dearborn National has a
capitalization ct $5,090,G00 Its sur
plus and undivided profits stand at
$3,G83.118. The Fort Dearborn Trust
a state institution hac capitalization
Of $5000r1 and surplus and undivided
profits Of s512,482,
Deposits of the national bank tota'
$5l,124,7s9 and loans are S5l 1924, 1873
Deposits Of the state bank are $9,60I-
096, OF which s7,007 4gG is in savings
accounts, and loans are $5,9T2,f29
The Fort Dearborn National Bank
was organized IN Apru, 1887.