Imperial Valley press., 1923-02-17
HORNE SEES new
SITUATION AS A
BENEFIT TO ALL
Same Officers to Remain
in C OntrOl of Branch;
Increase Assets

Bank of Ell Centre was merged into
the Pacific Southwest Trust and
Savings Bank-First National Bank
of the Los Angeles group today,
when the stock of the local bank
was exchanged for beneficial GER
tificntes of the trustee holding all
the stock of the First National and
Pacific Southwest banks. All the
assets of the Security Bank were
transferred to the trustee and all
liabilities were assumed by the Pa
cific Southwest Trust and Savings
bank. The merger was completed
in Los Angeles by 0. G. Horne,
president, and A. w. Hyberg, sec
rotary, representing the stockhold-
ers of the Security Bank.
This merger consummates one OF
the most important financial trans
actions in the history Of the I'm
perial Valley. By this affiliation
the stockholders of the Security
Commercial and Savings Bank be-
come t0-partners in the entire bust
ness of the First National. Bank of
Los Angeles and the Pacific South,
west Trust and Savings Bank, with
aggregate capital, surplus and prof
its of more than 100000, and re-
sources in excess of $685. 100000.
Has Operated 20 Years
After ten years OF successful
banking the Security Bank has
brought to the Imperial Valley the
backing and resources of one of the
strongest banking groups in the
country. There is placed at the dis
posal of our people banking SER
vice without parallel in the south
west. But the importance of the
merger is moral rather than physi-
cal. 1t means that in the minds of
the men who direct the affairs of
the Pacific Southwest group the
Imperial Valley is a safe field for
banking and investment, that lost
confidence has been restored and
that faith in our destiny is estab.
lished.
The identity of the Security Bank
is not lost to the valley. Only the
name disappears. The same officers
and directors who have directed it's
affairs will remain in full and abso-
lutte charge of the FL Centre bust
ness. The active management will
be directed by o. G.. Horne, presi-
dent of the Security Bank, who will
be vice president and manager of
the local branch. Directing the poll
cy of the bank and approving the
action of the officers will be an
executive board onsisting of j.
Stewart Ross, attorney, as vice-pres-
ident and chairman; Charles f..
Sones, president of the SOnes Lumber
Company; j. l.. Travers, contractor,
and 0. G. Horne. From time to time
the personnel of the board will be
enlarged. The other active officers
are A. w. Hyberg and Robert Ne,
Convey, assistant cashiers.
The local institution will be
known as Ell Centre Branch, Pacific
Southwest Trust and Savings Bank
Horne Discusses Merger
In discussing the merger, 0. G.
Horne, vice president of the parent
institution and manager of the local
branch, said:
81 am particularly anxious that
the many patrons and friends of the
Security Bank should not be misled
ty this merger. So far as the bus
mess of our customers is concerned
there will be absolutely no change
The physical work of the merger has
been carried out without disturb
ing the contact with customers in
any way. No accounts will have tc
be transferred. All checks and de
post book equipment held by custo
mers will be used up without any
change and new supplies will be
available as required.
There will be no change in off
GERS or employees. The bank will b,
managed and operated by the same
efficient force that has made il
successful institution and tina,
has endeavored to give its loyal pa
irons the courteous treatment ant
service to which they are entitled.
'Orly this service will be enlarg
ed and extended; for the inter.com
munity bank with massed resources
can do many things that are bevonc
the capacity of local institution
The Ell Centre Branch will bring I,
this territory every service of ;
large metropolitan bank; at tn,
NJ Continual ON Pare &