Perth Amboy evening news., 1923-06-29
MERGER Of LOCAL BANKS
is FULLY COMPLETED
CONTINUED from page y

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merchants and others as well.
Tremendous Resources
The merger brings together re-
sources of about $1,000. 900 and cap
ital and surplus of three quarters OF
O million and over Is, 600 depositors.
AS a result OF the consolidation no
business will be transacted at the
City National Bank on Monday, as
the accounts will nave all been trans
ferred to the banking room Of the
trust company. However. the City
National Bank will be open with an
attendant in charge to direct de-
p%ositors and others having business
: the institution to the Trust
Company. The clerical staff of the
City National Bank will also move
to the trust company building.
Isaac Alpern president of the
Perth Amboy Trust Company had
the following to say today concern
ing the merger:
I'VE, in this bank. are pleased that
the City National Bank is to merge
with US. We will welcome our new
customers with the same cordial at
mosphere that is enjoyed by the H.
900 depositors whose confidence and
loyalty we now hold.
Bank merger are becoming quite
prevalent all over the country and
the reason is the same in every case.
One very large bank is found to be
more of an outstanding factor in
banking circles than many smaller
ones and is able to contribute, more
than any other factor. to the pros
perity of the city in which it is To-
Gated.
Perth Amboy has many indus
tries and it has many stores and
shops in which our people-1ud
many from u~eighboring places-go
to trade. But no matter how richly
endowed a city may be. it cannot
grow beyond its facilities of credit.
F'or credi' is the very l~ife-blool of
modern business; and the banks are
the arteries through which it flows.
Perth Anlboy of the future will
require larger banking facilities than
the Perth Amboy of the past has
known and it might be said that it
is in answer to this larger need that
the City National Bank and the
Perth Amboy Trust Company COM
blne in common accord to provide a
banking service hitherto unknown
in this section.
Behind and beyond the surface
indications of the consolidation there
will be q new sense OF larger service
that m with larger
which we welcome as it will give us
a larger ability TO care for the future
needs of Perth Amboy."
]. T. Madsen, president of the City
National Bank in a statement said:
THE City National Bank, al
though the city's youngest banking
Institution, has a record of which
we are very proud. From the very
first we experienced a steady grow
tn in business which has continued
up to the present day. We were al
ways able to render opr share of SER
vice and are satisfied with the extent
to which that service has been util-
lied by our customers.
THE administration of the affairs
OF the bank has been in the hands
of a board of directors composed Of
representative citizens of our city
and to these me- must go the credit
of possessing that quality Of far
sightedness hat enables the City
National to enter into the larger re-
lationship with a mighty bank like
the Perth Amboy Trust Company.
~ 40 a hAAD0lC " tAAC 66I1cuL OIL |
our bank that this merger is now
possible.
while the officers and directors
of the City National are to be high
ly commended for the conscientious
manner in which the banks affairs
were administered, yet we must not
lose sight Of the fact that the real
builders of any bank are it's depos-
itors as no bank can hope to succeed
unless its success is dependent upon
the success of its depositors. After
July first, u depositors automati-
cally become associated with the
Perth Amboy Trust Company where
| know they will receive the well
come and interest that are lyrical
OF that big bank. We want our de-
p%ositors to know that the Perth
Amboy Trust Company is to be their
bank as fully and as truly as the City
National has been and that they
should have a keen satisfaction in
the thought that they are important
factors in creating In this city a
banking institution which they
should feel proud to be associated
with.
"We are very enthusiastic in the
action that has been taken to unite
the two banks for we know that Il
will mean much to our depositors
and TO the city as a whole. This
same opinion on consolidation g
held by bank officials all over the
country. There is little doubt but
that the day of competitive banking
1s fast coming to a close. This IS
evidenced very strongly in the mid
die west where bank mergers are
common occurrences, and IL is quite
significant that they rarely, If ever,
place in a dead community, so
it may be said that it takes a live
community to have a bank merger
and we In Perth Amboy know that
we have a real live community.
Il would rather be president Of
the City National at this time
than at any other for I consider II a
are privilege to be the head of an
institution that is big enough-for
the upbuilding of our city-to en-
Ter into this larger relationship with
a confidence that its action means a
for greater service 10 its customers
than would be possible for them 10
receive from the ordinary institution
in a life time"
The Perth Amboy Trust Company
was established over twenty years
ago. Under its present administra-
ton It has been very active and Is
considered a helpful factor in the
growth OF the city and its manifold
activities. The trust company natu-
rally has shared in the prosperity II
helped to create. AS its patronage
and influence grew, the trust com
pany steadily increased its capita.
and surplus, until today the COM
pany's capital and surplus are over
lalf a million dollars. The last state.
bent published at the close of bus
bess on June ], showed resources