Imperial Valley press., 1923-01-17
LOCAL BANK NOW
PART OF PACIFIC
SOUTHWEST CHAIN

Horne Announces Merger
With Los Angeles
Institution
Vast Resources Now Are
Available for Work
in Imperial
The First National
Bank of Los Angeles and
the Pacific : Southwest
Trust and Savings Bank,
with resources of more
than $218, 100000, have en-
tered the Imperial Valley
for, through an agree
ment entered into between
the stockholders Of the
Security Commercial and
Savings Bank Of Ell Gen.
tro, on the one hand. and
the First National Bank
of Los Angeles, the Paci-
fic- Southwest Trust and
Savings Bank, and the
First Securities Company
on the other, an affi]iation
has heen consummated
bv which the stockholders
of the Security CONNER
cial and Savings Bank be-
come co-partners in the
First National = Pacific :
Southwest group, it was
announced today. The
nhvsical merger of these
institutions will be effec-
tive probably in February.
This does not in any way mean
the loss of identity of the Security
Commercial and Saving Bank, since
the outstanding and important fea-
ture in the entire transaction lies i'll
the fact that under the terms of the
merger the Security Commercial and
Savings Bank retains it's individu
ality, and at the same time gains the
support of the aggregate resources
of the Pacific Southwest group.
Hofne Works Merger
Arrangements for the merger
were worked out between 0. G.
Horne, president of the Security
Commercial and Savings bank, and
Charles F. Stern, formerly state sup
crintendent of banks, now executive
vice president of the Pacific South
west institutions.
The transaction does not entail an
outright purchase of. stock, but the
stockholders of the Security bank
through an exchange of shares with
the Pacific Southwest banks, be-
come co-partners in the entire bust
ness of the First National Bank of
Los Angeles, the Pacific. Southwest
Trust and Savings Bank and the
First Securities Company.
Under the terms of the merger,
the present officers, directors and
employees will remain in full and alb
sOlute charge of the FL Centre bust
Mess, as it is matter of definite
policy on the part of the Pacific
Southwest banks to vest full local
autonomy in all local banks.
Backs Imperial Valley
The Importance of this merger to
the Imperial Valley lies in the fact
that for the first time, the Pacific
Southwest grou phas definitely
aligned itself with Imperial Valley.
For years the First National Bank
of Los Angeles and the predecessors
of the Pacific Southwest Bank have
advanced immense sums for the de-
velopment of the Imperial Valley.
These advances, however, have al
ways been made indirectly through
local banks and bond houses.
The settlement of Imperial 1rriga-
tion difficulties and the placing of
the Colorado river in irons have gone
far toward convincing the Los An
geles bankers that investments in
the Imperial Valley are safe, and
for that reason it was possible to
consummate the present merger.
This merger came Immediately af
ter the announcement of a similar
merger in Santa Ana, which was con
summated between the California Ma
tional Bank of Santa Ana, and the
Pacific-Sonthwest Bank of Los An
geles, by J. X. Hermon, formerly
president of the Security CONNER
eial and Savings Bank, and now
president of the California National
Bank of Santa Ana.
No Date Set
Tho FL Centre merger and the
Santa Ana merger, as well as the
merger of banks in San Luis Obispo,
will probably be effective 1T the